iCetana Ltd. (AU:ICE)
ASX:ICE
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iCetana Ltd.
(Sydney:ICE)
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Rating:45Neutral
Price Target:
AU$0.04
▼(-22.00% Downside)
Action:ReiteratedDate:05/02/26
The score is held down primarily by weak financial performance (declining revenue, persistent losses, and negative cash flows), with only modest offset from low leverage. Technical indicators are mixed and do not signal strong sustained momentum, and valuation metrics are unfavorable/less informative due to negative earnings and no dividend data.
Positive Factors
Recurring SaaS licensing & integration
iCetana’s core SaaS licensing/subscription model and VMS integration create durable recurring revenue potential and low customer switching costs. Over months this supports predictable revenue per deployment and enables scalable margin improvements as software adoption grows and implementation repeats.
Negative Factors
Falling revenue & negative gross profit
A steep revenue decline (-24.67%) combined with negative gross margins indicates the business currently fails to cover direct costs from sales. Structurally this undermines path to profitability and suggests pricing, cost or product-market fit issues that need resolution to sustain operations over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring SaaS licensing & integration
iCetana’s core SaaS licensing/subscription model and VMS integration create durable recurring revenue potential and low customer switching costs. Over months this supports predictable revenue per deployment and enables scalable margin improvements as software adoption grows and implementation repeats.
Read all positive factors
iCetana Ltd. (ICE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$21.27M
Dividend YieldN/A
Average Volume (3M)208.90K
Price to Earnings (P/E)―
Beta (1Y)-0.15
Revenue Growth6.66%
EPS GrowthN/A
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 selling its video analytics software to organizations that operate surveillance systems (e.g., security operations in commercial, industrial, or public environments). Its core revenue stream is software licensing/s...
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
100.00
Negative
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 100.00 is Negative, 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$20.90M | -3.90 | -27.05% | ― | 4.41% | 19.30% | |
48 Neutral | AU$24.21M | -13.76 | 46.05% | ― | -0.91% | 1.85% | |
45 Neutral | AU$21.27M | -3.83 | -153.09% | ― | 6.66% | ― | |
42 Neutral | AU$27.11M | -2.96 | -203.17% | ― | -0.21% | 67.01% | |
42 Neutral | AU$63.75M | -4.46 | -86.31% | ― | ― | ― | |
41 Neutral | AU$23.88M | -3.17 | -151.85% | ― | 24.56% | -6.14% |
* Technology Sector Average
AU:ICE
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iCetana Ltd. Corporate Events
icetana AI secures $4m to drive global expansion of AI security platform
Apr 30, 2026
icetana AI has raised $4.0 million through an over-subscribed share placement to institutional and sophisticated investors at a 9% discount to its recent volume-weighted average price, issuing 125 million new shares that rank equally with existing...
icetana Requests ASX Trading Halt Pending Capital Raising Announcement
Apr 27, 2026
icetana Ltd. has requested a trading halt in its securities on the ASX as it prepares to announce a proposed capital raising. Trading in ICE shares will be suspended until the earlier of the company releasing the capital raising announcement or th...
icetana AI lifts recurring revenue and expands market reach with on-premises security AI launch
Apr 27, 2026
icetana AI reported strong growth for the March 2026 quarter, with annual recurring revenue rising to $2.6 million, up 12% quarter-on-quarter and 51% year-on-year, and total quarterly revenue increasing 40% year-on-year to $607,000. The company...
Icetana’s Quarterly Cash Burn Narrows Its Cash Reserves to Under A$1m
Apr 27, 2026
Icetana Limited reported a cash balance of A$998,000 at 31 March 2026, down from A$2.19 million at the start of the quarter, as operating activities consumed A$1.17 million in cash and modest capital spending continued. The company recorded negati...
icetana AI expands Curtin University contract, boosts recurring revenue
Apr 13, 2026
icetana AI, a Perth-based security technology company listed on the ASX, builds self-learning AI software that automates real-time anomaly detection across large surveillance camera networks for customers in sectors including education, retail, an...
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...
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.