Azzet reports on three stocks with double-digit price moving updates today.
Appen soars after 4Q update ~
Shares in Appen (ASX: APX) were trading 28.7% higher by 2:05 pm AEDT (3:05 am GMT) after the global market leader in data for the AI Lifecycle reported a strong fourth quarter that appears to have taken the market by surprise.
Management is attributing growth in its China and global businesses for today’s reported fourth-quarter revenue of $73.4 million, up 10% on the previous period and up 33% on the previous quarter.
What the market appears to have fixated on today was underlying earnings (EBITDA) before foreign exchange, which jumped 182% year-on-year to $13.3 million, reflecting cost efficiencies and expansion of high-margin generative AI projects.
The China business also delivered exceptional results, with quarterly revenue of $32 million, up 81% on the previous year, with an annualised run-rate exceeding $135 million and underlying earnings (EBITDA) of $4.3 million.
Meantime, new generative AI projects saw Appen Global revenue up 56% on the previous quarter to $41.4 million, which helped to lift quarterly underlying earnings (EBITDA) to $10.2 million.
Appen also reported a strong cash position of $59.8 million at the end of the quarter, providing a stable financial footing for future growth.
Commenting on today’s update, CEO Ryan Kolln told the market that Q4 was a pleasing result, providing strong momentum heading into FY26.
While China’s expanded underlying earnings profitability reflects gross margin expansion and operating leverage as the business continues to scale, Kolln told investors that the Appen Global division continues to improve as the business has executed against its turnaround strategy in a highly dynamic market.
“With the progress we continue to make, we are confident that Appen is well positioned to capture growth at a global scale as AI adoption deepens across consumer, enterprise and emerging applications,” he said.
“With a strong balance sheet and a dedication to delivering quality data at speed we are well positioned for sustained profitable growth.”
Today’s share price increase is a welcome relief for shareholders who have watched the stock shed half its value since February 2025, when it posted a FY FY24 group operating revenue of $234.3 million - down 14.2%, primarily due to the termination of the Google contract.
Appen has a market cap of $371 million; the share price is down 46% in one year and up 75% year to date.
The stock appears to be in a strong bullish trend, confirmed by multiple indicators.
Specifically, a 5-day moving average of the stock price is above the 20 and 50-day moving averages.
Additionally, a long-term bullish signal is offered by the 200-day moving average which is trending higher.
Consensus is Hold.
Iluka Resources tanks on pending impairment update
Shares in Iluka Resources (ASX: ILU) were trading 13.9% lower, marking its weakest trading session since late November 2025 after the mineral sands miner prepared the market to expect an impairment charge within its upcoming first-half results.
In a statement to the ASX, management told the market that the suspension of operations at its Cataby mine in WA and the SR2 synthetic rutile kiln in WA from 1 December was due to subdued demand for mineral sands and pigment.
Changes to price expectations for some of its inventory led to the decision to make two separate write-downs.
The charges comprise a non-cash impairment of about $350 million pre-tax in the mineral sands business and a net realisable value adjustment of about $215 million pre-tax to inventory.
As a result, the company has flagged a $565 million pre-tax hit in its financials for the year to December 31.
Commenting on today’s update, management told the market that suspension - due to subdued demand for mineral sands and their associated downstream products, particularly pigment - has impacted price expectations in the near term.
In terms of the adjustments to inventory, management explained that price expectations had led to changes to the net realisable value.
"… resulting in some product inventory items falling below their weighted average cost, leading to a reduction in inventory value of about $215 million pre-tax''.
Iluka also expects to cut Cataby ore reserves by about 35%, which equates to a 7% reduction in group ore reserves, with a revised mine life of about four years from any resumption of mining.
After the adjustment, Iluka’s inventory balance at December 31 is expected to be about $1.1 billion, including around $600 million in finished goods.
Excluding the exceptional items, Iluka expects underlying mineral sands EBITDA of about $300 million for 2025-26.
However, today’s impairment update appears to have eclipsed a second announcement today in which Iluka increased the mineral resource at its WIM100 deposit in Western Victoria, currently the subject of a DFS for rare earths and zircon.
It’s understood that the updated mineral resource estimate for WIM100 comprises a total of 540 million tonnes grading at 4.6% heavy minerals for 25 million tonnes of heavy minerals.
“Relative to the previous mineral resource estimate, there is a 19% increase in total reported heavy mineral tonnage; an 8% increase in the heavy mineral tonnage classified as measured; and a 53% increase in heavy mineral tonnage classified as indicated,” said management.
This represents a significant increase in heavy mineral tonnage and improvement in the confidence level of the WIM100 mineral resource estimate.
Mineral sands from WIM100 are an important potential future feedstock for the company's Eneabba refinery in Western Australia, which is currently under construction.
“Upon commissioning in 2027, Eneabba will be one of the few rare earths refineries operating outside of China; a multi-decade infrastructure asset capable of processing a diverse range of feedstocks, from Australian and international projects, and producing both light and heavy separated rare earth oxides,” the company noted.
Also completely overlooked by the market today was a third announcement within which Iluka reported full-year FY25 zircon, rutile and synthetic rutile production of 559,000 tonnes, above guidance, driven by strong zircon-in-concentrate output from optimised processing across its separation facilities.
While mineral sands revenue fell 13.5% to $976 million amid softer zircon pricing and lower ilmenite and synthetic rutile sales, unit cash production costs declined 18.8% to $1,054/t, and mining commenced at the Balranald project, which is ramping up through the first half of 2026.
The company continued its significant capital program, spending $862 million in 2025, mostly on the Balranald development and the Eneabba rare earths refinery, which has reached $865 million in cumulative spend and advanced key construction works.
Iluka ended the year with group net debt of $1.06 billion, split between its mineral sands and rare earths businesses.
The company has successfully tested the zircon flowsheet for its Wimmera project, confirming a substantial portion of extracted zircon is suitable for ceramics and identifying markets for most of the expected output.
Iluka Resources has a market cap of $2.4 billion; the share price is up 23% in one year and down 15% in the last week.
While the stock’s 200-day moving average is trending upwards and highlights long-term investor interest in the stock, the 20-day moving average is falling as upwards momentum wanes.
Consensus is Moderate Buy.
Imricor Medical Systems rallies on FDA clearance update
Shares in Imricor Medical Systems (ASX: IMR) were up 8.9% in afternoon trading after the healthcare mid-cap announced receipt of U.S. FDA clearance for its NorthStar Mapping System.
Today’s FDA clearance marks the first MRI-native 3D cardiac mapping and guidance platform approved in the United States.
Commenting on today’s update, Imricor’s chair and CEO, Steve Wedan, told the market that the company’s comprehensive suite of uniquely MRI-compatible devices – which it’s been building for two decades - includes both consumable products and capital equipment, enabling doctors to precisely guide minimally invasive procedures in a 100% radiation free setting.
“When it comes to iCMR procedures, NorthStar is the central hub that brings everything together,’ he said.
“It’s designed to not only facilitate diagnostic cardiac electrophysiology and ablations procedures, but also to provide MRI guidance capabilities for other procedures.“
Since NorthStar is primarily a software product, he also reminded the market that it ushers in Imricor’s software era, in which AI will play a big role in the future.
With NorthStar’s platform providing a path for capability expansion that is virtually unlimited, the company plans to continue to invest in and expand its capabilities for years to come.
Meanwhile, today’s clearance allows Imricor to commercially market its first capital equipment and software-centric product in the world’s largest electrophysiology market.
NorthStar is positioned as the central software platform for MRI-guided cardiac procedures and underpins a broader pipeline of future devices and applications, strengthening Imricor’s long-term commercial outlook.
Today’s market update follows the release of yesterday’s 4Q CY25 activities report, within which the company reported operating cash outflows of US$5.2 million and total cash and short-term investments of $40.8 million vs $45.7 million as at 30 September 2025.
At 31 December 2025, Imricor maintained a cash balance of US$19.5 million and held US$21.3 million in short-term investments, which will become cash or cash equivalents in the future.
Imricor Medical Systems has a market cap of $680 million; the share price is up 44% in one year and up 44% in the last month.
The stock appears to be in a strong bullish trend, confirmed by multiple indicators.
Consensus is Strong Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
