Synertec raises $6M in placement
- Synertec secured binding commitments to raise approximately $6 million through an institutional placement of about 119.7 million new shares at $0.05 per share.
- The company delivered unaudited FY26 group revenue of $21.1 million, representing a 19% increase compared to FY25.
- Management stated that the proceeds will be used for working capital and to provide balance sheet flexibility to pursue future growth opportunities.
Synertec (ASX:SOP) announced it has received binding commitments from institutional and sophisticated investors to raise approximately $6 million through an institutional placement.
The company reported an unaudited EBITDA loss of $0.6 million for the second half of FY26, marking its fourth consecutive half of improving financial performance.
The company delivered unaudited FY26 group revenue of $21.1 million, representing a 19% increase compared to FY25.
The business also achieved a positive unaudited operating cash inflow of $0.5 million alongside an unaudited normalised EBITDA breakeven for the second half of the financial year.
The placement involves issuing roughly 119.7 million new fully paid ordinary shares at a price of $0.05 each, bringing the pro forma cash balance to approximately $7.5 million.
Following the announcement, the Synertec share price was down at $0.051.
The firm stated that it is in advanced discussions with multiple counterparties regarding additional Powerhouse contracts as the technology platform moves towards commercial deployment.
The reported improvements were supported by a $1.5 million corporate cost reduction and a 35% increase in the engineering contribution margin compared to the prior corresponding period.
