Adveritas Limited

AV1.AX

Software - Infrastructure · Technology

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Adveritas is an Australian technology company that makes software to fight digital ad fraud. Its main product, TrafficGuard, helps businesses detect and block fake clicks and bot traffic that waste advertising budgets. Customers include advertisers, marketing agencies, and app developers who spend money on online ads and need to know their clicks are coming from real people.

The company earns revenue through software subscriptions, charging customers a recurring fee to use the TrafficGuard platform. Adveritas operates primarily in Australia but serves customers globally, and its negative margins show it is still in an early, growth-focused stage where costs exceed revenue. The key growth driver is the expanding digital advertising market, where ad fraud is estimated to cost businesses tens of billions of dollars annually — but the main risk is that larger, well-funded competitors could offer similar fraud detection tools and make it harder for Adveritas to win and keep customers.

Growth Profile

For growth stock investors

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

Revenue Growth

+89.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+51.4% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

7.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~19 months

A$9M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Adveritas Limited grew revenue 90% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

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Quality

Profit per sale

Gross Margin

-38.6%

Thin — -38.6% gross margin

Profit after running costs

Operating Margin

-65.7%

Losing money on operations — -65.7%

Return on the money invested

ROCE

-280.4%

Weak — -280.4% 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

+69.3%

Fast-growing sales (+69.3% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-40.4%

Burning cash (-40.4%)

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

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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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