Companies / CMA

CARMA LIMITED

ASX:CMAConsumer Discretionary Distribution & Retail
137.4M shares on issueASX (delayed) · snapshot 11 Sept 2026145.7M fully diluted+6.0% if every option and right converts$0.80price · delayed$109.9Mmarket cap · indicative

Today’s holders own 94.3% of what they think they own, once every option and right converts.

Moderate
Dilution riskprovisional — limited history

Runway under 2 quarters; 1 cash raise in 24 months; options/rights overhang 6% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.1 quarters of funding
Share-count growth (24m)0.4%
Raise cadence (24m)1 cash raise
Options & rights overhang6.0% of shares
In-the-money supply2.5% of shares
Pending proposed issuesnone

CARMA LIMITED's ordinary share count was 137M as of March 2026, an increase of 0.4% since its November 2025 listing. In the past 24 months, the company undertook one capital raise, its Initial Public Offering in November 2025, which raised A$100.0M. Options and rights on issue could convert into 8M new shares, representing 6.0% of the current share count, with 2.0% in the money at the current price, and the nearest expiry in April 2036. As of the June 2026 quarter, the company had A$1.8M in available cash, which represents approximately 0.1 quarters of funding at its recent spending rate. No proposed securities issues are pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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6.0%
Options & rights overhang
2.5%
In-the-money supply
1
Raises · last 12 months
0.1 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 137.4M per ASX (delayed) (snapshot 11 Sept 2026).
136.75M137.00M137.25MNov 25Apr 26Sept 26Cash raise · 5 Nov 2025137.4M

Cash runway

0.1 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about June 2026 — that date has passed, and no later report is on record.
$1.6M cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $16.0M cash at quarter end (item 4.6), 2.5 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
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3 quarters on record — Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.
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Issuance timeline

Latest 4 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
12 July 20263H · cancellationCMA : ORDINARY FULLY PAID137.4MAppendix 3H
12 July 20263G · unquotedCMA : ORDINARY FULLY PAID137.4MAppendix 3G
29 Mar 20262A · quoted issueCMA : ORDINARY FULLY PAID137.4MAppendix 2A
6 Nov 20252A · quoted issueCMA : ORDINARY FULLY PAID136.9MAppendix 2A
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4 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
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Capital raises

1 cash raise in the last 24 months · 1 in the last 12 months

$100.0M
Initial Public Offering
5 Nov 2025 ACTIVE
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2 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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Forward supply

Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.

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10 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
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Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

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Placement capacity — LR 7.1 / 7.1A
The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.
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Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

6.0%
Options & rights overhang · of current shares
2.5%
In-the-money supply · at current price
8.3M
Potential new shares
Apr 2036
Nearest expiry
What this supply is, and what converts it
  • Price-triggered6.4M · 4.7% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered1.9M · 1.4% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 6.4M priced (of which 3.4M in the money), 1.9M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.

Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.

What a price move would switch on
4.1M8.3M$0.80 now0.25× today ($0.20) — 3.4M of the priced supply in the money, 2.5% of shares on issue0.5× today ($0.40) — 3.4M of the priced supply in the money, 2.5% of shares on issue0.75× today ($0.60) — 3.4M of the priced supply in the money, 2.5% of shares on issue1× today ($0.80) — 3.4M of the priced supply in the money, 2.5% of shares on issue1.25× today ($1.00) — 3.4M of the priced supply in the money, 2.5% of shares on issue1.5× today ($1.20) — 3.8M of the priced supply in the money, 2.7% of shares on issue2× today ($1.60) — 6.4M of the priced supply in the money, 4.7% of shares on issue3× today ($2.40) — 6.4M of the priced supply in the money, 4.7% of shares on issue5× today ($4.00) — 6.4M of the priced supply in the money, 4.7% of shares on issue10× today ($8.00) — 6.4M of the priced supply in the money, 4.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.80 today, 3.4M securities are in the money (2.5% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 3.8M (2.7% of shares).

  • Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
  • 1.9M (22.6% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
CodeSecurityTypeExercise priceExpiryOn issueSource
CMAABOptionsPrice-triggered$0.1421 Apr 20361.2MFiling
CMAACOptionsPrice-triggered$0.1429 June 2036150kFiling
CMAADOptionsPrice-triggered$0.1427 Sept 20362.0MFiling
CMAAEOptionsPrice-triggered$1.0310 Jan 2038264kFiling
CMAAFOptionsPrice-triggered$1.0317 Feb 203834kFiling
CMAAGOptionsPrice-triggered$1.0331 Mar 203810kFiling
CMAAHOptionsPrice-triggered$1.0320 Apr 20387kFiling
CMAAIOptionsPrice-triggered$1.0323 June 203850kFiling
CMAAJOptionsPrice-triggered$1.039 Aug 203825kFiling
CMAAKOptionsPrice-triggered$1.3830 June 20392.6MFiling
CMAAMRightsCondition-triggered——28kFiling Meeting
—RightsCondition-triggered——150kFiling Meeting
CMAALPerformance rightsCondition-triggered——1.7MFiling Meeting

“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.

A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.

1 class ceased in the last 12 months and is not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • CMAAAPrice-triggered534k securities → 029 Mar 2026 Appendix 2A
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13 option lines on record — In-the-money value & price ladder
What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.
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Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
1 Sept 2026Lachlan MacGregorBuy on-market16k——$13k3Y notice
27 Feb 2026Owen WilsonBuy on-market20k———3Y notice
16 Dec 2025Owen WilsonBuy on-market20k——$34k3Y notice
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4 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

8 Sept 2026Change of Director's Interest Notice - MacGregor
2 Sept 20262026 AGM & Closing Date for Director Nominations
2 Sept 2026Change in substantial holding - Carma Ltd
31 Aug 2026Retail Deliveries Update August
30 Aug 2026$PFY26 Results Presentation
30 Aug 2026$PFY26 Results and Trading Update
30 Aug 2026$PFY26 Appendix 4E and Financial Report
24 Aug 2026Release of Securities from Voluntary Escrow
24 Aug 2026Details of FY26 Results Webinar
11 Aug 2026July Retail Deliveries Update
30 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
12 July 2026Notification regarding unquoted securities - CMA
12 July 2026Notification of cessation of securities - CMA
8 July 2026Retail Deliveries Update
4 June 2026Retail Deliveries Update
6 May 2026Retail Deliveries Update
28 Apr 2026Final Director's Interest Notice - Snowden
28 Apr 2026Director Appointment/Resignation
28 Apr 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
7 Apr 2026Retail Deliveries Update

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.