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Cleanspace Holdings Ltd ASX:CSX

Medical Devices Operating Leverage Share Buyback

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 3 managers in total.

Position history by manager 3 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

30 Nov 2024 to today

Commentary Showing 2 of 13

DateManagerActionSummary

31 Aug 2026Merewether CapitalHeldMerewether Capital continues to hold CleanSpace Technology because its outlook has improved markedly after a flat FY26 hampered by delayed approval of a key respirator product and US regulatory uncertainty from government shutdowns and funding restrictions. The company disclosed its largest single order of $1.9 million from a global mining customer, about 10% of last year's revenue, and received new product approvals with early trials and sales exceeding expectations. Management targets 20% annual revenue growth near term and a 25–30% operating margin longer term. With a $30 million market cap, one-third in cash, and a new buyback, Merewether sees a valuation disconnect.

Share BuybackMonthly Report, price recorded $0.40

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31 May 2026Merewether CapitalHeldMerewether Capital continues to hold Cleanspace Holdings after it downgraded revenue guidance from around 15% to low single-digit growth, driven by softening demand in key markets, particularly the US, as well as delays in certification of new loose-fitting respirators. The manager notes costs have been well managed and the underlying thesis remains intact despite the miss, so the position has been held.

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11 more comments on CSXPro shows every comment, with a link to each source document.

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First mention by manager

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Price at first mentionThe share price recorded when each of 3 managers first commented on CSX.

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Articles

About Cleanspace Holdings Ltd

Industrials, Healthcare Equipment and Supplies

CleanSpace (ASX:CSX), a maker of powered respirators, has disappointed small-cap investors with slowing growth. In August 2026, Merewether Capital reported flat revenue and profit in FY26, explaining that the business faced delayed approvals of a key new respirator product and regulatory uncertainty in key markets. Earlier in 2026, CleanSpace downgraded revenue growth guidance from around 15% to low single digits due to softer US demand and certification delays, and Jencay Capital noted first-half growth was hurt by the US government shutdown. CleanSpace operates in the Healthcare sector within the Healthcare Equipment and Supplies industry, and Thesis Tracker has captured 12 comments from 3 fund managers, including Merewether and Jencay. Founded in 2009 and headquartered in St Leonards, Sydney, CleanSpace designs, manufactures and sells lightweight powered air-purifying respirators for industrial workplaces, mining, healthcare and emergency services in Australia, North America and Europe.

Market cap: $31m
Price to earnings: Loss-making
Return on equity: 0.0%
Dividend yield: 0.0%
Price to book: 0.00x
Net margin: 0.0%
52-week range: $0.32 to $0.74

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Cleanspace Holdings Ltd (ASX:CSX)?

Fund managers including Mereweather Capital, Jencay Capital and Merewether Capital have invested in Cleanspace Holdings Ltd (ASX:CSX).

What opportunities or catalysts do fund managers highlight for Cleanspace Holdings Ltd?

Fund managers point to the potential for growth once delayed product approvals, including its new loose-fitting respirator, are secured, and to CleanSpace's position in industrial workplace safety, according to Merewether and Jencay.

What are the key risks to the Cleanspace Holdings Ltd investment thesis, according to fund managers?

Merewether highlights a revenue guidance downgrade from around 15% to low single digits, flat FY26 revenue and profit, delayed product certifications, regulatory uncertainty and softer US demand, while Jencay notes the US government shutdown affected sales.

What does Cleanspace Holdings Ltd (ASX:CSX) do?

CleanSpace Holdings Ltd. designs, manufactures, and sells respiratory protection equipment for the healthcare and industrial sectors. Founded in 2009 by Dan Kao and headquartered in St. Leonards, Australia, the company operates across Europe, Asia, and North America. Its product portfolio provides reliable, high-performance personal protective respiratory gear for diverse end markets. CleanSpace Holdings continues to focus on global distribution and manufacturing excellence within the professional safety equipment industry.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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