Qoria Ltd (QOR)

Qoria Ltd (QOR) is a $420mn technology company that provides digital safety and student-wellbeing software to schools, helping protect children online and monitor risks such as cyberbullying, self-harm and harmful content.

The stock has been on a rollercoaster ride this year and remains down ~50% despite takeover talks with Aura. In January the company reported 25% revenue growth and a 68% surge in EBITDA, while free cash flow remained strong at $9.2m (+51% YoY) and cash receipts rose 20% to $79.1m—yet the shares still fell sharply on the day.

Qoria’s global footprint continued expanding during the period, with the company now serving over 32,000 schools (up 10% YoY), protecting more than 30 million children (up 29%), and supporting over 9 million parents (up 29%).

This was another result where the devil was in the detail—if the pattern seen in 2025 repeats, alongside rising development costs, the company could face a cash shortfall, a risk amplified by $32 million of debt.

In early February, QOR announced that U.S. digital security platform Aura intends to acquire the company via a scheme of arrangement. QOR shareholders would receive 1 Aura CDI for every 17.2 QOR shares, implying a value of ~$0.72 per share based on Aura’s $12.38 private placement price, with existing Aura investors injecting $75m in equity. However, as Aura is privately held, there’s no public market price, meaning investors must rely on the valuation implied by the private placement.

• QOR was trading at 30c on Thursday, the markets clearly not confident in the deal.

QOR is too hard for MM, it feels “wrong.”