AUCyber Limited (ASX:CYB) Announces H1 Financial Results and Takeover by 5G Networks
Financial Performance
AUCyber Limited reported revenues of $12.35 million for the half-year ended 31 December 2024, marking a 196% increase from $4.17 million in the previous period. Despite the revenue growth, the company experienced a net loss of $19.47 million, a 94% increase from $10.02 million, primarily due to a $14.7 million impairment loss. The net asset position declined to $23.6 million, with cash reserves decreasing to $5 million.
Takeover Offer
On 20 December 2024, AUCyber received an unconditional takeover bid from 5G Networks Limited (ASX:5GN) at 11 cents per share. The offer was revised to 13.5 cents per share on 28 January 2025. The Board unanimously recommended shareholders accept the revised offer, and on 3 February 2025, 5G Networks gained over 50% control of AUCyber Limited. The takeover process resulted in $1.9 million in transactional costs.
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