iCetana Ltd. (AU:ICE)
ASX:ICE
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iCetana Ltd.
(Sydney:ICE)
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Select Model
Rating:41Neutral
Price Target:
AU$0.04
▼(-26.00% Downside)
Action:ReiteratedDate:03/13/26
The score is driven primarily by weak financial performance (declining revenue, negative margins, ongoing losses, and negative cash flows). Technicals remain bearish despite oversold readings, and valuation signals are limited by negative earnings and no dividend support.
Positive Factors
Recurring SaaS licensing model
The business is built on recurring software licenses/subscriptions, which create predictable revenue streams and customer retention opportunities. Over a multi-month horizon this supports revenue visibility, potential upsell of capacity, and higher lifetime value versus one‑time sales, aiding long-term stability.
Negative Factors
Sharp revenue decline and negative gross margins
Revenue contraction combined with negative gross margins signals deep unit-economics issues: the company currently spends more to deliver its product than it earns. Unless pricing, cost structure, or product efficiency improves, this undermines scalable profitability and sustainable growth over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring SaaS licensing model
The business is built on recurring software licenses/subscriptions, which create predictable revenue streams and customer retention opportunities. Over a multi-month horizon this supports revenue visibility, potential upsell of capacity, and higher lifetime value versus one‑time sales, aiding long-term stability.
Read all positive factors
iCetana Ltd. (ICE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$20.74M
Dividend YieldN/A
Average Volume (3M)208.90K
Price to Earnings (P/E)―
Beta (1Y)-0.08
Revenue Growth-48.98%
EPS Growth-12.82%
CountryAU
Employees17
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding531,825,900
10 Day Avg. Volume190,116
30 Day Avg. Volume208,895
Financial Highlights & Ratios
PEG Ratio-0.49
Price to Book (P/B)5.80
Price to Sales (P/S)9.70
P/FCF Ratio-7.43
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
iCetana Ltd. Business Overview & Revenue Model
Company Description
iCetana Limited, a Software as a Service software company, provides video analytics solutions in the Asia Pacific, North America, Europe, the Middle East, and Africa. The company engages in the development and commercialization of iCetana Solution...
How the Company Makes Money
iCetana makes money primarily by licensing its AI video analytics software to customers (generally on a recurring subscription/SaaS or term license basis) and charging for associated implementation and support services. Key revenue streams include...
iCetana Ltd. Financial Statement Overview
Summary
Income Statement
25
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 | 1.90M | 1.89M | 3.70M | 1.74M | 1.71M | 1.49M |
| Gross Profit | -2.55M | -1.95M | 2.13M | -1.91M | -2.47M | -1.76M |
| EBITDA | -4.05M | -3.35M | -2.38M | -2.68M | -3.54M | -2.71M |
| Net Income | -3.53M | -2.91M | -1.95M | -2.06M | -3.04M | -2.25M |
Balance Sheet | ||||||
| Total Assets | 3.18M | 5.37M | 2.68M | 2.39M | 3.13M | 2.79M |
| Cash, Cash Equivalents and Short-Term Investments | 2.19M | 3.90M | 1.48M | 994.15K | 2.02M | 1.74M |
| Total Debt | 151.74K | 75.67K | 83.55K | 83.07K | 76.34K | 43.09K |
| Total Liabilities | 1.73M | 2.21M | 1.82M | 1.98M | 1.70M | 1.42M |
| Stockholders Equity | 1.44M | 3.16M | 1.14M | 729.45K | 1.63M | 1.61M |
Cash Flow | ||||||
| Free Cash Flow | -2.84M | -2.47M | -1.58M | -1.56M | -1.93M | -1.07M |
| Operating Cash Flow | -2.78M | -2.42M | -1.54M | -1.39M | -1.91M | -1.03M |
| Investing Cash Flow | -59.84K | -50.43K | -40.39K | -164.13K | -20.06K | -26.01K |
| Financing Cash Flow | 4.34M | 4.92M | 2.07M | 629.76K | 2.44M | -91.18K |
iCetana Ltd. Technical Analysis
Neutral
0.05
Price Trends
0.04
Negative
0.05
Negative
0.06
Negative
Market Momentum
<0.01
Negative
52.42
Neutral
46.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ICE, the sentiment is Neutral. The current price of 0.05 is above the 20-day moving average (MA) of 0.04, above the 50-day MA of 0.04, and below the 200-day MA of 0.06, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 52.42 is Neutral, neither overbought nor oversold. The STOCH value of 46.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:ICE.
iCetana Ltd. 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$23.75M | -3.90 | -27.05% | ― | -3.43% | -40.65% | |
46 Neutral | AU$35.24M | -2.96 | -203.17% | ― | 9.14% | 65.30% | |
43 Neutral | AU$73.47M | -9.35 | -86.31% | ― | ― | ― | |
41 Neutral | AU$20.74M | -3.83 | -153.09% | ― | -48.98% | -12.82% | |
41 Neutral | AU$12.77M | -13.76 | 46.05% | ― | 7.32% | 67.11% | |
41 Neutral | AU$29.25M | -3.17 | -151.85% | ― | 21.82% | 6.83% |
* Technology Sector Average
AU:ICE
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iCetana Ltd. Corporate Events
Icetana AI wins $2.1m renewal and expansion deal with key mall customer
Mar 9, 2026
Icetana AI has secured a US$1.49m, three-year software-as-a-service renewal and expansion contract with its largest customer, Middle Eastern shopping mall conglomerate Majid Al Futtaim Properties. The deal, covering AI-powered surveillance across ...
icetana AI lifts recurring revenue 43% on strategic partner-led growth
Feb 26, 2026
icetana AI reported a strong first half for FY26, with recurring revenue rising 43% to $1.3 million and gross profit increasing 56% to $1.15 million, lifting gross margins to 88%. Cash receipts from customers surged 69% to $1.1 million, although o...
icetana Lifts Revenue but Loss Widens as Balance Sheet Improves
Feb 26, 2026
icetana Limited reported a 43% rise in revenue from ordinary activities to $1.30 million for the half-year ended 31 December 2025, signalling stronger sales momentum in its software operations. Despite the top-line growth, the company posted a hig...
icetana Posts Quarterly Cash Outflow as Cash Reserves Decline to A$2.2m
Jan 28, 2026
icetana Limited reported a net operating cash outflow of A$519,000 for the December 2025 quarter and A$1.65 million for the first half, reflecting higher staff, marketing and operating costs relative to customer receipts, despite receiving A$637,0...
icetana steadies revenue while deepening APAC security partnerships
Jan 28, 2026
The December quarter saw icetana hold revenue flat quarter on quarter at $593,000 while lifting ARR 36% year on year to $2.3 million, aided by contract renewals and new partnerships; cash burn narrowed to a $519,000 outflow, leaving $2.2 million o...
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.