Halo Technologies Holdings (ASX:HAL) is a Sydney-based software Business that is trying to cut losses while it raises fresh money, and its latest half-year report shows both sides of that effort. The company reported a smaller loss for the six months to 30 June 2026, but Revenue fell and it launched a convertible note offer in July to support the balance sheet.

What the company does

According to its 31 August 2026 results announcement, HALO provides online global equities research and trade execution software. It has two offerings. HALO Global supplies research tools for hands-on investors, while HALO Trading provides global trade execution and themed portfolios aimed at low-touch investors and self-managed super funds. Revenue comes from brokerage and from subscriptions.

The company says it is prioritising Australia, Asia-Pacific and partnership-led growth. It has expanded access to managed funds, launched six model portfolios and is planning AI-enabled research products. Peter Oxlade was appointed chief executive on 3 October 2025, according to the company's full-year announcement.

Latest results

For the half year ended 30 June 2026, HALO reported an underlying EBITDA loss of $3.46 million, which it said was 43% narrower than the same period a year earlier. The net loss after tax was $2.98 million, down 51%, and included a $0.19 million non-cash share-based payment to the chief executive.

Operating revenue fell 13% to $6.77 million. Brokerage revenue dropped 18% to $5.01 million, which the company attributed to market Volatility after the Iran war began on 28 February 2026. Subscription revenue rose 4% to $1.76 million, or 26% of operating revenue. Total expenses fell 20% to $11.05 million, helped by a 39% fall in employee costs.

Cash and funding

Cash was $2.65 million at 30 June 2026. Net operating cash outflow fell 62% to $1.42 million for the half. On 2 July 2026 the company opened a convertible notes offer of up to $6.75 million, and it said $4.5 million had been subscribed as at the reporting date. A short-term Loan outstanding at 30 June was fully settled in July 2026.

Convertible notes can convert into new shares depending on their terms, so existing shareholders may face dilution. The terms were not part of the material reviewed for this article, and readers should check the offer documents on the ASX platform. The full-year 2025 net loss was $17.41 million, including $4.77 million of impairments.

Sector context and risks

Online broking and investment-research tools are closely tied to market activity. As the half-year result shows, a volatile period can reduce brokerage volumes even when a company is cutting costs. HALO is also a small player competing for users and for partnerships with larger financial platforms, and its strategy relies on signing business-to-business agreements. In its February outlook the company said further updates would follow once definitive agreements were executed.

Specific risks include falling brokerage revenue, dependence on external funding while losses continue, execution on new products and potential dilution from the convertible notes.

Upcoming milestones

No dated milestone was confirmed. The company's outlook points to expanding its business-to-business network and launching AI-enabled research products, without dates.