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Abaxx Technologies

ABXX.TO
16
Software - Application · Technology
Price
C$17.82
+0.24 (+1.37%)
Market Cap
C$690.7M
Exchange
Toronto Stock Exchange
Winston Score
16
Winston is worried
Weak fundamentals across most pillars.
Data as of Sep 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Mixed
Cash Flow
Weak
Stability
Good
Valuation
Data not available
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Share count rising — dilution

+51.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 22.8M (2021) → 34.7M (2025)

§Winston Score History

The full picture

Abaxx Technologies is a Canadian company building a commodity futures exchange and clearinghouse. Its main project, Abaxx Exchange, aims to offer trading in energy and natural resource contracts, starting with liquefied natural gas (LNG) and carbon credits. The exchange is based in Singapore and targets commodity traders, energy companies, and financial institutions looking for new benchmark contracts.

The company plans to make money through transaction fees on trades executed on its platform and clearing fees. It is still in an early stage, generating minimal revenue while spending heavily to build out its technology and obtain regulatory approvals. Its high gross margin reflects limited software-related income, while deep operating losses show the cost of launching a regulated exchange from scratch. The key growth driver is successfully attracting trading volume to its LNG and environmental contracts, but the main risk is that the exchange may struggle to build the liquidity needed to compete with established commodity exchanges.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-95.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-61.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$5M/ year

↓ Declining (-31% vs prior year)

493.8% of revenue

32.9x the sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Runway

~2 years

C$144M cash & investments

C$144M cash & investments at current burn rate

Revenue declining

Abaxx Technologies's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
-2639.7%
Thin — -2639.7% gross margin
Profit after running costs
Operating Margin
-1238653.0%
Losing money on operations — -1238653.0%
Return on the money invested
ROCE
-46.7%
Weak — -46.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+303.7%
Fast-growing sales (+303.7% YoY)
Profit growth
EPS YoY
N/A
—
Data not available
How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
—
Data not available
Spare cash per sale
FCF Margin
-2149.9%
Burning cash (-2149.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.20
Conservative — low debt load (0.20)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
—
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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