NUIX CAPS TROUBLED YEAR WITH A LOSS

TECH firm Nuix has swung to a net loss, with a shift in the business model driving revenue, but events since it listed at the tail end of 2020 continue to haunt the company.

Nuix, which produces investigative analytics and intelligence software, has been in the headlines in the wake of three market selldowns which saw the company’s shares fall from $11.05 to just $2.87 on Friday. This came after the business missed guidance and delivered two profit warnings.

Shares further slumped Monday, falling 10.8 per cent from their $2.87 Friday close to $2.56 by 1pm after Nuix reported a $1.64m loss, down 107 per cent on the $23.58m profit last year. This comes amid a string of issues for the company.

The Australian Securities and Investments Commissions is investigating Nuix and

EX-CFO Mr Doyle. The company is also under investigation for alleged misstatements across several corporate documents in the lead-up to its listing.

The Australian Federal Police are also investigating co-founder Tony Castagna for potential breaches of the Corporations Act involving Nuix.

Nuix’s CEO Rod Vawdrey is due to leave the business after Nuix released its fullyear earnings, but no replacement has yet been announced.