Highlights

  • Stakk (ASX:SKK) reported FY2026 Revenue of A$14.89 million, substantially higher than the prior year.
  • The company recorded an operating profit of A$1.07 million on its own presentation basis, compared with an operating loss in FY2025.
  • A$6.19 million of non-operating expenses resulted in a statutory net loss after tax of A$5.12 million.
  • Audit completion, ParaScript integration and delivery against FY2027 revenue expectations are key areas to watch.

Stakk (ASX:SKK) reported two very different profit measures for FY2026: an operating profit of A$1.07 million and a statutory loss after tax of A$5.12 million. Both figures are correct, but they measure different parts of the business.

The distinction matters because the company’s core operating performance improved significantly during the year, while acquisition-related and restructuring costs continued to weigh on the statutory bottom line.

From Douugh to Stakk

Stakk (ASX:SKK) was previously known as Douugh Limited before adopting its current name in early 2025.

The company now operates through Stakk IQ, a modular, API-first embedded finance platform aimed at banks and enterprise customers in North America and Australia.

Its shares returned to ASX Quotation in late 2025 following an earlier period of suspension.

For FY2026, Stakk reported revenue of A$14.89 million, compared with A$1.24 million in the prior year.

Customer cash receipts of A$14.51 million were broadly aligned with reported revenue, while net operating cash inflow reached A$3.78 million, reversing the small operating cash outflow recorded in FY2025.

That suggests the revenue increase was accompanied by improved cash generation rather than being driven solely by accounting recognition.

What the operating profit measure actually is

Stakk reported an operating profit of A$1.07 million within its consolidated statement of profit or loss.

This figure reflects revenue and other income less operating expenses, before items the company classifies as non-operating.

It is important not to confuse this measure with EBITDA or another standardised accounting metric.

The operating result already included Depreciation and Amortisation of A$6,785 and share-based payments of A$796,912.

On Stakk’s own presentation basis, the improvement was significant. The prior-year comparative was an operating loss of approximately A$2.64 million.

That means the Business moved from negative to positive operating performance before the impact of Acquisition and restructuring-related expenses.

The A$6.19 million bridge

The gap between operating profit and statutory loss is explained by A$6.19 million of non-operating expenses.

These comprised A$3.30 million of acquisition-related costs, a A$2.79 million non-cash loss associated with the deconsolidation and orderly wind-down of former Douugh entities, and approximately A$100,686 of finance costs.

The reconciliation is therefore relatively straightforward.

Operating profit of about A$1.07 million, less A$6.19 million of non-operating expenses, resulted in the A$5.12 million statutory loss after tax.

The deconsolidation charge was non-cash, while acquisition-related costs represent actual expenditure associated with Stakk’s broader corporate activity.

The operating result also absorbed approximately A$6.37 million of Research and Development expenditure, reflecting continued Investment in the company’s technology platform.

Balance sheet, and the caveats

Stakk (ASX:SKK) finished FY2026 with A$17.57 million in cash, compared with approximately A$0.37 million a year earlier.

Net Assets stood at A$28.72 million, while net tangible assets improved to 0.53 cents per share from negative 0.13 cents per share.

The stronger cash position partly reflects Capital raised during the year, including a large Placement to sophisticated investors.

However, the FY2026 figures were reported through a preliminary final report and remained subject to completion of the external audit.

That means the reported numbers could still be adjusted before the final audited accounts are issued.

Dilution is another Factor to monitor.

Stakk has issued a substantial number of new securities through placements, performance rights and acquisition-related consideration.

The proposed acquisition of ParaScript also involves a significant Equity component, meaning investors need to consider both the potential growth contribution and the impact of additional securities on the capital structure.

What to watch

The first major milestone is completion of the audited FY2026 accounts.

The second is the ParaScript transaction and whether the acquisition is completed on the proposed terms and integrates successfully into Stakk’s broader strategy.

The third is FY2027 trading performance.

Stakk has outlined standalone FY2027 revenue expectations of approximately A$21.8 million, excluding any contribution from ParaScript and future new customer wins.

Delivering another period of positive operating performance would provide stronger evidence that the FY2026 result reflects a more sustainable improvement in the underlying business.

For Stakk (ASX:SKK), the FY2026 numbers show a company with materially higher revenue and improving operating performance, but one still carrying the financial effects of restructuring and acquisition activity. The next step is proving that operating profitability can persist while the statutory result also improves.