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Home CompaniesEtherstack Plc

Etherstack Plc

Technology Software - Application
PortfolioPortfolio WatchlistWatchlist
Company price
0.525 AUD 0.02 ( 3.96%)
Last update at 2026-11-06T05:10:00Z
VOLUME
26931
Market Cap
69.50M

Momentum Score

…

Etherstack plc, a wireless technology company, engages in the development, manufacture, licensing, and sale of mission critical radio technologies to equipment manufacturers and network operators in the United Kingdom, the United States, Europe, Japan, and Australia. The company's technology enables push-to-talk communications; and advanced digital land mobile radio (LMR) and cellular and satellite networks. It offers a range of cryptographic solutions, including P25 security suite, which unites AES/DES P25 encryption engine with P25 key fill device support for complete P25 subscriber encryption; P25 key management facility; P25 security dongles; and FIPS 140-2 cryptographic module, a single-board security device that implements APCO P25 encryption, decryption, and key management and storage services in conformance with FIPS140-2 standards. It also designs, develops, supplies, and licenses wireless air interface protocol stacks for third-party defence and critical communications radio manufacturers. In addition, the company offers LTE interworking function for LMR; LMR protocol stacks; and LMR voice and data systems. Further, it provides tactical and satellite solutions, such as P25 tactical repeater, which is a compact, battery-powered, and rapidly deployable analog for stand-alone or network augmentation use; and IVX, a small form factor push-to-talk over IP radio for encrypted voice and data communications. The company serves carrier, defense, public safety, utilities, and resource sectors. The company was formerly known as MM&S (5698) plc and changed its name to Etherstack plc in May 2012. Etherstack plc was founded in 2002 and is based in Chippendale, Australia.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
0.49
Low
0.53
High
52 Week Price Range
0.46
Low
0.82
High

Momentum Score

…
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

Etherstack Plc develops wireless communications protocols, software and equipment for mission‑critical and industrial radio systems, earning revenue from product sales and IP licensing. Growth drivers include migration of public‑safety and utility networks to broadband (LTE/5G) and the need to interoperate with legacy radio systems, which may benefit the company's protocol expertise and licensing model.

Major risks include reliance on a few large government and enterprise contracts, competitive and standards-driven technology obsolescence, and limited scale/liquidity that could amplify execution and revenue timing risk.

Risk Score
Medium

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
0.51
Dividend Yield
-
Revenue TTM
12.51M
Revenue Per Share
0.09
Gross Profit TTM
4.81M
Debt / Equity
0.38
ROE
-18.11%
Net Debt
1.85M
ROCE
-3.76%
Diluted EPS TTM
-0.02

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Income before tax -0.86M -5.77M 0.59M 2.10M 1.06M
Net income -1.09M -5.90M 0.79M 2.19M 1.46M
Selling general administrative - 3.74M 3.49M 4.60M 4.55M
Selling and marketing expenses - 1.41M 1.22M - -
Gross profit 7.69M 1.40M 5.16M 6.51M 6.20M
Reconciled depreciation - 2.43M 2.10M 1.27M 1.38M
Ebit -0.70M -5.74M 0.87M 2.12M 1.12M
Ebitda 3.11M -5.36M 4.03M 3.39M 2.51M
Depreciation and amortization 3.81M 0.38M 3.16M 1.27M 1.38M
Operating income -0.70M -5.67M 0.68M 2.12M 1.12M
Other operating expenses 16.35M 14.67M 12.98M 9.04M 8.23M
Interest expense 0.41M 0.22M 0.28M 0.02M 0.06M
Tax provision - 0.09M -0.13M -0.10M -0.39M
Interest income - 0.01M 0.01M 0.00M 0.00M
Net interest income - -0.21M -0.17M -0.10M -0.16M
Income tax expense 0.23M 0.14M -0.20M -0.10M -0.39M
Total revenue 15.65M 8.99M 13.82M 9.68M 8.50M
Total operating expenses 8.39M 7.80M 6.82M 5.87M 5.93M
Cost of revenue 7.96M 4.53M 4.26M 3.17M 2.31M
Total other income expense net -0.16M -0.10M -0.09M -0.02M -0.06M
Net income from continuing ops - -3.89M 0.52M 2.19M 1.46M
Net income applicable to common shares - -3.89M 0.52M 2.19M 1.46M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Total assets 24.71M 22.22M 23.98M 13.84M 12.56M
Intangible assets - 14.17M - 7.06M 5.36M
Other current assets - 1.04M 0.00M 0.22M 0.21M
Total liab 11.07M 12.01M 9.84M 5.19M 6.04M
Total stockholder equity 13.64M 10.21M 14.13M 8.65M 6.51M
Other current liab 2.29M 4.68M 3.26M 2.60M 2.31M
Common stock 1.20M 1.22M 1.10M 0.74M 0.74M
Capital stock - - - 0.74M 0.74M
Retained earnings -14.05M -19.65M -7.90M -9.33M -11.52M
Other liab - - - 0.28M 0.18M
Good will - - - 0.00M 0.00M
Other assets - - - 0.17M 0.28M
Cash 3.39M 0.22M 3.02M 1.92M 3.04M
Cash and equivalents - - - 1.92M 3.04M
Total current liabilities 6.07M 6.66M 5.69M 4.64M 5.46M
Current deferred revenue 2.23M - 1.49M 1.36M 2.05M
Net debt 1.85M 5.12M 0.93M -1.41M -2.39M
Short term debt 0.44M 0.63M 0.33M 0.23M 0.24M
Short long term debt total 5.24M 5.34M 3.95M 0.51M 0.64M
Other stockholder equity 29.09M 25.92M 23.04M -2.89M 1.60M
Property plant equipment - - - 0.95M 0.92M
Total current assets 7.40M 5.97M 9.72M 5.87M 6.01M
Net tangible assets - - - 1.59M 1.15M
Net receivables 3.71M 4.33M 6.27M 3.31M 2.44M
Long term debt - - - - 0.00M
Inventory 0.30M 0.38M 0.43M 0.43M 0.32M
Accounts payable 1.11M 1.35M 0.61M 0.45M 0.87M
Accumulated other comprehensive income -2.60M 2.73M -2.11M 17.23M 17.29M
Non currrent assets other - 0.67M 11.95M 0.17M 0.28M
Non current assets total 17.32M 16.25M 14.26M 7.97M 6.55M
Capital lease obligations - - - 0.51M 0.64M
Long term debt total - - - 0.27M 0.41M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Investments - -2.70M -2.85M -2.70M -3.53M
Change to liabilities - - - 0.00M 0.00M
Total cashflows from investing activities -6.11M -2.70M -4.29M -2.70M -3.53M
Net borrowings - 0.20M 2.50M -0.41M -0.37M
Total cash from financing activities 4.59M -0.20M 3.47M -0.41M -0.81M
Net income -1.09M -5.90M 0.77M 2.19M 1.46M
Change in cash 3.17M -1.93M 0.19M -1.12M -1.14M
Begin period cash flow 0.22M 3.02M 1.92M 3.04M 4.18M
End period cash flow 3.39M 0.22M 2.06M 1.92M 3.04M
Total cash from operating activities 4.70M 0.99M 1.02M 3.46M 3.37M
Issuance of capital stock - - 0.03M - -
Depreciation 3.81M 3.93M 3.16M 1.27M 1.38M
Other cashflows from investing activities - -2.55M -2.74M - -
Sale purchase of stock - - -0.00M -0.00M -0.00M
Other cashflows from financing activities -0.37M -0.14M -0.33M -0.27M -0.59M
Change to netincome - - - -1.30M 0.53M
Capital expenditures 2.01M 0.14M 2.85M 2.70M 3.53M
Change in working capital - 0.23M 0.65M 0.57M 0.46M
Stock based compensation - - 0.30M - -
Other non cash items 1.97M 2.97M 0.25M -3.46M -2.84M
Free cash flow 2.69M 1.12M -2.09M 0.76M -0.17M

Peer Comparison*

Sector: Technology Industry: Software - Application

Stock Name
Change
(AUD)
Price
(AUD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
Enterprise Value
to EBITDA (x)
ESK
Etherstack Plc		 0.02
3.96%		 0.53 - - 5.56 4.95 4.02 31.07
WTC
Wisetech Global Ltd		 -0.35
0.78%		 44.49 56.76 27.86 10.80 5.09 8.44 29.47
XRO
Xero Ltd		 -0.12
0.17%		 70.74 - 57.14 4.53 2.46 4.90 15.19
TNE
Technology One Ltd		 -0.51
1.54%		 32.65 77.12 53.48 17.20 24.08 16.02 36.25
360
LIFE360 Inc		 -0.42
1.84%		 22.45 24.04 42.37 9.55 5.97 6.09 136.92

Profile*

Etherstack Plc

Etherstack plc, a wireless technology company, engages in the development, manufacture, licensing, and sale of mission critical radio technologies to equipment manufacturers and network operators in the United Kingdom, the United States, Europe, Japan, and Australia. The company's technology enables push-to-talk communications; and advanced digital land mobile radio (LMR) and cellular and satellite networks. It offers a range of cryptographic solutions, including P25 security suite, which unites AES/DES P25 encryption engine with P25 key fill device support for complete P25 subscriber encryption; P25 key management facility; P25 security dongles; and FIPS 140-2 cryptographic module, a single-board security device that implements APCO P25 encryption, decryption, and key management and storage services in conformance with FIPS140-2 standards. It also designs, develops, supplies, and licenses wireless air interface protocol stacks for third-party defence and critical communications radio manufacturers. In addition, the company offers LTE interworking function for LMR; LMR protocol stacks; and LMR voice and data systems. Further, it provides tactical and satellite solutions, such as P25 tactical repeater, which is a compact, battery-powered, and rapidly deployable analog for stand-alone or network augmentation use; and IVX, a small form factor push-to-talk over IP radio for encrypted voice and data communications. The company serves carrier, defense, public safety, utilities, and resource sectors. The company was formerly known as MM&S (5698) plc and changed its name to Etherstack plc in May 2012. Etherstack plc was founded in 2002 and is based in Chippendale, Australia.

64 Rose Street, Chippendale, NSW, Australia, 2008

61 2 8399 7500

https://www.etherstack.com

62

Name Title Year Born
Mr. David Deacon Founder, CEO & Exec. Director NA
Mr. Paul Martin Barnes Company Sec. & Independent Non Exec. Director 1953
Mr. David Carter CFO & Company Sec. NA
Mr. David Deacon Founder, CEO & Executive Director NA
Mr. Paul Martin Barnes Company Secretary & Independent Non Executive Director 1953
Mr. David Carter CFO & Company Secretary NA
Mr. David Deacon Founder, CEO & Executive Director NA
Mr. Paul Martin Barnes Company Secretary & Independent Non Executive Director 1953
Mr. David Carter CFO & Company Secretary NA
Mr. David Deacon Founder, CEO & Executive Director NA

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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