“I’ll be back… sooner than you think?” The spectre of Skynet looms large in our collective consciousness, and with artificial intelligence moving at breakneck speed, one might want to know “when will the next terminator arrive?”
Artificial intelligence (AI) is no longer a concept confided to science fiction, in fact it has transformed our lives into one. From algorithms that curate and enhance our digital presence to voice assistants to time saving summarisers, AI has become ubiquitous. Keeping AI-driven video analytics in mind, icetana AI (ASX: ICE) has soared through the June 2024 quarter. The Company has hit $1.9 million in Annualised Recurring Revenue (ARR), marking a 16% increase year-on-year and a 9% increase quarter-on-quarter.
icetana AI is an AI-driven video analytics software with enhanced security and operational efficiency across various industries. The platform uses artificial intelligence to analyse real-time video feeds from surveillance cameras, detecting anomalies and unusual activities.
In the realm of product development, the company has released an enhanced version, with integrated line crossing and occupancy detection, facial recognition, and licence plate recognition. Notably, the company has developed its proprietary Generative Pre-trained Transformer (GPT), augmenting its AI capabilities to pioneer new standards in video analytics technology.
In the dynamic landscape of AI-driven video analytics, icetana AI has made substantial strides in the June 2024 quarter, achieving significant milestones across financial performance, product innovation, and strategic positioning. This comprehensive review highlights icetana AI’s robust growth in Annualised Recurring Revenue (ARR), advancements in AI technology, and strategic investments to bolster its market presence and operational capabilities.
icetana AI CEO Kevin Brown commented: “We’ve delivered our strongest quarter of ARR growth in the past three years. Last year we raised funds with a commitment to invest into our sales and marketing function. This investment is now delivering results.
“We continue to leverage our reputation as the industry-leading video analytics company using proprietary self-learning AI software to detect abnormal activity and notify security risks in real-time. We have consolidated in the Middle East and Japan, and are now responding to increasing interest from the North American market with the appointment of a local business development resource.
“There has already been a significant uptick in leads and enquiries, both through our local partners and directly. The launch of our new icetana AI branding reflects an enhanced offering that is leveraging our self-learning AI software to review and analyse video surveillance data.
“This allows us to broaden product applications beyond safety and security, to include for example retail analytics, licence plate and facial recognition. These will increase new customer types, applications and use cases, as well as upsell opportunities to our existing customer base.”
For Q4 FY24, icetana AI allocated approximately $1.7 million in operating cash expenditure. The largest portion, totaling $1.06 million, was dedicated to staff costs, highlighting investments in human capital to drive innovation and operational excellence. Further expenditures of $512k aided ongoing research and development efforts and technological infrastructure.
Additionally, during the quarter ICE reported $473k in cash receipts which represented a 12% increase year-on-year despite a slight 5% decrease quarter-on-quarter. However, the Company still reported a net operating cash outflow of $336,000 for Q4FY24.
icetana AI maintains a financial footing of $1.5 million in cash reserves.
Sidra is a Business Writer with The Sentiment
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1 Comment
Shraddha13
Thank you for sharing! To explore further
Replyhttps://www.360iresearch.com/library/intelligence/ai-video-analytics-boxes