Dubber Corporation Limited (AU:DUB)
ASX:DUB
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Dubber Corporation Limited
(Sydney:DUB)
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Rating:44Neutral
Price Target:
AU$0.01
▼(-40.00% Downside)
Action:Reiterated
Date:05/16/26
The score is primarily weighed down by weak financial fundamentals, especially negative operating/free cash flow and ongoing losses, alongside rising leverage risk. Technical signals remain fragile with negative MACD and the price still below longer-term averages. The earnings call adds some support due to improving gross margins, cost discipline, and a guided path toward breakeven plus a potential near-term cash inflow, but these positives are tempered by recurring revenue decline and legal uncertainty.
Positive Factors
Recurring subscription model & channel distribution
Dubber’s core revenue is recurring, subscription-based SaaS sold through telco and cloud communications partners. This channel-led model supports predictable, scaleable revenue per customer, aligns incentives with partners, and enables durable ARR growth and upsell via feature/ARPU expansion.
Negative Factors
Negative operating & free cash flow
Dubber’s persistent negative operating and free cash flows undermine financial resilience. Even with cost cuts and one-off receipts, weak cash generation forces reliance on external funding or one-time payments, increasing refinancing risk and limiting investment in growth initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring subscription model & channel distribution
Dubber’s core revenue is recurring, subscription-based SaaS sold through telco and cloud communications partners. This channel-led model supports predictable, scaleable revenue per customer, aligns incentives with partners, and enables durable ARR growth and upsell via feature/ARPU expansion.
Read all positive factors
Dubber Corporation Limited (DUB) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$31.17M
Dividend YieldN/A
Average Volume (3M)1.77M
Price to Earnings (P/E)―
Beta (1Y)1.21
Revenue Growth-0.21%
EPS Growth67.01%
CountryAU
Employees240
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.01
Shares Outstanding2,710,661,600
10 Day Avg. Volume2,104,262
30 Day Avg. Volume1,770,338
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)2.58
Price to Sales (P/S)0.85
P/FCF Ratio-1.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Dubber Corporation Limited Business Overview & Revenue Model
Company Description
Dubber Corporation Limited (DUB) is a technology company specializing in cloud-based call recording and voice AI solutions. Operating primarily in the telecommunications and software sectors, Dubber offers its innovative products and services to b...
How the Company Makes Money
Dubber makes money primarily by selling subscription-based software services that deliver call recording and related voice data services from the cloud. Revenue is generally generated on a recurring basis (e.g., monthly/annual subscriptions) tied ...
Dubber Corporation Limited Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 28, 2026
Earnings Call Sentiment Positive
The call conveyed cautious optimism: tangible progress on cost reduction (12–15% improvements), gross margin expansion to ~70%, and a material North American CSP contract (close to AUD 4.6M) provide clear near-term cash and validation upside. Offsetting these positives are a slight decline in recurring revenue (≈4.9% QoQ), ongoing roll-offs from prior contract losses (e.g., VMO2), timing-related receipts weakness, and legal/recovery uncertainty that could be material. Management is focused on a FY'26 run-rate breakeven, heavy AI R&D investment, product consolidation and rebranding to drive future growth. Overall the balance of strong cost discipline, a major contract and path to breakeven versus still-present revenue and legal risks leads to a cautiously positive tone.Positive Updates
Major North American CSP Contract and Near-Term Cash Inflow
Announced a large North American CSP connection contract (5-year network connectivity fee) that will deliver close to AUD 4.6M in cash; partner is already in production on their mobile network and is expected to launch a product that will drive additional subscription/recurring revenue upside.
Negative Updates
Recurring Revenue Decline
Recurring revenue declined to AUD 7.8M from AUD 8.2M in the prior quarter (≈ -4.9%), attributed mainly to residual Cisco invoicing changes and the after-effects of prior contract losses.
Read all updates
Q2-2026 Updates
Positive
Negative
Major North American CSP Contract and Near-Term Cash Inflow
Announced a large North American CSP connection contract (5-year network connectivity fee) that will deliver close to AUD 4.6M in cash; partner is already in production on their mobile network and is expected to launch a product that will drive additional subscription/recurring revenue upside.
Read all positive updates
Company Guidance
Management guided toward underlying cash‑flow breakeven in FY‑26, noting Q2 reported revenue of $9.3m and recurring revenue of $7.8m (from $8.2m), receipts of $8.6m, a Q2 operating cash‑based cost of $9.5m (down 12% QoQ) and annualized cash‑based costs of $38m, with annualized operating costs at $26.8m (Q2 run‑rate, down 15% vs Q1); gross margin improved to 70% (+1% QoQ). They expect a near‑term AUD 4.6m payment from a Tier‑1 North American CSP in Q3 (5‑year network connection fee) that should drive a record cash quarter, have an undrawn $5m loan facility and raised $765k from directors in Q2; after normalizing one‑offs (~$1.0m) and working‑capital timing (~$1.6m) Q2 cash outflow was roughly nil. Guidance also expects gross margins to stay in the 70s, no planned further capital raises if cash inflows materialize, marketing to drive ~50% of channel leads, mid‑year platform consolidation to cut costs, and AI‑led product and ARPU uplift to drive growth.Dubber Corporation Limited Financial Statement Overview
Summary
Income Statement
35
Negative
Balance Sheet
40
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 40.37M | 42.19M | 38.66M | 30.03M | 16.32M | 20.34M |
| Gross Profit | 4.52M | 4.95M | 24.55M | -50.87M | -62.62M | -15.20M |
| EBITDA | -7.61M | -12.28M | -29.06M | -60.79M | -75.67M | -29.29M |
| Net Income | -25.50M | -33.31M | -40.72M | -69.20M | -84.11M | -31.70M |
Balance Sheet | ||||||
| Total Assets | 26.96M | 37.13M | 54.29M | 89.98M | 149.48M | 100.33M |
| Cash, Cash Equivalents and Short-Term Investments | 7.34M | 10.86M | 10.65M | 2.86M | 54.38M | 32.04M |
| Total Debt | 4.23M | 7.88M | 7.40M | 9.37M | 11.28M | 2.60M |
| Total Liabilities | 15.78M | 23.21M | 36.81M | 36.77M | 34.24M | 41.38M |
| Stockholders Equity | 11.18M | 13.92M | 17.49M | 53.21M | 115.25M | 58.96M |
Cash Flow | ||||||
| Free Cash Flow | -9.54M | -21.76M | -22.83M | -50.92M | -45.30M | -17.70M |
| Operating Cash Flow | -12.89M | -21.76M | -22.83M | -50.18M | -42.21M | -17.45M |
| Investing Cash Flow | 741.11K | 488.68K | 2.42M | 1.30M | -40.22M | -12.58M |
| Financing Cash Flow | -1.02M | 21.09M | 29.04M | -1.93M | 105.01M | 43.65M |
Dubber Corporation Limited Technical Analysis
Negative
0.02
Price Trends
0.01
Neutral
0.01
Negative
0.02
Negative
Market Momentum
>-0.01
Negative
42.53
Neutral
33.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:DUB, the sentiment is Negative. The current price of 0.02 is above the 20-day moving average (MA) of 0.01, above the 50-day MA of 0.01, and above the 200-day MA of 0.02, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 42.53 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:DUB.
Dubber Corporation Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
48 Neutral | AU$30.75M | -7.42 | -2.31% | ― | 2.98% | 93.55% | |
48 Neutral | AU$25.17M | -3.90 | -27.05% | ― | 4.41% | 19.30% | |
48 Neutral | AU$17.83M | -13.76 | 46.05% | ― | -0.91% | 1.85% | |
44 Neutral | AU$31.17M | -2.96 | -203.17% | ― | -0.21% | 67.01% | |
42 Neutral | AU$28.49M | -1.84 | -62.57% | ― | 36.04% | -71.94% | |
40 Underperform | AU$6.04M | -0.46 | 783.67% | ― | -13.82% | -132.50% |
* Technology Sector Average
AU:DUB
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Dubber Corporation Limited Corporate Events
Dubber Updates Market on Director Matthew Bellizia’s Equity Interests
May 12, 2026
Dubber Corporation Limited has disclosed changes to director Matthew Bellizia’s indirect interests in the company’s securities, detailing holdings across multiple family and superannuation-related accounts. The notice outlines his subs...
Dubber Director John Selak Lifts Stake with On-Market Share Purchases
May 6, 2026
Dubber Corporation director John Selak has increased his indirect shareholding in the company through a series of on-market purchases in early May 2026. Through Kasel Nominees Pty Ltd, the trustee of his superannuation fund, Selak acquired a total...
Dubber files Q3 FY26 activities report with ASX under strict disclaimers
Apr 29, 2026
Dubber Corporation has released its Q3 FY26 quarterly activities report and Appendix 4C, outlining recent operational and financial developments for the Dubber Group. The presentation, cleared by the board and lodged with the ASX, is positioned as...
Dubber Sets Investor Webinar to Outline Q3 FY26 Performance
Apr 15, 2026
Dubber Corporation will host an investor webinar on 30 April 2026 to discuss its Q3 FY26 cash flow and quarterly activities, with Managing Director and CEO Matthew Bellizia and Acting CFO Prasad Kasi leading the briefing. The session underscores t...
Dubber Seeks ASX Quotation for Newly Issued Ordinary Shares
Apr 9, 2026
Dubber Corporation Limited has applied to the ASX for quotation of a series of newly issued ordinary fully paid shares, totaling several million securities dated between mid-January and late March 2026. The application reflects the conversion or e...
Dubber Options Lapse, Simplifying Capital Structure
Apr 9, 2026
Dubber Corporation Limited has announced the cessation of several classes of unlisted options after they expired unexercised in late March 2026. A total of 725,350 options across three series, all with nil exercise prices and various expiry dates ...
Dubber Director Selak Lifts Indirect Stake With On-Market Share Purchase
Mar 25, 2026
Dubber Corporation has disclosed a change in director John Selak’s indirect interest in the company, with his superannuation-related entity KASEL Nominees Pty Ltd acquiring 3,032,806 ordinary fully paid shares on market over 24–25 Marc...
Dubber director boosts indirect shareholding with March on-market purchase
Mar 24, 2026
Dubber Corporation has disclosed a change in director Matthew Bellizia’s interests, detailing a series of indirect holdings across family, superannuation and dependent accounts. The filing outlines his existing substantial share and option p...
Dubber Widens Securities Trading Rules to Cover All Staff
Mar 24, 2026
Dubber Corporation has updated its securities trading policy, extending its scope from key management personnel to all employees, including executive and non-executive directors, officers and staff. The broader policy coverage is aimed at tighteni...
Dubber Director Restructures Indirect Shareholdings Without Changing Overall Stake
Mar 17, 2026
Dubber Corporation has disclosed a change in director Matthew Bellizia’s relevant interests in the company’s securities, reflecting an internal transfer of ordinary fully paid shares. Bellizia disposed of 12 million ordinary shares hel...
Dubber Sets VWAP-Based Share Price for Director Salary Sacrifice Plan
Mar 4, 2026
Dubber Corporation has detailed the pricing for its previously announced director and CEO salary sacrifice scheme, setting the issue price for shares at a VWAP of $0.017292 over the three-month period to 26 February 2026. Under the arrangement, se...
Dubber Narrows Half-Year Loss Despite Revenue Decline
Feb 26, 2026
Dubber Corporation Limited reported interim results for the half year ended 31 December 2025 showing revenue from continuing operations of $18.7 million, a 9% decline compared with the prior corresponding period. The company recorded a net loss at...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.