Excite Technology Services Normalises Cash Receipts as Cost Cuts Bite and Contract Wins Grow

An update from Excite Technology Services ( (AU:EXT) ) is now available.

Excite Technology Services reported March-quarter customer receipts of $3.96 million, a return to its underlying run rate after a record December quarter, with annual cash receipts rising to $23.65 million. The company posted a $2.0 million net operating cash outflow and ended the period with $883,000 in cash plus a $315,000 undrawn facility, while expecting settlement of several large contracts in the June quarter.

Management highlighted ongoing cost restructuring, with $3.9 million in annualised savings already achieved and a further $1.6 million targeted by July 2026 to better align expenses with revenue. Across its cyber security, IT and managed services, and digital forensics divisions, Excite secured new and renewed contracts with government and enterprise customers, reinforcing recurring revenue and deepening key client relationships in sectors such as aged care, property, tourism, and critical infrastructure.

The IT and managed services arm won about $400,000 of new and recurring work, including multi-site service desk and infrastructure engagements for a national aged care operator and a major IT project for a global property developer’s offshore unit. The cyber security division added roughly $519,000 in business, bolstered by renewals of SOC-as-a-service and incident response contracts and a new SOC engagement with a Northern Territory property developer.

Cyber operations were further supported by advisory work, including a NIST Cybersecurity Framework maturity assessment for a state-owned water authority, which may act as a feeder for longer-term managed security mandates. Overall, Excite used the quarter to consolidate after strong December trading, invest in go-to-market capabilities, and deepen technology vendor partnerships, aiming to improve operating leverage and sustain growth in its Australian security and IT services franchise.

More about Excite Technology Services

Excite Technology Services Limited is an Australian IT services provider focused on cyber security, IT and managed services, and digital forensics and training. The company targets Australian federal and state government agencies, enterprise clients, and critical infrastructure operators, positioning itself as a trusted lead service provider through managed security offerings and complex infrastructure projects.

Technical Sentiment Signal: Sell

Current Market Cap: A$15.12M

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