Key Highlights

  • TerraCom (ASX:TER), Fluence Corporation (ASX:FLC) and Jatcorp (ASX:JAT) touched 52-week lows during the 26 October 2026 session.
  • TerraCom's audited FY26 loss of $155.5 million includes $103.5 million of impairments and a Going Concern uncertainty.
  • Fluence's H1 2026 Revenue rose 15% and Jatcorp's FY26 revenue rose 23%, while Jatcorp's gross Margin fell.

TerraCom Limited (ASX:TER) traded at $0.043, down 14.00%, Fluence Corporation Limited (ASX:FLC) traded at $0.055, down 8.33%, and Jatcorp Limited (ASX:JAT) traded at $0.075, down 11.77%, after each touched a 52-week low during the Trading session on 26 October 2026. TerraCom is a Brisbane-based coal company, Fluence supplies water and wastewater treatment solutions, and Jatcorp makes nutritional and dairy-based consumer products.

TerraCom: Audited Accounts Released on 6 October 2026

TerraCom's audited FY2026 report moved the loss for the year to $155.503 million from a preliminary $45.630 million, after impairments of $103.547 million. These comprise $53.0 million on the Blair Athol mine, reducing its carrying amount to $10.0 million, and $50.5 million on South African associates.

The accounts disclose a material uncertainty related to going concern. The company has signed term sheets for a US$20 million coal prepayment agreement and is pursuing cargo prepayments and a Debt Financing process.

Property, plant and equipment fell to $10.438 million from $63.469 million in the preliminary report, and equity-accounted investments to $23.620 million from $80.556 million. Total Equity was $23.908 million. Production at Blair Athol in the early months of FY2027 has not yet consistently reached the levels assumed in the going concern assessment.

Fluence: Half-Year Report Dated 31 August 2026

Fluence reported H1 2026 revenue of US$37.6 million, up 15%, and a loss attributable to owners of US$823,000, down 79% from US$3.847 million. Industrial Wastewater & Biogas revenue rose 66.0% to US$8.1 million with EBITDA of US$1.2 million, while Municipal Water and Wastewater revenue fell 1.2% to US$4.7 million with negative EBITDA of US$0.2 million. The company exited its Egypt operations, classed as discontinued.

The company said sales of Smart Product Solutions and Recurring Revenue grew 34.7% against the prior half and that EBITDA in the half was higher than in any half in more than five years. EBITDA excludes foreign exchange gains and losses, share-based payments, restructuring and other non-recurring items.

Jatcorp: FY26 Annual Report

Jatcorp's annual report, authorised on 21 September 2026, shows revenue up 23% to $38.9 million, Gross Profit of $6.1 million and a lower gross margin of 15.81% (FY25: 19.77%). The statutory loss narrowed to $4.7 million from $6.9 million, while adjusted EBITDA was a loss of $2.7 million compared with $1.8 million a year earlier. Operating Cash Flow was an outflow of $1.4 million.

The company began sales in Vietnam during the year and is preparing the iOne Milk range for launch, with distribution across Australia, China and selected Southeast Asian markets. Its report states that improving margin quality, working-capital discipline and operating efficiency remain priorities for FY27.

About the Companies

TerraCom Limited (ASX:TER): TerraCom is a Brisbane-headquartered coal company with the Blair Athol mine in Queensland and interests in South African coal operations held through associates, including the North Block Complex, New Clydesdale Colliery, Berenice and Cygnus.

Fluence Corporation Limited (ASX:FLC): Fluence supplies water and wastewater treatment solutions through Business units covering municipal, industrial wastewater and biogas, industrial reuse, Southeast Asia and China, global water services and the Ivory Coast projects.

Jatcorp Limited (ASX:JAT): Jatcorp develops, manufactures and markets nutritional and dairy-based consumer products under brands including Moroka and Neurio, and operates the Melbourne-based ANMA Manufacturing Facility that also supplies third-party customers.

Risks Across the Three Companies

TerraCom's going concern uncertainty and reliance on prepayment and debt arrangements are the most prominent items. Fluence reports negative net tangible assets and lower municipal results. Jatcorp lists intellectual property, customer concentration, working Capital and funding requirements as ongoing commercial and operational risks.

Catalysts on Investors' Radar

TerraCom's execution of the coal prepayment and debt process, Fluence's expected second-half improvement in its municipal unit and Jatcorp's iOne Milk launch and Vietnam sales are the items identified.

Further figures from the three reports show the scale of each result. TerraCom's loss per share moved to 12.60 cents from 3.69 cents, and its total equity is $23.908 million. Fluence's directors state that its half-year EBITDA was higher than in any half in more than five years, and Jatcorp's EBITDA loss narrowed to $3.4 million from $5.9 million while its adjusted EBITDA loss widened. The reports use different bases, currencies and reporting dates, so they are not directly comparable with one another.

Final Perspective

The three companies touched 52-week lows with differing financial profiles: a large impairment-driven loss, a narrower loss with growth, and higher revenue with a lower margin. Each report sets out the factors the company links to its next steps.