Preliminary Final Report
| Stock | Multistack International Ltd (MSI.ASX) |
|---|---|
| Release Time | 21 Feb 2025, 1:01 p.m. |
| Price Sensitive | Yes |
Multistack International Ltd reports FY2024 preliminary results
- Revenue down 78.79% to $374,032 due to fewer chiller sales
- Net loss up 88.24% to $1,679,290 due to reduced sales and overhead costs
- Developing new modular air-cooled chiller model to meet market demand
Multistack International Limited has reported its preliminary financial results for the year ended 31 December 2024. Total revenue decreased by 78.79% to $374,032 (2023: $1,763,061) due to a substantial drop in sales revenue, with few chiller sales during the year, while overheads remained about the same. The net loss for the period attributable to members was $1,679,290, up 88.24% from the previous year's loss of $892,087. The trading entity, Multistack Australia Pty Ltd, incurred losses before income tax of $502,248 for the year (2023: $286,325). The Company noted that consumers continued to be prudent and cautious about capital spending, which had a major impact on the air conditioning industry. To address this, the Company has developed a new modular air-cooled chiller model with variable speed drive scroll compressor to provide a more cost-effective solution to meet basic industry performance standards.The Company remains focused on the data centre industry, which it sees as having growth potential. The Company has also been working to commercialise its Organic Rankine Cycle (ORC) technology, but customer demand for ORC products has been slow due to ongoing economic uncertainty. The Company recently settled its claims against Danfoss, which will allow it to continue re-engineering the ORC technology.The Company faces various risks, including the ability to commercialise the ORC technology, customer demand for its products, and competition. The Company is not part of a tax consolidated group, which could impact its tax position.
As the worldwide economy starts to recover and grow, the Company expects to see results in the coming years for commercial sales of its ORC products. The Company will also focus on the data centre industry and the sale of its new modular air-cooled chiller model to meet market demand.