Highlights

  • Thorney Technologies (ASX:TEK) reported a FY26 net loss after tax of AUD 16.41 million.
  • September 2026 net tangible asset backing stood at 20.7 cents per share, versus 21.7 cents in August.
  • The company bought back 5,142,183 shares during September under its on-market programme.
  • September holdings comprised 56% listed securities, 35% unlisted securities and 9% cash.

Thorney Technologies Limited (ASX:TEK) is an ASX-listed investment company investing across listed and unlisted technology businesses, including fintech, healthcare technology, education and artificial intelligence. Its latest disclosures cover a decline in September net tangible asset backing, continued share repurchases and the financial-year results. Thorney Technologies (ASX:TEK) closed at AUD 0.795 on 22 October 2026, down 0.63% for the session.

Company Business

Thorney Technologies (ASX:TEK) invests rather than operating a conventional technology product business. Its mandate covers companies at different stages of development, with investments spanning fintech, e-commerce, agricultural technology, telecommunications, robotics and medical applications. Its network includes Australia, Israel and the United States, and investment management is performed externally by Thorney Investment Group.

At 30 September 2026, listed investments represented 56% of the portfolio, unlisted investments 35% and cash 9%. The largest disclosed listed exposures included Vitrafy Life Sciences at 7.9% of the portfolio, Clarity Pharmaceuticals at 4.4% and Imricor Medical Systems at 4.0%. Splitit Payments accounted for 6.7% among the unlisted positions. These percentages indicate portfolio composition rather than direct operating revenue.

Recent Development

The September investment update reported pre-tax net tangible asset backing of 20.7 cents per share, down from 21.7 cents at the end of August. After-tax backing was also 20.7 cents per share at September-end. The monthly report said the portfolio experienced adverse movements in several listed investments, while other holdings partly offset those declines.

Thorney Technologies (ASX:TEK) repurchased 5,142,183 shares during September. Its disclosure stated that the existing on-market buyback was scheduled to expire on 13 November 2026. The company also described plans to reduce the complexity and number of investments in the portfolio. October ASX announcements included updates to the buyback notification and a notice of the annual general meeting.

Financial Performance and Sector Context

For the year ended 30 June 2026, Thorney Technologies (ASX:TEK) recorded a net loss after tax of AUD 16.41 million, compared with AUD 4.66 million in FY25. Net tangible assets decreased to AUD 77.57 million from AUD 95.85 million, while after-tax net tangible asset backing fell to 21.5 cents per share from 25.4 cents. The investment portfolio is subject to market valuation movements, so its reported earnings can differ from those of operating technology companies.

In FY26, net sales of trading and long-term investments generated AUD 8.80 million in cash inflow. The company bought back 17,012,746 shares at a total cost of AUD 1.86 million, with an average purchase cost of 10.95 cents per share. At 30 September, its monthly update reported AUD 6.2 million in cash held with major banks and undrawn prime-broker facilities.

Technology-sector valuations, financing conditions and the liquidity of smaller listed and unlisted businesses can affect portfolio marks and realisation proceeds. The company reported a September monthly portfolio return of negative 4.61%, measured before tax and after accrued management fees. That measure is distinct from movements in the company’s traded share price.

Risks to Consider

Thorney Technologies (ASX:TEK) faces listed-market volatility and valuation uncertainty for unlisted positions. Portfolio concentration, foreign-currency movements, counterparty exposure and the ability to exit less-liquid investments can influence realised results. The annual report also identifies investment-manager, governance, regulatory and cybersecurity risks. The external management structure includes management and performance fees, making fee arrangements another relevant consideration.

What to Watch Next

The next disclosures to monitor include monthly net tangible asset statements, changes in major listed and unlisted holdings, updates to the on-market buyback, and any conclusions from the board subcommittee’s review of investment performance and the share-price discount to NTA. The 2026 annual report stated that the manager’s investment agreement had been extended through December 2033, while the review process remained ongoing.

Key Insights

Thorney Technologies (ASX:TEK) entered the final quarter of 2026 with a smaller reported NTA per share than at the end of August, continued repurchases and a portfolio combining listed, private and cash positions. Its FY26 loss and reduction in net tangible assets highlight exposure to investment valuations. Subsequent NTA reporting, portfolio sales and governance review outcomes will provide further evidence of the company’s capital-management position.