Icetana (ICE) H1 2025 earnings summary

Executive summary

• Revenue for the half-year ended 31 December 2024 fell 63% year-over-year to $910,395, mainly due to a large hardware sale in the prior period not recurring.

• Recurring revenue declined 6% to $883,125 compared to the same period last year.

• Net loss increased 56% year-over-year to $1,296,550, reflecting lower revenue and continued investment in operations.

• The company operates in AI-assisted video surveillance software, focusing on real-time anomalous event detection.

Financial highlights

• Gross profit dropped to $736,814 from $1,374,613 year-over-year.

• Total comprehensive loss for the period was $1,497,995, up from $787,954 in the prior year.

• Cash and cash equivalents at period end were $694,770, down from $2,576,191 at the end of the prior period.

• Net tangible assets per share decreased to (0.23) cents from 0.32 cents year-over-year.

Outlook and guidance

• A fully underwritten entitlement issue completed in February 2025 raised approximately $2.65 million, providing additional liquidity.

• Convertible notes of $741,600 converted into equity post-period, improving the balance sheet.