Stefan Tan, CFA from Spark Plus has just published his research report on X2M Connect (ASX:X2M).

X2M Connect (ASX: X2M) is entering a pivotal inflection point, evolving from a hardware-centric smart metering business into a high margin, data-driven IoT and AI platform positioned at the heart of global trends in digitisation, renewable energy, and connected infrastructure. Following the Company’s successful A$5.4mn recapitalisation in July 2025, X2M is now equipped with a stronger balance sheet, a rapidly expanding global footprint, and a clear strategy to monetise its 40+ patent technology across utilities, renewables, and public safety. At current valuations, X2M offers investors a compelling re-rating story built on technological leadership, recurring revenue expansion, and growing international momentum. Select the link to read Stefan Tan's report:

Spark Plus research report on X2M Connect