ANNUAL
REPORT
78
1. COMPANY DETAILS
Name of entity:
Ai-Media Technologies Limited
ABN:
12 122 058 708
Reporting period:
For the year ended 30 June 2025
Previous period:
For the year ended 30 June 2024
2. RESULTS FOR ANNOUNCEMENT TO THE MARKET
Dividends
There were no dividends paid, recommended or declared during the current financial period.
Comments
The loss for the Group after providing for income tax amounted to $1,672,000, an increase in the loss of 24.7%
from prior year (30 June 2024: $1,341,000).
Revenue for the period was $64,860,000, down 2.1% from the prior year (30 June 2024: $66,236,000). Revenue
share of technology sales (including hardware and SaaS) increased to 63.3% of total revenue, compared to 52.2%
in the prior year. Technology revenue increased by 19% and Services revenue declined by 25%.
EBITDA for the Group was $3,310,000 down 19.5% from the prior period (30 June 2024: $4,112,000). This included
one-off redundancy costs of $1,304,000 related to substantial restructuring. Excluding these costs, underlying
EBITDA was $4,614,000 an improvement on prior year by $502,000.
EBITDA is a financial measure which is not prescribed by the Australian Accounting Standards (AASBs) and
represents the profit under AASBs adjusted for specific items. The directors consider EBITDA to be one of the key
financial measures of the Group.
Refer to the attached Directors’ report ‘Review of Operations’ section for further explanation.
$’000
Revenues from ordinary activities
down
2.1%
to
64,860
Earnings Before Interest, Tax, Depreciation and Amortisation
(EBITDA)
down
19.5%
to
3,310
Loss from ordinary activities after tax attributable to the
owners of Ai-Media Technologies Limited
up
24.7%
to
(1,672)
Loss for the year attributable to the owners of Ai-Media
Technologies Limited
up
24.7%
to
(1,672)
AI-MEDIA TECHNOLOGIES LIMITED
30 JUNE 2025
APPENDIX 4E
PRELIMINARY FINAL REPORT
AI MEDIA ANNUAL REPORT 2025 79
The following table summarises key reconciling items between statutory loss after income tax, EBITDA and
underlying EBITDA:
Consolidated
2025
2024
$’000
$’000
Revenue
64,860
66,236
Less: Direct employee costs
(14,772)
(18,375)
Less: Other direct costs including inventory expenses
(5,032)
(5,389)
Gross profit
45,056
42,472
Less: Indirect costs or overheads*
(45,582)
(42,768)
Less: Income tax expense
(1,146)
(1,045)
Loss after income tax expense
(1,672)
(1,341)
Add: Finance costs
40
163
Add: Income tax expense
1,146
1,045
Less: Interest income
(86)
(165)
Loss before interest and taxation (EBIT)
(572)
(298)
Depreciation and amortisation expense
3,882
4,410
EBITDA
3,310
4,112
*
Indirect costs or overheads includes employee costs not allocated as part of the determination of gross profit.
Consolidated
2025
2024
$’000
$’000
EBITDA
3,310
4,112
Restructuring costs
1,304
-
Underlying EBITDA
4,614
4,112
The underlying EBITDA excludes a one-off restructuring cost of $1,304,000 incurred during the year as part of the
Group’s strategic realignment and efficiency program. This adjustment reflects the non-recurring nature of the
expense and provides a clearer view of the Group’s ongoing operating performance.
3. NET TANGIBLE ASSETS
2025
2024
Cents
Cents
Net tangible assets per ordinary security
9.24
8.10
The net tangible assets calculation includes rights-of-use assets of $635,000 (30 June 2024: $501,000) and the
corresponding lease liabilities of $658,000 (30 June 2024: $532,000).
4. CONTROL GAINED OVER ENTITIES
Not applicable.
5. LOSS OF CONTROL OVER ENTITIES
Not applicable.
AI-MEDIA TECHNOLOGIES LIMITED
30 JUNE 2025
APPENDIX 4E
PRELIMINARY FINAL REPORT
80
6. DIVIDENDS
Current period
There were no dividends paid, recommended or declared during the current financial period.
Previous period
There were no dividends paid, recommended or declared during the previous financial period.
7. DIVIDEND REINVESTMENT PLANS
Not applicable.
8. DETAILS OF ASSOCIATES AND JOINT VENTURE ENTITIES
Not applicable.
9. FOREIGN ENTITIES
Details of origin of accounting standards used in compiling the report:
Not applicable.
10. AUDIT QUALIFICATION OR REVIEW
Details of audit/review dispute or qualification (if any):
The financial statements have been audited and an unmodified opinion has been issued.
11. ATTACHMENTS
Details of attachments (if any):
The Annual Report of Ai-Media Technologies Limited for the year ended 30 June 2025 is attached.
12. SIGNED
As authorised by the Board of Directors.
Signed ___________________________
Date: 28 August 2025
Anthony Abrahams
Director
Sydney
AI-MEDIA TECHNOLOGIES LIMITED
30 JUNE 2025
APPENDIX 4E
PRELIMINARY FINAL REPORT
ANNUAL
REPORT
CONTENTS
Harnessing the power of
AI to transform accessibility,
media, and communication
worldwide.
ABOUT AI-MEDIA
03
HIGHLIGHTS
04
CEO AND CHAIR LETTERS
06
PRODUCTS AND TECHNOLOGY
10
BOARD OF DIRECTORS
12
DIRECTORS’ REPORT
15
AUDITOR’S INDEPENDENCE
DECLARATION
28
FINANCIAL REPORT
29
DIRECTORS’ DECLARATION
67
SHAREHOLDER INFORMATION
73
CORPORATE DIRECTORY
76
ABOUT
AI-Media (ASX: AIM) is a global leader in AI-powered voice translation, captioning,
and language orchestration. The LEXI Suite and global encoder network deliver
real-time multilingual intelligence—trusted worldwide to modernize workflows,
enhance communication, and scale the shift from text to spoken AI.
Highlights
AI-Media’s strategic priority is to accelerate LEXI
sales growth in pursuit of our five-year revenue
target of $150 million by FY29. Our transition from
a services-led model to a technology-driven SaaS
business is establishing a scalable foundation for
sustained long-term growth. Strong momentum
in Technology sales continues to be driven by
the LEXI suite, with further customer expansion
supported by the AI-powered LEXI Toolkit,
including LEXI Voice.
04
1. FY25 and FY24 revenue from ordinary activities,
excluding interest and other income
2. Including revenue from Hardware, SaaS & Support
Total Revenue1
Total Gross Margin
Down 2% | FY24 $66.2m
Up 5% | FY24 64%
$64.9m
69%
AI MEDIA ANNUAL REPORT 2025 05
Tech Revenue2
Up 19% | FY24 $34.6m
$41.1m
Underlying EBITDA
Up 11% | FY24 $4.1m
$4.6m
Services Revenue
Hardware Sales
Down 25% | FY24 $31.6m
Up 36% | FY24 $12.6m
$23.7m
$17.1m
Cash Balance
Up $3.8m | FY24 $10.9m
$14.7m
Total # Encoders
Up 39% | FY24 5k
7062
As we conclude another transformative year at AI-
Media, I am proud to reflect on our significant progress
in seamlessly embedding advanced AI-powered tools
into our customers’ workflows for live and recorded
content.
FY25 marked a pivotal stage as we expanded our global
footprint, entered new markets, and accelerated our
transition from a services-led operation to a technology-
driven SaaS business.
Since acquiring EEG three years ago, we’ve focused
on deepening SaaS adoption within EEG’s core US
Broadcast market while preparing our LEXI platform for
global scalability.
A key FY25 strategic priority was expanding our
Broadcast
capabilities
into
Europe,
recognizing
substantial opportunities for our industry-leading live
captioning solutions.
I’m delighted to report that this year, we successfully
deployed encoders across 23 new countries including
17 new European countries, substantially enhancing our
international presence. These deployments lay critical
groundwork for accelerated growth of our LEXI solutions
throughout EMEA, driven by regulatory tailwinds from
the European Accessibility Act.
This robust performance is primarily fuelled by
successful European Broadcast expansion, reinforced
by strategic partnerships with ITV, the UK’s largest
broadcaster, and Central European Media Enterprise
(CME), operating across six countries.
Concurrently, we continued scaling our SaaS business
in the U.S. Broadcast sector and expanded successfully
into the Government markets across the Americas,
where our accessibility technologies are increasingly
adopted by parliaments, congresses, and libraries.
Simultaneously, we accelerated our transition away from
legacy Services in APAC, underscoring our commitment
to a tech-first, SaaS-driven future.
These focused efforts are yielding tangible results, with
technology revenues now representing over half our
total revenue, having grown significantly year-on-year
from FY24 to FY25 at attractive gross margins.
We achieved operating cash flow of $5.2 million,
highlighting the strength and sustainability of our core
technology business. We ended FY25 with a strong
cash balance of $14.7 million, ensuring we remain well-
positioned to execute our strategic growth initiatives.
Looking ahead, we remain steadfast in achieving our
aspirational EBITDA target of $60 million by FY29,
guided by our clear strategic roadmap:
•
Completing our transition from Services to a
Tech-driven SaaS model
•
Scaling Tech sales by 35% annually at gross margins
of 80%+, with controlled operating expenses
•
Growing LEXI volumes and revenue by over 40%
per annum through customer expansion and
AI-powered innovations
•
Replicating iCap’s US Broadcast success across
Europe and APAC
•
Broadening our product suite beyond Broadcast
into Enterprise and Government sectors worldwide
•
Extending our global presence further, building on
operations in numerous countries
In FY25, we launched cutting-edge products within
our LEXI Toolkit, notably LEXI Voice a revolutionary
automated AI-powered real-time voice translation
solution, breaking down language barriers across
media, government, and enterprise audiences.
We also commenced development of LEXI AI, our
confidential
and
private
Generative
AI
solution
integrating real-time captioning. Tailored for secure,
high-trust environments, LEXI AI embodies the future
of language intelligence.
These innovations represent a new era for AI-Media,
uniting captioning, translation, and secure AI to redefine
global communication. We anticipate initial revenues
from these exciting new products in the first half of
FY26, providing a powerful engine for future growth.
06
CEO’s Letter
Tony
Abrahams
CEO and Co-Founder
Entering FY26, our strategic expansion revolves around
three pillars:
Product Expansion: Increasing product penetration
within existing customers, particularly through our
LEXI Text and LEXI Toolkit, alongside monetizing
new offerings such as LEXI Voice and LEXI AI.
Geographic Penetration: Leveraging our European
success
to
replicate
our
North
American
achievements in Europe and Asia, supported by
robust regulatory drivers and market demand.
Segment
Differentiation:
Strengthening
our
position in Enterprise, Education, and Government
sectors, building upon early successes within
parliamentary and congressional institutions.
FY25 has been marked by execution, innovation, and
global expansion, reinforcing the foundation to achieve
our long-term financial goals and capturing increased
market share in the evolving language services industry.
This remarkable progress is a testament to our global
AI-Media team’s dedication and ingenuity. I extend my
sincere gratitude to our customers, our employees for
their resilience, our renewed and revitalised Board for
strategic guidance, and our valued shareholders for
continued trust in our vision.
We are energized by the opportunities ahead and
remain committed to keeping you updated as we scale
globally, accelerate technology adoption, and pioneer
the future of live and recorded content.
Sincerely,
Tony Abrahams
Co-Founder & CEO
AI-Media
AI MEDIA ANNUAL REPORT 2025 07
1.
2.
3.
FY25 marked a pivotal year in AI-Media’s strategic
transformation, as we continued to progress our shift
from a traditional, services-led captioning provider
into a global software company delivering scalable,
AI-powered solutions. This transition is now taking full
shape, with our high margin technology solutions and
recurring revenue model becoming the foundation of
our operations.
While total revenue declined slightly to $ 64.9 million,
reflecting a deliberate reduction in low-margin legacy
services, our Technology revenue grew by nearly 19%
to reach $ 41.1 million. This performance was driven
by growing demand for our flagship LEXI solutions
and encoder hardware, underpinned by increasing
customer adoption, product innovation, and geographic
expansion specifically where 17 new countries were
added in Europe, and the Middle East.
Most notably, upfront Technology sales delivered,
with deferred revenue of $ 10.6 million, highlighting
the strength of our scalable platform. Gross margins
improved to 69%, with technology margins exceeding
85%, underscoring the quality of our earnings profile.
We exit FY25 with a more robust and resilient revenue
base than at any point in our history, positioning us for
sustainable, high-margin growth.
Adjusted EBITDA for FY25 totalled $ 4.6 million,
impacted by front-loaded investments and restructuring
costs in support of our long-term growth strategy.
These initiatives, focused on platform innovation, global
expansion, and product development are already
showing early returns and we anticipate further upside
in FY26. Specifically, we expect our real-time multilingual
AI translation solution LEXI Voice, to drive growth in the
second half of 2026 and the continued development of
our secure generative AI platform LEXI AI, to continue
this momentum in future years.
Dear Shareholders,
08
John Martin
Chair
Chair’s Letter
Looking ahead to FY26 and beyond, our focus remains
on scaling our SaaS offerings globally, accelerating the
commercial launch of our new solution LEXI Voice, and
developing LEXI AI to redefine real-time captioning,
translation, and audio accessibility. Additionally, we will
keep expanding into new industries and geographies,
supported by an international and enterprise-focused
go-to-market strategy.
Our ambition to reach $150 million in revenue and $60
million in EBITDA by FY29, with over 80% of total revenue
generated from technology, remains unchanged. We
believe AI-Media’s best years lie ahead and the Board
is confident in our ability to achieve this vision, and our
ambition to become the leading provider of AI-driven
captioning and voice solutions worldwide.
On behalf of the Board, I would like to thank our CEO,
Tony Abrahams, and the executive team for their
commitment and leadership in executing our vision.
I also want to recognize our employees for their
dedication and resilience and most importantly,
thank you to our shareholders for your continued trust
and support.
Sincerely,
John Martin
Chair
AI-Media
The Board and I are proud of the progress
achieved this year, representing key structural
advancements that have reshaped the
company’s foundation and future direction,
including:
The structural completion of our
transition to a technology-led model,
with technology sales contributing
over 60% of total revenue and legacy
services
expected
to
continue
declining in FY26.
A strengthened global footprint,
marked by deeper penetration in
Europe, and strategic market entries
across the APAC region.
The continued attraction of top-tier
talent across AI engineering, product,
and commercial teams, including
the appointment of a new CFO and
US-based technology-focused Board
members.
The development of a proprietary
encoder network and scalable cloud-
based infrastructure, providing a
strong platform for growth across
the broadcast, government, and
enterprise sectors globally.
AI MEDIA ANNUAL REPORT 2025 09
10
ECOSYSTEM
AI-Media’s unique product suite offers an end-to-end
ecosystem of captioning, translation and transcription
solutions to a large and growing customer base.
Our product suite combines the best technology,
security and service, differentiating AI-Media from
the competition as we are able to deliver end-to-end
solutions to meet any customers captioning needs.
Our world leading captioning network is comprised
of an ecosystem of hardware, infrastructure, and
software solutions. Our network of end-to-end solutions
begins with a range of on-premise, virtualised, cloud-
captioning encoders that seamlessly integrate via iCap
to our world-leading proprietary speech recognition
solutions.
Our encoders, Falcon, Alta and Encoder Pro are
compatible with multiple resolutions and deliver
physical, virtual, and cloud-based encoding technology
to our customers, captioning content reliably, flexibly
and securely. AI-Media’s encoding solutions make it
easy to deliver a high-quality, low-latency broadcast
with near real-time captions for any need.
The iCap network integrates seamlessly with AI-Media’
ASR cloud captioning solutions LEXI and third-party
captioners across the globe. iCap’s scalable cloud-
based network separates us from the competition by
delivering a secure, encrypted connection with a global
standard of service with the highest accuracy at an
affordable price to customers anywhere in the globe.
Fast, accurate, efficient and scalable LEXI is our
proprietary speech recognition solution. Underpinned
by AI, LEXI has leading captioning capabilities, delivering
coherent captions using advanced algorithms with
enterprise grade accuracy of greater than 99%.
LEXI VOICE
Instantly
translate
live
broadcasts
into
multiple
languages. Powered by AI and built on AI-Media’s
industry-leading captioning technology, LEXI Voice
ensures accurate, real-time translations with natural AI
voices. Delivering seamless multilingual experiences for
audiences – everywhere, every time.
LEXI Voice leverages advanced AI to transform live
speech into high-quality, real-time translated audio.
Powered by AI-Media’s industry-leading LEXI captions,
it delivers exceptional accuracy and natural fluency.
Seamlessly compatible with AI-Media’s Alta TS and
Encoder Pro, LEXI Voice integrates live captioning,
translation, and multilingual audio into broadcast or
event workflows with ease.
•
LEXI Text captions transcribe live speech with
industry-leading accuracy.
•
AI translation instantly converts captions into
multiple languages.
•
Natural AI voices synthesize translated audio
for real-time delivery.
•
Viewers select their preferred language and
enjoy fully translated broadcasts.
10
Products
& Technology
AI MEDIA ANNUAL REPORT 2025 11
Benefits
•
Increases
Global
Reach
and
Audience
Engagement: Delivers real-time, multilingual audio
to connect with diverse audiences and expand into
new geographies, driving higher viewership and
deeper engagement.
•
Increases revenue streams by opening new
markets
for
Content:
LEXI
Voice
increases
viewership and drives new subscriptions by making
content accessible to global audiences in their
preferred language.
Features
•
AI-Powered
Live
Voice
Translation:
Converts
captions into high-quality multilingual speech
•
Industry-Leading Speech Recognition: Built on
LEXI for highly accurate translations
•
Ultra-Low Latency: Ensures real-time delivery
without noticeable delay.
•
Supports Multiple Languages: Translate live speech
into numerous languages simultaneously
•
Multi-Speaker Support: Accurately distinguishes
between multiple speakers in real time, ensuring
clear
and
natural
translations
for
dynamic
conversations and panel discussions.
•
Seamless
Integration:
embedded
in
video
production and broadcast chains in SDI, 2110, or
compressed IP video, deliverable over existing iCap
network to existing Ai-Media/EEG caption encoders
with no new equipment, networking, or cloud
access requirements
•
Works with AI-Media’s captioning and Alta TS and
Encoder Pro encoding platforms
Applications
LEXI VOICE delivers an immersive experience
to a global audience – without language
limitations.
•
Live Sports & Broadcasts –
Expand global reach with real-time
multilingual commentary.
•
Conferences & Events –
Instantly translate keynote speeches for
international attendees.
•
Streaming, OTT & FAST –
Provide accessible, multilingual audio
tracks for live and on-demand content.
AI MEDIA ANNUAL REPORT 2025 11
Live Broadcast/
Event
Voice
Isolation
Speech-to-text
Translation
Engine
Text-to-Speech
Mix to Live
Broadcast
Stream, Personal
Device
+
+
+
LEXI Voice Workflow
12
JOHN MARTIN
Non-Executive
Chair
(appointed February 2024)
John joined the Board in
2010 and served as Chair
until 2013, NED until 2024
and has been re-elected as
Chair in February 2024. He
is an experienced company
director and business
executive, having served as
CEO and director of ASX-
listed Babcock & Brown
Communities, Primelife and
Regeneus. He is a former
corporate and commercial
partner of law firm Allens.
John is a Non-Executive
Director of Australian law
firm Sparke Helmore; Sydney
biotech company Biopoint
and US internet services
company Lokket. He is also
a member of the Australian
Institute of Company
Directors.
TONY ABRAHAMS
Co-Founder
and CEO
Tony Abrahams co-founded
AI-Media in 2003 and
has served as CEO since
inception, leading the
company’s transformation
from human-based
captioning to a global leader
in AI-powered language
solutions. He oversaw the
acquisition of EEG, whose
innovations, including the
LEXI automatic captioning
engine and iCap delivery
network, have been
central to AI-Media’s shift
toward scalable, real-time
captioning and translation
technology. Tony holds a
Bachelor of Commerce
(Honours) and Bachelor of
Laws from the University of
New South Wales, where he
was awarded the University
Medal in Accounting,
and as a Rhodes Scholar,
completed an MPhil in
Economics and MBA at the
University of Oxford. He has
been recognised as a Young
Global Leader by the World
Economic Forum and is a
member of the Australian
Institute of Company
Directors.
ALISON LOAT
Non-Executive
Director
Alison joined the Board
in 2018. Alison is the
Managing Director,
Sustainable Investing and
Innovation at OPTrust, a
Canadian public pension
plan. Previously, she was the
Senior Managing Director
of FCLTGlobal, a long-term
investing organization, the
CEO of a think tank and
a consultant at McKinsey
& Company. She’s also on
the board of two Canadian
educational institutions
and a privately held media
company. Alison received the
Queen’s Gold and Diamond
Jubilee Medals and was
named one of the 100 Most
Powerful Women in Canada.
She received the ICD
designation from Canada’s
Institute of Corporate
Directors. She has degrees
from Queen’s University and
the Harvard Kennedy School.
CHERYL HAYMAN
Non-Executive
Director
Cheryl has extensive
experience working as an
independent Director across
multiple sectors including
ASX-listed companies as well
as industry bodies and not-
for-profit organisations.
Cheryl’s corporate
experience encompasses
a range of senior strategic
technology, digital strategy
and global marketing
roles including Head of
Marketing and Innovation
at Sunrice, George Weston
Foods, Unilever Australia, NZ
and UK, Yum Restaurants
International and Who eekly
magazine.
Cheryl was previously an
appointed member of
the Department of Prime
Minister and Cabinet’s
Digital Experts Advisory
Committee and is a Fellow
of the Australian Institute of
Company Directors.
12
Board of Directors
AI MEDIA ANNUAL REPORT 2025 13
BRENT CUBIS
Non-Executive
Director
Brent joined the Board in
July 2024 and is Chairman
of the Audit and Risk
Committee. Brent is a highly
experienced Non-Executive
Director and CFO with
over 30 years of board level
experience in senior finance
roles for global businesses
in Health, Medical Devices,
Media, Property, Tourism
and started his career at
Deloitte. Brent has been the
Chair of the Audit and Risk
Committees for all the public
and private companies
outlined below. His previous
executive roles have
included CFO of Cochlear Ltd
and Nine Network Australia
and for various other private
companies.
BRAD BENDER
Non-Executive
Director
Brad was appointed as
a Director in November
2024 and brings over 25
years of global experience
in technology, product
innovation and general
management. At Google,
he served as Vice President
of Product Management,
leading AI-driven initiatives
across Google News
and Search, and earlier
founded the Google
Display Network, building
it into a multi-billion dollar
business. Before Google,
he was Vice President of
Product Management at
DoubleClick. Brad’s expertise
spans product innovation,
AI-driven solutions and
scaling global platforms. He
holds multiple patents in
data and privacy, was named
a Crain’s New York Business
“40 under 40” leader in 2012,
and holds a Bachelor of
Science degree from Cornell
University. He currently
serves as an advisor, investor
and board member across
the tech, media and services
sectors, including as an
independent board director
at Entravision (NYSE:EVC).
OTTO BERKES
Non-Executive
Director
Otto Berkes is a technology
leader and entrepreneur
with extensive experience
in software, cloud services
and digital transformation.
He was a co-founder of
Microsoft’s Xbox and later
led technology and product
innovation at HBO as
CTO, where he drove the
company’s shift to digital
streaming. Otto also held
senior executive roles at
CA Technologies, directing
the company’s transition to
cloud services, and as CEO of
HireRoad, built an analytics-
driven talent platform. He
is co-inventor on thirteen
patents, recipient of an
Emmy Award, an Edward
R. Murrow Award, and
Microsoft’s Xbox Founder
Award. Otto has served as a
trustee of the University of
Vermont and currently sits
on the boards of Integral Ad
Science, Intelagree, and AI-
Media. He holds degrees in
Physics, Computer Science
and Electrical Engineering.
AI MEDIA ANNUAL REPORT 2025 13
EST
COUNTRIES
2004
36
5
OFFICE
LOCATIONS
14
Ai-Media Technologies Limited
Contents
30 June 2025
Directors' report
15
Auditor's independence declaration
28
Consolidated statement of profit or loss and other comprehensive income
29
Consolidated statement of financial position
30
Consolidated statement of changes in equity
31
Consolidated statement of cash flows
32
Notes to the consolidated financial statements
33
Note 1. General information
33
Note 2. Material accounting policy information
33
Note 3. Critical accounting judgements, estimates and assumptions
42
Note 4. Operating segments
43
Note 5. Revenue
44
Note 6. Expenses
46
Note 7. Income tax
47
Note 8. Cash and cash equivalents
49
Note 9. Trade and other receivables
49
Note 10. Inventories
50
Note 11. Contract assets
50
Note 12. Term deposits
50
Note 13. Property, plant and equipment
51
Note 14. Right-of-use assets
51
Note 15. Intangibles
52
Note 16. Trade and other payables
54
Note 17. Contract liabilities
54
Note 18. Borrowings
54
Note 19. Lease liabilities
55
Note 20. Provisions
55
Note 21. Issued capital
56
Note 22. Reserves
57
Note 23. Dividends
58
Note 24. Financial instruments
58
Note 25. Remuneration of auditors
60
Note 26. Contingent liabilities
61
Note 27. Key management personnel disclosures
61
Note 28. Related party transactions
61
Note 29. Interests in subsidiaries
62
Note 30. Earnings per share
62
Note 31. Parent entity information
63
Note 32. Reconciliation of loss after income tax to net cash from operating activities
64
Note 33. Changes in liabilities arising from financing activities
64
Note 34. Share-based payments
64
Note 35. Events after the reporting period
65
Consolidated entity disclosure statement
66
Directors' declaration
67
Independent auditor's report to the members of Ai-Media Technologies Limited
68
Shareholder information
73
AI MEDIA ANNUAL REPORT 2025 15
Ai-Media Technologies Limited
Directors' report
30 June 2025
The directors present their report, together with the financial statements, on the consolidated entity (referred to
hereafter as the 'Group') consisting of Ai-Media Technologies Limited (referred to hereafter as the 'Company' or
'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2025.
Directors
The following persons were directors of Ai-Media Technologies Limited during the whole of the financial year and up
to the date of this report, unless otherwise stated:
John Martin - Non-Executive Director and Chair
Anthony Abrahams - Executive Director and Chief Executive Officer
Alison Loat - Non-Executive Director
Cheryl Hayman - Non-Executive Director
Brent Cubis - Non-Executive Director (appointed on 1 July 2024)
Otto Berkes - Non-Executive Director (appointed on 1 December 2024)
Brad Bender - Non-Executive Director (appointed on 1 December 2024)
Principal activities
Ai-Media Technologies Limited (Ai-Media or Company) (ASX: AIM), is a global provider of technology-driven
captioning, transcription and translation products and services.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Review of operations
The loss for the Group after providing for income tax amounted to $1,672,000 (30 June 2024: $1,341,000).
Operations
A summary of the results for the year is as follows:
2025
2024
Change
Change
$'000
$'000
$'000
%
Revenue from operating activities
64,860
66,236
(1,376)
(2.1%)
Earnings/(loss) before interest, taxation, depreciation and
amortisation (EBITDA)
3,310
4,112
(802)
(19.5%)
Loss after tax (expense)/benefit from ordinary activities*
(1,672)
(1,341)
(331)
24.7%
*
Represents an increase in the loss of 24.7%
EBITDA is a financial measure which is not prescribed by the Australian Accounting Standards (AASBs) and
represents the profit under AASBs adjusted for specific items. The directors consider EBITDA to be one of the key
financial measures of the Group.
The Group’s strategy to drive annually recurring revenue by transitioning from human-dependent services to a
Software-as-a-Service (SaaS) model has delivered strong results. Technology revenue grew by 19% on the prior
year, while services revenue declined by 25%, reflecting the deliberate shift in business mix. As a result, gross profit
margin improved by 6.1%, contributing to a gross profit uplift of $2,584,000.
A comprehensive review of the Group’s cost base led to a significant restructure, reducing employment costs and
enabling reinvestment into product development. In April 2025, the Group launched a new product category—live
voice translation—with the release of LEXI Voice. These initiatives support expansion within the existing customer
base and position the Group for growth across government, enterprise, and new geographic markets.
As at 30 June 2025, the consolidated statement of financial position reflects a net asset position of $75,310,000 (30
June 2024: $75,913,000). Cost efficiencies, annual SaaS billing in advance, and low receivables over 60 days
contributed to a stronger balance sheet, with cash increasing to $14,720,000 from $10,928,000. With no external
debt and disciplined cost management, the Group is well positioned to pursue strategic growth in financial year 2026
and beyond.
16
Ai-Media Technologies Limited
Directors' report
30 June 2025
The following table summarises key reconciling items between statutory loss after income tax, EBITDA and
underlying EBITDA:
Consolidated
2025
2024
$'000
$'000
Revenue
64,860
66,236
Less: Direct employee costs
(14,772)
(18,375)
Less: Other direct costs including inventory expenses
(5,032)
(5,389)
Gross profit
45,056
42,472
Less: Indirect costs or overheads*
(45,582)
(42,768)
Less: Income tax expense
(1,146)
(1,045)
Loss after income tax expense
(1,672)
(1,341)
Add: Finance costs
40
163
Add: Income tax expense
1,146
1,045
Less: Interest income
(86)
(165)
Loss before interest and taxation (EBIT)
(572)
(298)
Depreciation and amortisation expense
3,882
4,410
EBITDA
3,310
4,112
*
Indirect costs or overheads includes employee costs not allocated as part of the determination of gross profit.
Consolidated
2025
2024
$'000
$'000
EBITDA
3,310
4,112
Restructuring costs
1,304
-
Underlying EBITDA
4,614
4,112
The underlying EBITDA excludes a one-off restructuring cost of $1,304,000 incurred during the year as part of the
Group’s strategic realignment and efficiency program. This adjustment reflects the non-recurring nature of the
expense and provides a clearer view of the Group’s ongoing operating performance.
Liquidity
Over the past 12 months, the Group continued to strengthen its operating cash flow and improve its revenue mix
through a focus on higher-margin technology sales. For the year ended 30 June 2025, the consolidated statement of
profit or loss and other comprehensive income reflects a net loss after income tax of $1,672,000 (2024: $1,341,000)
and the consolidated statement of cash flows reflects net cash inflows from operating activities of $5,281,000 (2024:
$3,566,000). As at 30 June 2025, the consolidated statement of financial position reflects a net asset position of
$75,310,000 (2024: net asset of $75,913,000) and a net current asset position of $16,201,000 (2024: net current
asset of $12,772,000). While revenue for the period was down 2.1%, technology sales (hardware and SaaS), which
deliver stronger margins than human-driven captioning services, increased to 63.3% of total revenue for the year
(2024: 52.2%). The Group maintains a robust balance sheet, with a cash balance of $14,720,000.
The directors have assessed that based on the Group’s position it is appropriate to prepare the financial report on a
going concern basis. For further information, refer to note 2.
Business risks
The following is a summary of material business risks that could adversely affect the Group's financial performance
and growth potential in future years and how the Group propose to mitigate such risks.
AI MEDIA ANNUAL REPORT 2025 17
Ai-Media Technologies Limited
Directors' report
30 June 2025
Macroeconomic risks
The Group’s financial performance may be influenced by broader macroeconomic conditions beyond its control,
including inflationary pressures, foreign currency fluctuations, and changes in global trade policies or tariffs.
To mitigate these risks, the Group maintains strong internal debtor controls, closely monitors economic
developments, and continues to diversify its customer base across both industries and geographies. Where possible,
the Group benefits from natural hedging, for example, by incurring costs in the same currencies as its revenues,
which partially offsets foreign exchange exposure. The Group also remains alert to any potential changes in
international tariffs that may impact its hardware import/export activities, and actively reviews supply chain
arrangements to manage cost and delivery risks.
Competitive market and changes to market trends
The Group operates in a highly competitive market. Innovation is constant and competitive superior products that
may be released to the market could result in pricing pressures on our product suite and result in unfavourable
product positioning within the market. The Group seeks to mitigate this risk through maintaining experienced product
development teams that remain abreast of the latest technological advances, developing leading edge technology,
building deep customer relationships and monitoring all potential competitive impacts on the business, and current
and future products.
Disruption to, or failure of, technology systems and software, including cybersecurity breaches
The risk of system disruption, whether malicious (e.g. cyberattacks) or accidental, remains a constant concern, given
the evolving nature of technology and security threats. While this risk can never be fully eliminated, the Group takes
a proactive and layered approach to managing it. This includes engaging third-party cybersecurity specialists to
assess and strengthen our environments, maintaining robust monitoring and alerting systems, and implementing
comprehensive backup and disaster recovery procedures to minimise the risk of data loss and service disruption.
The Group is currently SOC 2 Type I accredited and is on track to achieve SOC 2 Type II and ISO 27001 accreditation
during FY26. These certifications reflect our commitment to data security and risk management.
In the event of a significant cybersecurity incident or prolonged system outage, the Group could experience temporary
disruption to service delivery. However, given the recurring nature of our revenue streams and strong customer
relationships, management considers the potential impact to revenue as limited in most scenarios. The more likely
consequence of such events would be increased remediation and recovery costs rather than a material loss of
revenue.
Data protection and privacy laws
Data protection and privacy laws are regularly being implemented and updated across many jurisdictions globally.
This could be a risk if we are not aware of the changes or not able to comply and therefore, we need to make sure
we are actively and constantly monitoring changes. We look to minimise this risk by basing our data protection and
privacy standards on the most robust jurisdictions in order to aid in global compliance. The Group are now SOC 2
type 1 accredited and are on track for SOC 2 Type II and ISO27001 accreditation in the 2026 financial year.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Group during the financial year.
Matters subsequent to the end of the financial year
No matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect
the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
Likely developments and expected results of operations
During the 2025 financial year, the Group expanded its international footprint into additional countries and launched
LEXI Voice, an AI-powered live voice translation product. These initiatives form part of the Group’s broader strategy
to enhance its product offering and grow recurring revenue through global market expansion.
Over the course of 2026 financial year, the Group anticipates:
●
Continued expansion across the EMEA region and expansion into selected Asian markets;
●
Commercial rollout of LEXI Voice in North America;
●
Market entry into Latin America; and
●
Ongoing development of new AI-driven products designed to complement the existing LEXI suite.
18
Ai-Media Technologies Limited
Directors' report
30 June 2025
The Group will continue to drive organic growth, as well as partnership opportunities for new sales channels and
consider acquisition opportunities to accelerate sales momentum.
Environmental regulation
The Group is not subject to any significant environmental regulation under applicable federal or state laws in the
jurisdictions in which it operates.
Nonetheless, the Group recognises the increasing importance of climate-related risks and stakeholder expectations
around sustainability. Ai-Media continues to monitor evolving regulatory developments, including climate disclosure
requirements, and remains committed to operating in an environmentally responsible manner. Where possible, the
Group supports initiatives that promote energy efficiency, responsible procurement, and sustainable business
practices.
Sustainability reporting
AASB S1 ‘General Requirements for Disclosure of Sustainability-related Financial Information’ provides a set
of disclosure requirements designed to enable companies to communicate to investors about the sustainability-
related risks and opportunities they face over the short, medium and long term. AASB S2 ‘Climate-related
Disclosures’ sets out specific climate-related disclosures and will be applied from the year ending 30 June 2028.
AASB S2 applies to entities required to prepare and lodge a financial report with ASIC under Chapter 2M and are
effective for annual reporting periods beginning on or after 1 January 2025 and will be gradually phased in for different
entities based on size thresholds:
●
Group 1 entities (meets two of the following: consolidated revenue of at least $500million, consolidated gross
assets of at least $1 billion and at least 500 employees) are required to report in Dec 2025/June 2026.
●
Group 2 entities (meets two of the following: consolidated revenue of at least $200million, consolidated gross
assets of at least $500 million and at least 250 employees) are required to report in Dec 2027/June 2027.
●
Group 3 entities (meets two of the following: consolidated revenue of at least $50million, consolidated gross
assets of at least $25 million and at least 100 employees) are required to report in Dec 2028/June 2028.
The Group is classified as Group 3 and will be required to apply AASB S2 for the financial year ending 30 June 2028,
with the related disclosures to be included in the financial report lodged with ASIC after that date in accordance with
applicable filing deadlines. The Group does not currently intend to adopt these standards earlier than required, nor
to apply the voluntary broader sustainability disclosures under AASB S1 ahead of the mandatory effective date.
Preparatory activities for implementation will be undertaken closer to the required reporting period.
Information on directors
Name:
John Martin
Title:
Independent, Non-Executive Director and Chair (Chair appointed on 29 February
2024, director since 2010)
Qualifications:
BA LLB (Hons)
Experience and expertise:
John served as the Company’s first Chairman until 2013 and served as Chairman
of the Audit and Risk Committee between 2014 and June 2024. He is an
experienced company director and business executive, having served as CEO
and director of ASX-listed Babcock & Brown Communities, Primelife and
Regeneus. He is a former corporate and commercial partner of law firm Allens.
John is a Non-Executive Director of Australian law firm Sparke Helmore; Sydney
biotech company Biopoint; US internet services company Lokket and Melbourne
not for- profit CCRM Australia. He is also a member of the Australian Institute of
Company Directors.
Other current directorships:
No other listed entities
Former listed directorships (last 3
years):
No other listed entities
Special responsibilities:
Chair of the Board of Directors, member of Remuneration and Nomination
Committee
Interests in shares:
147,122 ordinary shares directly held and 1,276,669 ordinary shares indirectly
held
AI MEDIA ANNUAL REPORT 2025 19
Ai-Media Technologies Limited
Directors' report
30 June 2025
Name:
Anthony Abrahams
Title:
Co-Founder, Director and Chief Executive Officer
Qualifications:
BCom (Hons). LLB (UNSW), MPhil. MBA (Oxford)
Experience and expertise:
Tony co-founded Ai-Media in 2003. Tony served as a Director of Northcott
Disability Services from 2010 to 2018, and was recognised by the World
Economic Forum as a Young Global Leader in 2013.
In previous roles, Tony worked to establish the Oxford Internet Institute in 2001,
while attending the University of Oxford as a Rhodes Scholar. Tony has been a
member of the Australian Institute of Company Directors since 2006.
Other current directorships:
No other listed entities
Former listed directorships (last 3
years):
No other listed entities
Special responsibilities:
Chief Executive Officer
Interests in shares:
36,902,398 shares (10,937,500 held directly and 24,964,898 held indirectly)
Name:
Alison Loat
Title:
Independent, Non-Executive Director
Qualifications:
BAH, Queen’s University, Kingston Canada; MPP, Harvard Kennedy School
Experience and expertise:
Alison is the Managing Director, Sustainable Investing and Innovation at OPTrust,
a Canadian public pension plan. Previously, she was the Senior Managing
Director of FCLTGlobal, a long-term investing organization, the CEO of a think
tank and a consultant at McKinsey & Company. She’s also on the board of two
Canadian educational institutions and a privately held media company.
Alison received the Queen’s Gold and Diamond Jubilee Medals and was named
one of the 100 Most Powerful Women in Canada. She received the ICD
designation from Canada’s Institute of Corporate Directors.
Other current directorships:
No other listed entities
Former listed directorships (last 3
years):
No other listed entities
Special responsibilities:
Member of RNC (Remuneration and Nominations Committee); Member of ARC
(Audit and Risk Committee)
Interests in shares:
397,122 ordinary shares directly held
Name:
Cheryl Hayman
Title:
Independent Non-Executive Director
Qualifications:
BCom (Mktg), FAICD, FGIA
Experience and expertise:
Cheryl has extensive experience working as an independent Director across
multiple sectors including ASX-listed companies as well as industry bodies and
not-for-profit organisations.
Cheryl’s corporate experience encompasses a range of senior strategic
technology, digital strategy and global marketing roles including Head of
Marketing and Innovation at Sunrice, George Weston Foods, Unilever Australia,
NZ and UK, Yum Restaurants International and Who Weekly magazine.
Cheryl was previously an appointed member of the Department of Prime Minister
and Cabinet’s Digital Experts Advisory Committee and is a Fellow of the
Australian Institute of Company Directors.
Other current directorships:
Guide Dogs, Chief Executive Women and HJ Langdon & Co.
Former listed directorships (last 3
years):
Silk Logistics Holdings Ltd (ASX:SLH), Shriro Holdings Ltd (ASX:SHM), HGL
Limited (ASX:HNG), Beston Global Food Company (ASX: BFC)
Special responsibilities:
Chair of RNC (Remuneration and Nominations Committee); Member of ARC
(Audit and Risk Committee)
Interests in shares:
210,533 ordinary shares (110,533 directly and 100,000 indirectly)
20
Ai-Media Technologies Limited
Directors' report
30 June 2025
Name:
Brent Cubis
Title:
Independent, Non-Executive Director (appointed on 1 July 2024)
Qualifications:
BComm (UNSW); Chartered Accountant; GAICD
Experience and expertise:
Brent is the Chairman of the Audit and Risk Committee. Brent is a highly
experienced Non-Executive Director and CFO with over 30 years of board level
experience in senior finance roles for global businesses in Health, Medical
Devices, Media, Property, Tourism and started his career at Deloitte. Brent has
been the Chair of the Audit and Risk Committees for the public companies
outlined below. His previous executive roles have included CFO of Cochlear Ltd
and Nine Network Australia and for various other private companies.
Other current directorships:
ARN Media Ltd (ASX:A1N), Pacific Smiles Group Ltd (ASX:PSQ), Austal Ltd
(ASX:ASB)
Former listed directorships (last 3
years):
A2B Australia Limited, Prime Media Group Limited, EML Payments Limited
(ASX:EML)
Special responsibilities:
Chair of Audit and Risk Committee; Member of Remuneration and Nomination
Committee
Interests in shares:
63,571 ordinary shares indirectly held
Interests in options:
None
Name:
Otto Berkes
Title:
Non-Executive Director (appointed on 1 December 2024)
Qualifications:
BS in Physics and an MS in Computer Science and Electrical Engineering
Experience and expertise:
Otto has over 30 years of experience as a technology leader and over 15 years
of experience serving in board roles. As an Xbox founder, he drove the creation
of one of the world’s most recognizable and valuable brands. Mr Berkes’ previous
roles have included General Manager at Microsoft, Chief Technology Officer roles
at HBO and CA Technologies, and CEO of HireRoad. Otto is a co-inventor on
over a dozen patents.
Other current directorships:
Integral Ad Science (NASDAQ: IAS)
Former listed directorships (last 3
years):
No other listed entities
Special responsibilities:
Co-Chair of the Product and Technology Committee
Interests in shares:
26,315 ordinary shares directly held
Interests in options:
none
Name:
Brad Bender
Title:
Non-Executive Director (appointed on 1 December 2024)
Qualifications:
Bachelor of Science (Cornell University)
Experience and expertise:
Brad is an experienced global technology executive with over 25 years of
leadership experience in product strategy and development, commercialisation,
and AI innovation. As former Vice President of Product at Google, he founded and
grew the Google Display Network to become a multi-billion-dollar business and
subsequently led the company’s News and Search Ecosystems teams. In this
role, he advanced responsible AI innovation and built ML-powered products
serving billions of users globally. Previously, he was a Vice President of Product
at DoubleClick, a pioneer in the internet advertising field. Brad brings over 15
years governance experience as director and advisor to a number of corporate
and mission-driven boards. Brad is also an inventor of five patents and has been
recognised in Crain’s “40 under 40” and the Marquis Who’s Who list.
Other current directorships:
Entravision (NYSE:EVC) (member of the Compensation Committee)
Former listed directorships (last 3
years):
No other listed entities
Special responsibilities:
Co-Chair of Product and Technology Committee
Interests in shares:
60,000 ordinary shares held directly
Interests in options:
None
AI MEDIA ANNUAL REPORT 2025 21
Ai-Media Technologies Limited
Directors' report
30 June 2025
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships
of all other types of entities, unless otherwise stated.
'Former listed directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities
only and excludes directorships of all other types of entities, unless otherwise stated.
Company secretary
Name:
Lisa Jones
Title:
Company Secretary (appointed 1 September 2022)
Experience and expertise:
Lisa is an experienced corporate lawyer and governance professional and a
Fellow of the Governance Institute of Australia. She has more than 25 years'
experience in commercial and corporate affairs, working with both public listed
and private companies in Australia and Europe after starting her career in the
corporate practice at Allens Linklaters. She is the principal of Jones Meredith
Group which provides governance; corporate advisory and company secretarial
services to ASX listed and private companies.
Meetings of directors
The number of meetings of the Company's Board of Directors (the Board) and of each Board committee held during
the year ended 30 June 2025, and the number of meetings attended by each director were:
Full Board
Audit and Risk Committee
Remuneration and
Nomination Committee
Attended
Held
Attended
Held
Attended
Held
Anthony Abrahams(i)
7
7
-
-
-
-
John Martin(ii)
7
7
1
1
6
6
Alison Loat(iii)
5
7
2
3
4
6
Cheryl Hayman
6
7
2
3
6
6
Brent Cubis (appointed 1 July
2024)
7
7
3
3
5
6
Otto Berkes (appointed on 1
December 2024)(iv)
5
5
-
-
-
-
Brad Bender (appointed on 1
December 2024)(iv)
5
5
-
-
-
-
Held: represents the number of meetings held during the time the director held office or was a member of the relevant
committee.
(i)
Although not a member of the committees, Tony Abrahams attended by invitation all meetings of the Audit and
Risk Committee and Remuneration and Nomination Committee held during the year.
(ii)
John Martin resigned as a member of the Audit and Risk Committee in December 2024. He attended all meetings
prior to his resignation from the Audit and Risk Committee held during the year.
(iii)
Alison Loat was unable to attend two meetings of the Board and RNC and one meeting of the ARC due to those
meetings having to be rescheduled during a time when she was on a pre-approved leave of absence.
(iv)
Although not members of the committees, Otto Berkes and Brad Bender attended by invitation all meetings of
the Audit and Risk Committee and Remuneration and Nominations Committee held during the year from the
time of their appointment.
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the Group, in
accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the entity, directly or indirectly, including all directors.
22
Ai-Media Technologies Limited
Directors' report
30 June 2025
The remuneration report is set out under the following main headings:
●
Principles used to determine the nature and amount of remuneration
●
Details of remuneration
●
Service agreements
●
Share-based compensation
●
Additional information
●
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The objective of the Group's executive reward framework is to ensure reward for performance is competitive and
appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic
objectives and the creation of value for shareholders, and it is considered to conform to the market best practice for
the delivery of reward. The Board of Directors (the Board) ensures that executive reward satisfies the following key
criteria for good reward governance practices:
●
competitiveness and reasonableness;
●
acceptability to shareholders;
●
performance linkage / alignment of executive compensation; and
●
transparency.
The Remuneration and Nomination Committee is responsible for determining and reviewing remuneration
arrangements for its directors and executives. The performance of the Group depends on the quality of its directors
and executives. The remuneration philosophy is to attract, motivate and retain high performance and high quality
personnel.
The Remuneration and Nomination Committee has structured an executive remuneration framework that is market
competitive and complementary to the reward strategy of the Group.
The reward framework is designed to align executive reward to shareholders' interests. The Board has considered
that it should seek to enhance shareholders' interests by:
●
having economic profit as a core component of plan design;
●
focusing on sustained growth in shareholder wealth, consisting of dividends and growth in share price, and
delivering constant or increasing return on assets as well as focusing the executive on key non-financial drivers
of value; and
●
attracting and retaining high calibre executives.
Additionally, the reward framework should seek to enhance executives' interests by:
●
rewarding capability and experience;
●
reflecting competitive reward for contribution to growth in shareholder wealth; and
●
providing a clear structure for earning rewards.
In accordance with best practice corporate governance, the structure of non-executive director and executive director
remuneration is separate.
Non-executive directors' remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-executive
directors' fees and payments are reviewed annually by the Remuneration and Nomination Committee. The
Remuneration and Nomination Committee may, from time to time, receive advice from independent remuneration
consultants to ensure non-executive directors' fees and payments are appropriate and in line with the market. The
chair's fees are determined independently to the fees of other non-executive directors based on comparative roles in
the external market. The chair is not present at any discussions relating to the determination of his own remuneration.
ASX listing rules require the aggregate non-executive directors' remuneration be determined periodically by a general
meeting. The most recent determination was at the Annual General Meeting held on 27 November 2024, where the
shareholders approved a maximum annual aggregate remuneration of $950,000.
Executive remuneration
The Group aims to reward executives based on their position and responsibility, with a level and mix of remuneration
which has both fixed and variable components.
AI MEDIA ANNUAL REPORT 2025 23
Ai-Media Technologies Limited
Directors' report
30 June 2025
The executive remuneration and reward framework has three components:
●
base pay and non-monetary benefits;
●
short-term performance incentives; and
●
other remuneration such as superannuation and long service leave.
The combination of these comprises the executive's total remuneration.
Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed annually by
the Remuneration and Nomination Committee based on individual and business unit performance, the overall
performance of the Group and comparable market remunerations.
Executives may receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle
benefits) where it does not create any additional costs to the Group and provides additional value to the executive.
The short-term incentives (STI) program includes salaries, annual leave and other short term incentive payments
and is designed to align the targets of the business units with the performance hurdles of executives. STI payments
are granted to executives based on specific annual targets and key performance indicators (KPI's) being achieved.
KPI's include profit contribution, customer satisfaction, leadership contribution and product management.
The Group currently has no long-term performance compensation in place other than statutory long service leave
and superannuation.
Consolidated entity performance and link to remuneration
Remuneration for certain individuals is directly linked to the performance of the Group. A portion of cash bonus and
incentive payments are dependent on EBITDA targets being met. The remaining portion of the cash bonus and
incentive payments are at the discretion of the Remuneration and Nomination Committee. Refer to the section
'Additional information' below for details of the earnings and total shareholders return for the last five years.
The Remuneration and Nomination Committee is of the opinion that the continued improved results can be attributed
in part to the adoption of performance based compensation and is satisfied that this improvement will continue to
increase shareholder wealth if maintained over the coming years.
Use of remuneration consultants
During the financial year ended 30 June 2025, the Group engaged the use of remuneration consultants, Guerdon
Associates, to benchmark its existing remuneration policies, including Executive and CEO remuneration practices,
to ensure they adhere to the Groups practices noted above. The benchmarking was also used to analyse the peer
group market and seek to improve both the Group's Short Term Incentives and Long Term Incentives programs for
future financial years.
Voting and comments made at the Company's 30 June 2024 Annual General Meeting (AGM)
At the 27 October 2024 AGM, 99.96% of the votes received supported the adoption of the remuneration report for
the year ended 30 June 2024. The Company did not receive any specific feedback at the AGM regarding its
remuneration practices.
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the Group are set out in the following tables.
The key management personnel of the Group consisted of the following directors of Ai-Media Technologies Limited:
●
John Martin - Chair
●
Anthony Abrahams - Chief Executive Officer
●
Alison Loat - Non-Executive Director
●
Cheryl Hayman - Non-Executive Director
●
Brent Cubis - Non-Executive Director appointed on 1 July 2024
●
Otto Berkes - Non-Executive Director appointed on 1 December 2024
●
Brad Bender - Non-Executive Director appointed on 1 December 2024
And the following persons:
●
Jason Singh - Chief Financial Officer (appointed on 14 October 2024)
●
John Bird - Chief Financial Officer (resigned on 23 September 2024)
24
Ai-Media Technologies Limited
Directors' report
30 June 2025
Short-term benefits
Post-
employme
nt benefits
Long-term
benefits
Share-
based
payments
Cash
salary
Cash
Annual
Super-
Long
service
Equity-
and fees
bonus
leave
annuation
leave
settled
Total
2025
$
$
$
$
$
$
$
Non-Executive Directors:
John Martin
130,435
-
-
19,565
-
-
150,000
Alison Loat
86,090
-
-
3,238
-
-
89,328
Cheryl Hayman
85,135
-
-
9,791
-
-
94,926
Brent Cubis *
93,043
-
-
13,957
-
-
107,000
Otto Berkes **
59,215
-
-
-
-
-
59,215
Brad Bender **
59,215
-
-
-
-
-
59,215
Executive Directors:
Anthony Abrahams
562,210
50,000
61,120
36,104
5,727
-
715,161
Other Key Management
Personnel:
Jason Singh***
289,354
-
13,234
20,722
-
-
323,310
John Bird****
216,638
150,000
5,039
14,966
-
-
386,643
1,581,335
200,000
79,393
118,343
5,727
-
1,984,798
*
Remuneration disclosed is from date of appointment of 1 July 2024 to 30 June 2025.
**
Remuneration disclosed is from date of appointment of 1 December 2024 to 30 June 2025.
***
Remuneration disclosed is from date of appointment of 14 October 2024 to 30 June 2025.
**** Remuneration disclosed is from 1 July 2024 to the date of resignation of 23 September 2024.
Short-term benefits
Post-
employme
nt benefits
Long-term
benefits
Share-
based
payments
Cash
salary
Cash
Annual
Super-
Long
service
Equity-
and fees
bonus
leave
annuation
leave
settled
Total
2024
$
$
$
$
$
$
$
Non-Executive Directors:
Deanne Weir*
114,761
-
-
12,624
-
-
127,385
John Martin
88,688
45,662
-
13,650
-
-
148,000
Alison Loat
86,252
10,267
-
5,750
-
-
102,269
Cheryl Hayman
85,135
8,900
-
10,465
-
-
104,500
Executive Directors:
Anthony Abrahams
405,227
-
47,151
27,546
5,729
-
485,653
Other Key Management
Personnel:
John Bird
380,881
100,000
29,950
27,303
-
-
538,134
1,160,944
164,829
77,101
97,338
5,729
-
1,505,941
*
Remuneration disclosed is from 1 July 2023 to the date of resignation of 29 February 2024.
AI MEDIA ANNUAL REPORT 2025 25
Ai-Media Technologies Limited
Directors' report
30 June 2025
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed remuneration
At risk - STI
At risk - LTI
Name
2025
2024
2025
2024
2025
2024
Non-Executive Directors:
John Martin
100%
69%
-
31%
-
-
Alison Loat
100%
90%
-
10%
-
-
Cheryl Hayman
100%
91%
-
9%
-
-
Brent Cubis
100%
-
-
-
-
-
Otto Berkes
100%
-
-
-
-
-
Brad Bender
100%
-
-
-
-
-
Deanne Weir
-
100%
-
-
-
-
Executive Directors:
Anthony Abrahams
93%
100%
7%
-
-
-
Other Key Management
Personnel:
Jason Singh
100%
-
-
-
-
-
John Bird
61%
81%
39%
19%
-
-
*
At risk - STI relates to the share based payments, equity settled, cash bonus.
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements.
Details of these agreements are as follows:
Name:
Anthony Abrahams
Title:
Chief Executive Officer
Australia
Agreement commenced:
1 July 2020
Term of agreement:
Ongoing - no fixed minimum term
Details:
Total remuneration of $381,354 including superannuation from 1 July 2024
(previously $381,353 including superannuation)
Name:
Anthony Abrahams
Title:
Chief Executive Officer
Canada
Agreement commenced:
19 April 2018
Term of agreement:
Ongoing - no fixed minimum term
Details:
Total remuneration of CAD186,576
Name:
Jason Singh
Title:
Chief Financial Officer
Agreement commenced:
23 September 2024
Term of agreement:
Ongoing - no fixed minimum term
Details:
Total remuneration of $474,154 including superannuation
Key management personnel have no entitlement to termination payments in the event of removal for misconduct.
Share-based compensation
Issue of shares
There were no shares issued to directors and other key management personnel as part of compensation during the
year ended 30 June 2025.
Restricted Share Units (RSUs)
There were no RSUs granted to directors and other key management personnel as part of compensation during the
year ended 30 June 2025.
26
Ai-Media Technologies Limited
Directors' report
30 June 2025
Additional information
The earnings of the Group for the five years to 30 June 2025 are summarised below:
2025
2024
2023
2022
2021
$'000
$'000
$'000
$'000
$'000
Sales revenue
64,860
66,236
61,770
59,784
48,662
EBITDA
3,310
4,112
3,311
1,101
(8,679)
Loss after income tax
(1,672)
(1,341)
(4,017)
(4,924)
(10,691)
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the Company held during the financial year by each director and other members of key
management personnel of the Group, including their personally related parties, is set out below:
Balance at
Received
Balance at
the start of
as part of
Disposals/
the end of
the year
remuneration
Additions
other
the year
Ordinary shares
John Martin
1,423,791
-
-
-
1,423,791
Anthony Abrahams
35,339,898
-
1,562,500
-
36,902,398
Alison Loat
397,122
-
-
-
397,122
Cheryl Hayman
160,533
-
50,000
-
210,533
Brent Cubis
-
-
63,571
-
63,571
Otto Berkes
-
-
26,315
-
26,315
Brad Bender
-
-
60,000
-
60,000
37,321,344
-
1,762,386
-
39,083,730
Option holding
There were no options over ordinary shares in the Company held during the financial year by each director and other
members of key management personnel of the Group.
RSU holding
There were no RSUs over ordinary shares in the Company held during the financial year by each director and other
members of key management personnel of the Group.
This concludes the remuneration report, which has been audited.
Shares under option and restricted share units
There were no unissued ordinary shares of Ai-Media Technologies Limited under options and restricted share units
outstanding at the date of this report.
Shares issued on the exercise of options and restricted share units
There were no ordinary shares of Ai-Media Technologies Limited issued on the exercise of options during the year
ended 30 June 2025.
Indemnity and insurance of officers
The Company has indemnified the directors and executives of the Company for costs incurred, in their capacity as a
director or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the directors and executives
of the Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance
prohibits disclosure of the nature of the liability and the amount of the premium.
Indemnity and insurance of auditor
The Company has not, during or since the end of the financial year, except to the extent permitted by the law,
indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the
auditor.
AI MEDIA ANNUAL REPORT 2025 27
Ai-Media Technologies Limited
Directors' report
30 June 2025
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the
Company or any related entity.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings
on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of
taking responsibility on behalf of the Company for all or part of those proceedings.
Non-audit services
During the financial year, Deloitte Touche Tohmatsu Australia, the Company’s auditor, has performed certain other
services in addition to their statutory duties. The Board is satisfied that the provision of those non-audit services
during the period by the auditor is compatible with, and did not compromise, the auditor independence requirements
of the Corporations Act 2001 (Cth) or as set out in Code of Conduct APES 110 Code of Ethics for Professional
Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board,
as they did not involve reviewing or auditing the auditor’s own work, acting in a management or decision making
capacity for the Company, acting as an advocate for the Company or jointly sharing risks or rewards. Details of
amounts paid or payable to the auditor for non-audit services provided during the year by the auditor are outlined in
note 25 to the financial statements.
Officers of the Company who are former partners of Deloitte Touche Tohmatsu
There are no officers of the Company who are former partners of Deloitte Touche Tohmatsu.
Rounding of amounts
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with
that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set
out immediately after this directors' report.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations
Act 2001.
On behalf of the directors
___________________________
Anthony Abrahams
Co-Founder, Director and Chief Executive Officer
28 August 2025
Sydney
28
Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Asia Pacific Limited and the Deloitte organisation.
Deloitte Touche Tohmatsu
ABN 74 490 121 060
8 Parramatta Square
Level 37, 10 Darcy Street
Parramatta NSW, 2150
Australia
Phone: +61 2 9322 7000
www.deloitte.com.au
28 August 2025
The Board of Directors
Ai-Media Technologies Limited
Suite 3.02, 9 Help Street
Chatswood
NSW 2067
Dear Board Members
Auditor’s Independence Declaration to Ai-Media Technologies Limited
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the Board of Directors of Ai-Media Technologies Limited and its
subsidiaries.
As lead audit partner for the audit of the financial report of Ai-Media Technologies Limited for the financial
year ended 30 June 2025, I declare that to the best of my knowledge and belief there have been no
contraventions of:
• The auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
• Any applicable code of professional conduct in relation to the audit.
Yours faithfully
DELOITTE TOUCHE TOHMATSU
Vincent Snijders
Partner
Chartered Accountants
AI MEDIA ANNUAL REPORT 2025 29
Ai-Media Technologies Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2025
Consolidated
Note
2025
2024
$'000
$'000
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes
Revenue
5
64,860
66,236
Interest revenue calculated using the effective interest method
86
165
Expenses
Cost of inventories consumed
(2,320)
(1,984)
Employee benefits expense
(41,919)
(42,570)
Outsourcing and contractor expenses
(5,694)
(6,537)
Information technology related expenses
(3,060)
(3,072)
Depreciation and amortisation expense
6
(3,882)
(4,410)
Professional and consulting expenses
(3,748)
(4,028)
Business development expenses
(1,791)
(1,180)
Occupancy expenses
(440)
(476)
Recovery/(impairment) of receivables
9
(61)
(66)
Other expenses
(2,517)
(2,211)
Finance costs
6
(40)
(163)
Loss before income tax expense
(526)
(296)
Income tax expense
7
(1,146)
(1,045)
Loss after income tax expense for the year attributable to the owners of
Ai-Media Technologies Limited
(1,672)
(1,341)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
1,069
131
Other comprehensive income for the year, net of tax
1,069
131
Total comprehensive loss for the year attributable to the owners of Ai-
Media Technologies Limited
(603)
(1,210)
Cents
Cents
Basic loss per share
30
(0.80)
(0.64)
Diluted loss per share
30
(0.80)
(0.64)
30
Ai-Media Technologies Limited
Consolidated statement of financial position
As at 30 June 2025
Consolidated
Note
2025
2024
$'000
$'000
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
Assets
Current assets
Cash and cash equivalents
8
14,720
10,928
Trade and other receivables
9
17,054
12,164
Contract assets
11
1,007
798
Inventories
10
2,702
2,418
Term deposits
12
166
166
Income tax receivable
7
948
286
Total current assets
36,597
26,760
Non-current assets
Property, plant and equipment
13
4,814
4,351
Right-of-use assets
14
635
501
Intangibles
15
54,145
56,236
Deferred tax assets
7
4,387
5,310
Total non-current assets
63,981
66,398
Total assets
100,578
93,158
Liabilities
Current liabilities
Trade and other payables
16
9,727
7,371
Contract liabilities
17
8,863
4,201
Borrowings
18
105
-
Lease liabilities
19
222
241
Income tax payable
7
82
82
Provisions
20
1,397
2,093
Total current liabilities
20,396
13,988
Non-current liabilities
Contract liabilities
17
1,680
119
Lease liabilities
19
436
291
Deferred tax
7
2,520
2,543
Provisions
20
236
304
Total non-current liabilities
4,872
3,257
Total liabilities
25,268
17,245
Net assets
75,310
75,913
Equity
Issued capital
21
110,248
110,248
Reserves
22
10,295
9,226
Accumulated losses
(45,233)
(43,561)
Total equity
75,310
75,913
AI MEDIA ANNUAL REPORT 2025 31
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
Ai-Media Technologies Limited
Consolidated statement of changes in equity
For the year ended 30 June 2025
Total equity
Issued
capital
Reserves
Accumulated
losses
Consolidated
$'000
$'000
$'000
$'000
Balance at 1 July 2023
110,098
9,245
(42,220)
77,123
Loss after income tax expense for the year
-
-
(1,341)
(1,341)
Other comprehensive income for the year, net of tax
-
131
-
131
Total comprehensive (loss)/income for the year
-
131
(1,341)
(1,210)
Transactions with owners in their capacity as owners:
Conversion of Restricted Stock/Share Units (note 21,
note 22)
150
(150)
-
-
Balance at 30 June 2024
110,248
9,226
(43,561)
75,913
Total equity
Issued
capital
Reserves
Accumulated
losses
Consolidated
$'000
$'000
$'000
$'000
Balance at 1 July 2024
110,248
9,226
(43,561)
75,913
Loss after income tax expense for the year
-
-
(1,672)
(1,672)
Other comprehensive income for the year, net of tax
-
1,069
-
1,069
Total comprehensive (loss)/income for the year
-
1,069
(1,672)
(603)
Balance at 30 June 2025
110,248
10,295
(45,233)
75,310
32
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
Ai-Media Technologies Limited
Consolidated statement of cash flows
For the year ended 30 June 2025
Consolidated
Note
2025
2024
$'000
$'000
Cash flows from operating activities
Receipts from customers (inclusive of GST)
73,582
73,303
Payments to suppliers and employees (inclusive of GST)
(67,560)
(69,564)
Interest received
86
165
Interest and other finance costs paid
(40)
(163)
Income taxes paid
(787)
(175)
Net cash from operating activities
32
5,281
3,566
Cash flows from investing activities
Payment relating to acquisitions
-
(8,130)
Payments for property, plant and equipment
13
(960)
(882)
Payments for intangibles
15
(64)
(285)
Net cash used in investing activities
(1,024)
(9,297)
Cash flows from financing activities
Repayment of premium funding
18
(418)
-
Repayment of lease liabilities
33
(270)
(261)
Net cash used in financing activities
(688)
(261)
Net increase/(decrease) in cash and cash equivalents
3,569
(5,992)
Cash and cash equivalents at the beginning of the financial year
10,928
16,983
Effects of exchange rate changes on cash and cash equivalents
223
(63)
Cash and cash equivalents at the end of the financial year
8
14,720
10,928
AI MEDIA ANNUAL REPORT 2025 33
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 1. General information
The financial statements cover Ai-Media Technologies Limited as a Group consisting of Ai-Media Technologies
Limited (Company or parent entity) and the entities it controlled at the end of, or during, the year (referred to in these
financial statements as the Group). The financial statements are presented in Australian dollars, which is Ai-Media
Technologies Limited's functional and presentation currency.
Ai-Media Technologies Limited (formerly known as Access Innovation Holdings Limited) is an ASX listed public
company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of
business is:
Suite 3.02
9 Help Street
Chatswood 2067
A description of the nature of the Group's operations and its principal activities are included in the directors' report,
which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 28 August 2025.
The directors have the power to amend and reissue the financial statements.
Note 2. Material accounting policy information
The accounting policies that are material to the Group are set out below. The accounting policies adopted are
consistent with those of the previous financial year, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board (AASB) that are mandatory for the current reporting period. The adoption of
these Accounting Standards and Interpretations did not have any significant impact on the financial performance or
position of the Group.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
The following Accounting Standards and Interpretations have been adopted from 1 July 2024:
AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-
Current and AASB 2022-6 Amendments to Australian Accounting Standards - Non-current Liabilities with
Covenants
AASB 2020-1 was issued in March 2020 and is applicable to annual periods beginning on or after 1 January 2024,
as extended by AASB 2020-6. Early adoption is permitted. AASB 2022-6 was issued in December 2022 and is
applicable to annual periods beginning on or after 1 January 2024. Early adoption is permitted where AASB 2020-1
is also early adopted.
These standards amend AASB 101 ‘Presentation of Financial Statements’ to clarify requirements for the presentation
of liabilities in the statement of financial position as current or non-current. The amendments clarify that a liability is
classified as non-current if an entity has the right at the end of the reporting period to defer settlement of the liability
for at least 12 months after the reporting period. If the deferral right is subject to the entity complying with covenants
in the loan arrangement based on information up to and including reporting date, the deferral right will exist where
the entity is able to comply with the covenant on or before the end of the reporting date even if compliance is assessed
after the reporting date. The deferral right will be deemed to exist at reporting date if the entity is required to comply
with the covenant only after the reporting date based on post-reporting date information. Additional disclosure is
required about loan arrangements classified as non-current liabilities in such circumstances which enables users of
financial statements to understand the risk that the liabilities could become repayable within twelve months after the
reporting period. Classification of a liability as non-current is unaffected by the likelihood that the entity will exercise
its right to defer settlement of the liability for at least 12 months after the reporting date or even if the entity settles
the liability prior to issue of the financial statements. The meaning of settlement of a liability is also clarified.
34
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 2. Material accounting policy information (continued)
AASB 2022-5 Amendments to Australian Accounting Standards - Lease Liability in a Sale and Leaseback
AASB 2022-5 is applicable to annual periods beginning from 1 January 2024, with early adoption permitted. This
Standard amends AASB 16 to add subsequent measurement requirements for sale and leaseback transactions that
satisfy the requirements in AASB 15 Revenue from Contracts with Customers to be accounted for as a sale.
Consistent with the AASB 16 requirements for a seller-lessee to recognise only the amount of any gain or loss that
relates to the rights transferred to the buyer-lessor, the amendments made by this Standard ensure that a similar
approach is applied by also requiring a seller-lessee to subsequently measure lease liabilities arising from a
leaseback in a way that does not recognise any amount of the gain or loss related to the right of use it retains.
AASB 2023-1 Amendments to Australian Accounting Standards - Supplier Finance Arrangements
AASB 2023-1 is applicable for annual reporting periods beginning from 1 January 2024, with early adoption permitted.
This standard makes amendments to AASB 7 ‘Financial Instruments: Disclosures’ and AASB 107 ‘Statement of Cash
Flows’ to require an entity to provide additional disclosures about its supplier finance arrangements. The additional
information will enable users of financial statements to assess how supplier finance arrangements affect an entity’s
liabilities, cash flows and exposure to liquidity risk. The amendments require disclosure of the terms and conditions
of the arrangements, the carrying amount of the liabilities under the arrangements, the carrying amounts of those
liabilities for which the suppliers have already received payment from the finance providers, the range of payment
due dates and the effect of non-cash changes.
The adoption of AASB 2020-1, AASB 2022-6, AASB 2022-5 and AASB 2023-1 has had no material impact on the
Group’s financial statements. The Group’s borrowings are subject to covenants; however, the amendments to AASB
101 do not change the classification of liabilities at reporting date. The Group does not have any supplier finance
arrangements within the scope of AASB 2023-1 and has not entered into any sale and leaseback transactions as
described in AASB 2022-5.
Going concern
The financial report has been prepared on the going concern basis which contemplates the continuity of normal
business activities and the realisation of assets and settlement of liabilities in the ordinary course of business and
assumes the Group will have sufficient cash resources to pay their debts as and when they become due and payable
for at least 12 months from the date of signing the financial report.
The consolidated statement of profit or loss and other comprehensive income for the year ended 30 June 2025
reflects a net loss after income tax of $1,672,000 (30 June 2024: $1,341,000) and the consolidated statement of cash
flows reflects net cash inflows from operating activities of $5,281,000 (30 June 2024: $3,566,000 ). As at 30 June
2025, the consolidated statement of financial position reflects a net asset position of $75,310,000 (30 June 2024: net
asset of $75,913,000) and a net current asset position of $16,201,000 (30 June 2024: net current asset of
$12,772,000). While the Group continues to experience losses it is taking the necessary action to grow revenue
sustainably and ensure that it will become profitable in the near future.
Based upon the growth of the business achieved to date, sufficient cash reserves at reporting date and after reviewing
forecasts and projections prepared for the business, the directors are confident that it is appropriate to prepare the
financial statements on the going concern basis.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) and the Corporations
Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International
Financial Reporting Standards ('IFRS') Accounting Standards as issued by the International Accounting Standards
Board ('IASB').
Historical cost convention
The financial statements have been prepared under the historical cost convention.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to
the financial statements, are disclosed in note 3.
AI MEDIA ANNUAL REPORT 2025 35
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 2. Material accounting policy information (continued)
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only.
Supplementary information about the parent entity is disclosed in note 31.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Ai-Media
Technologies Limited as at 30 June 2025 and the results of all subsidiaries for the year then ended.
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the
asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency
with the policies adopted by the Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership
interest, without the loss of control, is accounted for as an equity transaction, where the difference between the
consideration transferred and the book value of the share of the non-controlling interest acquired is recognised
directly in equity attributable to the parent.
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-
controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The
Group recognises the fair value of the consideration received and the fair value of any investment retained together
with any gain or loss in profit or loss.
Operating segments
Operating segments are presented using the 'management approach', where the information presented is on the
same basis as the internal reports provided to the Chief Operating Decision Makers (CODM). The CODM is
responsible for the allocation of resources to operating segments and assessing their performance.
Foreign currency translation
Foreign currency transactions
Foreign currency transactions are translated into the Company's functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in profit or loss.
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the
reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the
average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting
foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in
equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed
of.
36
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 2. Material accounting policy information (continued)
Revenue recognition
The Group recognises revenue as follows:
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in
exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies
the contract with a customer; identifies the performance obligations in the contract; determines the transaction price
which takes into account estimates of variable consideration and the time value of money; allocates the transaction
price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct
good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a
manner that depicts the transfer to the customer of the goods or services promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as
discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events.
Such estimates are determined using the 'expected value' method. The measurement of variable consideration is
subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable that
a significant reversal in the amount of cumulative revenue recognised will not occur. The measurement constraint
continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received
that are subject to the constraining principle are recognised as a refund liability. During the year, variable
consideration comprised of immaterial discounts to certain customers.
Revenue from services
Revenue from a contract to provide services is recognised over time for all live captioning, as customers
simultaneously receive and consume captioning services as live captioned events occur. All recorded captioning is
recognised at a point in time, at such time that the customers gains control of and derives the benefits from the
completed captioned medium(s) produced and incurs the obligation to pay for completed captioning. Revenue from
services primarily have payment terms of 30-60 days.
Hardware
Revenue from a contract to provide goods (computer hardware and parts) are recognised at a point in time based
on the Incoterm Ex works which is a shipping arrangement where the seller makes product available for pick up at a
specific location and the buyer pays for the transport costs. The goods are picked up for delivery and loaded into the
carrier’s vehicle which is when the title, risks and rewards pass from the seller to the buyer, and it is when the
Company invoices the client.
Software as a Service
Software as a service (SaaS) are electronically delivered software that are categorized as single contract for services
or multiple deliverable arrangements depending on the terms of the license or subscription. Revenue is recognised
either proportionally over the term of the license or subscription agreement, which is when the stand-alone
performance obligation(s) are satisfied, or at the point of consumption, when the service is delivered based on usage.
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating
the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective
interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the
financial asset to the net carrying amount of the financial asset.
Other revenue
Other revenue is recognised at a point in time when it is received or when the right to receive payment is established.
Other income is recognised at an amount that reflects the consideration to which the Group is expected to be entitled
in exchange for transferring goods or services to a customer.
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the
applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities
attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where
applicable.
AI MEDIA ANNUAL REPORT 2025 37
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 2. Material accounting policy information (continued)
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied
when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively
enacted, except for:
●
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability
in a transaction that is not a business combination and that, at the time of the transaction, affects neither the
accounting nor taxable profits; or
●
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures,
and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse
in the foreseeable future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable
that future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.
Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will
be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to
the extent that it is probable that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets
against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same
taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.
Ai-Media Technologies Limited (the 'head entity') and its wholly-owned Australian subsidiaries have formed an
income tax consolidated group under the tax consolidation regime. The head entity and each subsidiary in the tax
consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated group
has applied the 'separate taxpayer within group' approach in determining the appropriate amount of taxes to allocate
to members of the tax consolidated group.
In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or
assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each
subsidiary in the tax consolidated group.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts
receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that
the intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting
in neither a contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity.
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the
Group's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12
months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or
used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the Group's normal operating cycle; it is
held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is
no right at the end of the reporting period to defer the settlement of the liability for at least 12 months after the
reporting period. All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term, highly liquid
investments with original maturities of three months or less that are readily convertible to known amounts of cash
and which are subject to an insignificant risk of changes in value.
38
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 2. Material accounting policy information (continued)
Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any allowance for expected credit losses.
Contract receivables represent receivables in respect of which the Group’s right to consideration is unconditional
subject only to the passage of time. Contract receivables are non-derivative financial assets accounted for in
accordance with the Group’s accounting policy for non-derivative financial assets for expected credit losses. Trade
receivables are generally due for settlement within 30-60 days.
The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected
loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days
overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
Inventories
Finished goods are stated at the lower of cost and net realisable value on a weighted average cost basis. Cost
comprises of purchase and delivery costs, net of rebates and discounts received or receivable.
Property, plant and equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost
includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and
equipment (excluding land) over their expected useful lives as follows:
Buildings
30 years
Leasehold improvements
Over the lease term
Plant and equipment
3 to 5 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each
reporting date.
Leasehold improvements are depreciated over the unexpired period of the lease or the estimated useful life of the
assets, whichever is shorter.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit
to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
Intangible assets
Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair
value at the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite
life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life
intangible assets are subsequently measured at cost less amortisation and any impairment. The gains or losses
recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between
net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life
intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted
for prospectively by changing the amortisation method or period.
Goodwill
Goodwill arises on the acquisition of a business and is carried at cost less accumulated impairment losses.
Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed.
Development
Development costs are capitalised when: it is probable that the project will be a success considering its commercial
and technical feasibility; the Group is able to use or sell the asset; the Group has sufficient resources and intent to
complete the development; and its costs can be measured reliably. Capitalised development costs are amortised on
a straight-line basis over the period of their expected benefit, being their finite life of 4 years.
AI MEDIA ANNUAL REPORT 2025 39
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 2. Material accounting policy information (continued)
Intellectual property
Significant costs associated with intellectual property are deferred and amortised on a straight-line basis over the
period of its expected benefit, being its finite life of 10 years.
Brand name and trademarks
Brand name and trademarks arise on the acquisition of a business and are carried at cost less accumulated
impairment losses. Brand name and trademarks are assessed to have indefinite lives as there is no indication that
the useful life of the asset will end in the reasonably foreseeable future and there is no way to reliably determine
when the assets will cease having economic value. This is reassessed every year. Instead, it is tested annually for
impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried
at cost less accumulated impairment losses.
Customer contracts
Customer contracts acquired in a business combination are amortised on a straight-line basis over the revised period
of their expected benefit, being their finite life of 3 to 10 years.
Software
Significant costs associated with software are deferred and amortised on a straight-line basis over the period of its
expected benefit, being its finite life, which varies from 7 to 10 years.
Impairment of non-financial assets
Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested
annually for impairment, or more frequently if events or changes in circumstances indicate that they might be
impaired. Other non-financial assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which
the asset's carrying amount exceeds its recoverable amount.
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use
is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to
the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are
grouped together to form a cash-generating unit.
Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the
financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not
discounted. The amounts are unsecured and are usually paid within 30 days of recognition.
Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs.
They are subsequently measured at amortised cost using the effective interest method.
Finance costs
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are
expensed in the period in which they are incurred.
Provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past event,
it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of the amount
of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle
the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation.
If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability.
The increase in the provision resulting from the passage of time is recognised as a finance cost.
40
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 2. Material accounting policy information (continued)
Employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to
be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the
liabilities are settled.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date
are measured as the present value of expected future payments to be made in respect of services provided by
employees up to the reporting date. Consideration is given to expected future wage and salary levels, experience of
employee departures and periods of service. Expected future payments are discounted using market yields at the
reporting date on high quality corporate bonds with terms to maturity and currency that match, as closely as possible,
the estimated future cash outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.
Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange
for the rendering of services.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently
determined using either the Binomial or Black-Scholes option pricing model that takes into account the exercise price,
the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying
share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting
conditions that do not determine whether the Group receives the services that entitle the employees to receive
payment. No account is taken of any other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over
the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the
award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period.
The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less
amounts already recognised in previous periods.
Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market
conditions are considered to vest irrespective of whether or not that market condition has been met, provided all
other conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been
made. An additional expense is recognised, over the remaining vesting period, for any modification that increases
the total fair value of the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated
as a cancellation. If the condition is not within the control of the Group or employee and is not satisfied during the
vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the
award is forfeited.
If equity-settled awards are cancelled, they are treated as if they had vested on the date of cancellation, and any
remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award,
the cancelled and new award is treated as if they were a modification.
AI MEDIA ANNUAL REPORT 2025 41
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 2. Material accounting policy information (continued)
Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes,
the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date; and assumes that the transaction will take place
either: in the principal market; or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability,
assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on
its highest and best use. Valuation techniques used to measure fair value are those that are appropriate in the
circumstances and which maximise the use of relevant observable inputs and minimise the use of unobservable
inputs.
Issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net
of tax, from the proceeds.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Ai-Media Technologies
Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of
ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during
the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary
shares and the weighted average number of additional ordinary shares that would have been outstanding assuming
conversion of all dilutive potential ordinary shares.
Goods and Services Tax (GST) and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is
not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset
or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST
recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement
of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing
activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax
authority.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2025. The
Group has assessed that there will be no significant impact on adoption of these new or amended Accounting
Standards and Interpretations, except for AASB 18, as explained below. The new or amended Accounting Standards
and Interpretations, most relevant to the Group, are set out below.
42
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 2. Material accounting policy information (continued)
AASB 18 Presentation and Disclosure in Financial Statements
This standard is applicable to annual reporting periods beginning on or after 1 January 2027, with early adoption
permitted. The standard replaces AASB 101 'Presentation of Financial Statements'. The implementation of this
standard will introduce new categories in the statement of profit and loss and will require additional disclosures about
management-defined performance measures ('MPMs'). The full impact of this standard is still being considered and
will first apply to the Group for the financial year ending 30 June 2028.
The adoption of AASB 18 will impact the Groups disclosure of underlying EBITDA as it will be required to include
these (and any other) MPMs as defined in a single note to the financial statements, along with specified disclosures.
AASB 2024-2 Amendments to the Classification and Measurement of Financial Instruments
AASB 2024-2 is applicable for annual reporting periods beginning from 1 January 2026, with early adoption permitted.
This standard makes amendments to AASB 9 ‘Financial Instruments’ and AASB 7 ‘Financial Instruments:
Disclosures’ to clarify how the contractual cash flows from financial assets should be assessed in determining how
they should be classified.
AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability
AASB 2023-5 is applicable for annual reporting periods beginning from 1 January 2025, with early adoption permitted.
This standard makes amendments to AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ and AASB 1
‘First-time Adoption of Australian Accounting Standards’ to require entities to apply a consistent approach to
determining whether a currency is exchangeable into another currency.
AASB 2024-2 Amendments to the Classification and Measurement of Financial Instruments
AASB 2024-2 is applicable for annual reporting periods beginning from 1 January 2026, with early adoption permitted.
This standard makes amendments to AASB 9 ‘Financial Instruments’ and AASB 7 ‘Financial Instruments:
Disclosures’ to clarify how the contractual cash flows from financial assets should be assessed in determining how
they should be classified.
AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11
AASB 2024-3 is applicable for annual reporting periods beginning from 1 January 2026, with early adoption permitted.
This standard makes amendments to various standards including AASB 7 ‘Financial Instruments: Disclosures’, AASB
9 ‘Financial Instruments’ and AASB 10 ‘Consolidated Financial Statements’ to clarify existing requirements.
AASB 2014-10 Sale or contribution of assets between investor and its associate or joint venture
AASB 2014-10 is applicable for annual reporting periods beginning from 1 January 2028 (as extended by AASB
2024-4), with early adoption permitted. This standard makes amendments to AASB 10 ‘Consolidated Financial
Statements’ and AASB 128 ‘Investments in Associates and Joint Ventures’ to clarify the extent to which gains or
losses are recognised when accounting for sales or contributions of assets between an investor and its associate or
joint venture. The standard requires that a full gain or loss is recognised when the transaction involves a business
whilst a partial gain or loss is recognised when the transaction involves assets that do not constitute a business.
Rounding of amounts
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with
that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts in the financial statements. Management continually evaluates its judgements and
estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its
judgements, estimates and assumptions on historical experience and on other various factors, including expectations
of future events, management believes to be reasonable under the circumstances.
The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements,
estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities (refer to the respective notes) within the next financial year are discussed below.
AI MEDIA ANNUAL REPORT 2025 43
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 3. Critical accounting judgements, estimates and assumptions (continued)
Estimation of useful lives of assets
The Group determines the estimated useful lives and related depreciation and amortisation charges for its property,
plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical
innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are
less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or
sold will be written off or written down.
Goodwill and other indefinite life intangible assets
The Group tests annually, or more frequently if events or changes in circumstances indicate impairment, whether
goodwill and other indefinite life intangible assets have suffered any impairment in accordance with the accounting
policy stated in note 2.
Recovery of deferred tax assets
Deferred tax assets are recognised when the Group considers it probable that future taxable amounts will be available
to utilise tax losses and deductible temporary differences. Currently, the Group holds notable tax losses and
Research and Development credit balances in Australia and certain overseas entities. Projected sustained
profitability in Australia over the forthcoming years, supported by recent changes in corporate recharge strategies
and the inclusion of intercompany loan interest, is expected to facilitate the utilisation of Australian deferred tax assets
(DTA).
Provisions – measurement of present obligations
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event,
it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made
of the amount. The amount recognised represents management’s best estimate of the expenditure required to settle
the obligation at the reporting date. Where there is a single most likely outcome, the provision is measured at that
amount. Where there is a range of possible outcomes, the provision is measured at the probability-weighted average
of those outcomes.
Note 4. Operating segments
Identification of reportable operating segments
The Group is organised into three operating segments based on geographical locations: Australia, New Zealand,
Singapore, and Malaysia (APAC); North America (including Canada and the United States of America); and the
United Kingdom (EMEA). These operating segments are based on the internal reports that are reviewed and used
by the Board of Directors (who are identified as the CODM) in assessing performance and in determining the
allocation of resources. There is no aggregation of operating segments.
The CODM reviews EBITDA (earnings before interest, tax, depreciation and amortisation). The accounting policies
adopted for internal reporting to the CODM are consistent with those adopted in the financial statements.
The information reported to the CODM is on a monthly basis.
The CODM does not regularly review segment assets and segment liabilities. Refer to statement of financial position
for assets and liabilities.
Major customers
During the year 30 June 2025 and 30 June 2024, there were no customers exceeding 10% of the Group's revenue.
44
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 4. Operating segments (continued)
Operating segment information
APAC
North
America
EMEA
Corporate
Total
Consolidated - 2025
$'000
$'000
$'000
$'000
$'000
Revenue
Services
11,519
9,214
3,050
-
23,783
Technology
4,240
32,654
4,183
-
41,077
Total revenue
15,759
41,868
7,233
-
64,860
EBITDA
6,353
9,935
1,659
(14,637)
3,310
Depreciation and amortisation
(3,882)
Interest revenue
86
Finance costs
(40)
Loss before income tax expense
(526)
Income tax expense
(1,146)
Loss after income tax expense
(1,672)
APAC
North
America
EMEA
Corporate
Total
Consolidated - 2024
$'000
$'000
$'000
$'000
$'000
Revenue
Services
16,208
11,445
4,000
-
31,653
Technology
1,952
31,872
759
-
34,583
Total revenue
18,160
43,317
4,759
-
66,236
EBITDA
5,676
13,267
(185)
(14,646)
4,112
Depreciation and amortisation
(4,410)
Interest revenue
165
Finance costs
(163)
Loss before income tax expense
(296)
Income tax expense
(1,045)
Loss after income tax expense
(1,341)
Note 5. Revenue
Consolidated
2025
2024
$'000
$'000
Revenue
64,860
66,236
AI MEDIA ANNUAL REPORT 2025 45
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 5. Revenue (continued)
Disaggregation of revenue
The disaggregation of revenue from contracts with customers is as follows:
Consolidated
2025
2024
$'000
$'000
Major product lines
Services*
23,783
31,653
Technology*
41,077
34,583
64,860
66,236
Timing of revenue recognition
Goods and services transferred at a point in time
35,311
27,497
Services transferred over time
29,549
38,739
64,860
66,236
*
Services revenue encompasses revenue delivered by human or hybrid workflows, hybrid includes both human
and technology delivery revenue. Technology revenue include revenue from hardware, software and support
services.
During the year, certain revenue activities which formed part of the services product line were reclassified to the
technology product line. The 2024 comparatives have therefore been represented by a reclass of $1,662,000
between services and technology revenues.
46
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 6. Expenses
Consolidated
2025
2024
$'000
$'000
Loss before income tax includes the following specific expenses:
Depreciation
Buildings
104
67
Leasehold improvements
24
56
Plant and equipment
680
669
Buildings right-of-use assets
243
244
Total depreciation
1,051
1,036
Amortisation
Development
876
1,352
Intellectual property
807
798
Customer contracts
848
838
Software
300
386
Total amortisation
2,831
3,374
Total depreciation and amortisation
3,882
4,410
Finance costs
Interest and finance charges paid/payable on lease liabilities
40
22
Interest on other payables from acquisitions*
-
141
Finance costs expensed
40
163
Net foreign exchange loss
Net foreign exchange loss/(gain)
76
(168)
Leases
Short-term lease payments
162
154
Superannuation expense
Defined contribution superannuation expense
1,794
1,991
*
The amounts recognised in 2024 represent singular sums associated with the EEG earn-out interest, as outlined
in the EEG acquisition agreement.
AI MEDIA ANNUAL REPORT 2025 47
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 7. Income tax
Consolidated
2025
2024
$'000
$'000
Income tax expense
Current tax
172
275
Current tax - adjustments recognised for prior periods
74
73
Deferred tax - origination and reversal of temporary differences
900
727
Deferred tax - adjustments recognised for prior periods
-
(30)
Aggregate income tax expense
1,146
1,045
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense
(526)
(296)
Tax at the statutory tax rate of 30%
(158)
(89)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Other non-assessable and non-deductible items
729
338
571
249
Difference in overseas tax rates
51
(14)
Deferred tax - adjustments recognised for prior periods
74
43
Deferred tax asset not recognised on carried forward losses of overseas entities*
450
767
Income tax expense
1,146
1,045
*
The Group has not recognised a deferred tax asset on unused tax losses (revenue in nature) as deductible
temporary differences in the above calculations to the extent of $12,136,000 (2024: $11,673,000) relating to its
foreign subsidiaries, which may become available in the future.
Consolidated
2025
2024
$'000
$'000
Deferred tax asset
Deferred tax asset comprises temporary differences attributable to:
Allowance for expected credit losses
5
5
Property, plant and equipment
803
580
Employee benefits
410
527
Provisions
8
9
Accrued expenses
194
203
Tax losses
681
1,543
Research and development tax credits
2,086
2,086
IPO costs
9
271
Lease liabilities
109
41
Unearned revenue
82
45
Deferred tax asset
4,387
5,310
Movements:
Opening balance
5,310
6,029
(Charged)/credited to profit or loss
(923)
(749)
(Charged)/credited to profit or loss in relation to prior year adjustment
-
30
Closing balance
4,387
5,310
48
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 7. Income tax (continued)
Consolidated
2025
2024
$'000
$'000
Deferred tax liability
Deferred tax liability comprises temporary differences attributable to:
Amounts recognised in profit or loss:
Prepayments
1
5
Right-of-use assets
108
13
Intangibles
4,657
4,345
Tax losses - overseas entities
(54)
(304)
Temporary difference - overseas entities
(2,192)
(1,516)
Deferred tax liability
2,520
2,543
Movements:
Opening balance
2,543
2,565
Credited to profit or loss
(23)
(22)
Closing balance
2,520
2,543
Australia
United
States of
America
Income tax losses and credits movement in AUD*
$'000
$'000
DTA on tax losses and credits as at 1 July 2024
3,629
304
Amount utilised
(602)
(250)
Income tax losses and credits available as at 30 June 2025
3,027
54
*
This income tax losses and credits comprises carried forward losses and research and development tax
credits, to offset future income tax expense.
Consolidated
2025
2024
$'000
$'000
Income tax
Income tax refund due
948
286
Consolidated
2025
2024
$'000
$'000
Provision for income tax
Provision for income tax
82
82
The Group has recognised a deferred tax asset in respect of the tax losses where it is considered probable that there
will be future taxable profits available in excess of the profits arising from the reversal of existing taxable temporary
differences.
AI MEDIA ANNUAL REPORT 2025 49
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 8. Cash and cash equivalents
Consolidated
2025
2024
$'000
$'000
Current assets
Cash on hand
-
1
Cash at bank
14,720
10,927
14,720
10,928
Note 9. Trade and other receivables
Consolidated
2025
2024
$'000
$'000
Current assets
Trade receivables
14,600
10,789
Less: Allowance for expected credit losses
(116)
(126)
14,484
10,663
Other receivables
53
96
Prepayments
2,384
1,253
Security deposits
133
152
17,054
12,164
The ageing of the receivables and allowance for expected credit losses provided for above are as follows:
Carrying amount
Allowance for expected
credit losses
2025
2024
2025
2024
Consolidated
$'000
$'000
$'000
$'000
Not overdue
11,304
7,125
37
22
0 to 3 months overdue
3,113
3,323
63
73
Over 3 months overdue
183
341
16
31
14,600
10,789
116
126
Movements in the allowance for expected credit losses are as follows:
Consolidated
2025
2024
$'000
$'000
Opening balance
126
125
Additional provisions/(reversals) recognised
61
66
Unused amounts reversed
(71)
(65)
Closing balance
116
126
Allowance for expected credit losses
The Group has recognised a gain of $10,000 (2024: loss of $1,000) in profit or loss in respect of the expected credit
losses for the year ended 30 June 2025.
50
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 10. Inventories
Consolidated
2025
2024
$'000
$'000
Current assets
Inventories - at cost*
2,702
2,418
*
The increase in inventory is due to the introduction of improved, higher tech products, requiring more advanced
(and therefore more expensive) components and an improved sales pipeline, necessitating an increased stock
on hand.
Note 11. Contract assets
Consolidated
2025
2024
$'000
$'000
Current assets
Contract assets
1,007
798
Reconciliation
Reconciliation of the written down values at the beginning and end of the current and
previous financial year are set out below:
Opening balance
798
504
Amounts recognised in profit and loss
11,171
10,172
Amounts transferred to receivables
(10,962)
(9,878)
Closing balance
1,007
798
Note 12. Term deposits
Consolidated
2025
2024
$'000
$'000
Current assets
Term deposit
166
166
As at 30 June 2025, the term deposit bears interest of 4.75% (30 June 2024: 5%) per annum and has a maturity of
more than three months but less than one year.
AI MEDIA ANNUAL REPORT 2025 51
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 13. Property, plant and equipment
Consolidated
2025
2024
$'000
$'000
Non-current assets
Land and buildings - at cost
3,359
3,019
Less: Accumulated depreciation
(316)
(210)
3,043
2,809
Leasehold improvements - at cost
1,198
1,154
Less: Accumulated depreciation
(1,195)
(1,131)
3
23
Plant and equipment - at cost
6,976
6,007
Less: Accumulated depreciation
(5,208)
(4,488)
1,768
1,519
4,814
4,351
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set
out below:
Land and
building
Leasehold
improvements
Plant and
equipment
Total
Consolidated
$'000
$'000
$'000
$'000
Balance at 1 July 2023
2,873
81
1,255
4,209
Additions
-
-
882
882
Exchange differences
3
(1)
50
52
Depreciation expense
(67)
(56)
(669)
(792)
Balance at 30 June 2024
2,809
24
1,518
4,351
Additions
-
-
960
960
Other non-cash adjustments
305
-
-
305
Disposal
-
-
(65)
(65)
Exchange differences
33
3
35
71
Depreciation expense
(104)
(24)
(680)
(808)
Balance at 30 June 2025
3,043
3
1,768
4,814
Note 14. Right-of-use assets
Consolidated
2025
2024
$'000
$'000
Non-current assets
Buildings - right-of-use
823
2,987
Less: Accumulated depreciation
(188)
(2,486)
635
501
The Group leases buildings for its offices under agreements of between one to three years with, in some cases,
options to extend. The leases have various escalation clauses. On renewal, the terms of the leases are renegotiated.
52
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 14. Right-of-use assets (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set
out below:
Buildings
right-of-use
Consolidated
$'000
Balance at 1 July 2023
318
Additions
426
Exchange differences
1
Depreciation expense
(244)
Balance at 30 June 2024
501
Additions*
372
Exchange differences
5
Depreciation expense
(243)
Balance at 30 June 2025
635
*
Addition relates to new lease taken up.
For other lease related disclosures refer to the following:
●
note 6 for details of depreciation on right-of-use assets, interest on lease liabilities and other lease payments;
●
note 19 for lease liabilities at year end;
●
note 24 for maturity analysis of lease liabilities; and
●
consolidated statement of cash flow for repayment of lease liabilities.
Note 15. Intangibles
Consolidated
2025
2024
$'000
$'000
Non-current assets
Goodwill - at cost
45,588
45,040
Development - at cost
11,745
11,678
Less: Accumulated amortisation
(10,714)
(9,838)
1,031
1,840
Intellectual property - at cost
8,641
8,548
Less: Accumulated amortisation
(3,690)
(2,863)
4,951
5,685
Brand name and trademarks - at cost
290
287
Customer contracts - at cost
4,068
4,022
Less: Accumulated amortisation
(3,169)
(2,303)
899
1,719
Software - at cost
3,151
3,122
Less: Accumulated amortisation
(1,765)
(1,457)
1,386
1,665
54,145
56,236
AI MEDIA ANNUAL REPORT 2025 53
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 15. Intangibles (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set
out below:
Goodwill
Develop-
ment
Intellectual
property
Brand
name and
trademarks
Customer
contracts
Software
Total
Consolidated
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Balance at 1 July 2023
45,024
2,908
6,469
287
2,546
2,045
59,279
Additions
-
285
-
-
-
-
285
Exchange differences
16
(1)
14
-
11
6
46
Amortisation expense
-
(1,352)
(798)
-
(838)
(386)
(3,374)
Balance at 30 June 2024
45,040
1,840
5,685
287
1,719
1,665
56,236
Additions
-
64
-
-
-
-
64
Exchange differences
548
3
73
3
28
21
676
Amortisation expense
-
(876)
(807)
-
(848)
(300)
(2,831)
Balance at 30 June 2025
45,588
1,031
4,951
290
899
1,386
54,145
Impairment test for goodwill
For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash generating units (CGU), or
groups of CGUs, that are expected to benefit from the synergies of the combinations. Each unit or groups of units to
which goodwill is allocated represents the lowest level at which assets are monitored for internal management
purposes.
The carrying amount of goodwill has been allocated to the CGUs as follows:
Consolidated
2025
2024
$'000
$'000
North America
45,095
44,592
EMEA
493
448
45,588
45,040
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be
impaired. Based on the growth experienced and impairment test conducted in EMEA, no impairment of goodwill has
been identified. The goodwill associated with the North America CGU, arose through the ACS, CaptionAccess,
Caption IT and EEG acquisitions. Subsequent to the acquisition, the subsidiaries continued to operate ahead of
expectations, and the Group is benefiting from the synergies of the combination in the North America CGU.
The directors have assessed the recoverable amount of the North America CGU, using a discounted cash flow model,
is in excess of the carrying amount. The model used a discount rate of 12% (2024: 12%), an average growth rate of
13% (2024: 19%) for the next 5 years and a terminal growth rate of 3% (2024: 3%).
The directors have assessed the recoverable amount of the EMEA CGU, using a discounted cash flow model, is in
excess of the carrying amount. The model used a discount rate of 12% (2024: 12%), an average growth rate of 23%
(2024: 39%) for the next 5 years and a terminal growth rate of 3% (2024: 3%).
Despite the absence of goodwill in the Australia CGU, the management proceeded to assess the recoverable amount
of the Australia CGU, ensuring that it exceeded the carrying amount of its assets. The model used a discount rate of
12% (2024: 12%), an average growth rate of 4% (2024: 1%) for the next 5 years and a terminal growth rate of 3%
(2024: 3%). The evaluation of the recoverable amount, conducted using a discounted cash flow model, revealed a
headroom over the carrying amount of the assets.
54
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 15. Intangibles (continued)
Sensitivity analysis
The Group has conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions
used to determine the recoverable amount for each of the group of CGUs to which goodwill is allocated.
On management assumptions, sensitivities are applied to the value-in-use calculations with the associated
headroom. The directors believe that any reasonably possible change in the key assumptions would not cause the
aggregate carrying amount to exceed the aggregate recoverable amount of the related CGUs.
Note 16. Trade and other payables
Consolidated
2025
2024
$'000
$'000
Current liabilities
Trade payables
2,338
1,589
Accrued expenses
7,389
5,782
9,727
7,371
Refer to note 24 for further information on financial instruments.
Note 17. Contract liabilities
Consolidated
2025
2024
$'000
$'000
Current liabilities
Contract liabilities
8,863
4,201
Non-current liabilities
Contract liabilities
1,680
119
10,543
4,320
Reconciliation
Reconciliation of the written down values at the beginning and end of the current and
previous financial year are set out below:
Opening balance
4,320
3,917
Billings during the year
18,281
10,001
Transfer to revenue
(12,115)
(9,654)
Foreign exchange
57
56
Closing balance
10,543
4,320
Note 18. Borrowings
Consolidated
2025
2024
$'000
$'000
Current liabilities
Insurance premium funding loan
105
-
AI MEDIA ANNUAL REPORT 2025 55
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 18. Borrowings (continued)
Insurance premium funding loan
The premium funding loan has a term of 10 monthly payments, with the final payment due 30 August 2025 with an
interest rate of 5.29%.
Note 19. Lease liabilities
Consolidated
2025
2024
$'000
$'000
Current liabilities
Lease liability
222
241
Non-current liabilities
Lease liability
436
291
658
532
Refer to note 24 for further information on the maturity analysis of lease liabilities.
Note 20. Provisions
Consolidated
2025
2024
$'000
$'000
Current liabilities
Annual leave
933
1,330
Long service leave
464
531
Other provisions
-
232
1,397
2,093
Non-current liabilities
Long service leave
216
280
Lease make good
20
24
236
304
1,633
2,397
Lease make good
The provision represents the present value of the estimated costs to make good the premises leased by the Group
at the end of the respective lease terms.
Other provisions
Other provisions represents the best estimate of a tax provision associated with the share based payment plan of
$nil (2024: $232,000).
Annual leave and long service leave
The current portion of provision for employee benefits includes the total amount accrued for annual leave entitlements
and the amounts accrued for long service leave entitlements that have vested due to employees having completed
the required year of service. Based on past experience, the Group does not expect the full amount of annual leave
balances classified as current provisions to be settled within the next 12 months. However, these amounts must be
classified as current, since the Group does not have an unconditional right to defer the settlement of these amounts
in the event employees wish to use their leave entitlement.
56
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 20. Provisions (continued)
Movements in provisions
Movements in each class of provision during the financial year, are set out below:
Annual leave
Long service
leave
Lease
makegood
Other
payables
from
acquisitions
Other
provisions
$'000
$'000
$'000
$'000
$'000
Consolidated - 2024
Carrying amount at the start of the year
1,394
771
24
7,777
591
Additional provisions recognised
1,157
255
-
-
-
Amounts paid
(199)
(154)
-
(8,130)
-
Amounts utilised
(1,022)
(61)
-
-
-
Interest on earn-out
-
-
-
141
-
Unused amounts reversed*
-
-
-
-
(359)
Currency translation difference
-
-
-
212
-
Carrying amount at the end of the year
1,330
811
24
-
232
Consolidated - 2025
Carrying amount at the start of the year
1,330
811
24
-
232
Additional provisions recognised
1,478
79
20
-
-
Amounts paid
(338)
(181)
-
-
-
Amounts utilised
(1,537)
(29)
(24)
-
(32)
Unused amounts reversed*
-
-
-
-
(200)
Currency translation difference
-
-
-
-
-
Carrying amount at the end of the year
933
680
20
-
-
*
The amount reversed in 2025 and 2024 relates to the reversal in FBT provision.
Note 21. Issued capital
Consolidated
2025
2024
2025
2024
Shares
Shares
$'000
$'000
Ordinary shares - fully paid
208,814,047 208,814,047
110,248
110,248
Movements in ordinary share capital
Details
Date
Shares
Issue price
$'000
Balance
1 July 2023
208,249,132
110,098
Conversion of Restricted Share Units
7 September 2023
293,916
$0.26
75
Conversion of Restricted Share Units
7 September 2023
270,999
$0.27
75
Balance
30 June 2024
208,814,047
110,248
Balance
30 June 2025
208,814,047
110,248
Ordinary shares
Ordinary shares entitle the holder to participate in any dividends declared and any proceeds attributable to
shareholders should the Company be wound up in proportions that consider both the number of shares held and the
extent to which those shares are paid up. The fully paid ordinary shares have no par value and the Company does
not have a limited amount of authorised capital.
AI MEDIA ANNUAL REPORT 2025 57
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 21. Issued capital (continued)
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll
each share shall have one vote.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The Group's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it
can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure
to reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is
calculated as total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The Group would look to raise capital when an opportunity to invest in a business or company was seen as value
adding relative to the current Company's share price at the time of the investment. The Group is not actively pursuing
additional investments in the short term as it continues to integrate and grow its existing businesses in order to
maximise synergies.
The capital risk management policy remains unchanged from the 30 June 2024 Annual Report.
Note 22. Reserves
Consolidated
2025
2024
$'000
$'000
Foreign currency translation reserve
10,295
9,226
Foreign currency translation reserve
The reserve is used to recognise exchange differences arising from the translation of the financial statements of
foreign operations to Australian dollars.
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their
remuneration, and other parties as part of their compensation for services.
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Foreign
currency
translation
Share-based
payment
reserve
reserve
Total
Consolidated
$'000
$'000
$'000
Balance at 1 July 2023
9,095
150
9,245
Foreign currency translation
131
-
131
Conversion of Restricted Share Units
-
(150)
(150)
Balance at 30 June 2024
9,226
-
9,226
Foreign currency translation
1,069
-
1,069
Balance at 30 June 2025
10,295
-
10,295
58
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 23. Dividends
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Franking credits
Consolidated
2025
2024
$'000
$'000
Franking credits available for subsequent financial years based on a tax rate of 30%
104
104
The above amounts represent the balance of the franking account as at the end of the financial year, adjusted for:
●
franking credits that will arise from the payment of the amount of the provision for income tax at the reporting
date
●
franking debits that will arise from the payment of dividends recognised as a liability at the reporting date
●
franking credits that will arise from the receipt of dividends recognised as receivables at the reporting date
Note 24. Financial instruments
Financial risk management objectives
The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk
and interest rate risk), credit risk and liquidity risk. The Group's overall risk management program focuses on the
unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of
the Group.
Risk management is carried out by senior finance executives (Finance) under frameworks approved by the Board of
Directors (the Board). These frameworks include identification and analysis of the risk exposure of the Group and
appropriate procedures, controls and risk limits.
Market risk
Foreign currency risk
The Group undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk
through foreign exchange rate fluctuations.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and liabilities
denominated in currencies other than the Group’s functional currency. While the Group manages part of this risk
through natural currency hedges in the regions it operates, these hedges are not fully aligned across all currencies.
In particular, exposures to the US dollar and Pound Sterling remain significant and not fully offset by matching
liabilities, resulting in residual foreign exchange risk.
The Group monitors these exposures closely and uses sensitivity analysis and cash flow forecasting to assess the
potential impact of currency fluctuations. Sensitivities are provided in the following analysis.
AI MEDIA ANNUAL REPORT 2025 59
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 24. Financial instruments (continued)
The carrying amount of the Group's foreign currency denominated financial assets and financial liabilities at the
reporting date were as follows:
Assets
Liabilities
2025
2024
2025
2024
Consolidated
$'000
$'000
$'000
$'000
Pound sterling
3,511
1,624
1,748
681
Canadian dollars
685
493
284
204
Singapore dollars
1,065
445
40
88
US dollars
14,360
13,523
4,190
3,093
Malaysian ringgit
36
-
14
7
19,657
16,085
6,276
4,073
The Group had net assets denominated in foreign currencies of $13,381,000 (assets of $19,657,000 less liabilities of
$6,276,000) as at 30 June 2025 (2024: $12,012,000 (assets of $16,085,000 less liabilities of $4,073,000)). Based on
this exposure, had the Australian dollars weakened by 5%/strengthened by 5% (2024 : weakened by
5%/strengthened by 5%) against these foreign currencies with all other variables held constant, the Group's profit
before tax for the year would have been $704,000 higher/$637,000 lower (2024: $572,000 lower/$632,000 higher)
and equity would have been $493,000 higher/$446,000 lower (2024: $400,000 lower/$442,000 higher). The
percentage change is the expected overall volatility of the significant currencies, which is based on management's
assessment of reasonable possible fluctuations taking into consideration movements over the last 12 months each
year and the spot rate at each reporting date. The actual foreign exchange loss for the year ended 30 June 2025
was $76,000 (2024: gain of $168,000).
Price risk
The Group is not exposed to any significant price risk.
Interest rate risk
The Group’s financial performance can be impacted by current and future economic conditions which it cannot
control, such as increases in interest rates and inflation. The Group has a short-term borrowings of $105,000,
however, given that the interest on this amount is fixed, the Group is not exposed to any significant interest rate risk.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to
the Group. The Group has a strict code of credit, confirming references and setting appropriate credit limits. The
Group obtains guarantees where appropriate to mitigate credit risk. The maximum exposure to credit risk at the
reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those
assets, as disclosed in the statement of financial position and notes to the financial statements. The Group does not
hold any collateral.
The Group has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables
through the use of a provisions matrix using fixed rates of credit loss provisioning. These provisions are considered
representative across all customers of the Group based on recent sales experience, historical collection rates and
forward-looking information that is available.
Trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include the
failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual
payments for a period greater than 1 year.
Liquidity risk
Liquidity risk requires the Group to maintain sufficient liquid assets (mainly cash and cash equivalents) to be able to
pay debts as and when they become due and payable.
The Group manages liquidity risk by maintaining adequate cash reserves by monitoring actual and forecast cash
flows and matching the maturity profiles of financial assets and liabilities.
60
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 24. Financial instruments (continued)
Remaining contractual maturities
The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The tables
have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which
the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as
remaining contractual maturities (except as noted below) and therefore these totals may differ from their carrying
amount in the statement of financial position.
1 year or
less
Between 1
and 2 years
Between 2
and 5 years Over 5 years
Remaining
contractual
maturities
Consolidated - 2025
$'000
$'000
$'000
$'000
$'000
Non-interest bearing
Trade payables
2,338
-
-
-
2,338
Interest-bearing - fixed rate
Insurance premium funding loan
110
-
-
-
110
Lease liability
245
259
195
-
699
Total non-derivatives
2,693
259
195
-
3,147
1 year or
less
Between 1
and 2 years
Between 2
and 5 years Over 5 years
Remaining
contractual
maturities
Consolidated - 2024
$'000
$'000
$'000
$'000
$'000
Non-interest bearing
Trade payables
1,589
-
-
-
1,589
Interest-bearing - fixed rate
Lease liability
258
120
187
-
565
Total non-derivatives
1,847
120
187
-
2,154
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually
disclosed above.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Note 25. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by Deloitte Touche Tohmatsu,
the auditor of the Company:
Consolidated
2025
2024
$
$
Deloitte Touche Tohmatsu Australia
Audit and review of financial reports
434,000
418,000
Other services
17,813
98,498
Total Deloitte Touche Tohmatsu
451,813
516,498
Deloitte Touche Tohmatsu related practices
Audit and review of financial reports
29,014
25,598
Other services
12,218
19,938
Total Deloitte Touche Tohmatsu related practices
41,232
45,536
Total remuneration of auditors
493,045
562,034
AI MEDIA ANNUAL REPORT 2025 61
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 26. Contingent liabilities
The Group has given fully funded bank guarantees as at 30 June 2025 of $166,000 (2024: $166,000) to various
landlords and a customer, refer to note 12.
Note 27. Key management personnel disclosures
Compensation
The aggregate compensation made to directors and other members of key management personnel of the Group is
set out below:
Consolidated
2025
2024
$
$
Short-term employee benefits
1,860,728
1,402,874
Post-employment benefits
118,343
97,338
Long-term benefits
5,727
5,729
1,984,798
1,505,941
Note 28. Related party transactions
Parent entity
Ai-Media Technologies Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 29.
Key management personnel
Disclosures relating to key management personnel are set out in note 27 and the remuneration report included in the
directors' report.
Transactions with related parties
There were no transactions with related parties other than KMP during the current and previous financial year.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
62
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 29. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 2:
Ownership interest
Principal place of
business /
2025
2024
Name
Country of incorporation
%
%
Access Innovation Media Pty Limited
Australia
100%
100%
Access Innovation IP Pty Limited
Australia
100%
100%
Access Innovation Media UK Ltd
United Kingdom
100%
100%
-Ai-Media UK B Ltd *
United Kingdom
100%
100%
Ai Media Inc.
United States of America
100%
100%
-Ai-Media Technologies LLC***
United States of America
100%
100%
Ai-Media Canada Inc.**
Canada
49%
49%
Ai-Media NZ Limited
New Zealand
100%
100%
Ai-Media SG Pte. Ltd
Singapore
100%
100%
EEG Enterprise, Inc***
United States of America
100%
100%
Access Innovation Media Malaysia Sdn Bhd
Malaysia
100%
100%
The Trustee for Ai-Media Employee Incentive Trust****
Australia
-
100%
Ai-Media SaleCo Limited****
Australia
-
100%
*
Wholly-owned subsidiary of Access Innovation Media UK Ltd
**
Ai-Media Canada Inc is owned 51% by Anthony Abrahams and 49% by Ai-Media Technologies Limited. Ai
Media Canada Inc is 100% consolidated into Ai-Media Technologies Limited as under the shareholder
agreement between Ai-Media Technologies Limited and Anthony Abrahams, they share in 100% of the
variable returns and are able to use their power to affect such returns.
***
Wholly-owned subsidiary of Ai-Media Inc
****
Wound down during 30 June 2025 financial year.
Note 30. Earnings per share
Consolidated
2025
2024
$'000
$'000
Loss after income tax attributable to the owners of Ai-Media Technologies Limited
(1,672)
(1,341)
Number
Number
Weighted average number of ordinary shares used in calculating basic loss per share
208,814,047 208,709,091
Weighted average number of ordinary shares used in calculating diluted loss per share 208,814,047 208,709,091
Cents
Cents
Basic loss per share
(0.80)
(0.64)
Diluted loss per share
(0.80)
(0.64)
There are no options outstanding as at 30 June 2025.
AI MEDIA ANNUAL REPORT 2025 63
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 31. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Parent
2025
2024
$'000
$'000
Loss after income tax*
(4,299)
(22,702)
Total comprehensive loss
(4,299)
(22,702)
*
Includes a provision for impairment of investments in subsidiaries and loan receivable from subsidiaries
amounting to $5,000,000 (2024: $24,000,000). There is no impact on group performance due to this provision.
Statement of financial position
Parent
2025
2024
$'000
$'000
Total current assets
52,014
55,519
Total assets
58,524
62,896
Total current liabilities
348
530
Total liabilities
457
530
Equity
Issued capital
110,248
110,248
Accumulated losses
(52,181)
(47,882)
Total equity
58,067
62,366
Movement in accumulated losses
Parent
2025
2024
$'000
$'000
Accumulated losses at the beginning of the financial year
(47,882)
(24,808)
Comprehensive income before impairment of assets
701
1,298
Provision for impairment of investments in and loan receivable from subsidiaries
(5,000)
(24,000)
Transfer of net equity of Ai-Media UK Limited
-
(372)
Retained profits/(accumulated losses)
(52,181)
(47,882)
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2025 and 30 June 2024.
Contingent liabilities
Except as disclosed in note 26, the parent entity had no contingent liabilities as at 30 June 2025 and 30 June 2024.
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2025 and 30 June
2024.
64
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 31. Parent entity information (continued)
Material accounting policy information
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 2, except for
the following:
●
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
●
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be
an indicator of an impairment of the investment.
Note 32. Reconciliation of loss after income tax to net cash from operating activities
Consolidated
2025
2024
$'000
$'000
Loss after income tax expense for the year
(1,672)
(1,341)
Adjustments for:
Depreciation and amortisation
3,882
4,410
Income tax expense
359
1,045
Foreign exchange differences
(94)
(73)
Other non-cash adjustments
374
-
Change in operating assets and liabilities:
Increase in trade and other receivables
(4,890)
(213)
Increase in contract assets
(209)
(293)
Increase in inventories
(284)
(1,525)
Increase in trade and other payables
2,356
1,163
Increase in contract liabilities
6,223
402
(Decrease)/increase in provisions
(764)
(9)
Net cash from operating activities
5,281
3,566
Note 33. Changes in liabilities arising from financing activities
Insurance
premium
funding
loan
Lease
liability
Consolidated
$'000
$'000
Balance at 1 July 2023
-
346
Repayment of lease liabilities
-
(261)
Acquisition of leases
-
426
Changes classified as operating activities
-
21
Balance at 30 June 2024
-
532
Net cash used in financing activities
(418)
(270)
Acquisition of leases
-
372
Changes classified as financing activities
523
24
Balance at 30 June 2025
105
658
Note 34. Share-based payments
Restricted Share Units (RSUs)
At the time of the IPO in 2020, the Company agreed to grant each Non-Executive Director RSUs to the value of
$25,000 per annum for each of the first 3 financial years following the IPO. The third tranche of 293,916 RSUs was
vested as at 30 Jun 2023 and converted into fully paid ordinary shares of the Company on 7 September 2023.
AI MEDIA ANNUAL REPORT 2025 65
Ai-Media Technologies Limited
Notes to the consolidated financial statements
30 June 2025
Note 34. Share-based payments (continued)
In determining the fair value at grant date of restricted share units, reference was made to the value of the share-
based payment entitlement of $25,000. A valuation model was not required and no further inputs were considered
necessary since the entitlement at grant date has been fixed at $25,000.
The third tranche of 270,999 RSUs were vested and converted into fully paid ordinary shares of the Company on 7
September 2023 amounted to $75,091.
The share-based payment expense in relation to RSUs for 2025 is $nil (2024: $nil).
Set out below is a summary of RSUs granted:
Number of options
2025
2024
Outstanding at the beginning of the financial year
-
293,916
Granted
-
270,999
Exercised
-
(564,915)
Outstanding at the end of the financial year
-
-
Note 35. Events after the reporting period
No matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect
the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
66
Ai-Media Technologies Limited
Consolidated entity disclosure statement
As at 30 June 2025
Entity Name
Entity type
Place formed
/
incorporated
% of share
capital
held
Tax
residency
Australian
tax resident
(Yes/No)
Tax
residency
Foreign
jurisdiction
Ai-Media Technologies Ltd
Body corporate
Australia
n/a
Yes
n/a
Access Innovation Media Pty Limited
Body corporate
Australia
100
Yes
n/a
Access Innovation IP Pty Limited
Body corporate
Australia
100
Yes
n/a
Access Innovation Media UK Ltd
Body corporate
United
Kingdom
100
No
United
Kingdom
Ai-Media UK B Ltd
Body corporate
United
Kingdom
100
No
United
Kingdom
Ai-Media Inc
Body corporate United States
of America
100
No
United States
of America
Ai-Media Technologies LLC
Body corporate United States
of America
100
No
United States
of America
EEG Enterprises Inc
Body corporate United States
of America
100
No
United States
of America
Ai-Media Canada Inc
Body corporate
Canada
49
No
Canada
Ai-Media NZ Limited
Body corporate
New Zealand
100
No
New Zealand
Ai-Media SG Pte. Ltd
Body corporate
Singapore
100
No
Singapore
Access Innovation Media Malaysia
SDN BHD
Body corporate
Malaysia
100
No
Malaysia
AI MEDIA ANNUAL REPORT 2025 67
Ai-Media Technologies Limited
Directors' declaration
30 June 2025
67
In the directors' opinion:
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards,
the Corporations Regulations 2001 and other mandatory professional reporting requirements;
●
the attached financial statements and notes comply with IFRS Accounting Standards, as stated in note 2 to the
consolidated financial statements;
●
the attached financial statements and notes give a true and fair view of the Group's financial position as at 30
June 2025 and of its performance for the financial year ended on that date;
●
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable; and
●
the information disclosed in the attached consolidated entity disclosure statement is true and correct.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
Anthony Abrahams
Co-Founder, Director and Chief Executive Officer
28 August 2025
Sydney
68
Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Asia Pacific Limited and the Deloitte organisation.
Deloitte Touche Tohmatsu
ABN 74 490 121 060
8 Parramatta Square
Level 37, 10 Darcy Street
Parramatta NSW, 2150
Australia
Phone: +61 2 9322 7000
www.deloitte.com.au
Independent Auditor’s Report to the Members of
Ai-Media Technologies Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Ai-Media Technologies Limited (the “Company”) and its subsidiaries
(the “Group”) which comprises the consolidated statement of financial position as at 30 June 2025, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the
financial statements, including material accounting policy information and other explanatory information, the
Consolidated Entity Disclosure Statement and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
• Giving a true and fair view of the Group’s financial position as at 30 June 2025 and of their financial
performance for the year then ended; and
• Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards
Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical
responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the financial report for the current period. These matters were addressed in the context of our audit of the
financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
68
AI MEDIA ANNUAL REPORT 2025 69
Key Audit Matter
How the scope of our audit responded to the Key Audit
Matter
Revenue Recognition
For the year ended 30 June 2025, the Group
reported total revenue of $64.86m, of which
$26m related to technology revenue.
Technology revenue includes Software-as-
a-Service (“SaaS”) arrangements which
represents
subscription,
consumption-
based
and
support
revenue.
The
consumption-based services amounted to
$15.20m.
Deferred
revenue
on
subscriptions amounted to $10.54m at year-
end.
Revenue recognition for the consumption-
based and deferred revenue is considered a
key audit matter for the following reasons:
•
Significance of technology revenue:
A material portion of this revenue is
derived from consumption-based
services ($15.20m) and deferred
revenue ($10.54m). They represent
one of the fastest-growing sources
of revenue of the Group.
•
Complexity
and
Automation:
Revenue earned in relation to
consumption-based
revenue
is
determined by hours used and
hourly rates, tracked and billed
through highly automated systems.
Customers are invoiced based on
the
usage
recorded
in
the
automated system. It is critical to
understand
whether
system
algorithms
are
appropriately
calculating client usage and hence
requires additional audit attention.
•
Business
Model
Transformation
and Incentives: The rapid growth in
technology revenue and the shift to
a SaaS business model, combined
with
significant
management
incentives to meet expectations
creates
additional
pressure
to
Our procedures included, but were not limited to:
• Performed Design and Implementation tests on the
controls related to the monthly preparation and review of
the deferred revenue schedule, review of weekly/monthly
billings and reconciliations.
• Agreed the total deferred revenue per the listing to the
balance of unearned revenue per the general ledger.
Performed data validation checks on the deferred revenue
schedule to check for evidence of error and using the
deferred revenue schedule, tested the accuracy of
formulas and the mathematical accuracy of the schedule.
• For completeness and valuation of deferred revenue,
software revenue invoices (through revenue occurrence
testing) were traced back to the deferred revenue schedule
to verify that they are appropriately recorded in that
schedule.
• Engaged our Technology and Controls specialists to obtain
a comprehensive understanding of the system, focusing on
the algorithms used for calculating customer usage and
the relevant controls in place.
• Obtained direct confirmations at the transaction level with
customers. These confirmations served as the primary
evidence to test the occurrence and accuracy assertion for
software revenue. Subsequent payments were used as
additional evidence, as the payment of invoices indicated
customer agreement with the charges.
• Assessed the completeness of revenue by obtaining a
sample
of
transactions
recorded
from
reciprocal
population and making sure that these were recorded in
the general ledger.
• Performed analytical review procedures and compared
movements in revenue to the prior year.
• Performed cut-off testing on a sample basis to assess
whether the identified revenue transactions were recorded
in the correct period.
• Tested credit notes raised during the year on a sample
basis and obtained the relevant invoice, as well as any
subsequent invoices to test validity of the credit notes.
• Assessed the appropriateness of the disclosures included
in Note 5 of the financial statements.
70
achieve revenue targets, further
elevating the risk of misstatement.
Recoverability of goodwill
As at 30 June 2025, the Group carried
goodwill in its balance sheet amounting to
$45.58m.
Where a cash generating unit (“CGU”)
contains goodwill, management is required
to conduct annual impairment tests (or
more frequently if impairment indicators
exist) to assess the recoverable amount of
the CGU and the associated goodwill
amount. This assessment is performed
through the preparation of a discounted
cash flow model. Evaluating the recoverable
amount of each CGU requires significant
management judgment in determining the
key assumptions that support the forecast
cash flows of each CGU, including:
•
Forecast EBITDA
•
Short and long-term growth rates
•
Appropriate discount rate
•
Capital expenditure
In consultation with our valuation specialists, our audit
procedures included, but were not limited to the following:
•
Evaluated management's identification of each CGU to
which goodwill is allocated.
•
Reviewed
and
critically
challenged
management’s
assessment of impairment indicators.
•
Understood and tested the design and implementation of
key controls over the determination of recoverable
amounts of each CGU and comparing this to the carrying
value of each CGU.
•
Assessed
the
appropriateness
of
management’s
recoverable amount estimates using a discounted
cashflow model for each CGU.
•
Challenged the key assumptions and estimates used by
management, including analysing growth rates and
performing an independent calculation of the discount
rates.
•
Agreed inputs used in the model to forecasts approved by
the Directors, where applicable.
•
Assessed the historical accuracy of management’s
forecasts by comparing actual results to budgeted results.
•
Performed sensitivity analysis on the key assumptions
supporting the forecast cash flows of each CGU (including
forecast EBITDA, capital expenditure, short and long term
growth rates and applicable discount rates).
•
Assessed the appropriateness of the disclosures included
in Note 15 of the financial statements.
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2025, but does not include the financial report
and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we
have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
AI MEDIA ANNUAL REPORT 2025 71
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible:
•
For the preparation of the financial report in accordance with the Corporations Act 2001, including giving a
true and fair view of the financial position and performance of the Group in accordance with Australian
Accounting Standards; and
•
For such internal control as the directors determine is necessary to enable the preparation of the financial
report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial
position and performance of the Group, and is free from material misstatement, whether due to fraud or
error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or has no
realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with the Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of this financial
report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that
achieves fair presentation.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities within the Group as a basis for forming an opinion on the
Group financial report. We are responsible for the direction, supervision and review of the audit work
performed for the purposes of the group audit. We remain solely responsible for our audit opinion.
72
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats
or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most significance
in the audit of the financial report of the current period and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 22 to 26 of the Directors’ Report for the year ended
30 June 2025.
In our opinion, the Remuneration Report of Ai-Media Technologies Limited, for the year ended 30 June 2025,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on
the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
DELOITTE TOUCHE TOHMATSU
Vincent Snijders
Partner
Chartered Accountants
Parramatta, 28 August 2025
AI MEDIA ANNUAL REPORT 2025 73
Ai-Media Technologies Limited
Shareholder information
30 June 2025
The shareholder information set out below was applicable as at 29 July 2025.
Shareholder Information required by the Australian Securities Exchange Limited (ASX) Listing Rules and not
disclosed elsewhere in the Report is set out below.
In accordance with the 4th edition of the ASX Corporate Governance Council’s Principles and Recommendations,
the 2025 Corporate Governance Statement, as approved by the Board, is available on the Company’s website at:
https://www.ai-media.tv/corporate-governance/. The Corporate Governance Statement sets out the extent to which
Ai-Media Technologies Limited has followed the ASX Corporate Governance Council’s Recommendations during
the 2025 financial year.
Distribution of equity securities
Analysis of number of equity security holders by size of holding:
Ordinary shares
% of total
Number
shares
Number of
of holders
issued
shares
1 to 1,000
503
0.17
353,655
1,001 to 5,000
907
1.20
2,496,732
5,001 to 10,000
467
1.71
3,565,678
10,001 to 100,000
708
10.57
22,073,664
100,001 and over
137
86.35 180,324,318
2,722
100.00 208,814,047
Holding less than a marketable parcel
374
0.11
229,561
74
Ai-Media Technologies Limited
Shareholder information
30 June 2025
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of ordinary shares are listed below:
Ordinary shares
% of total
shares
Number
held
issued
PEARLIROSE PTY LIMITED
25,964,898
12.43
CITICORP NOMINEES PTY LIMITED
21,807,009
10.44
UBS NOMINEES PTY LTD
19,595,646
9.38
BOND STREET CUSTODIANS LIMITED
13,000,000
6.23
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
11,263,177
5.39
MR ANTHONY ABRAHAMS
10,937,500
5.24
DEANNE WEIR
10,000,000
4.79
BNP PARIBAS NOMINEES PTY LTD (IB AU NOMS RETAIL CLIENT)
7,476,487
3.58
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
5,219,712
2.50
ICONIC INVESTMENTS PTY LTD
3,265,994
1.56
MIRABOOKA INVESTMENTS LIMITED
3,202,923
1.53
TYLER LEE PTY LTD
2,563,350
1.23
GREG SIRTES
2,493,603
1.19
FRANK MAHLAB PTY LTD
2,062,258
0.99
MRS ANGELA ABRAHAMS + MR GEOFFREY ABRAHAMS
2,000,000
0.96
ALEXANDER WESLEY JONES
1,447,500
0.69
BNP PARIBAS NOMS PTY LTD (AGENCY LENDING)
1,400,011
0.67
MR JAMES STEPHEN FORREST
1,400,000
0.67
BNP PARIBAS NOMS PTY LTD (HUB24 CUSTODIAL SERV LTD)
1,278,862
0.61
BNP PARIBAS NOMS PTY LTD
1,274,141
0.61
147,653,071
70.69
Unquoted equity securities
There are no unquoted equity securities on issue.
Substantial holders
Name
Shares held
Issued capital
%
Notice date
Anthony Abrahams and Pearlirose Pty Ltd
35,339,898
16.92
18/06/2024
TIGA Trading Pty Ltd
20,589,771
9.86
29/11/2023
Salter Brothers Emerging Companies Limited
12,080,000
5.79
10/09/2024
Deanne Weir
11,696,164
5.60
07/07/2025
Wilson Asset Management Group
10,912,811
5.23
11/02/2025
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll
each share shall have one vote.
There are no other classes of equity securities.
Restricted securities
There are no restricted securities.
AI MEDIA ANNUAL REPORT 2025 75
Ai-Media Technologies Limited
Shareholder information
30 June 2025
75
On market buy-back
The Company is not currently conducting an on-market buy-back.
76
Corporate directory
DIRECTORS
John Martin– Non-Executive Chair
Anthony Abrahams
Alison Loat
Cheryl Hayman
Brent Cubis
Brad Bender
Otto Berkes
COMPANY SECRETARY
Lisa Jones
REGISTERED OFFICE &
PRINCIPLE PLACE OF BUSINESS
Suite 3.02
9 Help St
Chatswood 2067
AUDITOR
Deloitte Touche Tohmatsu
Quay Quarter Tower
Level 46, 50 Bridge St
Sydney NSW 2000
STOCK EXCHANGE LISTING
AI- Media Technologies Limited shares are listed on
the Australian securities Exchange (ASX code: AIM)
WEBSITE
http://www.AI-Media.tv/
CORPORATE GOVERNANCE STATEMENT
The Company’s directors and management are
committed to conducting the Group’s business
in an ethical manner and in accordance with
the highest standards of corporate governance.
The Company has adopted and substantially
complies with the ASX Corporate Governance
Principles and Recommendations (4th Edition)
(‘Recommendations’) to the extent appropriate to
the size and nature of the Group’s operations.
The Company has prepared a Corporate
Governance Statement which sets out the
corporate governance practices that were
in operation since listing, identifies any
Recommendations that have not been followed,
and provides reasons for not following such
Recommendations.
The Company’s Corporate Governance Statement
and policies, which is approved at the same time as
the Annual Report, can be found on its website:
www.ai-media.tv/company/corporate-governance/
WWW.AI-MEDIA.TV