- 0115AMIC highlighted disciplined, well-capitalised Australian microcaps executing growth plans.
- 02Lark sales rose 15% to $18m; exports grew 69%, with China launch underway.
- 03Eve Health is advancing novel oral delivery for reformulated medicines.
There is a unique energy that permeates the floor at the Australian MicroCaps Conference. As journalists at Small Caps, our mission is to uncover the stories, track the milestones, and dissect the growth strategies of Australia’s emerging companies.
Attending the 15th Australian MicroCaps Conference (15AMIC) in Melbourne provided a fantastic opportunity to sit down face-to-face with executive leadership, hear their journeys firsthand, and bring those insights directly to our audience via the Small Caps YouTube channel.
Microcaps represent the true engine room of innovation on the ASX. Unencumbered by the inertia of mega-cap conglomerates, these lean, driven management teams are pioneering breakthroughs across biotechnology, fintech, maritime infrastructure, consumer goods, and digital media.
Throughout the conference, one overarching theme became abundantly clear: despite macro volatility and shifting market cycles, high-quality Australian microcaps are disciplined, well-capitalised, and executing sharply on their strategic roadmaps.
Here is our comprehensive wrap-up of the leaders and innovators we interviewed on the ground at this year’s event.
Company Highlights
Lark Distilling: Crafting a global spirit brand from Tasmania
Lark Distilling (ASX: LRK) stands as Australia's premier luxury single malt whisky producer, rooted in the rich heritage of Hobart. Fresh from speaking on the main stage, Managing Director Stuart Gregor sat down with us to share how the company has revitalised its brand identity under new leadership.
Lark recently restaged its signature range, driving a 15% lift in net sales to $18 million and an impressive 69% growth in exports, capped off by its inaugural shipment into China.
With $14.3 million in cash reserves and zero debt, Lark is operating from a position of financial strength. Gregor, who brought extensive brand-building experience from his time co-founding Four Pillars Gin, emphasised that expanding international distribution remains Lark’s defining growth engine.
A critical pillar of this strategy is the Global Travel Retail (GTR) channel or duty-free retail which Gregor anticipates could represent up to 20% of Lark’s global volume in the coming years. By capitalising on high-dwell-time travel hubs like Sydney, Melbourne, Brisbane, and upcoming placements at Incheon International Airport in South Korea, Lark is putting Tasmanian luxury whisky directly into the hands of global travellers.
Eve Health Group: Making generics better via novel oral delivery
Eve Health Group (ASX: EVE) is commercialising reformulated pharmaceuticals in high-growth therapeutic areas, positioning itself with the clear philosophy of "making generics better".
Key products include Libbo, an oral soluble film for erectile dysfunction that dissolves on the tongue and acts in under 15 minutes—and Dyspro, targeting period pain and endometriosis, all supported by digital patient platforms.
Newly appointed CEO Ben Rohr highlighted near-term revenue generation and cash preservation as paramount priorities to fund the runway toward full product registration with minimal disruption.
To accelerate prescriber adoption, the company is actively expanding beyond the admin-heavy SAS-B scheme and leveraging the compounding channel, enabling doctors to seamlessly prescribe tailored oral film solutions directly to patients.
Raiz Invest: Democratising wealth for australia's next generation
Pioneering micro-investing in Australia by putting spare change to work, Raiz Invest (ASX: RZI) delivered a stellar FY26 performance: revenue surged 21% to $29.2 million, underlying EBITDA nearly doubled, and funds under management (FUM) surpassed $2.3 billion across 350,000+ active customers.
CEO Craig Keary emphasised that Raiz sits directly in the sweet spot of two major tailwinds: the massive intergenerational wealth transfer and an unprecedented rise in Gen Z market participation.
Listening closely to its user base, Raiz’s upcoming FY27 roadmap includes the launch of direct US share trading and ASX equity trading, expanding the platform into a comprehensive global wealth hub for everyday investors.
Bhagwan Marine: Expanding national footprint with high-margin towage
As Australia’s largest listed marine solutions provider servicing offshore energy, ports, and civil infrastructure, Bhagwan Marine (ASX: BWN) recently completed the transformational acquisition of Riverside Marine.
Managing Director Louis Kanakoski reported that integration across finance, safety, and procurement systems is tracking exceptionally well. The acquisition integrates a 100-year maritime legacy, expands Bhagwan into lucrative port towage tenders, and strengthens corporate resilience with a high 94% contracted rate and a recurring revenue base approaching 60%.
Camplify Holdings: Returning to profitability in global P2P travel
Operating one of the world's leading peer-to-peer RV and caravan sharing platforms alongside PaulCamper in Europe, Camplify (ASX: CHL) achieved a complete financial turnaround in FY26. The company returned to EBITDA profitability, delivered a $2.1 million second-half net profit, and maintains $10 million in cash with zero debt.
Founder and Executive Director Justin Hales attributed this success to disciplined unit economics—focusing on profitable bookings and integrating the MyWay mutual protection product to boost margins. As the domestic summer holiday season heats up, Camplify is preparing to roll out its proprietary insurance model into European markets to accelerate high-margin international scaling.
Neurotech International: Breakthrough clinical progress in pediatric neurology
Developing NTI-164, a broad-spectrum oral cannabinoid therapy for paediatric neurological conditions like autism, Neurotech International (ASX: NTI) is entering a pivotal phase. Having completed intensive preclinical groundwork to secure full IND clearance and CMC batch consistency approval from the US FDA, Neurotech is now active in the US market.
Executive Chair Mark Davies noted that Phase II trial data demonstrated an extraordinary 85% patient improvement rate. With Phase III trials officially underway and US patents secured through 2042, Davies’ top priorities over the next nine months focus on trial execution and bringing a major pharmaceutical licensing deal to the table.
Starpharma: Validating proprietary dendrimer delivery in targeted oncology
Leveraging two decades of dendrimer technology, Melbourne-based biotech Starpharma (ASX: SPL) saw FY26 revenue surge 145%, driven by a major licensing deal with global pharmaceutical giant Genentech. Supported by a $30 million entitlement offer extending its cash runway into FY28, Starpharma is advancing its target oncology pipeline through its DEP platform.
CEO Cheryl Maley highlighted the company's DEP HER2-lutetium candidate in radiopharmaceuticals, a rapidly growing field in cancer treatment. By pairing HER2 targeting with dendrimers. Starpharma aims to achieve superior biodistribution, higher tumour uptake, and reduced side effects compared to traditional therapies.
FOS Capital: Illuminating Infrastructure and Commercial Growth
FOS Capital (ASX: FOS) manufactures and distributes commercial, architectural, and outdoor lighting solutions across Australia and New Zealand. The acquisition of the Aldridge traffic system business 12 months ago has propelled FOS directly into major road and street lighting projects, recently securing a key contract on the Eastern Freeway.
Managing Director Con Scrinis shared that FOS enters FY27 with its strongest order book in over two years and a record $130 million quote pipeline. The business is targeting $27–$28 million in revenue and a return to strong profitability in FY27, with full operational impact expected in FY28.
Aureka: Fast-tracking Victoria's high-grade gold fields
Aureka (ASX: AUA) holds a portfolio of high-grade Victorian gold assets, centered on the flagship Irvine Gold Project (featuring a 398,000oz inferred resource) and the Comstock project.
Managing Director James Gurry announced a fast-tracked path to production following a highly shareholder-friendly scrip acquisition of an operating gold mine and processing mill where Aureka previously held a toll-milling agreement.
With mining set to commence shortly, Aureka is simultaneously expanding its exploration footprint at Irvine, where recent step-out drilling extended mineralisation 750 metres toward the historic Stawell gold mine.
Infragreen: Record performance and smart capital allocation
Sustainable infrastructure leader Infragreen (ASX: IFN) posted record FY26 results, with underlying revenue rising 26% to $116.8 million and EBITDA growing 29%, driven by standout performances from its Energybuild and Pure divisions.
Managing Director Declan Sherman noted that despite strong operating fundamentals and earnings momentum heading into FY27, the stock remains significantly undervalued.
In response, Infragreen has launched an active share buyback, framing it as a disciplined, low-risk capital management strategy that reinvests directly into the company’s high-performing asset base.
Entropy Neurodynamics: Precision-controlled psychedelic therapeutics
Formerly Tryptamine Therapeutics, clinical-stage biotech Entropy Neurodynamics (ASX: ENP) is pioneering precision-controlled psychedelic medicine targeting the gut-brain axis. Its oral psilocybin trial in treatment-refractory IBS delivered a remarkable 75% response rate.
CEO Jason Carroll highlighted the strategic shift toward its IV-infused psilocin platform (TRP-8803). Unlike oral options that take hours to show effect, IV infusion acts within 10 minutes, offers precise dosage control, and fits seamlessly into established US medical infusion infrastructure. Trial results from its binge eating disorder cohort are expected before year-end.
AuzBiz: Synthesising market intelligence for microcap investors
Addressing the persistent research vacuum facing individual microcap investors, media platform AusBiz has introduced AusBiz Plus.
Co-founder and Managing Director Kylie Merrick explained how the tool leverages AI to synthesise over 25-30 daily video interviews with company executives and fund managers into structured, verified stock commentary.
By indexing licensed professional insights directly to individual ticker codes, AusBiz Plus enables investors to rapidly audit historical investment theses, evaluate changing corporate narratives, and make informed decisions.
Final Takeaways
The 15th Australian MicroCaps Conference clearly demonstrated that innovation, agility, and value creation remain alive and well across the ASX small-cap ecosystem.
From commercialising breakthrough medical technologies to expanding global retail footprints, these 12 management teams exemplify the resilience and strategic clarity required to thrive.
We look forward to tracking their journeys closely on Small Caps as they execute on their roadmaps in the years ahead.
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The ASX small-cap stories that matter, filed before 9am AEST. Curated by the Small Caps desk.