Archer Materials Reports Improved Fiscal Year

Archer Materials Limited (AU:AXE) has released an update.

Archer Materials Limited significantly narrowed its net loss to $4,803,150 for the fiscal year ended 30 June 2024, a 47% improvement from the previous year’s $9,049,457 loss. Despite the losses, the company increased its research and development activities, particularly in quantum and biochip technologies, and benefited from a sizable research and development tax incentive. However, shareholders saw a decrease in net tangible assets per share by 17%, and no dividends were issued or proposed for the period.

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