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HotCopper’s CY25 wrapped: The biggest losers, from Thrive Tribe to Bowen Coking

ASX News, Trader Tales
23 December 2025 15:07 (AEDT)
Wall Street investors, hands on head, gaze upward at red charts on crowded trading floor, conveying despair.

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Indexes have, barring that big October to November slump, been trucking along relatively strongly in CY26, with boosting catalysts from Wall Street like Trump’s “Liberation Day” and several RBA rate cuts helping things along.

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It was a grim year for plenty, too, though, including the ten biggest losers on the ASX through the calendar trading year. For some, the capitalisation lost from January through to December represents nearly 100% value.

Here’s the bottom 10 on yearly performance on the bourse.

1. Thrive Tribe

The biggest valuation dump we saw through CY25 came from Thrive Tribe Technologies (ASX:1TT), which will end the year -97.38% lower. The Kumu app developer has slowly been fading for a long time, and may have hit rock bottom – we’ll see what the future now holds in CY26, at very least.

2. H&G High Conviction

Another drop , as much as -96.25%, came for H&G High Convinction (ASX:HCF). The fund didn’t quite live up to its name on the investor side, and it’s now slumped into microcap territory. The Aussie company did just recently resuffle its board, so there may be some changes coming soon. We’ll see.

3. Australian Pacific Coal

Australian Pacific Coal (ASX:AGQ) dumped -93.3% through most of CY25 before being suspended from quotations under Listing Rule 17.5; the ASX company had failed to lodge periodic reports for the season.

4. Adheris Health

A dropping year (down -91.16% to date) ended with MedAdvisor changing its name to Adheris Health (ASX:AHE), and it’s not giving up – John Ciccio has joined up as CEO to lead a “new growth phase.” He’ll next have to navigate a “strike” from shareholders at the general meeting last November.

5. Charger Metals

Charger Metals (ASX:CHRCA) lost -90% in a very bumpy year, though at time of writing the company has just announced that it’s holding 100% of the Lake Johnston lithium and gold project after ending a JV with RTX this week. A chance for the explorer to turn things around with diamond and RC drilling soon?

6. Baumart Holdings

Baumart (ASX:BMH) lost -89.73% this year, just continuously draining away investors as it coasted through the trade year. Beyond necessary quarterly reports, Baumart shared zero “price sensitive” announcements with news.

7. FBR Ltd

FBR Ltd (ASX:FBR) lost as much as -89.73% this year after losing its joint venture opportunity with CRH Ventures. The U.S. company had an option to pick up a full deal, but walked away in February, costing FBR US$700 million.

8. Bowen Coking Coal

Bown Coking Coal (ASX:BCB) has been one big materials warning stories this year, with the collapse cornerstoned by several Queensland coal pit closures. The once-grand explorer dived as much as -87.5% and has been speaking to buyers through to the end of the calendar year; nothing signed away yet.

9. Universal Biosensors Inc

Universal Biosensors Inc. (ASX:UBI) lost -87.27% in value in CY25 on significant financial headwinds. The company’s chugging along, but there’s still fears it may shutter.

10. Metgasco Ltd

And finally, Metgasco (ASX:MEL) lost some -86.05% through the year but has been trying to make “transformative” moves to return to power. Recently, the energy company has been speaking to Vintage Energy (ASX:VEN) to sell the Odin and Vali gas fields in Central Australia. That would give Metgasco some cash.

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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

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