olivLaw · US equity research
Fitell Corporation GMEX
Sporting & Athletic Goods, NEC · SIC 3949 · Vertical: Sporting & Athletic Goods, NEC (SIC 3949)
GMEX (Fitell Corporation) is an online retailer of gym and fitness equipment in Australia, operating through its Gym Direct subsidiary and expanding into connected equipment, AI training platforms and licensing of fitness studios. It matters now because its reliance on convertible note financing is rising, while over 84% of revenue comes from its four proprietary brands.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Fitell Corporation (GMEX) stock was 0.51 USD (−13.61% on the day), with market capitalisation 10.7 m USD, dividend yield 9.72%, beta 0.71, 52-week range 0.37–1,118.88 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.8
- weak (30–45)
- Bollinger (20, 2)
- 0.21 – 2.05
- in the lower half of the band · %B 0.16 · band width 163.1%
- SMA 50 / 200
- 1.23 / 36.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.27 / -0.22
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −78.0% | −1.1% | −76.9 pp | — |
| 3 months | −61.2% | −0.5% | −60.8 pp | — |
| 6 months | −97.0% | +4.4% | −101.4 pp | — |
| Year to date | −99.8% | +12.3% | −112.1 pp | — |
| 1 year | −100.0% | +13.5% | −113.5 pp | +16.5% |
| 3 years | −100.0% | +76.4% | −176.4 pp | −3.5% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | 8.2 m | 4.8 m | 4.5 m | 5.2 m | 5.6 m |
| Revenue YoY | unavailable | −41.2% | −6.9% | +16.4% | +7.9% |
| Net income | 12.6 k | -1.6 m | -9.3 m | -682.7 k | -17.3 m |
| Net income YoY | unavailable | −12,744.0% | unavailable | unavailable | unavailable |
| Diluted EPS | 0.00 | -0.21 | -10.63 | -2,421.01 | -1,013.18 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 0.2% | -33.2% | -208.5% | -13.1% | -308.0% |
| Free cash flow | -183.5 k | unavailable | unavailable | unavailable | -8.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 14.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 28.6 m USD
- Total assets
- 71.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 10.17x
- ROE
- -91.5%
- ROA
- -41.7%
- FCF margin
- -157.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 8.2 m | 4.8 m | 4.5 m | 5.2 m | 5.6 m | SEC (XBRL)· 02 Nov 2026verified |
| Cost of revenue | 4.5 m | 2.6 m | 2.9 m | 3.2 m | 5.1 m | SEC (XBRL)· 02 Nov 2026verified |
| Gross profit | 3.6 m | 2.2 m | 1.6 m | 2.0 m | 480.6 k | SEC (XBRL)· 02 Nov 2026verified |
| Operating income | 1.3 m | -346.3 k | -8.0 m | -1.6 m | -7.1 m | SEC (XBRL)· 02 Nov 2026verified |
| Interest expense | 27.4 k | 92.8 k | 1.2 m | 114.0 k | 1.2 m | SEC (XBRL)· 02 Nov 2026verified |
| Pre-tax income | 232.5 k | -1.6 m | -9.5 m | -349.2 k | -17.3 m | SEC (XBRL)· 02 Nov 2026verified |
| Income tax | 219.9 k | -25.8 k | -209.3 k | 333.5 k | — | SEC (XBRL)· 14 Nov 2025verified |
| Net income | 12.6 k | -1.6 m | -9.3 m | -682.7 k | -17.3 m | SEC (XBRL)· 02 Nov 2026verified |
| Diluted EPS | 0.00 | -0.21 | -10.63 | -2,421.01 | -1,013.18 | SEC (XBRL)· 02 Nov 2026verified |
| Weighted average diluted shares | 7.0 m | 7.7 m | 876.3 k | 282 | 17.1 k | SEC (XBRL)· 02 Nov 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 716.1 k | 236.8 k | 939.0 k | 2.9 m | 14.9 m | SEC (XBRL)· 02 Nov 2026verified |
| Receivables | 41.1 k | 174.3 k | 60.0 k | 242.1 k | 447.9 k | SEC (XBRL)· 02 Nov 2026verified |
| Inventories | 919.4 k | 525.8 k | 2.4 m | 3.0 m | 1.4 m | SEC (XBRL)· 02 Nov 2026verified |
| Current assets | 2.9 m | 6.8 m | 9.1 m | 9.6 m | 28.8 m | SEC (XBRL)· 02 Nov 2026verified |
| Property, plant & equipment, net | 51.0 k | 38.7 k | 27.1 k | 20.1 k | 309.5 k | SEC (XBRL)· 02 Nov 2026verified |
| Goodwill | 1.2 m | 1.2 m | 1.2 m | 1.2 m | 1.2 m | SEC (XBRL)· 02 Nov 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | 36.6 m | SEC (XBRL)· 02 Nov 2026verified |
| Total assets | 5.4 m | 9.0 m | 11.5 m | 11.4 m | 71.5 m | SEC (XBRL)· 02 Nov 2026verified |
| Accounts payable | 805.0 k | 1.2 m | 1.2 m | 1.3 m | 2.0 m | SEC (XBRL)· 02 Nov 2026verified |
| Current liabilities | 2.3 m | 2.1 m | 2.1 m | 2.2 m | 2.8 m | SEC (XBRL)· 02 Nov 2026verified |
| Total liabilities | 3.0 m | 2.6 m | 2.5 m | 2.2 m | 42.9 m | SEC (XBRL)· 02 Nov 2026verified |
| Equity | 2.4 m † | 6.4 m † | 9.0 m † | 9.2 m † | 28.6 m † | SEC (XBRL)· 02 Nov 2026verified |
| Shares outstanding at year end | — | 8.1 m | 20.1 m | 21.0 m | — | SEC (XBRL)· 14 Nov 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -131.8 k | -373.1 k | -12.3 m | -1.0 m | -8.5 m | SEC (XBRL)· 02 Nov 2026verified |
| Capex | 51.7 k | — | — | — | 315.3 k | SEC (XBRL)· 02 Nov 2026verified |
| Free cash flow | -183.5 k ≈ | — | — | — | -8.9 m ≈ | SEC (XBRL)· 02 Nov 2026derived |
| Investing cash flow | -465.3 k | — | -2.5 m | 175.6 k | -50.6 m | SEC (XBRL)· 02 Nov 2026verified |
| Financing cash flow | 93.9 k | -79.1 k | 15.5 m | 2.8 m | 71.3 m | SEC (XBRL)· 02 Nov 2026verified |
| Dividends paid | — | — | — | — | 1.0 m | SEC (XBRL)· 02 Nov 2026verified |
| Share repurchases | — | — | — | — | 15.6 k | SEC (XBRL)· 02 Nov 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 10.7 m USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -308.0% | 0 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 5.3% | 44 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.9x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 10.2x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -83.0% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 9.9% | 100 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial44/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GMEX ROBOTICS CORPORATION (GMEX). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 5.6 m USD in 2026; YoY growth 7.9%; net margin -308.0%; ROE -91.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 10.2x
- Shareholder yield (distributions): 9.9%
What contradicts it
- Net margin: -308.0%
- Interest coverage: -5.9x
- FCF yield: -83.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Sporting & Athletic Goods, NEC (SIC 3949) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOLFAcushnet Holdings Corp. | 4.9 bn | 23.3 | 25.7% | 8.2% | +4.1% | +2% / +52% |
| YETIYETI Holdings, Inc. | 3.5 bn | 21.1 | 25.3% | 9.2% | unavailable | +17% / +13% |
| CALYCallaway Golf Company | 3.0 bn | — | -11.3% | -12.4% | −0.8% | +29% / +35% |
| ESCAEscalade, Incorporated | 290.7 m | 12.1 | 13.5% | 10.0% | −4.5% | +59% / +14% |
| AOUTAmerican Outdoor Brands, Inc. | 226.2 m | — | -2.4% | -2.0% | −14.3% | +150% / +109% |
| CLARClarus Corporation | 169.2 m | — | -14.9% | -12.4% | −5.2% | +23% / −22% |
| KBSXFST Corp. | 62.2 m | — | -7.8% | -3.1% | +31.4% | −1% / −87% |
| GMEXGmex Robotics Corporation | 10.7 m | — | -91.5% | -308.0% | +7.9% | −100% / −100% |
| NWTGNewton Golf Company, Inc. | 4.9 m | — | -2,023.2% | -124.4% | +136.1% | −45% / −100% |
| TRUGTrugolf Holdings, Inc. | 586.0 k | — | -349.3% | -55.7% | −13.6% | −100% / −100% |
| JOUTJohnson Outdoors Inc. | — | — | -1.8% | -1.2% | −0.1% | +19% / −7% |
| PTONPeloton Interactive, Inc. | — | 39.0 | — | 2.6% | −1.8% | −20% / −4% |
1- and 3-year price returns: for GMEX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Nov 2025; since then the company filed 6-K (02 Nov 2026), 20-F (02 Nov 2026), 6-K (15 Oct 2026), 6-K (23 Sept 2026), 6-K (11 Aug 2026), 6-K (28 Jul 2026).
In brief
GMEX (Fitell Corporation) is an online retailer of gym and fitness equipment in Australia, operating through its Gym Direct subsidiary and expanding into connected equipment, AI training platforms and licensing of fitness studios. It matters now because its reliance on convertible note financing is rising, while over 84% 1 of revenue comes from its four proprietary brands.
SWOT
Strengths
- The company owns a portfolio of proprietary brands that account for most revenue and a loyal base of repeat customers 1.
- Its own online sales channel generates most equipment sales, giving control over the customer relationship 1.
- Roughly two decades of experience in the industry and a loyalty programme support new product development 1.
Weaknesses
- Reliance on a single market and on consumer discretionary spending makes revenue sensitive to economic cycles 1.
- Most products are sourced from abroad, exposing the company to currency, transport and political risks 1.
- Recent financing through secured convertible notes and share issuance dilutes shareholders and burdens the balance sheet 1.
Opportunities
- Launch of connected equipment and digital platforms could open recurring subscription revenue 1.
- Licensing fitness studios in Asia could extend the footprint without large physical investment 1.
- Marketing through key opinion leaders, sports sponsorships and outdoor advertising could raise customer acquisition 1.
Risks
- Dependence on consumer spendinghigh
A drop in confidence or disposable income could reduce sales and prompt promotions that hurt margins 1.
- Concentration on Chinese suppliershigh
Most products come from overseas and largely from Chinese suppliers without written agreements, which could affect availability and cost 1.
- Convertible note financinghigh
Notes at 6% interest secured on most assets could create dilution and liquidity pressure if conversion or payment conditions change 1.
- Inventory managementmedium
Excess stock can lead to write-downs and price cuts, while shortages can cost sales 1.
- Geopolitical tensions and sanctionslow
Regional conflicts and sanctions can affect financial markets and operating costs even without direct exposure 1.
Investment thesis
What would need to be true (bull case)
- If consumer confidence keeps improving and orders keep growing, the company could convert more visits into sales, as the rising e-commerce conversion rate suggests 1.
- A successful launch of connected equipment and the AI platform could create recurring revenue and differentiate the company from traditional retailers 1.
- If the licensing model attracts more partners in Asia, it could extend the brand with limited capital 1.
What would break the thesis
- If discretionary spending weakens, equipment demand could fall quickly and the company might have to cut prices 1.
- Secured convertible financing could limit flexibility and dilute shareholders if the share price falls 1.
- Smart products are still in testing and report no separate revenue, so they could be delayed or fall short of expectations 1.
What to watch
- Commercial launch of connected equipment and the Fitness Mirror and 1FinalRound platforms2026
- Trend in order volumes and e-commerce conversion ratenext 10-K
- Use of convertible note proceeds and extent of shareholder dilutionQ1 2027
- Growth in licensees and new studio openings in Asia2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Nov 2025; since then the company filed 6-K (02 Nov 2026), 20-F (02 Nov 2026), 6-K (15 Oct 2026), 6-K (23 Sept 2026), 6-K (11 Aug 2026), 6-K (28 Jul 2026).
The business
Fitell Corporation is a Cayman Islands holding company that wholly owns KMAS, which in turn owns operating subsidiary GD, founded in 2005 and headquartered in New South Wales, Australia 1. GD is an online retailer of gym and fitness equipment under proprietary brands (Muscle Motion, Rapid Motion, FleetX, Harison) and other brands, with about 2,000 SKUs 1. The company aims to build a technology-powered fitness and wellness ecosystem and has served over 200,000 customers 1.
Equipment sales are mainly online through its own site, which generated 65.95% of fitness equipment sales in fiscal 2025 1, with the rest from commercial orders, showroom, phone and third-party channels such as Bunnings Marketplace and eBay 1. Commercial customers include gym chains, government agencies, schools, healthcare providers and educational institutions 1.
In 2021 the company launched three new verticals: smart connected equipment, the 1FinalRound AI platform and fitness club licensing, with mYSTEPS Training Clinic as first licensee 1. Commercial launch of smart equipment was planned for April 2026, and the Fitness Mirror and Yoga-Mirror platforms for March 2026 1.
Segments
Fitness equipment
The core segment sells strength and cardio equipment for home and commercial use, emphasising weights, bars, racks, benches, machines, bikes, treadmills and rowers 1. The four proprietary brands represent over 84% of revenue in fiscal 2025 1.
Fitness studio licensing
The licensing unit offers turnkey solutions for personal training studios and gym chains, from site selection and build-out to equipment and pre-opening support 1. Fees are a base of $125,000 per year plus $40,000 per opened centre per year 1, with target territories including South-East Asia and mainland China 1.
Market context
The company operates in the Australian fitness equipment market, which is fragmented and intensely competitive, with rivals across traditional retail, mass merchants, online stores and direct-to-consumer vendors 1. Demand depends on consumer discretionary spending and confidence, and the industry is described as cyclical 1.
The market is also exposed to transport and sourcing costs, since about 81% of products purchased were manufactured abroad, predominantly in China 1. The company also pursues Asian expansion through its licensing strategy 1.
Trends
- Lower interest rates and consumer confidencemixed
Management attributed higher order volumes partly to improved customer confidence, including the falling of interest rates 1. If discretionary spending weakens again, demand for equipment could decline 1.
- Shift toward connected fitnesstailwind
The pandemic accelerated the industry move to smart equipment and online training, which the company is trying to enter 1. Success could diversify revenue, but the products remain in testing 1.
- Freight and supply chain costsheadwind
Fuel prices, transport availability and port delays can raise delivery and purchase costs 1. The company acknowledges such factors could affect sales and profitability 1.
- Trade and geopolitical tensionsmixed
Import duties, trade restrictions and regional conflicts could raise product prices or reduce available stock 1. The company has no direct dealings in Russia, Ukraine or Belarus, but sanctions may affect global financial markets 1.
Competitive position
The company competes with retailers across multiple categories and channels, including large formats, specialty retailers, department stores and online direct sellers 1. Many competitors have greater market presence, brand recognition and marketing resources 1.
Industry consolidation and partnerships could produce rivals with more compelling offers or greater pricing flexibility 1. Real-time price comparison forces the company to keep prices competitive, which can pressure margins 1.
- General merchandise and large-format retailers
Rivals in large-format and department store categories that may have stronger physical and online presence 1.
- Specialty fitness retailers
Stores specialising in gym equipment that compete directly in similar product categories 1.
- Online and direct-to-consumer vendors
Companies selling directly to customers that may accelerate online sales efforts and reduce share of traditional retailers 1.
- Third-party marketplaces
Platforms such as Bunnings Marketplace and eBay where the company sells but which also bring direct price competition 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Annual report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)23 Sept 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)28 Jul 2026
- Current report (foreign issuer)09 Jul 2026
- Current report (foreign issuer)29 Jun 2026
- Current report (foreign issuer)11 Jun 2026
- Current report (foreign issuer)09 Jun 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-06-30 · SEC / Fitell Corporation · 14 Nov 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.