A year ago ION was in a net liability position of $2,238,205, carrying $2,811,410 of liabilities, with $227,410 in the bank and a working capital deficiency of $1,888,205. That was the reality we inherited, and it set the agenda for the year. 

Here is where the Company stands today.

• We are net asset positive. Net assets of $853,755 at 30 June 2026, a $3,091,960 turnaround in a single year.

• Operating costs are down $3.1m. Loss before share based payments fell from $4,748,467 to $1,645,502, a reduction of $3,102,965, or 65%. Consultant expenses alone swung by $1,549,406 and software development costs fell $603,743.

• Liabilities are down 81%. Total liabilities reduced from $2,811,410 to $541,946, a $2,269,464 reduction.

• Cash is up 3.4 times. Cash and cash equivalents of $770,909, up from $227,410.

• Working capital is positive. $853,755, versus a deficiency of $1,888,205 last year.

• Revenue and other income grew 25%. $1,094,550 against $872,323, while we were simultaneously cutting the cost base.

• We are funded to December 2027, conservatively. That is our minimum position, and it assumes no options conversion or new revenue. The options are all in the money, and if exercised will extend the operational runway well beyond December 2027.

This is what a genuine restructure looks like in the numbers. We reduced the cost base, repaired the balance sheet, and refocused the business away from platform and software development toward intellectual property licensing. 

ION has been completely transformed and we believe these results are only the beginning.