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1dug.com DUG Technology FY26 Results Presentation 27 August 2026
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2dug.com This presentation is provided by DUG Technology Ltd (ABN 99 169 944 334) and its controlled entities (variously, "DUG", "us", "we", "our”, "Group”, and “the Company”) and is current at 27 August 2026. It is information given in summary form only and does not purport to be complete. It should be read in conjuncti on with DUG's periodic and continuous disclosure announcements lodged with ASX, including its financial reports. It does not constitute personal, legal, investment, taxation, accounting or financial product advice, has been prepared as general information only, and does not take into account your personal circumstances, investment objectives, financial situat ion, tax position or particular needs. Having regard to those matters, please consider the appropriateness of the information before acting on it and seek professional advice. No informat ion herein constitutes an offer, solicitation or invitation to apply for securities in any place in which, or to any person to whom, it would be unlawful to make such an offer, solicitation or i nvitation. This presentation contains statements that are, or may be deemed to be, forward -looking statements. To the extent the informatio n may constitute forward -looking statements, it reflects DUG's intent, belief or current expectations at the above date. Such forward -looking statements are not guarantees of future per formance and involve known and unknown risks, assumptions and uncertainties, many of which are beyond DUG's control, which may cause actual results to differ materially from those exp ressed or implied. Undue reliance should not be placed on any forward-looking statement and, other than as required by law, DUG does not give any representation, assurance or guarantee that the occurrence of the events, results and outcomes expressed or implied in any forward -looking statement will actually occur. Subject to any continuing obligations under applicabl e law, we expressly disclaim any obligation to provide any updates or revisions to any forward -looking statements in this presentation to reflect events or circumstances after the above d ate. There are a number of other important factors that could cause actual results to differ materially from those set out in this presentation. This presentation includes unaudited financial information and "non -IFRS financial information" under ASIC Regulatory Guide 230, including normalised EBITDA. We consider this information provides a useful means to understand our performance, however, such information does not have a standardised meaning under t he Australian Accounting Standards or International Financial Reporting Standards and may not be comparable to similarly titled measures presented by other entities. Undue relia nce should not be placed on it. To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied, is made and no respon sibility is accepted by DUG or any of its related bodies corporate, directors, officers, employees, agents or advisers as to the accuracy, currency or completeness of any part of thi s presentation or for any loss or damage arising in any way from any person's use of, or reliance on, this presentation or any information contained in it. All amounts are in United States dollars unless otherwise stated. The Group operates through entities with differing function al currencies and results translated into United States dollars are affected by movements in exchange rates. Figures may be subject to rounding and totals may not add due to rounding. Past perf ormance information given in this presentation is for illustrative purposes only and should not be relied upon as, and is not, indicative of future performance. Disclaimer
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3dug.com Introduction to DUG
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4dug.com DUG is an ASX-listed tech company that provides innovative processing and storage solutions to leverage big data. DUG’s numerical scientists develop technology and deploy expertise using software and high performance computing (HPC) for real -world applications. Who we are Co-founders Dr Matt Lamont and Dr Troy Thompson Founded in Western Australia in 2003 Offices in Perth(HQ), London, Houston, Kuala Lumpur, Abu Dhabi & Rio de Janeiro Software | Services HPC | Multi-Client Global HPC Infrastructure (137 PF compute & 84 PB storage) 330+ employees Diverse patent portfolio
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5dug.com 2003 DUG founded 2006 First major discovery 2007 Kuala Lumpur office 2009 Houston office 2013 London office 2016 DUG Cool 2019 Enterprise Data Centre Design Award 2020 Listed on ASX 2024 Abu Dhabi office 2025 Rio de Janeiro office Our journey
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6dug.com Global footprint
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7dug.com FY26 Highlights
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8dug.com FY26 Highlights Record full-year revenue and normalised EBITDA1 driven by strong performance across all product lines Revenue growth delivered profitably, with revenue up 38% to US$86.4m, normalised EBITDA 1 up 78% to US$27.4m Percentage of recurring revenue increases as HPC and Software contribute 26% of total revenue Combined Software and HPCaaS revenue grew to US$22.6 million, increasing from US$10.7m and 17% of total revenue in FY25 Emerging regions and Multi-Client build through the year to contribute materially to revenue In FY26 Brazil and the Middle East delivered their first material revenue, and Multi -Client grew to US$4.1m, including US$2.6m in FY26 -Q4, with twelve projects now in the Multi -Client library 1 Normalised EBITDA excludes a US$1.5 million one -off expense relating to the MP2 legal matter. Please refer to the Company’s ASX release “Update on legal proceedings” released on 25 February 2026 for further information.
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9dug.com Record full-year financial performance Normalised EBITDA1 ↑ 78% on FY25 Total Revenue ↑ 38% on FY25 Net Profit After Tax ↑ +US$7.0m on FY25 Note: All financial figures are presented in US$ millions. 1 Normalised EBITDA excludes a US$1.5 million one -off expense relating to the MP2 legal matter. Please refer to the Company’s ASX release “Update on legal proceedings” released on 25 February 2026 for further information. 62.6 86.4 FY25 FY26 15.4 27.4 FY25 FY26 (4.4) 2.6 FY25 FY26
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10dug.com Revenue momentum builds across all products HPCaaS Revenue ↑ 383% on FY25 Services Revenue ↑ 23% on FY25 Software Revenue ↑ 33% on FY25 Note: All financial figures are presented in US$ millions. 2.4 11.5 FY25 FY26 8.3 11.1 FY25 FY26 51.9 63.8 FY25 FY26
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11dug.com Operational Overview
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12dug.com The DUG ecosystem — integrated solutions Each DUG product interlocks, with our intellectual property at the centre of everything we do. We help clients make the most of their data — amplifying value, improving accuracy, and solving complex challenges in one integrated ecosystem. Unified HPC Infrastructure Modern Geoscience Software Next Generation Seismic Imaging Proprietary, immersion-cooled data centres power it all – delivering big compute power while lowering costs and environmental impact. On-demand or fully managed HPC infrastructure 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 software and HPC, delivering industry-leading results. Expanding multi-client library offers recurring, licensable data sets. 74% of FY26 Revenue 13% of FY26 Revenue 13% of FY26 Revenue
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13dug.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.
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14dug.com o Multi-Client applies DUG’s imaging technology to seismic data the Company holds rights to, alone or through partners, licensing the resulting dataset to many clients rather than one. o DUG spent FY26 building the Multi- Client library and associated commercial partnerships. The Company finishes the year with twelve seismic data projects in the library at varying stages of completion. o The Multi-Client business gained momentum through the year to deliver full-year revenue of US$4.1m. This included US$2.6m of revenue in FY26- Q4 as the broader project library began contributing to revenue. o Multi-Client as a market is considerably larger than proprietary (single client) processing and imaging. Spotlight: DUG’s growing Multi-Client business
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15dug.com Modern geoscience software 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 (P&I) Executing Against Clear Product Goals 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 6 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 P&I package on the back of acoustic and elastic MP-FWI imaging.
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16dug.com Unified HPC backbone A unified HPC backbone underpins DUG’s operations, running across three global immersion-cooled data centres. Clients access specialised HPC infrastructure via DUG’s own facilities and its DUG Nomad solution. HPC Infrastructure: Big Power , Low Impact DUG Nomad: AI / HPC at the Edge DUG Cool: Immersion Cooling IP License Proprietary, immersion-cooled data centres power it all – delivering big compute power while lowering costs and environmental impact. On-demand (HPCaaS) or fully managed HPC infrastructure to suit client needs. 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. Immersion cooling significantly lowers power consumption and extends hardware lifespan – reducing the environmental impact of data centres. Patent licensed exclusively to Baltimore Aircoil Company (BAC). Core technology behind BAC’s COBALT immersion cooling system for data centres.
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17dug.com Financial Performance
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18dug.com o Services revenue increased 23% in FY26, driven by performance in emerging markets of Brazil and the Middle East, and the building momentum in DUG’s Multi- Client business. o The Services Order Book was US$33.6m at 30 June 2026. The Services Order Book is supported by a large pipeline of opportunities and rising exploration activity, underpinningthe Company’s confidence in continued momentum. o Employee benefits increased 23% in FY26, driven by higher headcount as the Brazilian office ramped up and staff were added to facilitate the growing Software and HPCaaS businesses. o Other expenses increased 38% in FY26. This growth was driven by the MP2 settlement expense, increased partner costs, and incremental IT expenditure due to increased compute capacity. o The Company demonstrated the operating leverage present in the business in FY26, with normalised EBITDA of US$27.4m (+78%) growing materially faster than total revenue. This is despite the investments being made to scale up new regions and to grow the Company’s multi-client library. o DUG returned to profitability in FY26, posting a net profit after tax of US$2.6m, an improvementof US$7.0m on FY25. Profit or Loss Operating Profit or Loss FY26 US$’m FY25 US$’m Change Services Software HPCaaS 63.8 11.1 11.5 51.9 8.3 2.4 23% 33% 383% T otal revenue 86.4 62.6 38% Other income Employee benefits Other expenses 4.6 (39.3) (25.7) 3.5 (32.1) (18.6) 30% 23% 38% EBITDA 25.9 15.4 68% EBITDA margin 30% 25% +5 ppts Normalised EBITDA2 27.4 15.4 78% Normalised EBITDA margin 32% 25% +7 ppts Depreciation and amortisation (13.7) (12.9) 6% Operating profit 12.2 2.6 375% Finance expense (3.6) (4.0) (9%) Net profit/(loss) before tax 8.6 (1.4) +US$10.0m Tax expense (5.9) (3.0) 100% Net profit/(loss) after tax 2.6 (4.4) +US$7.0m 1 See the ASX announcement titled “US$9.3 million Software and HPC Infrastructure Award” dated 26 August 2026. 2 Normalised EBITDA excludes a US$1.5 million one-off expense relating to the MP2 legal matter. Please refer to the Company’s ASX release “Update on legal proceedings” released on 25 February 2026 for further information.
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19dug.com o The Company has net debt of US$13.0m, with total asset financing of US$23.5m at 30 June 2026. o Contract assets increased during the year with emerging regions, Brazil and the Middle East, having more milestone billing based projects. o HPC Right-Of-Use Assets were reclassified from property, plant and equipment (“PPE”) to right-of-use assets during the year. The FY25 comparison period has been updated in the financial statements. This was done to more accurately represent the nature of the assets. o PPE increased materially in the year due to: o Investments into HPC infrastructure during the year. This includes US$12.9 million of hardware received on the 30th of June 2026 that was purchased to deliver on the US$9.3m software and HPC infrastructure contract 1 and to provide capacity for future on-demand and contracted activity in the HPCaaS business; and o Transfers from Right-Of-Use assets to PPE for HPC infrastructure that reached the end of its asset financing term. o Contract liabilities increased as favourable billing terms on some projects allowed cash to be collected ahead of revenue recognition. o Trade and other payables increased with the receipt of new HPC infrastructure on the 30th of June 2026. Balance Sheet Balance Sheet 30 June 2026 US$’m 30 June 2025 US$’m Current assets Cash and cash equivalents Trade and other receivables Contract assets Other 10.5 12.4 9.3 2.4 16.4 11.7 4.3 3.7 Total current assets 34.6 36.1 Non-current assets Property, plant and equipment Right-of-use assets Other 43.0 41.3 5.3 14.3 37.5 3.6 Total non-current assets 89.6 55.4 Total assets 124.2 91.5 Current liabilities Lease liabilities Contract liabilities Trade and other payables Provisions and other current liabilities 12.5 8.0 18.7 3.6 11.2 3.0 4.9 2.4 Total current liabilities 42.8 21.5 Non-current liabilities Lease liabilities Provisions, and loans and borrowings 30.2 0.1 22.6 0.1 Total non-current liabilities 30.3 22.7 Total liabilities 73.1 44.2 Net assets 51.1 47.3 1 See the ASX announcement titled “US$9.3 million Software and HPC Infrastructure Award” dated 26 August 2026.
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20dug.com o Net cash flows from operating activities totalled US$20.9m in FY26, an improvement of 273% on FY25. This improvement was driven by higher receipts from customers. o Net cash used in investing activities increased to US$11.6m in FY26, with investments made into the HPC cluster and data storage capacity. o Net cash outflows from financing activities amounted to US$15.2m, reflecting scheduled repayments on asset financing lease obligations. Cash Flow Cashflow FY26 US$’m FY25 US$’m Cashflows from operating activities Receipts from customers Payments to suppliers Payments to employees Income tax paid and net interest income 83.5 (26.4) (36.2) (0.0) 59.5 (20.4) (30.9) (2.6) Net cash from / (used in) operating activities 20.9 5.6 Cashflows from investing activities Acquisition of property, plant and equipment Acquisition of intangible assets (11.5) (0.1) (8.3) (0.1) Net cash used in investing activities (11.6) (8.4) Cashflows from financing activities Proceeds from issuance of shares net of costs Proceeds from borrowings and leases Proceeds from employee loan funded share plan Repayment of borrowings and lease liabilities - (0.1) 0.4 (15.5) 19.7 6.7 0.4 (17.0) Net cash from / (used in) financing activities (15.2) 9.8 Net increase / (decrease) in cash (5.9) 7.0 Cash at the beginning of the period 16.4 9.4 Effects of changes in foreign currency - - Cash at the end of the period 10.5 16.4
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21dug.com Outlook
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22dug.com FY27 Outlook Software and HPCaaS set for continued growth FY27 will have a full year of revenue from contracts won in FY26, alongside the US$9.3m software and HPC infrastructure award 1 Compute capacity is in place to support growth Sustained investment across FY24 to FY26, including the June 2026 delivery, means the infrastructure to support higher volumes is already built High levels of industry activity, with growing exploration budgets and programs Higher oil prices are lifting client activity, while falling reserve life across the majors is pushing exploration into more complex settings where imaging quality decides whether a prospect is drillable 1 See the ASX announcement titled “US$9.3 million Software and HPC Infrastructure Award” dated 26 August 2026.