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iCetana Ltd.
(Sydney:ICE)
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Rating:50Neutral
Price Target:
AU$0.05
▲(50.00% Upside)
Action:Reiterated
Date:09/26/26
The score is primarily held back by weak financial performance: persistent losses, inconsistent/negative gross margins, and ongoing cash burn outweigh the benefit of re-accelerating revenue growth and low leverage. Technicals are a relative bright spot with the price above key moving averages and neutral-to-positive momentum, but valuation remains difficult to support due to negative earnings and no dividend yield data.
Positive Factors
AI video analytics software model
The company addresses a recurring operational need by applying AI to existing security-camera networks, helping monitoring teams prioritize incidents. Software that improves surveillance efficiency can support repeat deployments across commercial, public-sector, and critical-infrastructure customers.
Negative Factors
Persistent operating losses
Persistent losses show that current revenue scale is not yet translating into an economically sustainable operating model. Continued negative earnings can constrain reinvestment, weaken shareholder returns, and make the company more dependent on achieving substantial improvement in execution and margins.
Read all positive and negative factors
Positive Factors
Negative Factors
AI video analytics software model
The company addresses a recurring operational need by applying AI to existing security-camera networks, helping monitoring teams prioritize incidents. Software that improves surveillance efficiency can support repeat deployments across commercial, public-sector, and critical-infrastructure customers.
Read all positive factors
iCetana Ltd. (ICE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$29.89M
Dividend YieldN/A
Average Volume (3M)738.01K
Price to Earnings (P/E)―
Beta (1Y)-0.48
Revenue Growth31.02%
EPS Growth25.00%
CountryAU
Employees17
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding664,325,900
10 Day Avg. Volume1,911,392
30 Day Avg. Volume738,006
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)4.81
Price to Sales (P/S)7.37
P/FCF Ratio-6.05
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 operates as a Software-as-a-Service (SaaS) firm, offering advanced video analytics solutions across diverse global regions including the Asia Pacific, North America, Europe, the Middle East, and Africa. The company's core activity ...
How the Company Makes Money
iCetana makes money primarily by selling access to its AI video analytics software to customers that operate CCTV and security camera networks. Revenue is typically generated through software licensing or subscription arrangements (often structure...
iCetana Ltd. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
27
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.47M | 1.89M | 3.70M | 1.74M | 1.71M |
| Gross Profit | -2.45M | -1.95M | 2.13M | -1.91M | -2.47M |
| EBITDA | -4.00M | -3.35M | -2.38M | -2.68M | -3.54M |
| Net Income | -3.66M | -2.91M | -1.95M | -2.06M | -3.04M |
Balance Sheet | |||||
| Total Assets | 6.64M | 5.37M | 2.68M | 2.39M | 3.13M |
| Cash, Cash Equivalents and Short-Term Investments | 4.79M | 3.90M | 1.48M | 994.15K | 2.02M |
| Total Debt | 79.05K | 75.67K | 83.55K | 83.07K | 76.34K |
| Total Liabilities | 2.86M | 2.21M | 1.82M | 1.98M | 1.70M |
| Stockholders Equity | 3.79M | 3.16M | 1.14M | 729.45K | 1.63M |
Cash Flow | |||||
| Free Cash Flow | -3.01M | -2.47M | -1.58M | -1.56M | -1.93M |
| Operating Cash Flow | -2.96M | -2.42M | -1.54M | -1.39M | -1.91M |
| Investing Cash Flow | -53.15K | -50.43K | -40.39K | -164.13K | -20.06K |
| Financing Cash Flow | 3.75M | 4.92M | 2.07M | 629.76K | 2.44M |
iCetana Ltd. Technical Analysis
Positive
0.03
Price Trends
0.04
Positive
0.04
Positive
0.04
Positive
Market Momentum
<0.01
Negative
51.30
Neutral
67.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ICE, the sentiment is Positive. The current price of 0.03 is below the 20-day moving average (MA) of 0.04, below the 50-day MA of 0.04, and below the 200-day MA of 0.04, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 51.30 is Neutral, neither overbought nor oversold. The STOCH value of 67.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$14.84M | 4.59 | 28.96% | ― | 4.70% | 6.82% | |
70 Outperform | AU$638.99M | 37.88 | 5.34% | ― | 18.83% | ― | |
65 Neutral | AU$296.83M | 42.81 | 7.33% | ― | 63.33% | 12.84% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
50 Neutral | AU$29.89M | -6.82 | -140.01% | ― | 31.02% | 25.00% | |
48 Neutral | AU$27.55M | -9.48 | -18.57% | ― | 12.29% | 55.78% | |
46 Neutral | AU$11.77M | -15.00 | -22.87% | ― | 22.37% | 73.68% |
* Technology Sector Average
AU:ICE
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iCetana Ltd. Corporate Events
Icetana AI Wins $675,000 Antara Core Deal With Major Australian Retail Property Group
Sep 18, 2026
Icetana AI has secured a $675,000, five-year software-as-a-service contract for its Antara Core platform via strategic partner Millennium Services Group, marking the third commercial sale of the product in three months. The deployment, for one of ...
iCetana Streamlines Capital Structure as Lapsed Options Are Removed
Sep 15, 2026
iCetana Ltd. has notified the market of the cessation of several series of options on its ordinary shares, following the lapse of conditional rights that could no longer be satisfied. The expired options, totaling 1,000,000 securities across multi...
Icetana Grows Revenue but Widens Full-Year Loss, Holds Back Dividend
Aug 31, 2026
Icetana Limited reported a 31% increase in revenues from ordinary activities to $2.47 million for the year ended 30 June 2026, reflecting continued growth in uptake of its video analytics solutions. Despite the top-line improvement, the company...
Icetana boosts cash reserves with A$4m equity raise despite ongoing operating outflows
Jul 30, 2026
Icetana Limited reported a modest net operating cash outflow of A$134,000 for the June 2026 quarter, with customer receipts of A$1.449 million offset by staff, operating and marketing expenses. Over the full year, operating cash outflows totalled ...
icetana AI boosts recurring revenue and expands global reach with new distribution deals
Jul 30, 2026
icetana AI reported strong Q4 FY26 metrics, with annual recurring revenue rising 33% year-on-year to $2.6 million and quarterly revenue up 37% to $648,000, supported by new customer wins and expansion in existing accounts. The company highlighted ...
iCetana Issues 35.4 Million Unquoted ESIP Options
Jul 2, 2026
iCetana Ltd. has notified the market of the issue of a new class of unquoted equity securities, comprising 35,400,000 ESIP options with an exercise price of 5.6 cents and an expiry date of 17 June 2030. The options, issued on 2 July 2026 under the...
iCetana issues 31.25 million unlisted options exercisable to 2029
Jul 1, 2026
iCetana Limited has issued 31,250,000 unlisted options, exercisable at $0.057 each on or before 30 June 2029, as part of its existing capital arrangements. The options, which are unquoted and not intended for ASX quotation, form part of the compan...
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.