RECTIFIER TECHNOLOGIES LTD

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ABN 82 058 010 692

Annual Report - 30 June 2025

Rectifier Technologies Ltd
Contents
30 June 2025
Corporate directory	2
Chairman's report	3
Directors' report	5
Auditor's independence declaration	17
Statement of profit or loss and other comprehensive income	18
Statement of financial position	19
Statement of changes in equity	20
Statement of cash flows	21
Notes to the financial statements	22
Consolidated entity disclosure statement	55
Directors' declaration	56
Independent auditor's report to the members of Rectifier Technologies Ltd	57
Shareholder information	61

Rectifier Technologies Ltd Corporate directory 30 June 2025

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Directors	Dr. Mu Deng
	Mr. (Zorn Wong) Zong Xu Wang
	Mr. Trevor Fox
	Mr. Philippe Compagnon
	Mr. Jeffrey Chu
Company secretary	Ms. Xuekun Li
Registered office	97 Highbury Road
	BURWOOD, VIC 3125
	Telephone: + 61 3 9896 7550
	Facsimile: + 61 3 9896 7566
Share register	Computershare Investor Services Pty Ltd
	452 Johnston Street
	ABBOTSFORD, VIC 3067
	Telephone: 1300 137 328
Auditor	RSM Australia
	Level 27
	120 Collins Street
	MELBOURNE, VIC 3000
Bankers	ANZ Banking Group Limited
	10 Main Street BOX HILL, VIC 3128
	Westpac Banking Corporation
	39-41Hamilton Place, MOUNT WAVERLEY, VIC 3149
Stock exchange listing	Rectifier Technologies Ltd shares are listed on the Australian Securities Exchange
	(ASX code: RFT)
Website	https://www.rectifiertechnologies.com/
Corporate Governance Statement
	The directors and management are committed to conducting the business of Rectifier
	Technologies Ltd in an ethical manner and in accordance with the highest standards of
	corporate governance. Rectifier Technologies Ltd has adopted and has substantially
	complied with the ASX Corporate Governance Principles and Recommendations
	(Fourth Edition) ('Recommendations') to the extent appropriate to the size and nature
	of its operations.

The consolidated entity’s Corporate Governance Statement, which sets out the corporate governance practices that were in operation during the financial year and identifies and explains any Recommendations that have not been followed and ASX Appendix 4G are released to the ASX on the same day the Annual Report is released. The Corporate Governance Statement and Corporate Governance Compliance Manual can be found on the Company’s website at https://www.rectifiertechnologies.com/investors-relations/.

Rectifier Technologies Ltd Chairman's report 30 June 2025

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Financial Results

For the year ended 30 June 2025, the consolidated entity recorded a loss before tax of $691,696 (30 June 2024: profit before tax of $583,781). Despite this result, the Company maintained a stable gross margin of 41% (2024: 45%), with legacy product sales remaining steady, providing stability in revenue streams.

sales remaining steady, providing stability in revenue streams.
		($'000')
	2025		2024
Revenue from continuing operations (refer to note 5&6)	17,155		24,801
Gross Profit	6,053		11,080
Gross Margin %	41%		45%
(Loss)/Profit from continuing operations before tax	(692)		584
Income Tax (Expense)/Benefit	(92)		164
(Loss)/Profit from continuing operations after tax	(784)		748
Net Profit	(784)		748

Dividends Payments

No dividend was declared for the 2025 Financial year.

Review of Operations

The Company’s loss before tax of $691,696 was primarily driven by the slowdown in the global EV and related infrastructure market, which delayed charger deployments, deferred shipments, and softened customer demand.

Nevertheless, legacy product sales remained stable, providing a consistent base of revenue. In response to the challenging market conditions, a series of cost-saving initiatives were implemented, including the assessment of under-performing assets, the optimisation of performing assets, tighter controls over fixed costs, and the rationalisation of labour expenses. These measures preserved liquidity and played an essential role in supporting the Company’s operations in the current competitive environment.

At the same time, the Company strengthened customer relationships, pursued new prospects, and explored opportunities to position itself as an equipment system integrator and technical service provider in the clean energy sector. Early progress through feasibility reviews, stakeholder engagement, and partnerships with technology providers has laid the groundwork for future expansion.

Sales Order Fulfilment Update

In FY2024, the Company successfully shipped over 3,800 units of the RT22, generating approximately USD 8.5 million in revenue.

In FY2025, an additional 2,700 units of the RT22 were delivered, with a total value of approximately USD 6 million. This shipment completed in full the purchase order from I-Charging, as announced to the ASX on 16 November 2022. Over the past three years, the Company has developed a strong and collaborative relationship with I-Charging. Management believes this goodwill, built through consistent cooperation, will continue to support the timely execution of current and ongoing purchase orders.

Following the supply transition agreement with Exicom, the new owner of Tritium, deliveries of the PFC35 power modules and accessories have commenced, with progress advancing gradually. Management has proactively engaged with Exicom to clarify demand planning and to implement promotional strategies designed to strengthen sales of these products to end EV charger customers. Several customers have expressed interest, with samples purchased for evaluation purposes.

Rectifier Technologies Ltd Chairman's report 30 June 2025

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Moving forward, strong relationships with key customers are expected to be maintained, with the existing customer base further consolidated and new opportunities actively explored. Order fulfilment in FY2026 is anticipated to progress through the leverage of new strategic agreements and the implementation of targeted promotional initiatives.

Outlook

The Company remains committed to the development of next-generation EV charging modules, designed to deliver higher power density, improved efficiency, and greater reliability in a cost-effective manner. RT22 G3 prototypes, intended to reduce product costs, are expected to be available for customer validation by early 2026. RT21 prototypes were delivered to customers in May 2025, with module and system-level testing currently underway. Negotiations regarding potential volume production are continuing .

The Company’s manufacturing operations achieved established targets in the current financial year, leveraging subcontractor expertise and automation to deliver improvements in quality, efficiency, and overall performance. Looking ahead, competitiveness and readiness are expected to be further strengthened through ongoing initiatives in inventory optimization and cash flow efficiency.

The Company continues to engage in discussions with technology partners while assessing potential opportunities in system integration and technical services within the clean energy sector. In the realm of energy storage and management, the Company is exploring AI-driven solutions for optimizing “PSC”(photovoltaic, storage, and charging) integrated systems. These systems employ smart Energy Management Systems (EMS) to dynamically balance renewable energy generation, storage, and consumption, thereby improving overall energy utilization rates and reducing operational costs.

Evaluations of potential projects in Southeast Asia remain in progress with considerations for regional cooperation in clean energy technology and policy frameworks.

In FY2026 and beyond, the Company will continue to pursue disciplined cost management, digital transformation, and business development across both the existing product pipeline and new projects in clean energy system integration. Building on the completion of the ERP system, further enhancements in data accuracy, operational transparency, and liquidity management are expected to strengthen resilience and support long-term growth.

Regards On behalf of the Board

Dr. Mu Deng Chairman

2 9 September 202 5 Melbourne

Rectifier Technologies Ltd Directors' report 30 June 2025

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The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Rectifier Technologies Ltd (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2025.

Directors

The following persons were directors of Rectifier Technologies Ltd during the whole of the financial year and up to the date of this report, unless otherwise stated:

Dr. Mu Deng Mr. (Zorn Wong) Zong Xu Wang
Mr. Trevor Fox
Mr. Philippe Compagnon
Mr. Jeffrey Chu (appointed on 18 July 2024)
Mr. Ying Ming Wang (retired as Chairman on 7 June 2024 and resigned as director on 18 July 2024)

Principal activities

The principal activities of the consolidated entity during the financial year were designing and manufacturing high-efficiency power rectifiers and producing electronic and specialised magnetic components.

Dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

Review of operations

The loss for the consolidated entity after providing for income tax amounted to $783,792 (30 June 2024: profit of $747,479).

Specific information on the review of operations, financial position and business strategies is stated in the Chairman’s report.

Business risks

Macroeconomic risks

The consolidated entity’s financial performance can be impacted by current and future economic conditions which it cannot control, such as increases in interest rates and inflation. The consolidated entity stays abreast of these conditions, focuses on its internal debtor controls and diversifies its customer base by industry and geography to help manage these risks.

Recruitment and crowd sourcing

It is evident that the labour landscape has displayed a trend of increasing availability within sectors such as technology, sales, operations, and professional services. However, labour market tightness persists as a noteworthy consideration. While inflationary pressures have also shown signs of stabilising, the consequences stemming from these pressures throughout the past year have led to a notable salary escalation of up to 10% beyond the initially budgeted projections for positions demanding professional expertise or high-level skills. In line with our ongoing business technology transformation, demand for crowd recruitment has also experienced a reduction. Tools such as LinkedIn Recruiter, LinkedIn advertising, and internal referrals continue to outperform traditional labour advertising avenues, mostly eliminating the need to engage recruitment agency services.

Disruption to, or failure of, technology systems and software, including cybersecurity breaches

The risk of system disruption, either malicious or accidental is something that can never be completely mitigated against as technology and methods of potential disruption are constantly changing. We manage this risk in diverse ways, including utilising third parties to proactively review our environments and make recommendations for improvement, focusing on monitoring environments so we can spot any changes as they happen (before causing noticeable disruption) and by making sure we have backups and methods in place to reproduce environments from scratch in case the worst case scenario does happen.

Data protection and privacy laws

Data protection and privacy laws are being implemented and updated across many jurisdictions globally. This could be a risk if we are not aware of the changes or not able to comply and therefore we need to make sure we are actively monitoring changes. We look to minimise this risk by basing our data protection and privacy standards on the most robust jurisdictions in order to aid in global compliance.

Rectifier Technologies Ltd Directors' report 30 June 2025

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Customer risk

During the reporting period, the Company’s sales were highly concentrated, with three customers accounting for approximately 90% of total sales. This reliance on a limited customer base presents a risk to revenue stability. A reduction in demand or changes in business relationships with any of these key customers could significantly impact the Company’s financial performance. To mitigate this risk, management is actively pursuing diversification of the customer base and expanding into new markets.

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the consolidated entity during the financial year.

Matters subsequent to the end of the financial year

No matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.

Likely developments and expected results of operations

Information on likely developments in the operations of the consolidated entity and the expected results of those operations in future financial years is stated in the Chairman’s report.

Environmental regulation

The consolidated entity is not subject to any significant environmental regulation under Australian, Singaporean and Malaysian Commonwealth or State law.

Nonetheless, the consolidated entity recognises the increasing importance of climate-related risks and stakeholder expectations around sustainability. The consolidated entity continues to monitor evolving regulatory developments, including climate disclosure requirements, and remains committed to operating in an environmentally responsible manner. Where possible, the consolidated entity supports initiatives that promote energy efficiency, responsible procurement, and sustainable business practices.

Sustainability reporting

AASB S1 ‘General Requirements for Disclosure of Sustainability-related Financial Information’ provides a set of disclosure requirements designed to enable companies to communicate to investors about the sustainability-related risks and opportunities they face over the short, medium and long term. AASB S2 ‘Climate-related Disclosures’ sets out specific climaterelated disclosures and will be applied from the year ending 30 June 2028.

AASB S2 applies to entities required to prepare and lodge a financial report with ASIC under Chapter 2M and are effective for annual reporting periods beginning on or after 1 January 2025 and will be gradually phased in for different entities based on size thresholds:

Group 1 entities (meets two of the following: consolidated revenue of at least $500million, consolidated gross assets of at least $1 billion and at least 500 employees) are required to report in Dec 2025/June 2026.
Group 2 entities (meets two of the following: consolidated revenue of at least $200million, consolidated gross assets of at least $500 million and at least 250 employees) are required to report in Dec 2027/June 2027.
Group 3 entities (meets two of the following: consolidated revenue of at least $50million, consolidated gross assets of at least $25 million and at least 100 employees) are required to report in Dec 2028/June 2028.

The consolidated entity is classified as Group 3 and will be required to apply AASB S2 for the financial year ending 30 June 2028, with the related disclosures to be included in the financial report lodged with ASIC after that date in accordance with applicable filing deadlines. The consolidated entity does not currently intend to adopt these standards earlier than required, nor to apply the voluntary broader sustainability disclosures under AASB S1 ahead of the mandatory effective date. Preparatory activities for implementation will be undertaken closer to the required reporting period.

Rectifier Technologies Ltd Directors' report 30 June 2025

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Information on current directors

Information on current directors
Name:	Dr. Mu Deng
Title:	Chairman (appointed on 7 June 2024) and Director – Non-Executive (appointed on 6
	December 2023)
Qualifications:	PhD in Engineering
Experience and expertise:	Dr. Deng is an experienced risk management professional and has previously worked
	at Singapore Risk Management Institute and OCBC Bank group. In 2020, Dr Deng co-
	founded D&I Technology Pte Ltd which specialises in SoC/MCU design, FPGA solution
	for computing acceleration and ALM modelling as well as financial derivatives pricing.
Other current directorships:	D&I Technology Pte Ltd (Singapore)
Former directorships (last 3 years):	Ecosysnet Technology co ltd (China), Soft Trend Limited (Hong Kong)
Special responsibilities:	None
Interests in shares:	None
Name:	Mr. (Zorn Wong) Zong Xu Wang
Title:	Director – Executive (appointed on 6 December 2023) and Chief Executive Officer
	(appointed on 15 March 2024)
Qualifications:	Bachelor of Finance in Financial Management
Experience and expertise:	With nearly 10 years of management experience and professional skills in the new
	energy field, Zorn has extensive industry resources having worked at Smart New Energy
	Technology Co. Ltd and Longyuan Green Energy Co. Ltd. Zorn was the General
	Manager of Zorn Asset Management where he was responsible for the financing
	planning and execution of several large-scale new energy projects.
Other current directorships:	Zorn Asset Management Co.Ltd (Include sub-companies)
Former directorships (last 3 years):	Zorn Asset Management Co.Ltd (Include sub-companies)
Special responsibilities:	None
Interests in shares:	32,200,000 ordinary shares
Name:	Mr. Trevor Fox
Title:	Director – Non-Executive (appointed on 6 December 2023)
Qualifications:	Bachelor in Commerce and Bachelor of Accountancy (Hons)
Experience and expertise:	Trevor is an experienced executive with experience in strategic planning, finance,
	technology and governance and compliance. Trevor has previously worked with Sappi
	Limited, Coca-Cola, GM Holden and USG Boral. Trevor is a member of Chartered
	Accountants Australia and New Zealand and of the Australian Institute of Directors.
Other current directorships:	Bering Property Holdings Pty Ltd
Former directorships (last 3 years):	Gypsum Resources Australia Pty Ltd and Rondo Building Services Pty Ltd
Special responsibilities:	None
Interests in shares:	None
Name:	Mr. Philippe Compagnon
Title:	Director – Non-Executive (appointed on 6 December 2023)
Qualifications:	Master Degree of High School of Commerce in Industrial Purchasing
Experience and expertise:	Philippe has worked as a Deputy Business Unit Director with IDEMIA, a leading
	company in secure ID and biometrics technologies. Philippe was previously an
	executive of SAGEM, a French defence electronics, consumer electronics and
	communication system supplier and manufacturer.
Other current directorships:	None
Former directorships (last 3 years):	None
Special responsibilities:	None
Interests in shares:	None

Rectifier Technologies Ltd Directors' report 30 June 2025

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Name:	Mr. Jeffrey Chu
Title:	Director – Non-Executive (appointed on 18 July 2024)
Qualifications:	Bachelor of Science in Precision Instrumentation and a Master of Science in Industrial
	Engineering
Experience and expertise:	Jeffrey is an expert in diverse areas including supply chain management, engineering,
	and manufacturing. With over 10 years of experience at Emerson and Entegris Inc., he
	founded AETAS Corporation in 2004. AETAS Corporation specializes in assisting
	entrepreneurs and SMEs in developing reliable supply chains in Asia.
Other current directorships:	None
Former directorships (last 3 years):	None
Special responsibilities:	None
Interests in shares:	None
Name:	Mr. Ying Ming Wang
Title:	Chairman – Non-Executive (retired as Chairman on 7 June 2024 and resigned as
	director on 18 July 2024)
Qualifications:	Master of Science
Experience and expertise:	As Managing Director of the Pudu Group, Ying Ming has built up a range of technology
	and property businesses, including Epern Telecom Co. Ltd., Beijing’s largest privately
	owned ISP. He is also involved in the China Digital Kingdom, an internet datacentre
	development business in China.
	Board Member since June 2006
Other current directorships:	Pudu Group
Former directorships (last 3 years):	None
Special responsibilities:	Member of the audit committee
Interests in shares:	224,643,616 Ordinary Shares
Interests in options:	None

'Other current directorships' quoted above are current directorships for listed entities only and exclude directorships of all other types of entities unless otherwise stated.

'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and exclude directorships of all other types of entities unless otherwise stated.

Company secretary

Ms Xuekun Li was appointed as Company Secretary on 1 May 2024. Ms Li is a chartered company secretary and a qualified accountant with more than 20 years of experience in financial accounting and corporate governance. She started her professional career in a Big Four international accounting firm where she was involved in audits and corporate finance. Ms Li has worked for several Australian-listed companies on accounting and corporate governance matters. She is currently the company secretary of several public companies.

Meetings of directors

The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2025, and the number of meetings attended by each director was:

	Full Board	Full Board		Audit and	Risk Committee
	Attended	Held		Attended	Held
Dr. Mu Deng		1	1		-	-
Mr. (Zorn Wong) Zong Xu Wang		1	1		-	-
Mr. Trevor Fox		1	1		-	-
Mr. Philippe Compagnon		1	1		-	-
Mr Jeffrey Chu (appointed on 18 July 2024)		1	1		-	-
Mr. Ying Ming Wang (retired as Chairman on 7 June 2024 and
resigned as director on 18 July 2024)		-	-		-	-

Held: represents the number of meetings held during the time the director held office.

Rectifier Technologies Ltd Directors' report 30 June 2025

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Remuneration report (audited)

The remuneration report details the key management personnel remuneration arrangements for the consolidated entity, in accordance with the requirements of the Corporations Act 2001 and its Regulations.

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including all directors.

The remuneration report is set out under the following main headings:

Principles used to determine the nature and amount of remuneration
Details of remuneration
Service agreements
Share-based compensation
Additional information
Additional disclosures relating to key management personnel

Principles used to determine the nature and amount of remuneration

The objective of the consolidated entity's executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders, and it is considered to conform to the market best practice for the delivery of reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward governance practices:

competitiveness and reasonableness;
acceptability to shareholders;
performance linkage/alignment of executive compensation; and
transparency.

The Board is responsible for determining and reviewing remuneration arrangements for its directors and executives. The performance of the consolidated entity depends on the quality of its directors and executives. The remuneration philosophy is to attract, motivate and retain high-performance and high-quality personnel.

The reward framework is designed to align executive reward to shareholders' interests. The Board has considered that it should seek to enhance shareholders' interests by:

having economic profit as a core component of plan design;
focusing on sustained growth in shareholder wealth, consisting of dividends and growth in share price, and delivering constant or increasing return on assets as well as focusing the executive on key non-financial drivers of value; and
● attracting and retaining high calibre executives.

Additionally, the reward framework should seek to enhance executives' interests by:

rewarding capability and experience
reflecting competitive reward for contribution to growth in shareholder wealth
providing a clear structure for earning rewards

In accordance with best practice corporate governance, the remuneration structure of non-executive director and executive director is separate.

Non-executive directors' remuneration

The Board's policy is to remunerate non-executive directors at market rates for comparable companies for time, commitment and responsibilities. The Board determines payments to the non-executive directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by shareholders at the Annual General Meeting. Fees for non-executive directors are not linked to the performance of the consolidated entity.

ASX listing rules require the aggregate non-executive directors' remuneration to be determined periodically by a general meeting. The most recent determination was at the Annual General Meeting held on 13 November 2003, where the shareholders approved a maximum annual aggregate remuneration of $100,000.

Executive remuneration

The consolidated entity aims to reward executives based on their position and responsibility, with a level and mix of remuneration which has both fixed and variable components.

Rectifier Technologies Ltd Directors' report 30 June 2025

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The executive remuneration and reward framework has four components:

base pay and non-monetary benefits;
short-term performance incentives;
long-term incentives; and
other remuneration such as superannuation and long service leave.

The combination of these comprises the executive's total remuneration.

Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, is reviewed annually by the Board based on individual and business unit performance, the overall performance of the consolidated entity and comparable market remunerations.

Executives may receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle benefits).

The short-term incentives ('STI') program is designed to align the targets of the business units with the performance hurdles of executives. STI payments are granted to executives based on specific annual targets and key performance indicators ('KPI's') being achieved. KPI's include profit contribution, customer satisfaction, leadership contribution and product management.

The long-term incentives ('LTI') includes share-based payments. Shares are awarded to executives in accordance with performance guidelines established by the Board. These include increase in shareholders' value relative to the entire market and the increase compared to the consolidated entity's direct competitors. The Board reviewed the long-term equity-linked performance incentives specifically for executives during the year ended 30 June 2025.

Consolidated entity performance and link to remuneration

As part of each executive director and executive’s remuneration package there may be a performance-based component, consisting of key performance indicators (KPI’s). The intention of this program is to facilitate goal congruence between directors/executives with that of the business and shareholders. Where applicable, the KPI’s are set annually, with a certain level of consultation with directors/executives to ensure buy-in. The measures are specifically tailored to the areas each director/executive is involved in and has a level of control over. The KPI’s target areas the Board believes hold greater potential for the consolidated entity expansion and profit, covering financial and non-financial as well as short-term and long-term goals. The level set for each KPI is based on budgeted figures for the consolidated entity and respective industry standards.

Performance in relation to the KPI’s is assessed annually, with bonuses being awarded depending on the number and deemed difficulty of the KPI’s achieved. Following the assessment, the KPI’s are reviewed by the Board in light of the desired and actual outcomes, and their efficiency is assessed in relation to the consolidated entity’s goals and shareholder wealth before the KPI’s are set for the following year.

In determining whether or not a KPI has been achieved, Rectifier Technologies Ltd bases the assessment on audited figures; however, where the KPI involves comparison of individual performance within the consolidated entity, management reports which form the foundation for the consolidated entity audited results are used.

Refer to the section 'Additional information' below for details of the earnings and total shareholders return for the last five years.

Use of remuneration consultants

During the financial year ended 30 June 2025, the consolidated entity, did not engage any remuneration consultants.

Voting and comments made at the Company's 30 June 2024 Annual General Meeting ('AGM')

At the 27 November 2024 AGM, 97.35% of the votes received supported the adoption of the remuneration report for the year ended 30 June 2024. The Company did not receive any specific feedback at the AGM regarding its remuneration practices.

Details of remuneration

Amounts of remuneration

Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables.

Rectifier Technologies Ltd Directors' report 30 June 2025

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The key management personnel of the consolidated entity consisted of the following directors of Rectifier Technologies Ltd:
Dr. Mu Deng - Chairman – Non-Executive (appointed as director on 6 December 2023 and appointed as Chairman on 7 June 2024)
Mr. (Zorn Wong) Zong Xu Wang - Director – Executive and Chief Executive Officer (appointed on 6 December 2023)
Mr. Trevor Fox - Director – Non-Executive (appointed on 6 December 2023)
Mr. Philippe Compagnon - Director – Non-Executive (appointed on 6 December 2023)
Mr. Jeffrey Chu (appointed on 18 July 2024)
Mr. Ying Ming Wang - Chairman – Non-Executive (retired as Chairman on 7 June 2024 and resigned as director on 18 July 2024)
Mr. Yanbin Wang - Director – Executive (resigned on 29 November 2023) and Chief Executive Officer (resigned on 15 March 2024)
Mr. Valentino Vescovi - Director – Non-Executive (resigned on 29 November 2023)
Mr. Nigel Machin - Director – Executive and Head of Power Engineering (resigned on 29 November 2023)
Mr. Nicholas Yeoh - Director – Executive (appointed on 8 December 2022 and resigned on 29 November 2023) and Director of Sales & Marketing (resigned on 24 June 2024)
Mr. Jitto Arulampalam - Director – Non-Executive and Deputy Chairman (appointed on 9 October 2023 and resigned on 29 November 2023)

And the following persons:

Mr. David Xu - Chief Financial Officer – Rectifier Technologies Ltd (appointed on 7 December 2022)
Mr. Seong Bow Lee - General Manager – Rectifier Technologies (M) Sdn Bhd (resigned on 9 June 2023 and reappointed on 29 May 2024)
Mr. Paul Davis - General Manager – Rectifier Technologies Pacific Pty Ltd (appointed on 7 December 2022 and resigned 5 June 2024)
Mr. Uei Jou Tan - Chief Manufacturing Officer – Rectifier Technologies (M) Sdn Bhd (appointed on 13 June 2023 and resigned on 29 May 2024)

Rectifier Technologies Ltd Directors' report 30 June 2025

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2025 Non-Executive Directors: Dr. Mu Deng Mr. Trevor Fox Mr. Philippe Compagnon Mr. Jeffrey Chu(i) Mr. Ying Ming Wang(ii) Executive Directors: Mr. (Zorn Wong) Zong Xu Wang Other Key Management Personnel: Mr. David Xu Mr. Seong Bow Lee	Short-term benefits Cash salary Cash Non- and fees bonus(iii) monetary(iv) $ $ $ 30,000 - - 20,000 - - 20,000 - - 19,091 - - 798 - - 456,799 113,930 12,695 415,828 70,300 - 143,145 6,337 -	Short-term benefits Cash salary Cash Non- and fees bonus(iii) monetary(iv) $ $ $ 30,000 - - 20,000 - - 20,000 - - 19,091 - - 798 - - 456,799 113,930 12,695 415,828 70,300 - 143,145 6,337 -	Short-term benefits Cash salary Cash Non- and fees bonus(iii) monetary(iv) $ $ $ 30,000 - - 20,000 - - 20,000 - - 19,091 - - 798 - - 456,799 113,930 12,695 415,828 70,300 - 143,145 6,337 -	Long-term benefits Long service leave $ - - - - - - 24,825 -	Post- employment benefits Super- annuation $ - - - - - - 22,339 6,280	Termination benefits Retirement $ - - - - - - - -	Total $ 30,000 20,000 20,000 19,091 798 583,424 533,292 155,762
	1,105,661	190,567	12,695	24,825	28,619	-	1,362,367

(i) Represents remuneration from date of appointment of 18 July 2024 to 30 June 2025.

(ii) Represents remuneration from 1 July 2024 to date of resignation of 18 July 2024.

(iii) The cash bonuses were approved on 27 November 2024. The cash bonus is payable at the discretion of the board, equal to an amount of 5% to 20% of the total salary, subject to achievement of target metrics.

(iv) The non-monetary benefits include accommodation, health insurances and allowances.

Rectifier Technologies Ltd Directors' report 30 June 2025

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2024 Non-Executive Directors: Dr. Mu Deng(ii) Mr. Trevor Fox(ii) Mr. Philippe Compagnon(ii) Mr. Ying Ming Wang(iii) Mr. Valentino Vescovi(i) Mr. Jitto Arulampalam(v) Executive Directors: Mr. (Zorn Wong) Zong Xu Wang(ii) Mr. Yanbin Wang(x) Mr. Nigel Machin(i) Mr. Nicholas Yeoh(ix) Other Key Management Personnel: Mr. David Xu Mr. Seong Bow Lee(vi) Mr. Paul Davis(vii) Mr. Uei Jou Tan(viii)	Short-term benefits Cash salary Cash Non- and fees bonus monetary(iv) $ $ $ 11,973 - - 11,397 - - 11,397 - - 16,500 - - 4,583 - - 3,333 - - 203,962 - - 327,947 - 16,204 93,833 - - 539,484 - 2,906 282,893 - - 59,385 - 517 396,007 - - 122,094 - 1,118	Short-term benefits Cash salary Cash Non- and fees bonus monetary(iv) $ $ $ 11,973 - - 11,397 - - 11,397 - - 16,500 - - 4,583 - - 3,333 - - 203,962 - - 327,947 - 16,204 93,833 - - 539,484 - 2,906 282,893 - - 59,385 - 517 396,007 - - 122,094 - 1,118	Short-term benefits Cash salary Cash Non- and fees bonus monetary(iv) $ $ $ 11,973 - - 11,397 - - 11,397 - - 16,500 - - 4,583 - - 3,333 - - 203,962 - - 327,947 - 16,204 93,833 - - 539,484 - 2,906 282,893 - - 59,385 - 517 396,007 - - 122,094 - 1,118	Post- employment benefits Super- annuation $ - - - - - - - 42,210 14,322 - 27,399 6,666 31,805 17,554	Long-term benefits Long service leave $ - - - - - - - - 1,573 - 8,707 - 3,574 -	Termination benefits Retirement $ - - - - - - - - - - - - - 24,254	Total $ 11,973 11,397 11,397 16,500 4,583 3,333 203,962 386,361 109,728 542,390 318,999 66,568 431,386 165,020
	2,084,788	-	20,745	139,956	13,854	24,254	2,283,597

(i) Represents remuneration from 1 July 2023 to date of resignation of 29 November 2023.

(ii) Represents remuneration from date of appointment of 6 December 2023 to 30 June 2024.

(iii) Represents remuneration as director for the full year 2024.

(iv) The non-monetary benefits include accommodation, health insurances and allowances.

(v) Represents remuneration from date of appointment of 9 October 2023 to date of resignation on 29 November 2023.

(vi) Represents remuneration from date of appointment of 29 May 2024 to 30 June 2024.

(vii) Represents remuneration from 1 July 2023 to date of resignation of 5 June 2024.

(viii) Represents remuneration from 1 July 2023 to date of resignation of 29 May 2024.

(ix) Represents remuneration as executive director from 1 July 2023 to date of resignation of 29 November 2023 and director of sales and marketing under Rectifier Technologies Singapore until 24 June 2024 .

(x) Represents remuneration as executive director from 1 July 2023 to date of resignation of 29 November 2023 and Chief Executive Officer until 15 March 2024.

Rectifier Technologies Ltd Directors' report 30 June 2025

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The proportion of remuneration linked to performance and the fixed proportion are as follows:

			Performance-based	Performance-based		Performance-based	Performance-based
	Fixed remuneration		remuneration - STI			remuneration - LTI
Name	2025	2024	2025	2024		2025	2024
Non-Executive Directors:
Dr. Mu Deng	100.00%	100.00%		-	-		-	-
Mr. Trevor Fox	100.00%	100.00%		-	-		-	-
Mr. Philippe Compagnon	100.00%	100.00%		-	-		-	-
Mr. Ying Ming Wang	100.00%	100.00%		-	-		-	-
Mr. Valentino Vescovi	-	100.00%		-	-		-	-
Mr. Jitto Arulampalam	-	100.00%		-	-		-	-
Mr. Jeffrey Chu	100.00%	-		-	-		-	-
Executive Directors:
Mr. Zorn Wong	80.47%	100.00%	19.53%		-		-	-
Mr. Yanbin Wang	-	100.00%		-	-		-	-
Mr. Nigel Machin	-	100.00%		-	-		-	-
Mr. Nicholas Yeoh	-	100.00%		-	-		-	-
Other Key Management
Personnel:
Mr. David Xu	86.82%	100.00%	13.18%		-		-	-
Mr. Seong Bow Lee	95.93%	100.00%	4.07%		-		-	-
Mr. Paul Davis	-	100.00%		-	-		-	-
Mr. Uei Jou Tan	-	100.00%		-	-		-	-

Service agreements

The employment conditions of the CEO and specified executives are formalised in contracts of employment and all contracts require up to 2 months' notice, with no termination payments specified other than employee entitlements.

Share-based compensation

Issue of shares

There were no shares issued to directors and other key management personnel as part of compensation during the year ended 30 June 2025.

Options

There were no options over ordinary shares issued to directors and other key management personnel as part of compensation that were outstanding as at 30 June 2025.

There were no options over ordinary shares granted to or vested by directors and other key management personnel as part of compensation during the year ended 30 June 2025.

Additional information

The earnings of the consolidated entity for the five years to 30 June 2025 are summarised below:

	2025	2024	2023	2022	2021
	$	$	$	$	$
Revenue (Including discontinued operation)	17,154,848	24,801,111	39,808,597	16,303,329	13,266,295
Net Profit/(Loss)	(783,792)	747,479	6,457,153	491,955	540,379

Rectifier Technologies Ltd Directors' report 30 June 2025

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The factors that are considered to affect total shareholders return ('TSR') are summarised below:

	2025	2024	2023	2022	2021
Share price at financial year end (cents)	0.50	0.70	5.40	4.00	2.80
Changes in share price at financial year end
(cents)	(0.20)	(4.70)	1.40	1.20	(1.00)
Total dividends paid (cents per share)	-	-	-	-	0.10

Additional disclosures relating to key management personnel

Shareholding

The number of shares in the Company held during the financial year by each director and other members of key management personnel of the consolidated entity, including their personally related parties, is set out below:

Ordinary shares Dr. Mu Deng Mr. (Zorn Wong) Zong Xu Wang Mr. Trevor Fox Mr. Philippe Compagnon Mr Jeffrey Chu (appointed on 18 July 2024) Mr. Ying Ming Wang (resigned as director on 18 July 2024)** Mr. David Xu Mr. Seong Bow Lee (reappointed on 29 May 2024)	Balance at the start of the year - 32,200,000 - - - 224,643,616 4,000,000 2,138,146	Received as part of remuneration - - - - - - - -	Additions - - - - - - - -	Disposals/ other* - - - - - - - -	Balance at the end of the year - 32,200,000 - - - 224,643,616 4,000,000 2,138,146
	262,981,762	-	-	-	262,981,762

Disposals/other represents a member no longer being designated as a key management personnel and does not represent a disposal of holding.

** Mr. Ying Ming Wang indirectly hold ordinary shares through Pudu Investment (Australia) Pty Ltd.

This concludes the remuneration report, which has been audited.

Shares under option

Unissued ordinary shares of Rectifier Technologies Ltd under option at the date of this report are as follows:

Exercise Grant date Expiry date price June 2003 No expiry date $0.0200 November 2003 No expiry date $0.0200 August 2023 15 August 2025 $0.0600	Number under option 480,000 5,280,000 17,500,000
	23,260,000

No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the Company or of any other body corporate.

Shares issued on the exercise of options

There were no ordinary shares of Rectifier Technologies Ltd issued on the exercise of options during the year ended 30 June 2025 and up to the date of this report.

Indemnity and insurance of officers or auditor

The Company has indemnified the directors and executives of the Company for costs incurred, in their capacity as a director or executive, for which they may be held personally liable, except where there is a lack of good faith.

Rectifier Technologies Ltd Directors' report 30 June 2025

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During the financial year, the Company has paid premiums to insure each of the directors and officers against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of director or officer of the Company and of any related body corporate, other than conduct involving a wilful breach of duty in relation to the Company. The amount of the premium was $61,280 for all directors and officers.

The Company has not otherwise, during or since the end of the financial year, except to the extent permitted by law, indemnified or agreed to indemnify an officer or auditor of the Company or of any related body corporate against a liability incurred as such an officer or an auditor.

Proceedings on behalf of the Company

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.

Non-audit services

There were no non-audit services provided during the financial year by the auditor.

Officers of the Company who are former partners of RSM Australia Partners

There are no officers of the Company who are former partners of RSM Australia Partners.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.

On behalf of the directors

_________Mr (Zorn Wong) Zong Xu Wang Director

29 September 2025 Melbourne

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RSM Australia Partners

Level 27, 120 Collins Street Melbourne VIC 3000 PO Box 248 Collins Street West VIC 8007 T +61 (0) 3 9286 8000 F +61 (0) 3 9286 8199

www.rsm.com.au

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the audit of the financial report of Rectifier Technologies Ltd for the year ended 30 June 2025, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

(i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii) any applicable code of professional conduct in relation to the audit.

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RSM AUSTRALIA PARTNERS

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B Y CHAN Partner

29 September 2025 Melbourne, Victoria

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THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

Rectifier Technologies Ltd Statement of profit or loss and other comprehensive income For the year ended 30 June 2025

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Note Revenue 5 Other income 6 Interest revenue Expenses Changes in inventories of finished goods and work in progress Raw materials and consumables used Professional and compliance expense Employee benefits expense Depreciation expense 7 Share options expense 34 Other expenses 7 Finance costs 7 (Loss)/profit before income tax (expense)/benefit Income tax (expense)/benefit 8 (Loss)/profit after income tax (expense)/benefit for the year attributable to the owners of Rectifier Technologies Ltd Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation Other comprehensive income for the year, net of tax Basic (loss)/earnings per share 31 Diluted (loss)/earnings per share 31 Total comprehensive (loss)/income for the year attributable to the owners of Rectifier Technologies Ltd	Consolidated 2025 2024 $ $ 14,645,322 24,386,965 2,400,342 292,986 109,184 121,160 640,971 (5,730,155) (7,748,884) (5,552,417) (1,873,183) (1,501,540) (6,529,820) (8,202,773) (1,080,121) (1,025,303) - (432,900) (1,045,668) (1,532,082) (209,839) (240,160)	Consolidated 2025 2024 $ $ 14,645,322 24,386,965 2,400,342 292,986 109,184 121,160 640,971 (5,730,155) (7,748,884) (5,552,417) (1,873,183) (1,501,540) (6,529,820) (8,202,773) (1,080,121) (1,025,303) - (432,900) (1,045,668) (1,532,082) (209,839) (240,160)
	(691,696) (92,096)	583,781 163,698
	(783,792) 731,870	747,479 11,341
	731,870	11,341
	(51,922)	758,820
	Cents (0.06) (0.06)	Cents 0.05 0.05

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

Rectifier Technologies Ltd Statement of financial position As at 30 June 2025

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Note Assets Current assets Cash and cash equivalents 9 Trade and other receivables 10 Inventories 11 Current tax assets 8 Total current assets Non-current assets Property, plant and equipment 12 Right-of-use assets 13 Intangibles 14 Deferred tax assets 8 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 15 Contract liabilities 16 Borrowings 17 Lease liabilities 18 Current tax liabilities 8 Employee benefits 19 Provisions 20 Total current liabilities Non-current liabilities Contract liabilities 16 Borrowings 17 Lease liabilities 18 Deferred tax liabilities 8 Employee benefits 19 Total non-current liabilities Total liabilities Net assets Equity Issued capital 21 Reserves 22 Accumulated losses Total equity	Consolidated 2025 2024 $ $ 2,651,127 7,343,079 2,583,965 3,305,862 13,740,812 14,423,407 695,470 706,280	Consolidated 2025 2024 $ $ 2,651,127 7,343,079 2,583,965 3,305,862 13,740,812 14,423,407 695,470 706,280
	19,671,374	25,778,628
	5,112,931 589,531 104,936 1,529,936	5,008,504 417,905 109,030 823,698
	7,337,334	6,359,137
	27,008,708	32,137,765
	5,058,798 83,731 167,494 359,944 507,477 902,790 154,738	9,005,460 552,927 141,563 208,414 1,351,692 849,280 179,889
	7,234,972	12,289,225
	- 2,149,221 263,844 107,280 48,463	83,237 2,040,229 254,183 166,987 47,054
	2,568,808	2,591,690
	9,803,780	14,880,915
	17,204,928	17,256,850
	40,134,175 1,062,895 (23,992,142)	40,134,175 559,175 (23,436,500)
	17,204,928	17,256,850

The above statement of financial position should be read in conjunction with the accompanying notes

Rectifier Technologies Ltd Statement of changes in equity For the year ended 30 June 2025

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Issued capital $ 40,072,575 - -	Reserves $ 114,934 - 11,341	Accumulated losses $ (24,183,979) 747,479 -	Total equity $ 16,003,530 747,479 11,341
- 61,600 -	11,341 - 432,900	747,479 - -	758,820 61,600 432,900
40,134,175	559,175	(23,436,500)	17,256,850
Issued capital $ 40,134,175 - -	Reserves $ 559,175 - 731,870	Accumulated losses $ (23,436,500) (783,792) -	Total equity $ 17,256,850 (783,792) 731,870
- -	731,870 (228,150)	(783,792) 228,150	(51,922) -
40,134,175	1,062,895	(23,992,142)	17,204,928

The above statement of changes in equity should be read in conjunction with the accompanying notes

Rectifier Technologies Ltd Statement of cash flows For the year ended 30 June 2025

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Note Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest received Finance costs Income taxes paid Net cash (used in)/from operating activities 32 Cash flows from investing activities Payments for property, plant and equipment Payments for intangibles 14 Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares 21 Proceeds from borrowings Repayment of borrowings Repayment of lease liabilities Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial year 9	Consolidated 2025 2024 $ $ 15,855,761 24,392,944 (18,440,164) (17,524,269) 109,184 121,160 (209,839) (240,160) (1,696,489) (858,822)	Consolidated 2025 2024 $ $ 15,855,761 24,392,944 (18,440,164) (17,524,269) 109,184 121,160 (209,839) (240,160) (1,696,489) (858,822)
	(4,381,547)	5,890,853
	(20,414) -	(537,915) (7,919)
	(20,414)	(545,834)
	- - (154,665) (274,921)	61,600 7,327,132 (11,608,760) (241,806)
	(429,586)	(4,461,834)
	(4,831,547) 7,343,079 139,595	883,185 6,348,867 111,027
	2,651,127	7,343,079

The above statement of cash flows should be read in conjunction with the accompanying notes

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 1. General information

The financial statements cover Rectifier Technologies Ltd as a consolidated entity consisting of Rectifier Technologies Ltd and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Rectifier Technologies Ltd's functional and presentation currency.

Rectifier Technologies Ltd is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

97 Highbury Road Burwood, VIC 3125

A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 29 September 2025. The directors have the power to amend and reissue the financial statements.

Note 2. Material accounting policy information

The accounting policies that are material to the consolidated entity are set out below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the consolidated entity.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

The following Accounting Standards and Interpretations are most relevant to the consolidated entity:

AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-Current and AASB 2022-6 Amendments to Australian Accounting Standards - Non-current Liabilities with Covenants AASB 2020-1 was issued in March 2020 and is applicable to annual periods beginning on or after 1 January 2024, as extended by AASB 2020-6. Early adoption is permitted. AASB 2022-6 was issued in December 2022 and is applicable to annual periods beginning on or after 1 January 2024. Early adoption is permitted where AASB 2020-1 is also early adopted.

These standards amend AASB 101 ‘Presentation of Financial Statements’ to clarify requirements for the presentation of liabilities in the statement of financial position as current or non-current. The amendments clarify that a liability is classified as non-current if an entity has the right at the end of the reporting period to defer settlement of the liability for at least 12 months after the reporting period. If the deferral right is subject to the entity complying with covenants in the loan arrangement based on information up to and including reporting date, the deferral right will exist where the entity is able to comply with the covenant on or before the end of the reporting date even if compliance is assessed after the reporting date. The deferral right will be deemed to exist at reporting date if the entity is required to comply with the covenant only after the reporting date based on post-reporting date information. Additional disclosure is required about loan arrangements classified as non-current liabilities in such circumstances which enables users of financial statements to understand the risk that the liabilities could become repayable within twelve months after the reporting period. Classification of a liability as non-current is unaffected by the likelihood that the entity will exercise its right to defer settlement of the liability for at least 12 months after the reporting date or even if the entity settles the liability prior to issue of the financial statements. The meaning of settlement of a liability is also clarified.

Going concern

The financial report has been prepared on the basis of the consolidated entity continuing as a going concern, which assumes continuity of normal business activities and realisation of assets and the settlement of liabilities in the ordinary course of business.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 2. Material accounting policy information (continued)

Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards Accounting Standards as issued by the International Accounting Standards Board ('IASB').

Historical cost convention

The financial statements have been prepared under the historical cost convention.

Critical accounting estimates

The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

Parent entity information

In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only. Supplementary information about the parent entity is disclosed in note 35.

Principles of consolidation

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Rectifier Technologies Ltd ('Company' or 'parent entity') as at 30 June 2025 and the results of all subsidiaries for the year ended. Rectifier Technologies Ltd and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'.

Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases.

Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity.

The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.

Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and noncontrolling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.

Operating segments

Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of resources to operating segments and assessing their performance.

Foreign currency translation

Foreign currency transactions

Foreign currency transactions are translated into the entity’s functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 2. Material accounting policy information (continued)

Foreign operations

The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rates at the dates of the transactions for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity.

The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.

Revenue recognition

The consolidated entity recognises revenue as follows:

Revenue from contracts with customers

Revenue is recognised at an amount that reflects the consideration to which the consolidated entity is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the consolidated entity: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised.

Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events. Such estimates are determined using either the 'expected value' or 'most likely amount' method. The measurement of variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received that are subject to the constraining principle are recognised as a refund liability.

Sale of goods and after sales services

Revenue from the sale of power rectifiers is recognised at the point in time when the consolidated entity satisfies performance obligations by transferring the promised products, which is generally at the time of delivery and the revenue from related aftersales services is recognised over time as customer receives and consumes the benefits of the after-sales service provided. Where contract includes both the sale of the power rectifiers and after-sales service, the transaction price is allocated to the separate performance obligations based on stand alone selling price.

The consolidated entity recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as other liabilities in the statement of financial position. Similarly, if the consolidated entity satisfies a performance obligation before it receives the consideration, the consolidated entity recognises either a contract asset or a receivable in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due.

Sale of extended warranties

Revenue from the sale of extended warranties is recognised over the coverage period, aligning with the timing of performance obligations.

Other income

Other income is recognised when it is received or when the right to receive payment is established.

The refundable research and development tax credit for eligible entities with turnover of less than $20 million ATO threshold per annum is recognised as other income pursuant to AASB 120 'Accounting for Government Grant and Disclosure of Government Assistance'. The non-refundable research and development tax offset for eligible entities with turnover of more than $20 million ATO threshold per annum is recognised as an income tax benefit/offset from income tax expense pursuant to AASB 112 'Income Taxes'.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 2. Material accounting policy information (continued)

Interest

Interest revenue is recognised as interest accrued using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

Income tax

The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:

When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.

Rectifier Technologies Ltd (the 'head entity') and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated group has applied the 'separate taxpayer within group' approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group.

In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax consolidated group.

Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that the intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting in neither a contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity.

Current and non-current classification

Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period, or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 2. Material accounting policy information (continued)

A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period, or there is no right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as noncurrent.

Deferred tax assets and liabilities are always classified as non-current.

Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Trade and other receivables

Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days.

Other receivables are recognised at amortised cost, less any allowance for expected credit losses.

Inventories

Raw materials, work in progress and finished goods are stated at the lower of cost and net realisable value on a 'weighted average' basis. Cost comprises of direct materials and delivery costs, direct labour, import duties and other taxes, an appropriate proportion of variable and fixed overhead expenditure based on normal operating capacity, and, where applicable. Costs of purchased inventory are determined after deducting rebates and discounts received or receivable.

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

Property, plant and equipment

Freehold land is stated at historical cost and is not depreciated but is subject to impairment testing if there is any indication of impairment.

Building and plant and equipment are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows:

Building	50 years
Leasehold improvement	10 years
Plant and equipment	2.5-5 years
Motor vehicle	5 years

The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.

Leasehold improvements are depreciated over the unexpired period of the lease or the estimated useful life of the assets, whichever is shorter.

An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.

Right-of-use assets

A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 2. Material accounting policy information (continued)

Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is shorter. Where the consolidated entity expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of-use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.

The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred.

Intangible assets

Research and development

Research costs are expensed in the period in which they are incurred. Development costs are capitalised when: it is probable that the project will be a success considering its commercial and technical feasibility; the consolidated entity is able to use or sell the asset; the consolidated entity has sufficient resources and intent to complete the development; and its costs can be measured reliably. Capitalised development costs are amortised on a straight-line basis over the period of their expected benefit, being their finite life of 10 years.

Impairment of non-financial assets

Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.

Trade and other payables

Trade and other payables represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are unpaid. Due to their short-term nature, they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.

Contract liabilities

Contract liabilities represent the consolidated entity's obligation to transfer goods or services to a customer and are recognised when a customer pays consideration, or when the consolidated entity recognises a receivable to reflect its unconditional right to consideration (whichever is earlier) before the consolidated entity has transferred the goods or services to the customer.

Borrowings

Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method.

Lease liabilities

A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred.

Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; the certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 2. Material accounting policy information (continued)

Finance costs

Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are expensed in the period in which they are incurred.

Provisions

Provisions are recognised when the consolidated entity has a present (legal or constructive) obligation as a result of a past event, it is probable the consolidated entity will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost.

Employee benefits

Short-term employee benefits

Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.

Other long-term employee benefits

The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and salary levels, the experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on high-quality corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

Defined contribution superannuation expense

Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.

Share-based payments

Equity-settled share-based compensation benefits are provided to employees.

Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services.

The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the consolidated entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity at the vesting date which is at the grant date. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification.

If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.

If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 2. Material accounting policy information (continued)

Issued capital

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Earnings per share

Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to the owners of Rectifier Technologies Ltd, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of additional ordinary shares that would have been outstanding assuming conversion of all dilutive potential ordinary shares.

Goods and Services Tax ('GST') and other similar taxes

Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred are not recoverable from the tax authority. In this case, it is recognised as part of the cost of the acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.

New Accounting Standards and Interpretations not yet mandatory or early adopted

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2025. The consolidated entity's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the consolidated entity, are set out below.

AASB 18 Presentation and Disclosure in Financial Statements

This standard is applicable to annual reporting periods beginning on or after 1 January 2027, with early adoption permitted. The standard replaces AASB 101 'Presentation of Financial Statements'. The implementation of this standard will introduce new categories in the statement of profit or loss and will require additional disclosures about management-defined performance measures ('MPMs'). The full impact of this standard is still being considered and will first apply to the consolidated entity for the financial year ending 30 June 2028.

AASB 2024-2 Amendments to the Classification and Measurement of Financial Instruments

AASB 2024-2 is applicable for annual reporting periods beginning from 1 January 2026, with early adoption permitted. This standard makes amendments to AASB 9 ‘Financial Instruments’ and AASB 7 ‘Financial Instruments: Disclosures’ to clarify how the contractual cash flows from financial assets should be assessed in determining how they should be classified.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 3. Critical accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

Provision for impairment of inventories

The provision for impairment of inventories assessment requires a degree of estimation and judgement. The level of the provision is assessed by taking into account the recent sales experience, the ageing of inventories and other factors that affect inventory obsolescence. We have modelled various scenarios regarding the timing of sales and assigned probabilities to estimate the likelihood of each scenario, helping us determine the required stock provision. Typically, we considered a bestcase scenario where all stock is sold within the next 12 months, a reasonable case where stock is sold within 12 to 24 months, and a worst-case scenario where no stock is sold.

R & D tax rebate

The consolidated entity has recognised the R&D rebate on an accrual basis. As the return has not yet been submitted, the consolidated entity has made an estimate of the likely refund amount based on the of eligible research and development expenditure incurred in relation to the identified research and development activities associated with the R&D application as at the reporting date.

Income tax

The consolidated entity is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required in determining the provision for income tax. There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The consolidated entity recognises liabilities for anticipated tax audit issues based on the consolidated entity's current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying amounts, such differences will impact the current and deferred tax provisions in the period in which such determination is made.

Warranty provision

In determining the level of provision required for warranties the consolidated entity has made judgements in respect of the expected performance of the products, the number of customers who will actually claim under the warranty and how often, and the costs of fulfilling the conditions of the warranty. The provision is based on estimates made from historical warranty data associated with similar products and services.

Note 4. Operating segments

Identification of reportable operating segments

The consolidated entity is organised into 4 operating segments as described below. These operating segments are based on the internal reports that are reviewed and used by the executive management committee (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources. The executive management committee considers the business from both a product and geographic perspective and assesses performance and allocates resources on this basis. There is no aggregation of operating segments.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 4. Operating segments (continued)

Segment	Description
Electronic Components	Rectifier Technologies Pacific Pty Ltd and Rectifier Technologies Malaysia Sdn Bhd which is
	based in Malaysia manufacture electronic components for a number of industries.
Industrial Power Supplies	Rectifier Technologies Pacific Pty Ltd and Rectifier Technologies Malaysia Sdn Bhd
(Electricity generation/	manufacture and distribute rectifiers, controllers, accessories and complete systems for the
distribution and Defence)	power generation, distribution industries and defence. Rectifier Technologies Singapore Pte
('E&D')	Ltd only focuses on distribution.
Industrial Power Supplies	Rectifier Technologies Pacific Pty Ltd and Rectifier Technologies Malaysia Sdn Bhd
(Transport and	manufacture and distribute power supplies for the transport industries and
Telecommunication) ('T&T')	telecommunications. Rectifier Technologies Singapore Pte Ltd only focuses on distribution.
Industrial Power Supplies	Rectifier Technologies Pacific Pty Ltd, Rectifier Technologies Singapore Pte Ltd and Rectifier
(Electric vehicles) ('EV')	Technologies Malaysia Sdn Bhd manufacture and distribute electric vehicle charges, battery
	charges and power supplies for a number of industries. Rectifier Technologies Singapore Pte
	Ltd only focuses on distribution.

The CODM reviews earnings before interest, tax, depreciation and amortisation ('EBITDA'). This measure excludes nonoperating expenditures such as restructuring costs, impairments and share-based payments as well as interest revenue and other items which are considered part of the corporate treasury function. The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements.

The information reported to the CODM is on a monthly basis.

Intersegment transactions

Intersegment transactions were made at market rates. Inter-segment revenue comprises sales between segments which are on arm's length terms. Intersegment transactions are eliminated on consolidation.

Intersegment receivables, payables and loans

Intersegment loans are initially recognised at the consideration received. Intersegment loans receivable and loans payable that earn or incur non-market interest are not adjusted to fair value based on market interest rates. Intersegment loans are eliminated on consolidation.

Major customers

During the year ended 30 June 2025, revenue of $1,487,831 was derived from two Australian customers which was allocated to the Industrial Power Supplies (E&D) segment (2024: $1,675,424 was derived from one Australian customer which was allocated to the Industrial Power Supplies (EV) segment). Revenue of $10,065,311 was derived from two customers from Portugal which was allocated to the Industrial Power Supplies (EV) and Industrial Power Supplies (E&D) segments (2024: $12,437,060 was derived from a single customer in Portugal allocated to Industrial Power Supplies (EV) segment). Revenue of $nil was derived from customers from the United States (2024: $4,905,698 derived from 2 customers from the United States which was allocated to the Industrial Power Supplies (EV) segment and $2,107,137 was derived from one Singapore customer which was allocated to the Industrial Power Supplies (E&D) segment (2024: $2,272,433).

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 4. Operating segments (continued)

Operating segment information

Electronic components $ 1,630,664 23,656	Industrial power supplies (E&D) $ 5,056,988 3,214,787	Industrial power supplies (T&T) $ 31,617 15,634	Industrial power supplies (EV) $ 9,463,220 9,123,481	Eliminations/ Corporate $ - (11,405,198)	Total $ 16,182,489 972,360
1,654,320	8,271,775	47,251	18,586,701	(11,405,198)	17,154,849
134,438 (635,472) (97,370)	416,917 (338,208) (29,040)	2,607 (853) (63)	780,184 (99,675) (10,828)	(735,882) (5,913) (72,538)	598,264 (1,080,121) (209,839)
(598,404)	49,669	1,691	669,681	(814,333)	(691,696) (92,096)
5,213,189	16,167,055	101,080	30,253,658	(24,726,274)
					(783,792)
					27,008,708
3,461,523	10,734,816	67,117	20,088,226	(24,547,902)	27,008,708
					9,803,780
					9,803,780

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 4. Operating segments (continued)

Electronic components $ 347,322 -	Industrial power supplies (E&D) $ 5,379,873 3,191,654	Industrial power supplies (T&T) $ 1,462,952 841,608	Industrial power supplies (EV) $ 17,548,942 12,682,736	Eliminations/ Corporate $ - (16,715,998)	Total $ 24,739,089 -
347,322	8,571,527	2,304,560	30,231,678	(16,715,998)	24,739,089
65,815 (661,136) (110,092)	1,019,447 (250,092) (35,177)	277,219 (27,669) (3,817)	3,325,398 (81,396) (10,361)	(2,838,635) (5,010) (80,713)	1,849,244 (1,025,303) (240,160)
(705,413)	734,178	245,733	3,233,641	(2,924,358)	583,781 163,698
803,078	12,439,330	3,382,633	40,576,623	(25,063,899)
					747,479
					32,137,765
564,608	8,745,536	2,378,178	28,527,605	(25,335,012)	32,137,765
					14,880,915
					14,880,915

Geographical information

Australia Asia North America South America Europe Oceania	Sales to external customers Geographical non-current assets 2025 2024 2025 2024 $ $ $ $ 1,849,912 2,831,583 745,981 716,074 2,222,846 2,641,415 4,946,798 4,702,633 301,732 5,340,763 - - 22,925 13,647 - - 10,244,706 13,549,949 - - 3,201 9,608 - -	Sales to external customers Geographical non-current assets 2025 2024 2025 2024 $ $ $ $ 1,849,912 2,831,583 745,981 716,074 2,222,846 2,641,415 4,946,798 4,702,633 301,732 5,340,763 - - 22,925 13,647 - - 10,244,706 13,549,949 - - 3,201 9,608 - -	Sales to external customers Geographical non-current assets 2025 2024 2025 2024 $ $ $ $ 1,849,912 2,831,583 745,981 716,074 2,222,846 2,641,415 4,946,798 4,702,633 301,732 5,340,763 - - 22,925 13,647 - - 10,244,706 13,549,949 - - 3,201 9,608 - -	Sales to external customers Geographical non-current assets 2025 2024 2025 2024 $ $ $ $ 1,849,912 2,831,583 745,981 716,074 2,222,846 2,641,415 4,946,798 4,702,633 301,732 5,340,763 - - 22,925 13,647 - - 10,244,706 13,549,949 - - 3,201 9,608 - -
	14,645,322	24,386,965	5,692,779	5,418,707

The geographical non-current assets above are exclusive of, where applicable, financial instruments, deferred tax assets, post-employment benefits assets and rights under insurance contracts.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 5. Revenue

Sale of goods After sales services Sale of extended warranties Revenue	Consolidated 2025 2024 $ $ 14,092,957 23,886,485 3,424 42,040 548,941 458,440	Consolidated 2025 2024 $ $ 14,092,957 23,886,485 3,424 42,040 548,941 458,440
	14,645,322	24,386,965

Disaggregation of revenue

The disaggregation of revenue from contracts with customers is as follows:

Geographical regions Australia Asia North America South America Europe Oceania Timing of revenue recognition Goods transferred at a point in time Services transferred over time	Consolidated 2025 2024 $ $ 1,849,912 2,831,583 2,222,846 2,641,415 301,732 5,340,763 22,925 13,647 10,244,706 13,549,949 3,201 9,608	Consolidated 2025 2024 $ $ 1,849,912 2,831,583 2,222,846 2,641,415 301,732 5,340,763 22,925 13,647 10,244,706 13,549,949 3,201 9,608
	14,645,322	24,386,965
	14,092,957 552,365	23,886,485 500,480
	14,645,322	24,386,965

Note 6. Other income

Government grants Net foreign exchange gain Other Other income	Consolidated 2025 2024 $ $ 4,681 89,061 1,536,603 - 859,058 203,925	Consolidated 2025 2024 $ $ 4,681 89,061 1,536,603 - 859,058 203,925
	2,400,342	292,986

During 30 June 2025, the consolidated entity has not exceeded the $20 million ATO threshold to claim the refundable research and development tax credit, therefore the refundable research and development tax credits is recognised as other income and other receivables. During 30 June 2024, the consolidated entity exceeded the $20 million ATO threshold to claim the refundable research and development tax credit, therefore the non-refundable research and development tax credits is recognised as an income tax benefit/offset from income tax expense (note 8).

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 7. Expenses

(Loss)/profit before income tax includes the following specific expenses: Depreciation Building Leasehold improvement Plant and equipment Motor vehicle Building right-of-use assets Motor vehicle right-of-use assets Total depreciation Amortisation Software Total depreciation and amortisation Finance costs Interest and finance charges paid/payable on borrowings Interest and finance charges paid/payable on lease liabilities Finance costs expensed Superannuation expense Defined contribution superannuation expense Other expenses Premise expense Handling and forwarding expense Research and development expense Foreign exchange loss Other	Consolidated 2025 2024 $ $ 9,446 8,796 132,661 130,839 669,341 642,765 - 1,074 247,789 225,729 16,790 12,439	Consolidated 2025 2024 $ $ 9,446 8,796 132,661 130,839 669,341 642,765 - 1,074 247,789 225,729 16,790 12,439
	1,076,027	1,021,642
	4,094	3,661
	1,080,121	1,025,303
	176,840 32,999	205,196 34,964
	209,839	240,160
	658,879	856,977
	550,483 2,352 134,324 - 358,509	512,772 3,662 355,590 189,076 470,982
	1,045,668	1,532,082

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 8. Income tax

Income tax expense/(benefit) Current tax Deferred tax - origination and reversal of temporary differences Aggregate income tax expense/(benefit) Numerical reconciliation of income tax expense/(benefit) and tax at the statutory rate (Loss)/profit before income tax (expense)/benefit Tax at the statutory tax rate of 25% Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Research and development expenditures Other non-allowable items Other assessable items Other non-assessable items Other allowable items Research and development tax offset* Difference in overseas tax rates Income tax expense/(benefit)	Consolidated 2025 2024 $ $ 858,041 (86,022) (765,945) (77,676)	Consolidated 2025 2024 $ $ 858,041 (86,022) (765,945) (77,676)
	92,096	(163,698)
	(691,696)	583,781
	(172,924) 482,198 1,130,696 1,719 (726,259) (128,489) (209,757)	145,945 695,248 551,390 389,358 (229,719) (147,379) (1,119,368)
	377,184 (285,088)	285,475 (449,173)
	92,096	(163,698)

During the 30 June 2025 financial year, the consolidated entity has not exceeded the $20 million ATO threshold to claim the refundable research and development tax credit, the refundable research and development tax credits is recognised as an other income.

Tax losses not recognised Unused tax losses for which no deferred tax asset has been recognised Potential tax benefit at statutory tax rates	Consolidated 2025 2024 $ $ 18,409,592 18,409,592	Consolidated 2025 2024 $ $ 18,409,592 18,409,592
	4,602,398	4,602,398

The above potential tax benefit for tax losses has not been recognised in the statement of financial position as tax losses are related to prior years' capital losses and can only be offset against future capital gains. These tax losses can only be utilised in the future if the continuity of ownership test is passed, or failing that, the same business test is passed.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 8. Income tax (continued)

Net deferred tax assets Net deferred tax assets comprises temporary differences attributable to: Employee benefits Accrued expenses Inventories Unrealised foreign exchange losses Property, plant and equipment Tax losses Other Deferred tax asset Movements: Opening balance Credited to profit or loss Closing balance Current tax assets Current tax assets Current tax liabilities Current tax liabilities Note 9. Cash and cash equivalents Current assets Cash at bank	Consolidated 2025 2024 $ $ 235,017 222,747 1,250 2,825 198,124 173,409 7,229 578 (133,088) (129,922) 607,868 - 506,256 387,074	Consolidated 2025 2024 $ $ 235,017 222,747 1,250 2,825 198,124 173,409 7,229 578 (133,088) (129,922) 607,868 - 506,256 387,074
	1,422,656	656,711
	656,711 765,945	579,035 77,676
	1,422,656	656,711
	Consolidated 2025 2024 $ $ 695,470 706,280
	Consolidated 2025 2024 $ $ 507,477 1,351,692
	Consolidated 2025 2024 $ $ 2,651,127 7,343,079

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 10. Trade and other receivables

Current assets Trade receivables Research and development tax incentives Prepayments	Consolidated 2025 2024 $ $ 1,307,357 2,884,879	Consolidated 2025 2024 $ $ 1,307,357 2,884,879
	839,024 437,584	- 420,983
	1,276,608	420,983
	2,583,965	3,305,862

Allowance for expected credit losses

The consolidated entity has recognised a loss of $nil (2024: $nil) in profit or loss in respect of the expected credit losses for the year ended 30 June 2025.

The ageing of the receivables and allowance for expected credit losses provided for above are as follows:

Consolidated Not overdue 0 to 3 months overdue Over 3 months overdue	Carrying amount 2025 2024 $ $ 1,307,357 2,059,996 - 1,212 - 823,671	Carrying amount 2025 2024 $ $ 1,307,357 2,059,996 - 1,212 - 823,671
	1,307,357	2,884,879

Payment terms on receivables past due but not considered impaired have not been re-negotiated. The consolidated entity has been in direct contact with the relevant customers and are reasonably satisfied that payment will be received in full. The consolidated entity estimate of impairment losses is based on the expected credit loss.

Note 11. Inventories

Current assets Raw materials Work in progress Finished goods	Consolidated 2025 2024 $ $ 8,462,649 9,786,214 529,541 319,074 4,748,622 4,318,119	Consolidated 2025 2024 $ $ 8,462,649 9,786,214 529,541 319,074 4,748,622 4,318,119
	13,740,812	14,423,407

Inventories are recognised net of a provision for obsolescence of $838,544 (2024: $541,451) as at 30 June 2025.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 12. Property, plant and equipment

Non-current assets Land - at cost Buildings - at cost Less: Accumulated depreciation Leasehold improvements - at cost Less: Accumulated depreciation Plant and equipment - at cost Less: Accumulated depreciation Motor vehicles - at cost Less: Accumulated depreciation	Consolidated 2025 2024 $ $ 2,427,396 2,142,523	Consolidated 2025 2024 $ $ 2,427,396 2,142,523
	488,684 (69,340)	431,333 (52,576)
	419,344	378,757
	1,367,893 (780,387)	1,230,245 (591,436)
	587,506	638,809
	4,423,590 (2,744,905)	3,757,824 (1,909,409)
	1,678,685	1,848,415
	83,162 (83,162)	128,599 (128,599)
	-	-
	5,112,931	5,008,504

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Consolidated Balance at 1 July 2023 Additions Exchange differences Reclassifications Depreciation expense Balance at 30 June 2024 Additions Disposals Exchange differences Reclassifications Depreciation expense Balance at 30 June 2025	Land $ 2,159,790 - (17,267) - -	Buildings $ 390,505 - (2,952) - (8,796)	Leasehold improvements $ 112,760 77,025 (27,539) 607,402 (130,839)	Plant and equipment $ 2,629,285 460,889 8,408 (607,402) (642,765)	Motor vehicles $ 565 - 509 - (1,074)	Total $ 5,292,905 537,914 (38,841) - (783,474)
	2,142,523 - - 284,873 - -	378,757 - - 50,033 - (9,446)	638,809 5,401 - 75,957 - (132,661)	1,848,415 15,013 (4,891) 181,532 307,957 (669,341)	- - - - - -	5,008,504 20,414 (4,891) 592,395 307,957 (811,448)
	2,427,396	419,344	587,506	1,678,685	-	5,112,931

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 13. Right-of-use assets

Non-current assets Land and buildings - right-of-use Motor vehicles - right-of-use	Consolidated 2025 2024 $ $ 532,961 352,633 56,570 65,272	Consolidated 2025 2024 $ $ 532,961 352,633 56,570 65,272
	589,531	417,905

The consolidated entity leases land and buildings for its offices and staff accommodations and plant and equipment under agreements of between 3 to 5 years with, in some cases, options to extend. The leases have various escalation clauses. On renewal, the terms of the leases are renegotiated.

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Consolidated Balance at 1 July 2023 Additions Exchange differences Depreciation expense Balance at 30 June 2024 Additions Exchange differences Depreciation expense Balance at 30 June 2025	Building $ 591,412 59,291 (72,341) (225,729)	Motor vehicle $ 1,250 80,405 (3,944) (12,439)	Total $ 592,662 139,696 (76,285) (238,168)
	352,633 408,779 19,338 (247,789)	65,272 - 8,088 (16,790)	417,905 408,779 27,426 (264,579)
	532,961	56,570	589,531

For other lease disclosures refer to:

note 7 for interest on lease liabilities
note 18 for lease liabilities; and
consolidated statement of cash flows for repayment of lease liabilities.

Note 14. Intangibles

Non-current assets Development - at cost Software - at cost Less: Accumulated amortisation	Consolidated 2025 2024 $ $ 94,859 94,859	Consolidated 2025 2024 $ $ 94,859 94,859
	20,449 (10,372)	20,449 (6,278)
	10,077	14,171
	104,936	109,030

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 14. Intangibles (continued)

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Development cost $ 94,859 - -	Software $ 9,913 7,919 (3,661)	Total $ 104,772 7,919 (3,661)
94,859 -	14,171 (4,094)	109,030 (4,094)
94,859	10,077	104,936
	Consolidated 2025 2024 $ $ 298,012 1,173,924 544,312 1,066,376 4,216,474 6,765,160
	5,058,798	9,005,460

Refer to note 24 for further information on financial instruments.

Note 16. Contract liabilities

Current liabilities Contract liabilities Non-current liabilities Contract liabilities Reconciliation Reconciliation of the written down values at the beginning and end of the current and previous financial year are set out below: Opening balance Payments received in advance Transfer to revenue Exchange differences Closing balance	Consolidated 2025 2024 $ $ 83,731 552,927	Consolidated 2025 2024 $ $ 83,731 552,927
	-	83,237
	83,731	636,164
	636,164 - (548,941) (3,492)	895,294 199,310 (458,440) -
	83,731	636,164

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 16. Contract liabilities (continued)

Unsatisfied performance obligations

The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied in relation to extended warranties at the end of the reporting period was $83,731 as at 30 June 2025 ($636,164 as at 30 June 2024) and is expected to be recognised as revenue in future periods as follows:

Within 12 months 12 to 24 months	Consolidated 2025 2024 $ $ 83,731 552,927 - 83,237	Consolidated 2025 2024 $ $ 83,731 552,927 - 83,237
	83,731	636,164

Note 17. Borrowings

Current liabilities Bank loans Non-current liabilities Bank loans	Consolidated 2025 2024 $ $ 167,494 141,563	Consolidated 2025 2024 $ $ 167,494 141,563
	2,149,221	2,040,229
	2,316,715	2,181,792

Refer to note 24 for further information on financial instruments.

The bank loans consist of the following:

(i) A loan of MYR 5,460,000 (AUD 1,629,851) from Public Bank Berhad. The term of the loan is 20 years, and the loan interest is calculated using the Base Lending Rate (Variable Rate) less a discount of 2.20% at the bank’s discretion from time to time. The monthly repayment includes the payment of loan principal and interest. The first monthly instalment commenced on 1 May 2017, subsequent instalments are to be paid on or before the 1st of each calendar month and total repayments are 240 instalments in 240 months. The carrying amount of the loan was MYR 3,899,024 (AUD 1,412,588) as at 30 June 2025 (2024: MYR 4,159,491 (AUD 1,330,101)).
(ii) A loan of MYR 2,730,000 (AUD929,393) from Public Bank Berhad. The term of the loan is 20 years, and the loan interest is calculated using the Base Lending Rate (Variable Rate) less a discount of 2.20% at the bank’s discretion from time to time. The monthly repayment includes the payment of loan principal and interest. The first monthly instalment commenced on 1 December 2019, subsequent instalments are to be paid on or before the 1st of each calendar month and total repayments are 240 instalments in 240 months. The carrying amount of the loan was MYR 2,201,393 (AUD 797,548) as at 30 June 2025 (2024: MYR 2,322,404 (AUD 742,647))
(iii) A loan of MYR 498,800 (AUD 159,780) from Public Bank Berhad. The term of the loan is 10 years, and the loan interest is calculated using the Base Lending Rate (Variable Rate) less a discount of 2% at the bank’s discretion from time to time. The monthly repayment includes the payment of loan principal and interest. The first monthly instalment commenced on 1 October 2020, subsequent instalments are to be paid on or before the 1st of each calendar month and total repayments are 120 instalments in 120 months. The carrying amount of the loan was MYR 294,179 (AUD 106,579) as at 30 June 2025 (2024: MYR341,005 (AUD 109,045)).

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 17. Borrowings (continued)

Financing arrangements

Unrestricted access was available at the reporting date to the following lines of credit:

Less than 1 year $ 388,873 (28,929)	1 – 5 years $ 275,843 (11,999)	Consolidated 2025 2024 $ $ 5,269,802 10,000,000	Consolidated 2025 2024 $ $ 5,269,802 10,000,000
		-	2,460,580
		5,269,802	7,539,420
		Consolidated 2025 2024 $ $ 359,944 208,414
		263,844	254,183
		623,788	462,597
		> 5 years $ - -	Total $ 664,716 (40,928)
359,944	263,844	-	623,788
229,616 (21,202)	266,721 (12,538)	- -	496,337 (33,740)
208,414	254,183	-	462,597

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 19. Employee benefits

Current liabilities Annual leave Long service leave Non-current liabilities Long service leave	Consolidated 2025 2024 $ $ 640,816 613,856 261,974 235,424	Consolidated 2025 2024 $ $ 640,816 613,856 261,974 235,424
	902,790	849,280
	48,463	47,054
	951,253	896,334

Note 20. Provisions

Current liabilities Warranties	Consolidated 2025 2024 $ $ 154,738 179,889

Warranties

The provision represents the estimated warranty claims in respect of products sold which are still under warranty at the reporting date. The provision is estimated based on historical warranty claim information, sales levels and any recent trends that may suggest future claims could differ from historical amounts.

Movements in provisions

Movements in each class of provision during the current financial year, other than employee benefits, are set out below:

Consolidated - 2025 Carrying amount at the start of the year Additional provisions recognised Amounts used Exchange differences Carrying amount at the end of the year	Warranties $ 179,889 89,657 (140,980) 26,172
	154,738

Note 21. Issued capital

Ordinary shares - fully paid	2025 Shares 1,382,780,602	Consolidated 2024 2025 Shares $ 1,382,780,602 40,134,175	2024 $ 40,134,175

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 21. Issued capital (continued)

Movements in ordinary share capital

Details Date Balance 1 July 2023 Issuance of shares on the exercise of options 10 October 2023 Balance 30 June 2024 Balance 30 June 2025	Shares Issue price 1,379,700,602 3,080,000 $0.0200 1,382,780,602 1,382,780,602	$ 40,072,575 61,600
		40,134,175
		40,134,175

Ordinary shares

Ordinary shares entitle the holder to participate in any dividends declared and any proceeds attributable to shareholders should the Company be wound up in proportions that consider both the number of shares held and the extent to which those shares are paid up. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Share buy-back

There is no current on-market share buy-back.

Capital risk management

The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.

Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents.

In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as valueadding relative to the current Company's share price at the time of the investment. The consolidated entity is not actively pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to maximise synergies.

The consolidated entity is subject to certain financing arrangements covenants and meeting these is given priority in all capital risk management decisions. There have been no events of default on the financing arrangements during the financial year.

The capital risk management policy remains unchanged during the current reporting period.

Note 22. Reserves

Foreign currency reserve Share-based payments reserve	Consolidated 2025 2024 $ $ 858,145 126,275 204,750 432,900	Consolidated 2025 2024 $ $ 858,145 126,275 204,750 432,900
	1,062,895	559,175

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 22. Reserves (continued)

Movements in reserves

Movements in each class of reserve during the current and previous financial year are set out below:

Consolidated Balance at 1 July 2023 Foreign currency translation Share-based payments Balance at 30 June 2024 Foreign currency translation Lapsed options transferred to accumulated losses Balance at 30 June 2025	Foreign currency reserve $ 114,934 11,341 -	Share-based payments reserve $ - - 432,900	Total $ 114,934 11,341 432,900
	126,275 731,870 -	432,900 - (228,150)	559,175 731,870 (228,150)
	858,145	204,750	1,062,895

Note 23. Dividends

Dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

Franking credits

Franking credits available for subsequent financial years based on a tax rate of 25% (2022: 25%)	Consolidated 2025 2024 $ $ 1,635,186 393,125

The above amounts represent the balance of the franking account as at the end of the financial year, adjusted for:

franking credits that will arise from the payment of the amount of the provision for income tax at the reporting date
franking debits that will arise from the payment of dividends recognised as a liability at the reporting date
franking credits that will arise from the receipt of dividends recognised as receivables at the reporting date

Note 24. Financial instruments

Financial risk management objectives

The Board has overall responsibility for the determination of the consolidated entity and the parent entity’s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the consolidated entity and the parent entity’s finance function. The Board receives monthly reports from the Chief Financial Officer through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets.

The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the consolidated entity’s competitiveness and flexibility.

Market risk

Foreign currency risk

The consolidated entity undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign exchange rate fluctuations.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 24. Financial instruments (continued)

The only currency where receivables are not denominated in their functional currency is US dollars (USD). Cash balances in USD are kept at levels only sufficient to pay the amounts owing. Since the local sales in Malaysia are made by foreign operations in their individual functional currencies, there is no direct foreign currency risk exposure involved. The consolidated entity’s exposure to foreign currency risk is primarily its exposure to trade receivables denominated in USD.

The carrying amount of the consolidated entity's foreign currency denominated financial assets and financial liabilities at the reporting date were as follows:

Consolidated US dollars Consolidated - 2025 Assets Liabilities Consolidated - 2024 Assets Liabilities	Assets 2025 2024 $ $ 736,412 1,660,097	Assets 2025 2024 $ $ 736,412 1,660,097	Liabilities 2025 2024 $ $ 102,075 516,793	Liabilities 2025 2024 $ $ 102,075 516,793
	AUD strengthened % change Effect on profit before tax 10% 102,208 10% 14,167 116,375 AUD strengthened % change Effect on profit before tax 10% 227,835 10% 70,926 298,761		AUD weakened % change Effect on profit before tax (10%) (124,921) (10%) (17,316) (142,237) AUD weakened % change Effect on profit before tax (10%) (278,465) (10%) (86,687) (365,152)
		298,761		(365,152)

Price risk

The consolidated entity is not exposed to any significant price risk.

Interest rate risk

The consolidated entity’s exposure to interest rate risk is limited to cash balances and borrowings, as these are at a floating rate. Cash balances that are held at call for day to day activities are non-interest bearing.

An analysis of remaining contractual maturities is shown in 'liquidity and interest rate risk management' below.

Credit risk

Credit risk arises principally from the consolidated entity’s trade receivables. It is the risk that the counterparty fails to discharge its obligation in respect of the instrument.

Prior to accepting new customers, a credit check is obtained from a reputable external source. Based on this information, credit limits and payment terms are established. Customers who subsequently fail to meet their credit terms are required to make purchases on a prepayment basis until creditworthiness can be re-established.

The nature of the consolidated entity’s operations means that approximately 92% (2024: 92%) of its sales are made to 5 (2024: 5) key customers in Australia, Singapore and America. Whilst credit risk is mainly influenced by factors specific to these individual customers, the concentration of sales geographically is a contributory factor.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 24. Financial instruments (continued)

The maximum exposure to credit risk for trade receivables at the end of reporting period by geographic region is as follows:

Australia Asia Europe USA	Consolidated 2025 2024 $ $ 332,285 389,523 65,126 255,884 885,341 1,378,641 24,605 860,831	Consolidated 2025 2024 $ $ 332,285 389,523 65,126 255,884 885,341 1,378,641 24,605 860,831
	1,307,357	2,884,879

Past due analysis of trade receivables by geographic region is as follows:

Australia $ 332,285 - -	Asia $ 65,126 - -	Europe $ 885,341 - -	USA $ 24,605 - -	Total $ 1,307,357 - -
332,285	65,126	885,341	24,605	1,307,357
336,949 - 52,574	255,839 - 45	108,771 1,358,437 (88,567)	- 1,212 859,619	701,559 1,359,649 823,671
389,523	255,884	1,378,641	860,831	2,884,879

Liquidity risk

Liquidity risk arises from the consolidated entity’s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the consolidated entity will encounter difficulty in meeting its financial obligations as they fall due. The consolidated entity aims to have sufficient cash to allow it to meet its liabilities when they become due.

The Board receives cash flow projections monthly as well as information regarding cash balances.

Financing arrangements

Unused borrowing facilities at the reporting date:

Bank loans

Consolidated	Consolidated
2025	2024
$	$
5,269,802	7,539,420

The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice. Subject to the continuance of satisfactory credit ratings, the bank loan facilities may be drawn at any time.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 24. Financial instruments (continued)

Remaining contractual maturities

The following tables detail the consolidated entity's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position. The weighted average interest rate for the bank loan are 4.52% (variable rate), 4.72% (fixed rate) and 4.95% for lease.

6 months or less $ 298,012 544,312 133,877 202,407	Between 6 and 12 months $ - - 133,877 186,466	Between 1 and 3 years $ - - 535,509 271,331	Over 3 years $ - - 2,153,489 4,512	Remaining contractual maturities $ 298,012 544,312 2,956,752 664,716
1,178,608	320,343	806,840	2,158,001	4,463,792
6 months or less $ 1,173,924 1,066,376 118,166 114,168	Between 6 and 12 months $ - - 118,166 115,447	Between 1 and 3 years $ - - 472,663 246,772	Over 3 years $ - - 2,129,448 19,949	Remaining contractual maturities $ 1,173,924 1,066,376 2,838,443 496,336
2,472,634	233,613	719,435	2,149,397	5,575,079

The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above.

Fair value of financial instruments

Unless otherwise stated, the carrying amounts of financial instruments are a reasonable approximation their fair value.

Note 25. Remuneration of auditors

During the financial year the following fees were paid or payable for services provided by RSM Australia Partners, the auditor of the Company, its network firms and unrelated firms:

Audit services - RSM Australia (2024: Grant Thornton) Half-year review - Grant Thornton Audit services - RSM Australia network firms (2024: Grant Thornton network firms) Audit services - Grant Thornton network firms (2024: RSM Australia network firms) Other services - RSM Australia network firms Audit or review of financial statements	Consolidated 2025 2024 $ $ 50,000 82,000 30,000 35,000 39,882 51,131 17,397 7,829 22,589 17,114	Consolidated 2025 2024 $ $ 50,000 82,000 30,000 35,000 39,882 51,131 17,397 7,829 22,589 17,114
	159,868	193,074

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 26. Contingent liabilities

The consolidated entity had no contingent liabilities as at 30 June 2025 and 30 June 2024.

Note 27. Commitments

Purchase commitments Committed at the reporting date but not recognised as liabilities, payable: Inventories Property, plant and equipment	Consolidated 2025 2024 $ $ 2,854,867 10,821,133 - 67,269

Note 28. Key management personnel disclosures

Compensation

The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below:

Short-term employee benefits Post-employment benefits Long-term benefits Termination benefits	Consolidated 2025 2024 $ $ 1,308,923 2,105,533 28,619 139,956 24,825 13,854 - 24,254	Consolidated 2025 2024 $ $ 1,308,923 2,105,533 28,619 139,956 24,825 13,854 - 24,254
	1,362,367	2,283,597

Note 29. Related party transactions

Parent entity

Rectifier Technologies Ltd is the parent entity.

Subsidiaries

Interests in subsidiaries are set out in note 30.

Key management personnel

Disclosures relating to key management personnel are set out in note 28 and the remuneration report included in the directors' report.

Transactions with related parties

Transactions between related parties are on normal commercial terms and conditions no more favourable to other parties unless otherwise stated. There are no other related party transactions outside of the consolidated entity and KMP remuneration were made.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 30. Interests in subsidiaries

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2:

Principal place of business / Name Country of incorporation Rectifier Technologies Pacific Pty Ltd Australia Rectifier Technologies Singapore Pte Ltd Singapore ICERT Inc USA Rectifier Technologies (M) Sdn Bhd Malaysia ICERT (HK) Co. Ltd Hong Kong Note 31. Earnings per share (Loss)/profit after income tax attributable to the owners of Rectifier Technologies Ltd The weighted average number of ordinary shares used in calculating basic earnings per share Adjustments for calculation of diluted earnings per share: Options over ordinary shares The weighted average number of ordinary shares used in calculating diluted earnings per share Basic (loss)/earnings per share Diluted (loss)/earnings per share	Ownership interest 2025 2024 % % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Consolidated 2025 2024 $ $ (783,792) 747,479	Ownership interest 2025 2024 % % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Consolidated 2025 2024 $ $ (783,792) 747,479
	Number 1,382,780,602 23,260,000	Number 1,381,930,656 42,760,000
	1,406,040,602	1,424,690,656
	Cents (0.06) (0.06)	Cents 0.05 0.05

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 32. Reconciliation of (loss)/profit after income tax to net cash (used in)/from operating activities

(Loss)/profit after income tax (expense)/benefit for the year Adjustments for: Depreciation and amortisation Share-based payments Provision for stock obsolescence Unrealised currency (gain)/loss Net loss/(gain) on sale/acquisition of assets Change in operating assets and liabilities: Decrease/(increase) in trade and other receivables Decrease in inventories Decrease/(increase) in income tax refund due Increase/(decrease) in net deferred tax assets (Decrease)/increase in trade and other payables Decrease in contract liabilities Decrease in provision for income tax Increase/(decrease) in employee benefits Decrease in other provisions Net cash (used in)/from operating activities	Consolidated 2025 2024 $ $ (783,792) 747,479 1,080,121 1,025,303 - 432,900 226,622 (30,090) (1,514,498) (532,218) (6,637) 1,376 721,897 (335,193) 1,963,417 4,501,232 10,810 (75,625) (765,945) (77,676) (3,946,662) 1,727,994 (552,433) (259,130) (844,215) (944,341) 54,919 (256,310) (25,151) (34,848)	Consolidated 2025 2024 $ $ (783,792) 747,479 1,080,121 1,025,303 - 432,900 226,622 (30,090) (1,514,498) (532,218) (6,637) 1,376 721,897 (335,193) 1,963,417 4,501,232 10,810 (75,625) (765,945) (77,676) (3,946,662) 1,727,994 (552,433) (259,130) (844,215) (944,341) 54,919 (256,310) (25,151) (34,848)
	(4,381,547)	5,890,853

Note 33. Changes in liabilities arising from financing activities

Consolidated Balance at 1 July 2023 Net cash used in financing activities Finance costs Acquisition of leases Balance at 30 June 2024 Net cash from/(used in) financing activities Finance costs Acquisition of leases Balance at 30 June 2025	Bank loans $ 6,476,201 (4,468,385) 173,976 -	Lease liabilities $ 652,327 (275,015) 34,964 50,321	Total $ 7,128,528 (4,743,400) 208,940 50,321
	2,181,792 30,823 104,100 -	462,597 (280,587) 32,999 408,779	2,644,389 (249,764) 137,099 408,779
	2,316,715	623,788	2,940,503

Note 34. Share-based payments

A share option plan has been established by the consolidated entity and approved by shareholders at a general meeting, whereby the consolidated entity may, at the discretion of the Board, grant options over ordinary shares in the Company to certain key management personnel of the consolidated entity. The options are issued for nil consideration and are granted in accordance with performance guidelines established by the Board.

On 15 August 2023, the Company granted 37,000,000 share options of its common stock to employees under its Employee Share Option Plan (ESOP) at an exercise price of $0.06. Options under this plan vest immediately allowing the holder to purchase one ordinary share per option, exercisable in multiples of 100,000. The maximum term of the options granted under the ESOP ends on 15 August 2025. The weighted average fair value of options granted has been calculated as $0.0117 per option. All granted employee options were immediately recognised as an expense in the statement of profit or loss with a corresponding credit to share option reserve for the value of $nil (2024: $432,900) for the year ended 30 June 2025.

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 34. Share-based payments (continued)

2025			Balance at			Expired/	Balance at
			the start of			forfeited/	the end of
Grant date			the year	Granted	Exercised	other	the year
01/06/2003	*	$0.020	480,000	-	-	-	480,000
01/11/2003	*	$0.020	5,280,000	-	-	-	5,280,000
15/08/2023	**	$0.060	37,000,000	-	-	(19,500,000)	17,500,000
* there is no expiry date for the exercise of the			options.
** expiry date is on 15 August 2025.
2024			Balance at			Expired/	Balance at
			the start of			forfeited/	the end of
Grant date			the year	Granted	Exercised	other	the year
01/06/2003	*	$0.020	480,000	-	-	-	480,000
01/11/2003	*	$0.020	8,360,000	-	(3,080,000)	-	5,280,000
15/08/2023	**	$0.060	-	37,000,000	-	-	37,000,000

there is no expiry date for the exercise of the options.

** expiry date is on 15 August 2025.

The weighted average fair value of options during the financial year was $0.050 (2024: $0.055).

The weighted average remaining contractual life of options outstanding at the end of the financial year was 0.13 years (2024: 1.13 years).

Note 35. Parent entity information

Set out below is the supplementary information about the parent entity.

Statement of profit or loss and other comprehensive income

(Loss)/profit after income tax Total comprehensive income	Parent 2025 2024 $ $ (855,480) 157,427	Parent 2025 2024 $ $ (855,480) 157,427
	(855,480)	157,427

Rectifier Technologies Ltd Notes to the financial statements 30 June 2025

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Note 35. Parent entity information (continued)

Statement of financial position

Total current assets Total assets Total current liabilities Total liabilities Equity Issued capital Foreign currency reserve Share-based payments reserve Accumulated losses Total equity	Parent 2025 2024 $ $ 1,737,916 3,912,602	Parent 2025 2024 $ $ 1,737,916 3,912,602
	23,704,728	26,078,655
	941,448	1,313,502
	22,525,848	24,040,093
	40,134,175 46,445 204,750 (39,206,490)	40,134,175 50,647 432,900 (38,579,160)
	1,178,880	2,038,562

a. Guarantees entered into by the parent entity in relation to the debts of its subsidiaries

On 22 August 2022, the parent company provided a guarantee for WBC loan of $2,000,000 to Rectifier Technologies Pacific Pty Ltd. The available balance is $836,979 as at 30 June 2025.

b. Contingent liabilities

The parent entity had no contingent liabilities as at 30 June 2025 and 30 June 2024.

c. Capital commitments - Property, plant and equipment

The parent entity had no capital commitments for property, plant and equipment as at 30 June 2025 and 30 June 2024.

d. Significant accounting policies

The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 2, except for the following:

Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an indicator of an impairment of the investment.

Note 36. Events after the reporting period

Rectifier Technologies Ltd Consolidated entity disclosure statement As at 30 June 2025

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					Australian
		Trustee,			resident or	Foreign tax
		partner, or			foreign	jurisdiction(s)
		participant in	% of share	Country of	resident (for	of foreign
Entity Name	Entity type	joint venture	capital held	incorporation	tax purpose)	residents
Rectifier Technologies Ltd	Body	n/a	n/a	Australia	Australian	n/a
	Corporate
Rectifier Technologies Pacific	Body	n/a	100	Australia	Australian	n/a
Pty Ltd	Corporate
Rectifier Technologies	Body	n/a	100	Singapore	Foreign	Singapore
Singapore Pte Ltd	Corporate
ICERT Inc	Body	n/a	100	United States	Foreign	United States
	Corporate			of America		of America
Rectifier Technologies (M) Sdn	Body	n/a	100	Malaysia	Foreign	Malaysia
Bhd	Corporate
ICERT (HK) Co. Ltd	Body	n/a	100	Hong Kong	Foreign	Hong Kong
	Corporate

Rectifier Technologies Ltd Directors' declaration 30 June 2025

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In the directors' opinion:

the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards Accounting Standards as issued by the International Accounting Standards Board as described in note 2 to the financial statements;
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 30 June 2025 and of its performance for the financial year ended on that date;
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; and
the information disclosed in the attached consolidated entity disclosure statement is true and correct.

The directors have been given the declarations required by section 295A of the Corporations Act 2001.

Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ Mr (Zorn Wong) Zong Xu Wang Director

29 September 2025 Melbourne

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RSM Australia Partners

Level 27, 120 Collins Street Melbourne VIC 3000 PO Box 248 Collins Street West VIC 8007 T +61 (0) 3 9286 8000 F +61 (0) 3 9286 8199

www.rsm.com.au

INDEPENDENT AUDITOR’S REPORT

To the Members of Rectifier Technologies Ltd

REPORT ON THE AUDIT OF THE FINANCIAL REPORT

Opinion

We have audited the financial report of Rectifier Technologies Ltd (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2025, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors' declaration.

In our opinion the accompanying financial report of the Group is in accordance with the Corporations Act 2001 , including:

(i) giving a true and fair view of the Group's financial position as at 30 June 2025 and of its financial performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001 .

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants ( including independence standards ) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

THE POWER OF BEING UNDERSTOOD

AUDIT | TAX | CONSULTING

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Liability limited by a scheme approved under Professional Standards Legislation

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Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key Audit Matter	How our audit addressed this matter
Recognition of Revenue Refer to Note 5 in the financial statements
The Group’s revenue in the financial statements for the year ended 30 June 2025 was $14,645,322, which consists of two main revenue streams, sales of power rectifiers and extended warranty (after sale services). Revenue is considered a Key Audit Matter due to the materiality and significance to the Group’s reported financial performance and judgement applied to determine the appropriate recognition of revenue.	Our audit procedures in relation to the recognition of revenue included: • Assessing whether the Group’s revenue recognition policies were in compliance with AASB 15_Revenue_ with Contracts with Customers; • Evaluating the operating effectiveness, of management’s controls related to revenue recognition; • Performing tests of detail on a sample basis to test the validity and accuracy of revenue transactions, including the inspection of customer contracts, delivery documentation and ensuring accounting in line with revenue recognition policy; • Performing cut-off testing over transactions recorded either side of the period end, to ensure that revenues were recognised in the appropriate period; and • Assessing the appropriateness of the disclosures in the financial report.
Valuation of Inventory Refer to Note 11 in the financial statements
The Group has inventory with a carrying value of $13,740,812 as at 30 June 2025. The valuation of inventory is considered a Key Audit Matter, due to the materiality of the balance, and the significant judgements involved in: • Assessing the net realisable value of inventories; and • The determination of a provision for obsolescence.	Our audit procedures in relation to valuation of inventory included: • Testing inventory costing by verifying the key inputs in the costing calculations against supporting documentation and evaluating the reasonableness of management’s estimates; • Testing on a sample basis that verifying inventories are being held at the lower of cost and net realisable value; and • Evaluating and challenging management assumptions and estimates applied to the provision for obsolescence through analysis of historical sales, movement and supporting evidence where appropriate.

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Other Information

The directors are responsible for the other information. The other information comprises the information included in the Group's annual report for the year ended 30 June 2025 but does not include the financial report and the auditor's report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of:

a. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 ; and
b. the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001 , and

for such internal control as the directors determine is necessary to enable the preparation of:

i. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and
ii. the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf This description forms part of our auditor's report.

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REPORT ON THE REMUNERATION REPORT

Opinion on the Remuneration Report

We have audited the Remuneration Report included in pages 9 to 15 of the directors' report for the year ended 30 June 2025.

In our opinion, the Remuneration Report of Rectifier Technologies Ltd, for the year ended 30 June 2025, complies with section 300A of the Corporations Act 2001 .

Responsibilities

The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

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RSM AUSTRALIA PARTNERS

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B Y CHAN Partner

29 September 2025 Melbourne, Victoria

Rectifier Technologies Ltd Shareholder information 30 June 2025

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The shareholder information set out below was applicable as at 28 August 2025.

Distribution of equitable securities

Analysis of number of equitable security holders by size of holding:

Ordinary shares % of total Number shares Number of holders issued of units 50 - 16,438 28 0.01 78,382 186 0.12 1,643,568 1,526 4.18 57,827,502 551 95.69 1,323,214,712 2,341 100.00 1,382,780,602 1,628 3.17 43,879,943 Options Options Options % of total Number of holders options Number of options - - - - - - - - - - - - 6 100 5,760,000	Ordinary shares % of total Number shares Number of holders issued of units 50 - 16,438 28 0.01 78,382 186 0.12 1,643,568 1,526 4.18 57,827,502 551 95.69 1,323,214,712 2,341 100.00 1,382,780,602 1,628 3.17 43,879,943 Options Options Options % of total Number of holders options Number of options - - - - - - - - - - - - 6 100 5,760,000	Ordinary shares % of total Number shares Number of holders issued of units 50 - 16,438 28 0.01 78,382 186 0.12 1,643,568 1,526 4.18 57,827,502 551 95.69 1,323,214,712 2,341 100.00 1,382,780,602 1,628 3.17 43,879,943 Options Options Options % of total Number of holders options Number of options - - - - - - - - - - - - 6 100 5,760,000
2,341	100.00	1,382,780,602
1,628	3.17	43,879,943
Options Number of holders - - - - 6	Options % of total options - - - - 100	Options Number of options - - - - 5,760,000
6	100	5,760,000

Substantial holders

Substantial holders in the Company are set out below:

	Ordinary	shares
		% of total
		shares
	Number held	issued
PUDU INVESTMENT (AUSTRALIA) PTY LTD	224,643,616	16.25
YUNG SHING	150,000,000	10.85
BNP PARIBAS NOMINEES PTY LTD	108,395,649	7.84
MR MALCOLM ALISTAIR DUNCAN	70,507,950	5.10
MR YANBIN WANG	70,000,000	5.06

Rectifier Technologies Ltd Shareholder information 30 June 2025

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Equity security holders

Twenty largest quoted equity security holders

The names of the twenty largest security holders of quoted equity securities are listed below:

PUDU INVESTMENT (AUSTRALIA) PTY LTD YUNG SHING BNP PARIBAS NOMINEES PTY LTD MR MALCOLM ALISTAIR DUNCAN MR YANBIN WANG MR LEI LI MRS ZHENGHUA ZHU MR MAKRAM HANNA + MRS RITA HANNA MR WEIGUO XIE HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED V AND G SUPER PTY LTD MR NIGEL MACHIN MR NICHOLAS SENG TET YEOH AUSTRALIAN EXPORTS & INDUSTRIALISATION SUPER PTY LTD KANGSAV PTY LIMITED MR ANTHONY JAMES MOSCATO + MRS EVA MOSCATO GENISTA COURT PTY LTD MR KANG CHEN MR MAKRAM HANNA MR RAYMOND ROCKMAN + MR ANTHONY ROCKMAN Unquoted equity securities Unlisted options exercise price $0.02	Ordinary shares % of total shares Number held issued 224,643,616 16.25 150,000,000 10.85 108,395,649 7.84 70,507,950 5.10 70,000,000 5.06 68,460,000 4.95 50,000,000 3.62 38,970,542 2.82 37,997,642 2.75 29,278,568 2.12 20,296,905 1.47 20,000,000 1.45 18,500,000 1.34 15,000,000 1.08 12,775,585 0.92 12,716,654 0.92 11,848,272 0.86 11,200,000 0.81 11,134,134 0.81 9,677,106 0.70	Ordinary shares % of total shares Number held issued 224,643,616 16.25 150,000,000 10.85 108,395,649 7.84 70,507,950 5.10 70,000,000 5.06 68,460,000 4.95 50,000,000 3.62 38,970,542 2.82 37,997,642 2.75 29,278,568 2.12 20,296,905 1.47 20,000,000 1.45 18,500,000 1.34 15,000,000 1.08 12,775,585 0.92 12,716,654 0.92 11,848,272 0.86 11,200,000 0.81 11,134,134 0.81 9,677,106 0.70
	991,402,623	71.72
	Number on issue 5,760,000	Number of holders 6

Voting rights

The voting rights attached to ordinary shares are set out below:

Ordinary shares

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

There are no other classes of equity securities.

On market buy-back

There is no current on market buy back

AI assistant

RECTIFIER TECHNOLOGIES LTD — Annual Report 2025

65691_rns_2025-09-28_8a2e11a0-3e94-440a-9758-f87ce2d8f512.pdf

Rectifier Technologies Ltd

Financial Results

Dividends Payments

Review of Operations

Sales Order Fulfilment Update

Outlook

Directors

Principal activities

Dividends

Review of operations

Business risks

Macroeconomic risks

Recruitment and crowd sourcing

Disruption to, or failure of, technology systems and software, including cybersecurity breaches

Data protection and privacy laws

Customer risk

Significant changes in the state of affairs

Matters subsequent to the end of the financial year

Likely developments and expected results of operations

Environmental regulation

Sustainability reporting

Information on current directors

Company secretary

Meetings of directors

Remuneration report (audited)

Principles used to determine the nature and amount of remuneration

Non-executive directors' remuneration

Executive remuneration

Consolidated entity performance and link to remuneration

Use of remuneration consultants

Details of remuneration

Amounts of remuneration

And the following persons:

Service agreements

Share-based compensation

Issue of shares

Options

Additional information

Additional disclosures relating to key management personnel

Shareholding

This concludes the remuneration report, which has been audited.

Shares under option

Shares issued on the exercise of options

Indemnity and insurance of officers or auditor

Rectifier Technologies Ltd Directors' report 30 June 2025

Proceedings on behalf of the Company

Non-audit services

Officers of the Company who are former partners of RSM Australia Partners

Auditor's independence declaration

RSM Australia Partners

AUDITOR’S INDEPENDENCE DECLARATION

RSM AUSTRALIA PARTNERS

Rectifier Technologies Ltd Statement of profit or loss and other comprehensive income For the year ended 30 June 2025

Rectifier Technologies Ltd Statement of changes in equity For the year ended 30 June 2025

Note 1. General information

Note 2. Material accounting policy information

New or amended Accounting Standards and Interpretations adopted

Going concern

Note 2. Material accounting policy information (continued)

Basis of preparation

Historical cost convention

Critical accounting estimates

Parent entity information

Principles of consolidation

Operating segments

Foreign currency translation

Foreign currency transactions

Note 2. Material accounting policy information (continued)

Foreign operations

Revenue recognition

Revenue from contracts with customers

Sale of goods and after sales services

Sale of extended warranties

Other income

Note 2. Material accounting policy information (continued)

Interest

Income tax

RECTIFIER TECHNOLOGIES LTD Annual Report 2025