Here’s a look at some of the companies making the news this week.
Block
(ASX:XYZ) shares collapsed by 23.6% since Thursday 24 April, closing at $67.50 on Friday. The plunge followed a weak Q1 earnings report that revealed stagnating user growth for Cash App—Block’s flagship platform—alongside misses on revenue, gross profit, and payment volume. Despite launching new features such as Afterpay integration on the Cash Card, monthly active users held flat at 57 million, with inflows growing just 8% during what is normally a strong tax season. The company slashed its 2025 guidance and drew widespread analyst downgrades. CEO Jack Dorsey acknowledged a lack of focus on growing the peer-to-peer network. Block is banking on its small-loan product, Cash App Borrow, to reignite growth—but rising regulatory scrutiny and competitive pressure from PayPal’s Venmo are casting doubt on the turnaround story.
Ainsworth Game Technology
(ASX:AGI) jumped 32.4% since Thursday 24 April, finishing the week at 98 cents after announcing it would be acquired by Novomatic, which already owns 42% of the company. The deal, structured as a scheme of arrangement, values AGI at $1 per share—a 35% premium to its pre-deal trading price—and will give Novomatic full ownership. The board unanimously recommended the offer, which is contingent on regulatory and shareholder approvals. While the initial surge reflects market confidence in deal completion, the final outcome will hinge on approval timelines and any competing interest in the gaming systems provider.
Dimerix
(ASX:DXB) rocketed 65.2% since Thursday 24 April to close at 76 cents on Friday, following a major licensing agreement with US-based Amicus Therapeutics. The deal grants Amicus exclusive rights to commercialise Dimerix’s kidney drug DMX-200 for FSGS—a rare and serious kidney condition—in the United States. In return, Dimerix receives a US$30 million upfront payment, with the potential for up to US$560 million in success-based milestone payments and tiered royalties. DMX-200 is currently in a Phase 3 trial, with FDA agreement on its approval pathway already secured. The deal validates Dimerix’s scientific platform and gives it non-dilutive funding to advance its pipeline outside the US.
Mineral Resources
(ASX:MIN) rose 14.6% from Thursday 24 April, closing at $20.90 after releasing a broadly well-received Q3 FY25 activity report. The company reaffirmed its strong liquidity position—over $1.25 billion—and stated that an equity raise was not under consideration. Iron ore operations, particularly Onslow Iron, were cash flow positive for the quarter, and lithium production at Mt Marion was upgraded. Cost reductions, including headcount cuts and capex discipline, were also highlighted. With investors wary of rising debt levels across the mining sector, MinRes’s confident tone and solid operational performance reassured markets and led to the strongest share price gain among large-cap miners this week.
