Director, RaaS Research Group, Research as a Service (RaaS)

RaaS Research Group (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Research as a Service (RaaS)

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Equity Bottom-Up

Cleanspace Holdings Ltd / Equity Bottom-Up

Cleanspace Holdings Limited designs and manufactures medical equipment. The Company offers respiratory protective masks and air purifying respirators that provide respiratory protection. Cleanspace serves customers worldwide.

<ul><li>CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables for powered air purifying respirators (PAPRs).</li><li>CSX has provided a trading update at their AGM which guides to lower H1 FY26 revenue growth relative to previous halves and RaaS estimates (+27%), impacted by trade and tariff tensions not dis-similar to trends seen for several advanced Australian manufacturers including Veem (ASX:VEE) and Austin Engineering (ASX:ANG), and the dismantling of key US safety regulator NIOSH.</li><li>Gross margins remain in-line with estimates around the ‘mid-70s’ and costs are well controlled.</li></ul>

CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables for powered air purifying respirators (PAPRs).CSX has provided a trading update at their AGM which guides to lower H1 FY26 revenue growth relative to previous halves and RaaS estimates (+27%), impacted by trade and tariff tensions not dis-similar to trends seen for several advanced Australian manufacturers including Veem (ASX:VEE) and Austin Engineering (ASX:ANG), and the dismantling of key US safety regulator NIOSH.Gross margins remain in-line with estimates around the ‘mid-70s’ and costs are well controlled.

Cleanspace Holdings Ltd - Several headwinds slow growth in H1

Airtasker Limited operates as a software development company. The Company develops community platform that connects people who need to outsource tasks and find local services such as home cleaning, handyman jobs, admin work, photography, and graphic design. Airtasker serves customers in Australia.

<ul><li>Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.</li><li>ART held an investor day last week showcasing a range of senior management and media capital partners.</li><li>Product development continues to focus on improving marketplace trust (improved tasker details and job descriptions), increased frequency of transactions (better/fewer quotes, taskers own page) and using AI for better/faster job matches.</li></ul>

Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.ART held an investor day last week showcasing a range of senior management and media capital partners.Product development continues to focus on improving marketplace trust (improved tasker details and job descriptions), increased frequency of transactions (better/fewer quotes, taskers own page) and using AI for better/faster job matches.

Airtasker Ltd - Not just relying on media capital for growth

ReadCloud Limited operates as an education technology company. The Company offers content library, virtual classroom operations, e-books, and social learning solutions. ReadCloud serves customers in Australia.

<ul><li>ReadCloud Limited (ASX:RCL) services the education and training sectors through the provision of digital learning content, proprietary interactive technology and support for students and educators.</li><li>The company released its FY25 full-year result (30 September year-end) but many of the data points had been pre-released so there were no real surprises.</li><li>The core strategic Australian schools-facing businesses in eBooks and VET-in-Schools (collectively 85% of FY25 group sales revenue) delivered strong results, with VET-in-Schools the standout growing revenue at 26% to $5.7m and continuing to deliver gross margins exceeding 90%.</li></ul>

ReadCloud Limited (ASX:RCL) services the education and training sectors through the provision of digital learning content, proprietary interactive technology and support for students and educators.The company released its FY25 full-year result (30 September year-end) but many of the data points had been pre-released so there were no real surprises.The core strategic Australian schools-facing businesses in eBooks and VET-in-Schools (collectively 85% of FY25 group sales revenue) delivered strong results, with VET-in-Schools the standout growing revenue at 26% to $5.7m and continuing to deliver gross margins exceeding 90%.

Readcloud Ltd - Driving growth through the schools businesses

WRKR LTD provides software solutions. The Company offers platform for employers to take care of compliance obligations such as onboarding and ongoing verification solutions, which saves money, time, and reduces risk. WRKR serves customers in Australia.

<ul><li>Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.</li><li>WRK has delivered a record cash receipts quarter ($4.0m), +74% on the previous corresponding period (pcp) and +30% on Q4 FY25, aided by milestone payments and some overdue receipts from Q4 FY25 ($0.4m).</li><li>Total costs increased 24% on Q4 FY25 as WRK prepares for client onboarding and continues product development.</li></ul>

Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.WRK has delivered a record cash receipts quarter ($4.0m), +74% on the previous corresponding period (pcp) and +30% on Q4 FY25, aided by milestone payments and some overdue receipts from Q4 FY25 ($0.4m).Total costs increased 24% on Q4 FY25 as WRK prepares for client onboarding and continues product development.

WRKR Ltd - Solid Q1 FY26 with investment to ramp up

Island Pharmaceuticals  / Equity Bottom-Up

Island Pharmaceuticals Limited operates as a drug research and repurposing company. The Company focuses on developing preventative or therapeutic drugs for viral infections. Island Pharmaceuticals serves customers worldwide.

<ul><li>Island Pharmaceuticals Ltd (ASX:ILA) is an antiviral therapeutics company targeting infectious diseases.</li><li>The company has made two recent announcements that improve its chances of selling Galidesivir for Marburg to the US government, ahead of potential FDA clearance of the drug.</li><li>On 20 November 2025 it announced the appointment of leading Washington D.C. based federal government affairs and lobbying firm, Todd Strategy Group (TSG), to support US government engagement.</li></ul>

Island Pharmaceuticals Ltd (ASX:ILA) is an antiviral therapeutics company targeting infectious diseases.The company has made two recent announcements that improve its chances of selling Galidesivir for Marburg to the US government, ahead of potential FDA clearance of the drug.On 20 November 2025 it announced the appointment of leading Washington D.C. based federal government affairs and lobbying firm, Todd Strategy Group (TSG), to support US government engagement.

Island Pharmaceuticals Ltd - De-risking the commercial path

RaaS selects and engages with Australian small caps and microcaps that the market has mis-priced and/or misunderstood. Our goal is to deliver a market re-rating for our clients through focused, indepth and timely research and financial models. The RaaS team comprises highly experienced equity analysts who have all been rated analysts at investment banks including Credit Suisse, BNP Paribas, Royal Bank of Canada, ICBC Standard Bank.