Lunch Wrap: Blackout hits ASX tech as NextDC plunges 40pc

• NextDC plunges as power woes smash guidance
• Tech cops a hiding as ASX slips at lunch
• Musk eyes SpaceX-Tesla mega-merger

The S&P/ASX 200 slipped 0.1% by Wednesday lunchtime in Sydney, as an early rally fizzled amid fresh RBA rate jitters.

Wall Street had a decent night, though, with the Dow jumping 0.9%.

And Elon Musk was back making headlines.

His SpaceX reported a monster 161% jump in quarterly revenue to US$14.6 billion, smashing forecasts as Starlink brought home the bacon.

SpaceX is also making a motza renting computing power to AI heavyweights like Google and Anthropic.

And Musk’s not done. He’s now floating a possible merger between SpaceX and Tesla.

Back on the ASX, NextDC (ASX:NXT) got absolutely belted, plunging 40% after chopping its FY27 revenue forecast from $615m–$640m to $475m–$500m.

The hiding dragged tech to the bottom of the ASX sector ladder this morning, with the sector down almost 4%.

NextDC also took a chainsaw to its earnings outlook, slashing underlying EBITDA guidance from $385m–$410m to $245m–$265m.

The culprit is its M3 Melbourne data centre, which can’t get enough juice after local network operator Jemena pulled the handbrake on power upgrade works amid community pushback.

Work isn’t expected to restart before February, meaning some customer revenue gets kicked into FY28.

NextDC also trimmed its planned spending to $4.5bn–$5bn.

And the headache spread to SKS Technologies (ASX:SKS) which holds the power infrastructure contract at M3.

SKS shares fell 7%.

In other large caps news…

ProMedicus (ASX:PME) pocketed a sweet $43m, seven-year deal with US hospital group Virtua Health. Its fancy Visage 7 software will help doctors juggle medical scans across five hospitals, with more cash potentially coming if usage takes off.

Nice little earner, that.

Telix Pharmaceuticals (ASX:TLX) wasn’t mucking around either, with quarterly revenue up 19% to US$245m.

Its cancer imaging business is firing, annual revenue and other income are heading past US$1bn, and it’s lining up a $2.3bn German takeover.

Meanwhile, Sigma Healthcare (ASX:SIG) said Chemist Warehouse’s Aussie sales jumped 12.1%, with existing stores up 9.8%.

Over in the gold patch, Northern Star Resources (ASX:NST) was among the early winners, even though production slumped 19% and costs shot up 20%.

Sounds abysmal, but the numbers actually beat forecasts, and FY27 guidance stayed intact.

And there’s still that nearly $39bn takeover proposal from Gold Fields floating around. Northern Star reckons it’s too stingy.

Elsewhere, Woodside Energy Group (ASX:WDS) raked in US$4.28bn in quarterly sales, up 2%, as LNG prices jumped 27% and production climbed 12%.

Its Scarborough project is 99% done and still on track for first LNG this year, despite protesters briefly crashing the party.

Woodside’s certainly been making lemonade out of that particular lemon called the global oil crisis.

Beach Energy (ASX:BPT) also had a belter, with record quarterly revenue of $565m, up 41%, as production rose 9%.

Guidance stayed put, but Beach had another whinge about Labor’s proposed gas reservation scheme, warning it could scare off investment.

ASX LEADERS

Today’s best performing stocks (including small caps) intraday:

Security Description Last % Volume MktCap WHK Whitehawk Limited 0.004 60% 54,610,432 $3,497,488 ENV Enova Mining Limited 0.002 50% 348,439 $2,277,609 ENT Enterprise Metals 0.004 33% 271,262 $5,752,285 EAX Energy Action Ltd 0.405 29% 77,113 $12,872,408 CAN Cann Group Ltd 0.005 25% 90,542 $6,642,374 FGH Foresta Group 0.010 25% 750,000 $22,864,629 RLC Reedy Lagoon Corp. 0.003 25% 800,000 $1,553,413 EM3 Emc Gold Corp 0.110 21% 103,231 $37,474,670 CTD Corp Travel Limited 2.990 21% 3,004,050 $344,563,567 AXP AXP Energy Ltd 0.006 20% 9,415,594 $2,248,668 EXT Excite Technology 0.006 20% 23,344,281 $13,815,824 OLY Olympio Metals Ltd 0.045 18% 63,665 $8,971,757 AXR Axiant Resources Ltd 0.165 18% 101,683 $5,600,000 ARN Aldoro Resources 0.315 17% 532,687 $64,139,233 SMM Somerset Minerals 0.007 17% 900,000 $9,627,750 DTM Dart Mining NL 0.011 16% 379,210 $3,175,120 LEG Legend Mining 0.008 14% 158,551 $20,401,340 SP3 Specturltd 0.008 14% 1,000,001 $2,911,459 CSX Cleanspace Holdings 0.450 14% 59,909 $31,355,808 RCE Recce Pharmaceutical 0.330 14% 460,086 $88,673,321 CRR Critical Resources 0.009 13% 150,000 $27,506,284 EV1 Evolutionenergy 0.009 13% 526,848 $6,533,824 NFM New Frontier 0.005 13% 379,029 $6,953,186 VAN Vantage Metals 0.028 12% 62,500 $9,442,388 CUF Cufe Ltd 0.058 12% 8,351,181 $107,827,671

Energy Technologies (ASX:EGY) rocketed 130% after its Cogenic subsidiary struck a binding deal with SYNCH that could lead to up to US$10m in smart-glasses orders over a year.

It starts with a US$250,000 trial involving 10 high-tech glasses for field operations, but the bigger orders depend on successful testing and aren’t guaranteed.

CurveBeam AI (ASX:CVB) had its best first-quarter sales result yet, booking orders for five HiRise medical scanners, while also securing US approval for its bone-density scanning technology.

It’s also cracked the Chinese regulatory market, unlocking a $1m milestone payment, although quarterly customer receipts slipped to $1.8m.

Infinity Metals (ASX:INF) has fired up the drill rigs at its Yambacoona tin project in NSW, with up to 35 holes planned to hunt for signs of tin-related mineralisation beneath the surface.

The early stage project sits near Sky Metals’ Doradilla discovery area and shares similar geology, although it’s still very much in the exploration game.

ASX LAGGARDS

Today’s worst performing stocks (including small caps) intraday:

Security Description Last % Volume MktCap NAG Nagambie Resources 0.011 -39% 8,709,935 $22,757,302 MAY Melbana Energy Ltd 0.003 -25% 11,500 $15,127,875 NS1 Nodestream Ltd 0.003 -25% 4,234,805 $8,014,904 IPD Impedimed Limited 0.005 -25% 68,748,897 $21,975,246 AUG Augustus Minerals 0.029 -22% 78,560 $9,947,801 SPL Starpharma Holdings 0.593 -21% 2,924,751 $359,804,336 AGR Aguia Res Ltd 0.008 -20% 4,840,680 $24,000,207 LCY Legacy Iron Ore 0.004 -20% 258,153 $48,810,213 BKY Berkeley Energia Ltd 0.760 -16% 79,321 $406,126,760 AFL Af Legal Group Ltd 0.130 -16% 1 $14,374,013 DBO Diabloresources 0.011 -15% 1,427,506 $7,033,949 CPM Coopermetalslimited 0.064 -15% 329,215 $10,780,740 ARV Artemis Resources 0.003 -14% 25,000 $20,307,228 LU7 Lithium Universe Ltd 0.003 -14% 125 $6,610,386 TR2 Tali Resources Ltd 0.250 -14% 5,468 $14,159,475 CMD Cassius Mining Ltd 0.013 -13% 951,037 $13,675,768 PMM Pioneerminerals Ltd 0.300 -13% 255,188 $25,839,129 BTN Butn Limited 0.007 -13% 400,375 $3,053,736 ATH Alterity Therap Ltd 0.280 -13% 218,923 $73,328,270 DAL Dalaroometalsltd 0.123 -13% 352,475 $56,485,316 BNZ Benzmining 4.270 -12% 390,233 $1,626,755,514 PEN Peninsula Energy Ltd 0.190 -12% 332,669 $122,886,551 CBY Canterbury Resources 0.031 -11% 7,698 $10,287,311 MEG Megado Minerals Ltd 0.008 -11% 1,319,831 $6,553,649 SRJ SRJ Technologies 0.004 -11% 1,000,000 $7,754,483

IN CASE YOU MISSED IT

EBR Systems (ASX:EBR) has applied for Australian regulatory approval of its WiSE cardiac pacing system for heart failure patients.

GoldArc Resources (ASX:GA8) has secured approval for a western haul road and expanded camp ahead of mining at Mt Stirling.

GreenTech Metals (ASX:GRE) has intersected copper-zinc-silver mineralisation beyond Whundo’s resource, highlighting opportunities for shallow and deeper resource growth.

MONEYME (ASX:MME) has expanded its loan book to $2.24bn while reducing annualised net credit losses to a record-low 2%.

Mount Ridley Mines (ASX:MRD) has achieved 95% gallium extraction from bauxite in initial Selectro testwork alongside strong aluminium and iron recoveries.

Nimy Resources (ASX:NIM) has started a maiden 6000m drilling program testing two gold anomalies along the Corporate James trend in WA.

Pacific Lime and Cement (ASX:PLA) has received its first major kiln shipment ahead of mechanical installation at PNG’s Central Lime project.

Pure One Corporation (ASX:P1E) has secured orders for nine Zeus electric vans and appointed its first three Australian dealers.

LAST ORDERS

Red Metal (ASX:RDM) has started six-metre column leach tests on saprock and transitional ore from its Sybella rare earths project, giving a closer simulation of a full-scale heap than the earlier two-metre tests, which returned neodymium extraction of up to 76%.

Parallel two-metre columns are testing a coarser crush size that could cut crushing costs. Results will feed into the pre-feasibility study, targeted for early 2027.

West Coast Silver (ASX:WCE) has reported that joint venture partner Falcon Metals (ASX:FAL) intersected 12m at 2.8g/t gold from surface, including 4m at 4.7g/t, in its first hole at the Olsen Well prospect in WA.

Falcon is funding the drilling, has expanded the program to 7000m and is awaiting assays from 30 more holes.

At Stockhead, we tell it like it is. While Red Metal and West Coast Silver are Stockhead advertisers, they did not sponsor this article. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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