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Ras Technology Holdings Ltd ASX:RTH

0 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

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

2026

24 Mar 2025 to today

Commentary Showing 2 of 11

DateManagerActionSummary

31 Aug 2026Merewether CapitalHeldMerewether Capital continues to hold Racing and Sports Technology because it expects FY27 to deliver margin expansion and a return to strong profitability. FY26 revenue rose 34% to $28.4 million, but the company recorded a $300,000 net loss versus a $1.1 million profit, reflecting investment in its in-house managed trading team and Asian operations. Most of that investment occurred in the first half, with operating expenses slightly lower in the second half, setting up operating scale. At a $30 million market capitalisation, RTH trades just above 1 times recurring revenue, with key contracts onboarding and expected to lift that metric strongly.

Recurring RevenueMonthly Report, price recorded $0.61

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31 Jul 2026Merewether CapitalHeldMerewether Capital continues to hold Racing and Sports Technology because it expanded its contract with Tabcorp, its largest customer, to $2.3 million per year from $1.8 million. Combined with $2 million of new and expanded contracts disclosed in May and the imminent launch of a fully managed horse racing solution for BetMGM in the UK, estimated to add $1 million in revenue, Merewether notes the company continues its strong organic growth record. Despite a 30%-plus monthly share price gain, it trades on roughly 1 times revenue and 10 times EBITDA, which Merewether considers cheap for a business growing over 30% annually.

Monthly Report, price recorded $0.67

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9 more comments on RTHPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 2 managers first commented on RTH.

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Articles

31 Aug 2026Racing and Sports Tech Lost a Key Customer, Then New Deals Fixed It

About Ras Technology Holdings Ltd

Information Technology, Professional Services

Racing and Sports Technology (ASX:RTH), a racing data and wagering technology provider, is growing revenue but reinvesting heavily, according to Merewether Capital. In August 2026, Merewether reported RTH's revenue rose 34% to $28.4 million, with a small net loss of $300,000 compared with a $1.1 million profit a year earlier. Merewether noted a new contract with Tabcorp, its largest customer, expanding a 2023 agreement, and new customer contracts adding at least $2 million of annualised recurring revenue. RAS Technology operates in the Industrials sector within the Professional Services industry, and Thesis Tracker has captured 9 comments from 2 fund managers, including Merewether Capital. Headquartered in Kingston, Canberra, Racing and Sports Technology provides racing and sports data, content, wagering technology and SaaS solutions to bookmakers, racing bodies and media companies globally, including the UK, Australia and North America.

Market cap: $28m
Price to earnings: Loss-making
Return on equity: -6.8%
Dividend yield: 0.0%
Price to book: 2.34x
Net margin: -3.3%
52-week range: $0.46 to $1.30

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

Questions

Who is investing in Ras Technology Holdings Ltd (ASX:RTH)?

Fund managers including Mereweather Capital and Merewether Capital have invested in Ras Technology Holdings Ltd (ASX:RTH).

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

Merewether highlights strong revenue growth, an expanded contract with Tabcorp and new customer wins adding meaningful recurring revenue.

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

Merewether notes the company has moved from profit to a small loss as it invests, and relies heavily on Tabcorp as its largest customer.

What does Ras Technology Holdings Ltd (ASX:RTH) do?

RAS Technology Holdings Ltd. is an investment company providing integrated premium data, enhanced content, and SaaS solutions to the global racing and wagering industries. Headquartered in Kingston, Australia, the firm delivers business-critical technology to support wagering operators worldwide.

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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