GELS

Company Overview — What Does Gelteq Ltd Do?

We are a clinical and science-based company that is focused on developing and commercializing white label gel-based delivery solutions for prescription drugs, nutraceuticals, pet care and other products. A “white label” gel-based delivery solution is where we produce a product that other companies rebrand as their own product. Our principal products are edible gels, which we refer to as gels, and their application in gel-based dosage forms. Our current product suite consists of multiple products that sit within five core verticals — for pets, sports, pharmaceutical (pharma), over-the-counter (OTC) and nutraceutical — all of which leverage our patent pending multiple-ingredient dosage forms, and that we expect to have a wide range of applications and consumers. We currently focus our efforts on out-licensing our technology to companies to develop and create new products they can manufacture and sell within their established and researched markets, while we continue to manufacture our existing products under license (“white label”). Of our products already licensed, two clients have placed initial orders for nutraceutical products, and there have been four other products in the sports vertical ordered. From these orders, we shipped 15,000 units during May 2022, 250,000 units during June 2022 and 60,000 units in December 2022. For the year ended June 30, 2023, the 60,000 units delivered in December 2022 has been recognized as revenue of AUD$79,843 (USD$57,487) from the deferred revenue balance at June 30, 2022. The Company expects to fulfill the remaining orders in the fiscal year ending June 30, 2025. In January 2023, one of our existing clients placed further orders for two new products totaling 120,000 units, of which we received a AUD$45,437 (USD$32,715) non-refundable deposit for such orders in May 2023, and a new client placed an order for 80,000 units. As of August 2024, the delay on outstanding deliveries is due to certain of our clients experiencing cash flow difficulties and currently being unable to pay for their outstanding orders. These customers have not cancelled their orders and they expect to resolve their cash flow difficulties and we plan to manufacture and deliver such units ordered as soon as they resolve their cash flow difficulties in the fiscal year ending June 30, 2025. In October 2023, we received a further order for 200,000 units in our nutraceutical vertical, of which we received a non-refundable deposit of AUD$40,000 (USD$28,800). The October 2023 order was requested by the customer to be manufactured in the fourth quarter in the calendar year 2024, and as such we expect to manufacture and deliver the October 2023 orders in the fiscal year ending June 30, 2025. We have also put in place greater rigorous qualification procedures to ensure future customers have the financial ability to fund orders through to manufacturing in a timely manner. Also, due to world-wide supply chain delays which affected timing of prior product shipments, we have also put in place strategies to mitigate delays in the future, including establishing an additional sampling and research and development facility at its headquarters in Melbourne, Australia. The Company expects to finalize a dedicated production line with a GMP certified manufacturer in Melbourne, Australia in the fiscal year ending June 30, 2025 to further enhance production capacity which will avoid future delays. For the year ended June 30, 2022, we invoiced a total of AUD$267,301 (USD$192,457) for units ordered, of which approximately AUD$147,536 (USD$106,226) was delivered to customers and recognized as revenue. The remaining AUD$119,765 (USD$86,231) was for orders that have been invoiced but not delivered and as such were not recognized as revenue and are considered deferred revenue. As a result, for the year ended June 30, 2022, approximately 50.2% of the orders ordered were with related parties and 91% of revenue recognized were with related parties. For the year ended June 30, 2023 and for the nine months ended March 31, 2024, total units ordered were 200,000 for both periods and none were with related parties. Cumulatively, from our inception through March 31, 2024, approximately 23% of total units ordered were from related parties and none of the January 2023 or October 2023 orders were from related parties. With regards to the pets, nutraceutical and sports vertical, we designed these products to have no regulatory hurdles to overcome as they have food grade classifications and therefore do not require regulatory approvals. We designed our gel platform to enhance the tolerability and stability of drugs while maintaining their efficacy. Products in the pharma vertical will require regulatory approval. We have been funded since inception through a combination of equity contributions, related party loans and Australian government grants/tax incentives. We will continue to balance our research and development alongside our revenue generating activities, with AUD$ Nil of recognized revenue plus deferred revenue of AUD$40,000 (US$28,800) received for the nine months ended March 31, 2024, resulting in an aggregate deferred revenue of AUD$125,359 (US$90,258) as at March 31, 2024. For the financial year ended June 30, 2023, we generated AUD$79,843 (USD$57,487) of recognized revenue which are attributable to deferred revenue, plus deferred revenue of AUD$45,437 (USD$32,714) received in the financial year ended June 30, 2023 resulting in an aggregate deferred revenue of AUD$85,359 (USD$61,458) as at June 30, 2023. For the financial year ended June 30, 2022, we generated AUD$147,536 (USD$106,226) of recognized revenue attributable to deferred revenue and AUD$267,301 (USD$192,457) of deferred revenue received in the financial year ended June 30, 2022, resulting in an aggregate deferred revenue of AUD$119,765 (USD$86,231) as at June 30, 2022. We have prepared and applied for patents which relate to a diagnostic gel product comprising glucose, and certain multiple-health ingredient dosage forms. Our first patent family is comprised of the granted U.S. patent 10,983,132, the People’s Republic of China patent CN108289963B and Australia patent 2016351301 which is for an oral glucose tolerance test gel and testing method for diabetes diagnostics, and pending patent applications in the following additional countries or jurisdictions: Canada, the European Patent Office, India and Qatar. We are seeking to protect products that employ our gel technology in our second patent family which is directed to certain multiple-health ingredient dosage forms which utilize a gel formulation that features agarose and alginate that in certain ratios and pH ranges form gels of specific firmness to deliver two or more health ingredients (including medicines) in a single dosage form. This second patent family is comprised of the granted European Patent Office patent 3809877 and patent pending applications in the following countries: Australia, Brazil, Canada, the Eurasian Patent Organization, Israel, India, Japan, South Korea, Mexico, the People’s Republic of China, Saudi Arabia, the United Arab Emirates, the United States, and South Africa. Our vision is to change the way good health is delivered to both humans and animals through our patent pending multiple-health-ingredient gel dosage forms. We have pending trademark registrations for “Gelteq” in Australia, the United States and several other countries and jurisdictions and registered trademarks for “Gelteq” in Japan, the People’s Republic of China, South Korea, Thailand, the United Kingdom and several other countries and jurisdictions. We also have a registered trademark for the Gelteq logo and “Pet Gels” logo in the United Kingdom, which we expect will both be submitted for approval as registered trademarks in the countries and jurisdictions where we have pending and registered trademarks for “Gelteq” referred to in the immediately preceding sentence. We also have pending trademark registrations for a stylized logo of “SportsGel” in Australia, the United States and several other countries and jurisdictions. We continue to work on preparing additional patent applications. Our third patent application addresses challenges with delivering oil-based products in gels, our fourth patent application covers products produced for the nutritional health dysphagia market where swallowing tablets is challenging, and our fifth patent application addresses pharmaceutical formulations with the delivery of a single Active Pharmaceutical Ingredient (API). These applications have been lodged as provisional patents in the United Kingdom in August 2022, December 2022 and May 2023, respectively. We expect to file our sixth and seventh patent families in the first quarter of the fiscal year ending June 30, 2025 to further protect the varying APIs that our gel delivery platform can hold. We anticipate to lodge additional patent applications in addition to our sixth and seventh patent families during the financial year ending June 30, 2025, as we further increase our intellectual property portfolio as we continue to attain U.S. Food and Drug Administration (FDA) approvals for our gel-based drug dosage forms through the 505(b)(2) pathway. We will continue to seek to protect our intellectual property through a combination of patents, trademarks, trade secrets, non-disclosure and confidentiality agreements, assignments of invention and other contractual arrangements with our employees, consultants, partners, manufacturers, customers and others. We believe these efforts have the potential to protect various proprietary applications of our gel delivery system from imitation. We were incorporated under the laws of the State of Victoria, Australia on October 15th, 2018. Our technology was assigned to us by our founders and a predecessor entity, who created it prior to the incorporation of our company. The intellectual property was then assigned to Gelteq at Gelteq’s inception to continue to build on this work. We currently have two direct, wholly-owned subsidiaries as part of our organizational structure: Nutrigel Pty Ltd and Unit Trust (“NPL”) and Sport Supplements Pty Ltd and Unit Trust (“SSPL”). Our registered office is located at Vistra Australia, Level 4, 100 Albert Road, South Melbourne VIC, 3025, Australia. Our principal place of business is located at 639-641 Glenhuntly Road, Caulfield, VIC 3162, Australia. Gelteq Ltd (GELS) is classified as a micro-cap stock in the Healthcare sector, specifically within the Pharmaceutical Products industry. The company is led by CEO Nathan J. Givoni. With a market capitalization of $8M, GELS is one of the notable companies in the Healthcare sector.

Gelteq Ltd (GELS) Stock Rating — Avoid (April 2026)

As of April 2026, Gelteq Ltd receives a Avoid rating with a composite score of 27.6/100 and 1 out of 5 stars from the Blank Capital Research quantitative model.GELS ranks #4,007 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, Gelteq Ltd ranks #694 of 838 stocks, placing it in the lower half of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

GELS Stock Price and 52-Week Range

Gelteq Ltd (GELS) currently trades at $0.77. The stock lost $0.00 (0.0%) in the most recent trading session. The 52-week high for GELS is $4.11, which means the stock is currently trading -81.3% from its annual peak. The 52-week low is $0.64, putting the stock 20.0% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.

Is GELS Overvalued or Undervalued? — Valuation Analysis

Gelteq Ltd (GELS) carries a value factor score of 14/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 0.69x, versus the sector average of 2.75x.

At current multiples, Gelteq Ltd trades at a premium to most Healthcare peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Gelteq Ltd Profitability — ROE, Margins, and Quality Score

Gelteq Ltd (GELS) earns a quality factor score of 32/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -168.2%, compared to the Healthcare sector average of -43.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -123.8% versus the sector average of -33.1%.

Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

GELS Debt, Balance Sheet, and Financial Health

Gelteq Ltd has a debt-to-equity ratio of 27.0%, compared to the Healthcare sector average of 32.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. Total debt on the balance sheet is $3M. Cash and equivalents stand at $226,537.

GELS has a beta of 2.00, meaning it is more volatile than the broader market — a $10,000 investment in GELS would be expected to move 99.7% more than the S&P 500 on any given day. The stability factor score for Gelteq Ltd is 12/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Gelteq Ltd Revenue and Earnings History — Quarterly Trend

In TTM 2026, Gelteq Ltd reported revenue of $0 and earnings per share (EPS) of $-0.47. Net income for the quarter was $-4M. Operating income came in at $-4M.

In FY 2025, Gelteq Ltd reported revenue of $0 and earnings per share (EPS) of $-0.47. Net income for the quarter was $-4M. Operating income came in at $-4M.

In FY 2024, Gelteq Ltd reported revenue of $0 and earnings per share (EPS) of $-0.29. Net income for the quarter was $-4M. Operating income came in at $-3M.

In FY 2023, Gelteq Ltd reported revenue of $53,199 and earnings per share (EPS) of $-0.29. Net income for the quarter was $-3M. Gross margin was -309.9%. Operating income came in at $-3M.

Over the past 4 quarters, Gelteq Ltd has experienced revenue contraction from $53,199 to $0. Investors analyzing GELS stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

GELS Dividend Yield and Income Analysis

Gelteq Ltd (GELS) does not currently pay a dividend. This is common among smaller companies in the Pharmaceutical Products industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Healthcare dividend stocks may want to explore other Healthcare stocks or use the stock screener to filter by dividend yield.

GELS Momentum and Technical Analysis Profile

Gelteq Ltd (GELS) has a momentum factor score of 20/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 59/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 40/100 reflects moderate short selling activity.

GELS vs Competitors — Healthcare Sector Ranking and Peer Comparison

Within the Healthcare sector, Gelteq Ltd (GELS) ranks #694 out of 838 stocks based on the Blank Capital composite score. This places GELS in the lower half of all Healthcare stocks in our coverage universe. Key competitors and sector peers include ASTRAZENECA PLC (AZN) with a score of 61.4/100, Sol-Gel Technologies Ltd. (SLGL) with a score of 56.6/100, VIEMED HEALTHCARE, INC. (VMD) with a score of 53.4/100, Innoviva, Inc. (INVA) with a score of 52.7/100, and JOHNSON & JOHNSON (JNJ) with a score of 51.7/100.

Comparing GELS against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full GELS vs S&P 500 (SPY) comparison to assess how Gelteq Ltd stacks up against the broader market across all factor dimensions.

GELS Next Earnings Date

No upcoming earnings date has been announced for Gelteq Ltd (GELS) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy GELS? — Investment Thesis Summary

The quantitative profile for Gelteq Ltd suggests caution. The quality score of 32/100 flags below-average profitability. The value score of 14/100 indicates premium valuation. Momentum is weak at 20/100, a headwind for near-term performance. High volatility (stability score 12/100) increases portfolio risk.

In summary, Gelteq Ltd (GELS) earns a Avoid rating with a composite score of 27.6/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on GELS stock.

Related Resources for GELS Investors

Explore more research and tools: GELS vs S&P 500 comparison, top Healthcare stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare GELS head-to-head with peers: GELS vs AZN, GELS vs SLGL, GELS vs VMD.