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Prophecy International Holdings Ltd ASX:PRO

0 opened or increased0 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 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 3

DateManagerActionSummary

31 Aug 2025Mereweather CapitalExitMereweather Capital exited its position in Prophecy International Holdings Ltd because a large customer churn caused ARR to fall from $28.4 million at end of FY24 to $21.5 million at end of FY25 — also requiring a restatement of historical ARR due to ERP system errors — breaking the core investment thesis that the business was a steadily growing software company approaching operating leverage. Mereweather Capital notes the fund exited swiftly upon learning of the large customer churn.

Enterprise Software SaaSMonthly Report, price recorded $0.34

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28 Feb 2025Mereweather CapitalHeldThe fund manager continues to hold Prophecy International (PRO), noting revenue was in line with guidance but 1% headline growth was misleading due to legacy revenue roll-off, with continuing operations growing 6%. The manager highlights operating costs fell from $13.5 million to $12.9 million as a positive step, but acknowledges the business remains in an unenviable position of being low-growth and unprofitable, requiring improvement in one or both dimensions.

Enterprise Software SaaSMonthly Report, price recorded $0.46

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Price at first mentionThe share price recorded when each of 1 managers first commented on PRO.

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About Prophecy International Holdings Ltd

Information Technology, Software

Prophecy International (ASX:PRO) is a software company that Mereweather Capital has followed through a difficult period of disclosures. In August 2025, Mereweather noted Prophecy announced a merger during the month, but that news was overshadowed by the loss of a key customer. Mereweather had earlier reported Prophecy admitted it had been overstating its annualised recurring revenue, discovered during a customer management software upgrade, and that headline revenue growth of 1% was misleading because legacy revenue was rolling off. Prophecy International operates in the Information Technology sector within the Software industry, and Thesis Tracker has captured 3 comments from 1 fund manager, Mereweather Capital. Founded in 1997 and headquartered in Adelaide, Prophecy International designs, develops and markets enterprise software, including the Snare security log management platform and the Basis2 utility billing system, to customers globally.

Market cap: $6m
Price to earnings: Loss-making
Return on equity: 381.5%
Dividend yield: 0.0%
Price to book: -0.90x
Net margin: -40.9%
52-week range: $0.05 to $0.21

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

Questions

Who is investing in Prophecy International Holdings Ltd (ASX:PRO)?

Fund managers including Mereweather Capital have invested in Prophecy International Holdings Ltd (ASX:PRO).

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

Mereweather Capital noted Prophecy announced a merger, which could create a larger, more diversified software business, though it has not detailed specific catalysts beyond that transaction.

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

Mereweather highlights the churn of a key customer, an overstatement of annualised recurring revenue and weak underlying revenue growth as legacy revenue rolled off, raising concerns about disclosure quality and growth.

What does Prophecy International Holdings Ltd (ASX:PRO) do?

Prophecy International Holdings Ltd. is an Australian software company headquartered in Adelaide. Founded in 1997, the firm designs, develops, and markets enterprise software applications globally. The company operates through three core business segments: Legacy, SNARE (cybersecurity and log management), and eMite (customer experience and service management analytics). Prophecy International focuses on delivering specialized software solutions to manage complex IT environments and security requirements for enterprise clients.

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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