Dubber Corporation Limited (DUB) AI Stock Analysis

• Market Cap: AU$29.72M
• Dividend Yield: N/A
• Average Volume (3M): 1.77M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.08
• Revenue Growth: 9.14%
• EPS Growth: 65.30%
• Country: AU
• Employees: 240
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): >-0.01
• Shares Outstanding: 2,701,572,500
• 10 Day Avg. Volume: 2,104,262
• 30 Day Avg. Volume: 1,770,338
• PEG Ratio: 0.01
• Price to Book (P/B): 2.58
• Price to Sales (P/S): 0.85
• P/FCF Ratio: -1.65
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: AU$0.01 ▼(-45.00% Downside)
• Action: Downgraded Date: 03/20/26
• Date: Action: Downgraded 03/20/26

The score is primarily held down by weak financial performance—ongoing losses, compressed gross margin, and negative operating/free cash flow. Technical indicators also point to a downtrend with negative MACD and price below key moving averages. Valuation provides limited offset because the negative P/E reflects unprofitable operations.

Positive Factors

Recurring SaaS revenue model

A subscription SaaS model with per-user/channel pricing creates durable recurring revenue and predictable billing streams. Over 2–6 months this supports retention, upsells for retention/retention tiers, and steadier revenue pacing versus one-off sales, enabling longer-term planning.

Carrier and UC partner distribution

Embedding recording capabilities into carrier and UC provider offerings gives structural distribution and customer access that is hard to replicate quickly. Partnerships lower direct sales costs, drive large-volume user activations, and create partner-driven stickiness over multiple quarters.

Relatively stable equity ratio

A stable equity ratio provides a capital buffer that supports solvency during operating stress. Even with rising leverage, a steady equity base preserves borrowing capacity and resilience over the medium term, helping fund operations or strategic investments if cash flows remain challenged.

Negative Factors

Negative operating and free cash flow

Sustained negative operating and free cash flow undermines internal funding for growth and forces reliance on external financing or equity raises. Over months this constrains product investment, M&A or marketing, and increases execution risk if cash burn continues without margin recovery.

Increasing debt reliance

Rising leverage reduces financial flexibility and raises interest and covenant risk, especially for an unprofitable software firm. If cash generation does not improve within months, higher debt service can crowd out R&D and partner investment and heighten refinancing risk.

Declining gross margins and unprofitability

A sharp fall in gross margin signals cost pressure or pricing erosion, which directly impairs ability to reach profitability even with recurring revenue. Persisting margin compression over the medium term threatens sustainable cash generation and makes scaling uneconomic without structural fixes.

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 businesses and service providers, enabling them to capture, store, and analyze voice communications securely. The company's core offerings include its Dubber Voice Intelligence platform, which enhances the value of voice data through features such as transcription, sentiment analysis, and compliance management.

How the Company Makes Money

Dubber makes money primarily by selling cloud call recording and related services on a subscription basis (software-as-a-service), typically priced per user/seat, per channel, or per service tier depending on the customer and deployment. Revenue is generated from recurring fees for access to its recording platform, which includes ongoing hosting/storage and management of recordings, and from higher-value plans that add functionality such as compliance features, longer retention, or voice/AI-driven insights (specific plan names and price points: null). A significant route to market is via partnerships with telecommunications carriers and unified communications providers, where Dubber’s recording capability is integrated into a partner’s service and sold to the partner’s business customers; in these arrangements Dubber earns recurring platform/service revenue tied to the number of activated recording users and the service level delivered (specific partner commercial terms and rev-share details: null). Additional revenue may come from usage-based components such as incremental storage/retention or add-on features where applicable (exact usage metrics and contribution: null).

Dubber Corporation Limited Financial Statement Overview

Summary

Financials are weak: modest revenue growth (+4.3%) is outweighed by negative profitability (net and EBIT margins), a sharp decline in gross margin, and concerning cash flow trends (negative operating and free cash flow with deteriorating free cash flow growth). Rising leverage (higher debt-to-equity) and negative ROE add risk despite a relatively stable equity ratio.

Income Statement

Dubber Corporation Limited has shown some revenue growth, with a 4.3% increase in the latest year. However, the company is struggling with profitability, as indicated by negative net profit margins and EBIT margins. The gross profit margin has significantly decreased from the previous year, indicating increased cost pressures or reduced pricing power.

Balance Sheet

The company's debt-to-equity ratio has increased, indicating a higher reliance on debt financing, which could pose a risk if not managed properly. The return on equity is negative, reflecting ongoing losses. However, the equity ratio remains relatively stable, suggesting some balance sheet strength.

Cash Flow

Dubber Corporation Limited's cash flow situation is concerning, with negative operating and free cash flows. The free cash flow growth rate is negative, indicating deteriorating cash generation capability. The operating cash flow to net income ratio is negative, suggesting inefficiencies in converting income into cash.

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

• Technical Analysis Sentiment: Negative
• Last Price: 0.02
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

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 bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 42.53 is Neutral, neither overbought nor oversold. The STOCH value of -144.44 is Positive, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
VIG	48 Neutral	AU$30.75M	-173.03	-2.31%	―	2.98%	93.55%
AMX	48 Neutral	AU$21.85M	-3.90	-27.05%	―	-3.43%	-40.65%
XF1	43 Neutral	AU$19.81M	-13.76	46.05%	―	7.32%	67.11%
AR9	42 Neutral	AU$31.87M	-1.84	-62.57%	―	-38.03%	-11.27%
DUB	40 Underperform	AU$29.72M	-2.96	-203.17%	―	9.14%	65.30%
PRO	39 Underperform	AU$8.83M	-0.46	783.67%	―	-4.90%	-52.78%

Dubber Corporation Limited Corporate Events

Dubber Director Restructures Indirect Shareholdings Without Changing Overall Stake

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 held via one indirect holding and simultaneously acquired the same number of shares through another indirect vehicle associated with him.

The transaction, priced at A$0.013 per share for a total of A$156,000 on both sides, represents a reorganisation of Bellizia’s indirect holdings rather than a net increase or decrease in his overall economic exposure to Dubber. The move is largely administrative in nature, with no indication in the filing of broader strategic shifts or immediate implications for other shareholders beyond updated disclosure of director interests.

The most recent analyst rating on (AU:DUB) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Dubber Corporation Limited stock, see the AU:DUB Stock Forecast page.

Dubber Sets VWAP-Based Share Price for Director Salary Sacrifice Plan

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, several non-executive directors and CEO and managing director Matthew Bellizia will receive all or part of their base fees and salary in equity instead of cash for 2025–26, subject to shareholder approval at the 2026 AGM.

If shareholders do not ratify the equity-based remuneration, the affected directors will revert to receiving their contracted cash payments, leaving the company’s cost structure unchanged but reducing the alignment between board, management and shareholders. The share-based structure underscores Dubber’s effort to conserve cash and signal confidence in its long-term prospects at a time when its share price remains low, with millions of new shares to be issued to leadership if the plan is approved.

The most recent analyst rating on (AU:DUB) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Dubber Corporation Limited stock, see the AU:DUB Stock Forecast page.

Dubber Narrows Half-Year Loss Despite Revenue Decline

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 attributable to members of $4.2 million, representing a 65% reduction in losses year on year and indicating progress in cost control or operational efficiency.

No interim or final dividends were declared for the period, underscoring an ongoing focus on funding operations and growth rather than returning capital to shareholders. The combination of lower revenue but significantly narrowed losses suggests Dubber is prioritising profitability and cash management, a dynamic that will be closely watched by investors assessing the sustainability of its business model in a competitive technology sector.

The most recent analyst rating on (AU:DUB) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Dubber Corporation Limited stock, see the AU:DUB Stock Forecast page.

Dubber Issues Q2 FY26 Activities Update with Strong Investor Cautions

Dubber Corporation Limited has released its Q2 FY26 Quarterly Activities Report and Appendix 4C, providing investors with an update on the company’s operations and financial position. The document, approved by the board for ASX release, is positioned as an informational summary to be read alongside Dubber’s FY25 Annual Report and other market disclosures, and it emphasises that certain figures may be non‑GAAP and unaudited. The company reiterates that the material is not investment advice, highlights limitations and risks around the accuracy and completeness of the information, and cautions investors regarding the use of any past performance data or forward‑looking commentary, underlining the need for independent financial advice and careful consideration of regulatory constraints, particularly in relation to any potential securities offerings.

The most recent analyst rating on (AU:DUB) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Dubber Corporation Limited stock, see the AU:DUB Stock Forecast page.

Dubber Sets Investor Webinar to Discuss Q2 FY26 Performance

Dubber Corporation will host an investor webinar on 28 January 2026, led by Managing Director and CEO Matthew Bellizia and Acting CFO Prasad Kasi, to discuss its Q2 FY26 cash flow and quarterly activities. The session underscores the company’s efforts to maintain transparent engagement with shareholders as it advances its position as a leading conversation intelligence platform within global communications networks.

The most recent analyst rating on (AU:DUB) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Dubber Corporation Limited stock, see the AU:DUB Stock Forecast page.

Dubber Seeks ASX Quotation for 3.45 Million Newly Issued Shares

Dubber Corporation Limited has applied for quotation on the ASX of 3,453,993 fully paid ordinary shares, issued on 18 December 2025 following the exercise or conversion of existing options or other convertible securities. The move expands the company’s quoted share capital and reflects the take-up of equity-linked instruments, which may modestly enhance liquidity in Dubber’s stock and slightly dilute existing shareholders while converting prior potential obligations into ordinary equity.

The most recent analyst rating on (AU:DUB) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on Dubber Corporation Limited stock, see the AU:DUB Stock Forecast page.

Dubber Announces Lapse of 135,000 Employee Share Options

Dubber Corporation Limited has notified the ASX that a tranche of its employee share options has lapsed. The company reported that 135,000 employee share options, listed under ASX code DUBAAQ, ceased on 22 December 2025 because the conditions attached to those options were not met or became incapable of being satisfied, resulting in a small reduction in the company’s potential future issued capital and reflecting unvested incentives that will not convert into ordinary shares.

The most recent analyst rating on (AU:DUB) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on Dubber Corporation Limited stock, see the AU:DUB Stock Forecast page.

Dubber Director Matthew Bellizia Increases Indirect Shareholding

Dubber Corporation Limited has disclosed a change in director Matthew Bellizia’s relevant interests in the company’s securities, as required under ASX listing rules. Across several transactions completed between 29 December 2025 and 2 January 2026, Bellizia, through various indirect holdings including a family account and accounts for his dependants where he acts as trustee, acquired additional parcels of ordinary fully paid shares, with no securities disposed and no change to his existing options and employee share options positions. The notice formalises these incremental share purchases and updates the market on Bellizia’s expanded indirect equity stake in the company, signalling further alignment of the director’s financial interests with those of Dubber’s shareholders.

The most recent analyst rating on (AU:DUB) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on Dubber Corporation Limited stock, see the AU:DUB Stock Forecast page.

Dubber Board and CEO Double Down on Equity-Based Pay in Renewed Salary Sacrifice Plan

Dubber Corporation has announced that its non-executive directors and CEO will again participate in a salary sacrifice arrangement, taking part or all of their fixed cash remuneration for the next year in newly issued Dubber shares, subject to shareholder approval by the 2026 AGM. The move, covering between 24% and 100% of individual directors’ fees and the CEO’s salary, is framed as a vote of confidence in Dubber’s growth prospects, with shares to be priced on a volume weighted average of trades between late November 2025 and late February 2026; if shareholders do not approve the equity issuance, directors will instead receive their contracted cash payments.

The most recent analyst rating on (AU:DUB) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on Dubber Corporation Limited stock, see the AU:DUB Stock Forecast page.