Key Highlights

  • ARR of A$3,080,924 at 30 September 2026, up 19% on the June quarter and up 35% on a year earlier
  • Quarterly revenue of A$838k, up 29% on Q4 FY26, with a 92% gross margin and 104% net ARR retention
  • Cash receipts of A$910k were 37% below the prior quarter, net operating cash outflow was A$712k and cash stood at A$3.9m
  • Antara Core logged a third commercial sale in as many months, worth A$675k over five years, as its first site went live

icetana Limited (ASX:ICE), which develops self-learning security artificial intelligence software for large-scale surveillance networks, ended the September 2026 quarter (Q1 FY27) with annual recurring revenue (ARR) of A$3.1 million, a 19% rise from the June quarter and a 35% rise from a year before. Revenue for the quarter was A$838,000, up 29% on Q4 FY26 and 40% on Q1 FY26. Cash receipts from customers were A$910,000, and the cash balance at 30 September 2026 was A$3.9 million. An Appendix 4C covering the three months to 30 September 2026 was lodged alongside an activities report.

ARR and Revenue Detail

ARR was A$3,080,924 at 30 September 2026, against A$2,585,492 at 30 June 2026 and A$2,281,351 at 30 September 2025. New and expansion business added A$507,696 during the quarter, while churn and contraction took away A$12,264. Quarterly revenue included A$100,000 that is non-recurring, earned from platform security and compliance work funded by partners. Gross margin was 92%, level with the previous quarter. Net ARR retention, defined as expansion revenue from current customers minus any loss or contraction, rose 4 percentage points on the quarter to 104%, with a large sale expanding an existing customer's footprint, made via Millennium Services Group, the main driver.

Cash Receipts and Cash Flow

Cash receipts from customers were 37% below the A$1.4 million of the previous quarter, which included the annual renewal of the company's largest customer, and 133% above Q1 FY26. Net operating cash outflow was A$712,000, compared with A$134,000 in Q4 FY26. Over the 12 months to 30 September 2026, net operating cash outflows averaged A$226,000 per month. Operating cash spending totalled roughly A$1.6 million in the quarter, made up of A$1.2 million of staff costs, A$262,000 of operating and research and development spending, A$99,000 of sales, marketing and partner expansion, and A$83,000 of administration and corporate costs. Payments to related parties of approximately A$39,000 were included in that total.

Antara Core and Customer Orders

Antara Core, icetana's on-premise AI product, recorded its third commercial sale in as many months: an order worth A$675,000 over five years from Millennium Services Group, an Australian partner and SoftBank Robotics-controlled portfolio company, announced on 18 September 2026. The first commercial site went live in the quarter, and training is finished while hypercare support continues. A second site in the same shopping-centre portfolio began licensing on 1 September 2026, and both sites fall under the combined A$617,000 order announced in June 2026. In Japan, partners Macnica and SoftBank Robotics progressed proofs of concept and renewed existing contracts with multiple customers, and renewals were also recorded in North America and Asia Pacific.

Product Development Work

icetana rolled out version 7.1 of its Safety & Security platform, which lets operators view a live camera feed beside a recorded event and scroll through footage on a timeline, and lets customers sign staff in with existing work accounts. The company began a SOC 2 attestation program, an independent security audit sought by many US enterprise customers, with a Type 1 report targeted by 31 December 2026. Other work covered support for NVIDIA's latest generation of AI processors, faster and more accurate Forensic Quick Find searches, operator visibility into what the Watch Agent has been asked to look for, an improved Triage Agent, reliability for customers running many sites, and Arabic and Japanese language support.

Partner Channels and Footprint

Chief Executive Officer Kevin Brown said the priority for the remainder of FY27 is converting partner channels into repeat sales, while Antara Core gives customers an on-premise, private alternative as they extend AI throughout their security operations. The company is expanding US and APAC partner channels to convert pipeline into new ARR. Its software learns what is normal for each camera and flags unusual events, and it operates across more than 70 sites, more than 20,000 cameras and more than 15 countries.

Quarter at a Glance

icetana ended Q1 FY27 with ARR of A$3.1 million, revenue of A$838,000, cash receipts of A$910,000 and a cash balance of A$3.9 million after a net operating cash outflow of A$712,000. Gross margin was 92% and net ARR retention 104%. Antara Core logged its third commercial sale in as many months, worth A$675,000 over five years, and its first commercial site went live.