Perth-based artificial intelligence surveillance software company icetana AI shares are up 44 per cent in the five days since it released strong quarterly results.
Perth-based artificial intelligence surveillance software company icetana AI shares are up 44 per cent in the five days since it released strong quarterly results.
The company's annualised recurring revenue climbed to $1.9 million for the June quarter, up 16 per cent year on year and 9 per cent quarter on quarter, its best quarterly growth result in three years.
The results coincided with the company’s rebrand from former name icetana to icetana AI.
Total quarterly revenue was $473,000, up 12 per cent on the same period last year, but down 5 per cent compared to last quarter.
Chief executive Kevin Brown said the results proved last year’s move to invest in sales and marketing was now delivering results.
“We continue to leverage our reputation as the industry-leading video analytics company using proprietary self-learning AI software to detect abnormal activity and notify security risks in real-time,” he said.
“We have consolidated in the Middle East and Japan, and we are now responding to increasing interest from the North American market with the appointment of a local business development resource.
“There has already been a significant uptick in leads and enquiries, both through our local partners and directly.”
Mr Brown said the rebrand to icetana AI highlighted the enhanced offerings of the company.
“This allows us to broaden product applications beyond safety and security, to include for example retail analytics, licence plate and facial recognition,” he said.
“These will increase new customer types, applications and use cases, as well as upsell opportunities to our existing customer base.”
Among the new customer were Abu Dhabi Ports, three Japanese companies (a communications company, industrial company and railway company), and Jordanian defence company.
The company also partnered with Startologic Technologies, a fast-growing security software distributor in India.
icetana AI’s global footprint now encompasses over 16,000 cameras in more than 15 different countries.
The results come after, in November last year, Perth billionaire Laurence Escalante more than doubled his stake in the company, injecting $900,000 as part of a $2 million private placement.
Mr Escalante's family office, Lance East Office, became the company's second largest shareholder at more than 16.5 per cent after acquiring the 25.7 million shares.
Curtin University, from which icetana’s technology emerged, has 3.8 per cent and remains in the top five shareholders.
In July 2023 it appointed Kevin Brown as chief executive from his former role as chief operating officer, taking over from Matt Macfarlane who became chair, who in turn replaced Geoff Pritchard who resigned as a director but stayed on as an adviser.
icetana AI shares were up 44.44 per cent since the quarterly results were released to $0.026 per share.
