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1dug.com DUG Technology FY25 Results Presentation 22 August 2025 For personal use only
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2dug.com FY25 Result Key Themes ELASTIC MULTI-PARAMETER FULL WAVEFORM INVERSION (eMP-FWI) IMAGING UNLEASHED industry leading technology released, validated, and multiple projects awarded in FY25 FOUNDATION SET AND MOMENTUM BUILDING US$52.0M order book with US$45.7M of Services projects awarded in FY25-H2 NEW GLOBAL OFFICES MAKING AN IMPACT Abu Dhabi and Brazil contributing strongly to momentum and the growing order book For personal use only
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3dug.com Geo-SoftwareGeo-Services High Performance Computing (HPC) o Seismic data processing and imaging software to take raw seismic to an interpretable final product o Seismic data interpretation and analysis software helps clients understand their data o Elastic & Acoustic Multi -parameter Full Waveform Inversion (MP -FWI) Imaging o Conventional seismic processing and imaging o Multi-client data licensing o DUG HPC Cloud: Powerful, bare -metal compute and storage DUG Cool o Immersion cooling IP licence with Baltimore Aircoil Company (BAC) DUG Nomad o DUG Nomad: Mobile, immersion - cooled, high-density data-centres What we do 83% of FY25 Revenue 13% of FY25 Revenue 4% of FY25 Revenue US$41.9B TAM by 20281 US$2-3B TAM at Jun-23 with 25+% CAGR2 Emerging Businesses 1 Based on a Research and Markets report on the modular data centre industry: https://www.researchandmarkets.com/report/modular-data-center#src-pos-1 2 Based on a RBC Capital Markets report on the 21st of June 2023: “RBC Imagine: DatacenterLiquid Cooling Market Overview” For personal use only
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Where we do itFor personal use only
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5dug.com FY25 Financial Snapshot US$52.0 million ↑ 58% on US$32.9M at 31-Dec-24 ↑ 42% on US$36.5M at 30-Jun-24 strong forward momentum US$62.6 million ↓ 4% on FY24 FY25-H2 revenue of US$33.8M an increase of 17% on FY25-H1 US$15.4 million ↓ 7% on FY24 25% EBITDA margin (flat YoY) FY25-H2 EBITDA of US$10.2M (30% margin) US$51.9 million ↓ 5% on FY24 momentum picked up in FY25-H2 with Services revenue of US$27.4M US$8.3 million ↑ 13% on FY24 strong performance securing new sales and retaining existing clients Order Book at 30-Jun-25 Revenue EBITDA Services Revenue Software Revenue US$2.4 million ↓ 29% on FY24 FY25-H2 revenue of US$1.3M decreased 4% on FY24-H2 HPCaaS Revenue For personal use only
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6dug.com Financials For personal use only
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7dug.com Profit and Loss o DUG finished the year strong to post US$62.6 million revenue and US$15.4 million of EBITDA (25% EBITDA margin). These results were driven by a strong FY25-H2, which delivered US$33.8 million revenue and US$10.2 million EBITDA (30% EBITDA margin). With a 30 June 2025 order book of US$52.0M a strong foundation has been set for FY26. o Services revenue decreased 5% in FY25. Project awards were more heavily weighted towards FY25 -H2 (US$45.7M), compared to FY25 -H1 (US$19.8M). This skew towards FY25 -H2 awards, resulted in revenue ramping up in the later months of FY25, but not to a level to overcome the FY25 -H1 result. o Software revenue increased 13% in FY25. FY25 was a good year for the Software segment, posting the largest annual revenue growth in the last 3 years. The outlook for this business is strong. o Significant investments were made during FY25. Headlined by the release of eMP-FWI Imaging and the subsequent pilot projects. Significant resources were invested into each pilot, with the results and follow on projects justifying the expense. The other major investment was the opening of the Company’s Abu Dhabi and Brazil offices, with both regions now contributing to DUG’s growing order book. o Employee benefits increased by 6% in FY25. Driven by the hiring of the Abu Dhabi technical team and the carrying out a restructuring initiative during FY25-H1. o Depreciation and finance expenses both increased due to new computer equipment purchased and installed through FY24 -H2 and FY25 -Q1. US$ millions FY25 FY24 % Change Services Software HPCaaS 51.9 8.3 2.4 54.7 7.4 3.4 (5%) 13% (29%) External Revenue 62.6 65.5 (4%) Other income Employee benefits Other expenses 3.5 (32.1) (18.6) 2.8 (30.4) (21.3) 25% 6% (13%) EBITDA 15.4 16.6 (7%) EBITDA margin 25% 25% 0% Depreciation and amortisation (12.9) (7.3) 76% Operating profit 2.6 9.3 (72%) Finance expense (4.0) (1.3) 206% Net profit/(loss) before tax (1.4) 8.0 n.m. Net profit/(loss) after tax (4.4) 3.3 n.m. For personal use only
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8dug.com Balance Sheet o The Company has net debt 1 of US$3.9M, with asset financing debt of US$20.4M at 30 June 2025. o DUG successfully completed a capital raising in October 2024, raising A$31.4M (before costs): o A$19.0M for data centre infrastructure upgrades. Designs are now complete, with the planning and tendering phase underway. o A$6.5M for the Middle East expansion. The Abu Dhabi technical team is now productively working on local projects and the office fit out has been completed. o A$3.0M for DUG Nomad. The first sale has been completed, and the Malaysian supply chain has been established. o The increase in other current assets was mainly due to security deposits on asset financing facilities becoming current. These deposits cover the final four monthly repayments of the respective facilities. US$ millions 30-Jun-25 30-Jun-24 Current Assets Cash and cash equivalents Trade and other receivables Contract assets Other 16.4 11.7 4.3 3.7 9.4 9.3 4.3 0.9 Total Current Assets 36.1 23.8 Non-Current Assets Property, plant and equipment Right of use assets Other 41.1 10.6 3.7 44.0 8.5 3.8 Total Non-Current Assets 55.4 56.3 Total Assets 91.5 80.1 Current Liabilities Lease liabilities Contract liabilities Trade and other payables Provisions and other current liabilities 11.2 3.1 4.9 2.3 9.5 2.2 7.6 6.2 Total Current Liabilities 21.5 25.5 Non-Current Liabilities Lease liabilities Provisions, and loans and borrowings 22.6 0.1 24.4 0.2 Total Non-Current Liabilities 22.7 24.6 Total Liabilities 44.2 50.1 Net Assets 47.3 30.0 1 Net debt equals lease liabilities for HPC right-of-use assets less cash. Lease liabilities for properties and global networks are excluded. For personal use only
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9dug.com Cash Flow o Payments to suppliers rose as the final payment for third-party compute utilised in FY24-H2, was made in FY25-H1. o Payments to employees fell from US$16.1M in FY25- H1, to US$14.8M in FY25-H2. This was a result of restructuring initiative undertaken in FY25-H1. o US$8.3M was invested in the final batch of AMD EPYC Genoa computers received in July 2024, the first infrastructure capacity upgrades to the Houston data centre, and the Abu Dhabi office fit out. The data centre upgrades give 20% headroom in the facility, while the major infrastructure upgrade moves through the planning and tendering phase. o US$19.7M was received from the issue of shares (net of fees) as part of the successful capital raising completed in October 2024. US$ millions FY25 FY24 Cash flows from operating activities Receipts from customers Payments to suppliers Payments to employees Income tax paid and net interest income 59.5 (20.4) (30.9) (2.6) 59.5 (17.8) (29.4) (0.2) Net cash from operating activities 5.6 12.1 Cash flows from investing activities Acquisition of property, plant and equipment Acquisition of intangible assets Capital grant income received (8.3) (0.1) - (31.2) (0.1) 0.9 Total net cash flows from investing activities (8.4) (30.4) Cash flows from financing activities Proceeds from issue of shares net of fees Proceeds from borrowings and leases Proceeds from employee loan funded share plan Repayment of borrowings and lease liabilities 19.7 6.7 0.4 (17.0) - 24.4 5.0 (9.6) Total net cash flows from financing activities 9.8 19.8 Opening cash balance 9.4 8.0 Net cash flows 7.0 1.5 Effect of foreign exchange 0.0 (0.1) Closing cash balance 16.4 9.4 For personal use only
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10dug.com Growth Drivers For personal use only
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11dug.com Each DUG product and service interlocks – amplifying value, improving accuracy, and enabling clients to solve complex computational challenges under one integrated ecosystem. The DUG Ecosystem — Integrated Solutions Unified HPC Backbone Modern Geoscience Software Seismic Processing & Imaging and Multi-Client Proprietary, immersion- cooled data centres power all solutions – delivering big compute power while lowering costs and environmental impact. On-demand or fully managed HPC infrastructure (HPCaaS) to suit client needs. Geoscience software for seismic imaging and interpretation (e.g., Acoustic & Elastic MP-FWI Imaging). Custom data analytics workflows for diverse industries, from Oil & Gas to renewables. Specialist geoscience teams process and interpret seismic data using DUG’s HPC, delivering industry-leading results. Expanding multi-client library offers recurring, licensable data sets. DUG Nomad and DUG Cool Plug and play, mobile HPC solutions for remote or specialised deployments. Replicating DUG’s immersion cooling benefits on a smaller, mobile scale. Immersion cooling patent (DUG Cool) licensed on an exclusively to BAC. For personal use only
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12dug.com Next-Generation Seismic Imaging eMP-FWI Imaging stands at the cutting edge of seismic imaging technology, and DUG’s proprietary HPC environment supercharges its scalability, revenue potential, and market impact. Elastic MP-FWI Imaging: Best and Fastest Seismic Elastic MP-FWI Imaging: Straight to Rock Properties Multi-Client Expands the Seismic Market Simulates full-wave propagation through the Earth, capturing elastic properties for unparalleled subsurface clarity. Increased subsurface clarity reduces drilling uncertainty, helping clients save hundreds of millions in potential well- placement errors. Accurate rock property information is critical for oil and gas companies as it underpins decisions about exploration, appraisal and subsurface characterisation. eMP-FWI Imaging simultaneously produces seismic images and elastic rock properties, delivering deeper and more accurate insights in a fraction of the time. Multi-Client is a high-margin, repeat license business, and a bigger market than proprietary seismic processing. One dataset, multiple customers – leveraging DUG’s advanced imaging to create a premium product. For personal use only
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13dug.com DUG Insight is a modern seismic interpretation and processing & imaging package. Offering clients access to the latest seismic imaging technology in their own environment or on DUG’s HPCaaS offering. Accelerating Growth and Recurring Revenue Interpretation and Processing & Imaging Executing Against Clear Product Goals Software revenue of US$8.3M in FY25, increasing 13% on FY24. Annual licence fee per seat, paid in advance. Strong renewal rates year to year. Consumption based billing for certain processes run on DUG’s HPC infrastructure. One-stop software toolkit covering P&I, MP-FWI Imaging, quantitative interpretation and standard interpretation. P&I software has been sold for the last 4 years. This is a big growth area, leveraging DUG’s Services brand and interlocking with the HPCaaS offering. Become the interpretation package of choice for larger oil companies. Become the leading processing & imaging package on the back of the acoustic and elastic MP- FWI imaging technology. Modern Geoscience SoftwareFor personal use only
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14dug.com DUG’s immersion cooling (DUG Cool) and edge computing (DUG Nomad) distinguish the company as a forward-thinking HPC provider — capable of meeting evolving data centre needs. DUG Cool: Immersion Cooling IP License DUG Nomad: AI / HPC at the Edge Competitive Differentiator Patent licensed exclusively to Baltimore Aircoil Company (BAC). Core technology behind BAC’s COBALT1 immersion cooling system for data centres. Significantly lowers power consumption and extends hardware lifespan, aligning with corporate ESG goals. Mobile, high-density data centres for immediate deployment where needed – ideal for remote sites or short- term projects. Provides the ability to run AI or HPC at the edge without sacrificing performance. Companies seeking to reduce carbon footprint find immediate value in DUG’s energy-efficient HPC. Nomad opens non-traditional HPC markets (e.g., defence, disaster relief, field research). DUG Nomad and DUG Cool 1 For more information on BAC COBALT see their announcement video For personal use only
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15dug.com By embedding its offerings in the world’s most active energy and research hubs, DUG is strategically poised to broaden its client base, accelerate pilot conversions and cement a global leadership position. Bringing It All Together — Global Expansion DUG’s Abu Dhabi Office is in the Al Maryah Tower in the ADGM District Positioned For Success Order Book Growth Scale & Diversification Offices in Abu Dhabi, Houston, Kuala Lumpur, London, and Perth, and a sales presence in Brazil and India, positions DUG in all the key energy hubs. New regions, Abu Dhabi and Brazil, contributing strongly to momentum and the growing order book. Highest ever recorded order book of US$52.0M (up 58% vs. 31-Dec-25) confirms rising global demand for DUG’s high- end imaging solutions. FY25-H2 service project awards of US$45.7M and the highest order book ever recorded gives the Company momentum and confidence entering FY26. HPC expansions enable the servicing of bigger, more complex and more compute intensive projects. Software, services and multi- client set to benefit from new local market access. For personal use only
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16dug.com Why Invest in DUG? o Founder-led, innovative culture with experience converting cutting -edge science into real-world solutions o Industry-leading Elastic MP-FWI Imaging technology released, validated, and multiple projects awarded in FY25 o Modern and complete geoscience software package picking up momentum in the market o Patented immersion cooling technology licensed by BAC o DUG Nomad, mobile data centre utilising immersion cooling IP Founder-Led with Best-in-Class Technology o Offices in Abu Dhabi, Houston, Kuala Lumpur, London, and Perth, and a sales presence in Brazil and India, positions DUG in all the key energy hubs o Middle East and Brazilian expansions contributing to a growing order book o Over 21 years of delivering high - quality products to the O&G sector o Tier one client base, including all supermajors and numerous national oil companies Global Footprint and Trusted Brand o Services order book of US$52.0M, the highest in Company history. Driven by US$45.7M in new service contract wins in FY25 -H2. o Growing Software business (13% in FY25) that is picking up momentum in the market and leveraging DUG’s leadership position in seismic processing & imaging o DUG Nomad and DUG Cool offer incremental growth options Outstanding Growth Potential For personal use only
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17dug.com dug.com linkedin.com/company/teamdug twitter.com/Team_DUG youtube.com/dugtechnology info@dug.com +618 9287 4100 facebook.com/TeamDUG For personal use only