Artificial intelligence video analytics software company icetana Limited has released its full-year statutory accounts for the twelve months to June 30, 2024
FY24 Highlights include:
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Annualised recurring revenue of AUD1.9 million as at June 2024, up 16% year-on-year, the company’s strongest year-on-year growth rate in 3 years.
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AUD3.6m cash received from customers, up 87% year-on-year.
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Net annualised recurring revenue retention was 96% over the full year, with multiple expansion sales of icetana’s new generation product offset by the loss of some legacy version 1 customers.
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Revenue of AUD3.7 million, up 112% year-on-year.
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Net operating cash outflow of AUD1.54m for the year, an increase of AUD148,000 from FY23.
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Well capitalised with AUD1.5 million cash at bank, up AUD500,000 from June 30, 2023.
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Refreshed brand of ‘icetana AI’ to reflect next-generation product capability including line crossing and occupancy, facial recognition and licence plate recognition, and creation of own GPT
“FY24 marks our most successful year financially and operationally, underpinned by record ARR growth, a testament to our focus on innovative product development and customer engagement,” said CEO Kevin Brown. “We’ve significantly strengthened our market position across key regions with a substantial increase in new orders, strategic renewals, and major deployments.”
“Major milestones included the upgrade of most of our customers to our second-generation software, substantial hardware sales, renewal of significant contracts and expansion into new markets,” he said. “Our advancements in machine learning and algorithm accuracy not only enhanced our product offerings but also opened new opportunities in analytics and security management.”
“As we launched our new product suite, including analytics, forensic quick find, facial recognition, and license plate recognition, we also developed our own GPT to enhance AI capabilities. To reflect these advancements, we rebranded to ‘icetana AI,’ introducing a new website, and updated our marketing collateral as we embark on our next stage of growth.”
“Building on our record revenue growth and operational advancements in FY24, we are well-positioned to expand into new and existing markets. Our strategic focus will remain on expanding our reach in key regions, driving new orders, and strengthening renewals and deployments.”
“The launch of our comprehensive new product suite, along with the development of our own GPT, has laid the foundation for expanding our product capabilities.”
“We anticipate that our advancements in machine learning, algorithm accuracy, and user experience will continue to open new opportunities in analytics and security management. With a strong pipeline of new and existing customer engagements, we are confident in our ability to deliver a strong start to FY25.”
