Key Highlights

  • Zimi's FY26 revenue was A$1,797,017 against A$815,877 a year earlier, with related party GSM Electrical accounting for A$1,501,218, or about 84 per cent.
  • The FY26 net loss after tax narrowed to A$1,542,355 from A$3,252,864, and cash at 30 June 2026 was A$452,267.
  • Note A2 of the annual report describes a material uncertainty about the company's ability to continue as a going concern.

Zimi (ASX:ZMM) designs and sells connected electrical products, and its FY26 revenue more than doubled even as a single related-party customer supplied most of it and the annual report flagged a material uncertainty over going concern. The annual report, authorised on 28 August 2026, shows revenue of A$1,797,017 against A$815,877 a year earlier, with GSM Electrical, a related party of director Simon Gerard, accounting for A$1,501,218, or about 84 per cent.

What Zimi sells

According to the annual report, Zimi makes switches, power points, fan and blind controllers and garage door controllers that connect to the home through its cloud service. It is moving to products compatible with the Matter smart-home standard, including the Senoa Matter range. FY26 operating figures included 24,843 devices and accessories delivered and 69,703 cloud device pairings, an increase of 10,304. The largest single project to date is a purchase order of about A$547,000 including GST from Homecorp for the Cienna Apartments.

Latest developments

In its quarterly report dated 30 July 2026, Zimi said it had become a registered National Disability Insurance Scheme provider of assistive technology, initially targeting occupational therapists, and had opened an Amazon storefront offering Prime next-day delivery across Australia. The Senoa Matter range was moving into pre-production manufacturing and certification sampling. Purchase orders awaiting fulfilment totalled A$469,000 including GST. Provider registration opens a route to market but does not ensure sales, and the company has not reported NDIS or Amazon sales figures.

Financial position

The FY26 net loss after tax was A$1,542,355, compared with A$3,252,864, and the unaudited EBITDA loss narrowed to A$1,196,167. Other income included an R&D tax incentive of A$849,757, and gross profit was A$534,097. Cash at 30 June 2026 was A$452,267, up from A$215,963, and net assets were A$2,002,546. Operating cash outflow was A$1,432,190 for the year and A$425,000 for the June quarter.

Before the second tranche of its latest raising, the company estimated 1.1 quarters of funding, and it reported no drawn financing facilities. Funding has come from share issues: A$375,000 in July 2025, A$1.476 million in September 2025, A$740,000 on 12 May 2026 (185 million shares at A$0.004) and a second tranche of 204,514,250 shares on 15 July 2026 that raised A$818,057. The last two together raised A$1.558 million before costs. Repeated issues at A$0.004 have resulted in significant dilution. No further raising has been announced, although one remains possible.

Related-party and going-concern risks

The annual report records purchases of A$708,853 in FY26 from Zencontrol Limited, which is linked to director Todd Milliner. Zencontrol manufactures the Senoa Matter range under an agreement approved up to A$4 million, of which A$876,000 had been spent by 30 June 2026. Cumulative sales to GSM Electrical had reached A$1.621 million against a A$6 million approval. With this degree of related-party concentration, the commercial health of those relationships is material to the business. Other listed risks include dependence on suppliers in Asia, with costs billed in US dollars, and reliance on resellers and key staff. Simon Beissel resigned as Chair on 30 June 2026.

Key Insights

Zimi's revenue growth is narrowly based. Note A2 of the annual report describes a material uncertainty about the company's ability to continue as a going concern, and the main points to monitor are the GSM Electrical and Zencontrol relationships, the progress of the Senoa Matter range through certification, and the company's funding needs.