ASX Tech Stocks: Dubber on track to deliver record revenue of $30m in FY23
AI company Dubber Corp says it’s on track to deliver a record revenue result of $30 million in FY23. Read our tech wrap here.
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AI company Dubber Corp (ASX:DUB) says it’s on track to deliver a record revenue result of $30 million in FY23, with an annualised exit revenue run-rate of $36 million.
The figures are based on expected revenues for June, following a review of its operations.
Q4 FY23 revenue is expected to be up 20 per cent on Q3 FY23, with DUB also on track to achieve cash flow break-even during FY25 within existing cash reserves.
DUB – which is a leading network-based conversation intelligence and capture company – said its cost reduction program was on track to deliver $5 million of quarterly savings by Q1 FY24.
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The company has identified an additional $4 million to $7 million of cost savings, which are expected to be delivered over FY24.
As a result, DUB expects $65 million of costs in FY24 (excluding share-based payment expenses), down from between $89 million and 92 million in FY23, with costs being broadly flat over the course of FY24 (excluding any timing impacts of working capital).
CEO Steve McGovern said DUB’s review of its business operations in FY23 had led to improvements in efficiencies and the appointment of key personnel at a management and board level.
He said it had also led to delivery on its substantial investment in technology development with the release of a new AI product suite, Moments, that has been well received by its partners and customers.
“There is an expectation globally that AI will have significant impact in our daily lives,” he said.
“Dubber uniquely brings that capability to communications networks, the very source of the call, backed by a brand that is trusted and widely regarded by the world’s communications service providers as the leader in network-based data capture and conversational AI.”
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Other companies with tech news
BRAVURA SOLUTIONS (ASX:BVS)
BVS has announced that Libby Roy will step down as CEO and MD effective immediately, but will remain with the company until June 30 for handover and transition purposes.
In an ASX announcement, BVS said the board had started a global external executive search for a high-calibre and experienced CEO.
Independent non-executive director Andrew Russell will be interim CEO until the new appointment is made.
Russell was previously CEO of Class Limited until it was acquired by Hub24 (ASX:HUB) in 2022.
BVS specialises in a range of administration and management applications in the wealth management industry,
Bravura chairman Matthew Quinn said BVS had deep intellectual property, market leading products and a valued, high-quality customer base.
“Our new CEO will be selected based on their ability to provide exceptional service to our customers, lead our talented employees and create value for shareholders,” he said.
“We thank Libby for her time as CEO.”
As interim CEO, Russell’s will earn total fixed remuneration (base salary and superannuation) of $750,000 a year.
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Hansen Technologies (ASX:HSN)
The SaaS provider to the utilities sector has announced that CEO and MD Andrew Hansen will transition his operational tasks to chief development officer and former chief financial officer Graeme Taylor, who will become the CEO, effective immediately.
In an ASX announcement HSN said Hansen would remain as MD, with the changes to allow him more time to focus on the company’s strategic growth activities.
Taylor will continue to report to Hansen and the board.
HSN said the transition fulfilled a well-defined and long-established plan by Hansen and the board, which enabled him to spend more time on global strategies including its M&A activities, while Taylor oversaw the day-to-day operations.
“Andrew remains committed to the success of Hansen both as a shareholder and managing director,” HSN said.
“Graeme is a seasoned technology executive having worked alongside Andrew and the executive management team for almost a decade, including as CFO between 2014 to 2023 and most recently chief development officer when, based in London, he oversaw M&A and other strategic projects across Europe.
Taylor has relocated back to Melbourne following the successful transition of the CFO function to Richard English, announced in February.
FINEOS (ASX:FCL)
The Dublin-based tech company focusing on the insurance sector has announced that Guardian Life Insurance Company of America has signed an agreement to implement the FINEOS platform for its absence products.
FCL also notes that its results to mid-June support delivery of revenue nearer the lower end of the range of 124 million to 128 million euros communicated to the market in February.
FCL said it would provide further information as part of its FY23 results, which are currently planned for release on August 23.
This content first appeared on stockhead.com.au
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Originally published as ASX Tech Stocks: Dubber on track to deliver record revenue of $30m in FY23
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