- 01ARR +19% to $3.1m; revenue +40% year on year.
- 02Third Antara Core order lifts Millennium deals to $1.29m.
- 03Cash $3.9m; operating outflow $712k.
icetana (ASX: ICE) has increased annual recurring revenue (ARR) by 19% to $3.1 million in the first quarter of the 2027 financial year as its Antara Core security platform secured a third commercial order in three months.
The Perth-based surveillance software developer generated quarterly revenue of $838,000, an increase of 29% from June and 40% from a year earlier.
Its expansion into private, on-premise AI is being supported by facilities management partners that can introduce the technology across established property portfolios.
The company ended the quarter with $3.9m in cash after recording a net operating cash outflow of $712,000.
Partners Drive Commercial Expansion
Millennium Services Group placed a $675,000 Antara Core order over five years following a four-week live trial at a Sydney retail site, extending the platform’s sales momentum since its June launch.
The three Antara Core agreements through Millennium total approximately $1.29m in contracted sales, covering retail sites in Queensland and New South Wales.
Millennium services more than 100 shopping centres across Australia and New Zealand, giving icetana an established channel through which to pursue additional deployments rather than building each customer relationship independently.
The first commercial Antara Core site went live during the quarter and a second property within the same shopping-centre portfolio began licensing in September.
“Our focus for the rest of FY27 is turning these partner channels into repeatable sales, with Antara Core giving customers a private, on-premise option as they scale AI across their security operations,” chief executive officer Kevin Brown said.
ARR Retention and Global Reach
ARR was 35% higher than a year earlier, while net ARR retention reached 104%, up four percentage points following expansion business through Millennium.
Gross margin remained at 92% and quarterly revenue included $100,000 of non-recurring income for partner-funded security and compliance development.
Customer cash receipts totalled $910,000, down 37% from the preceding quarter when the largest customer completed its annual renewal, but up 133% year on year.
In Japan, distribution partners Macnica and SoftBank Robotics progressed customer trials and renewals, while existing customer contracts were renewed across North America and the Asia-Pacific region.
icetana has deployed software across more than 20,000 cameras at over 80 sites in more than 15 countries, providing an operating base for further partner-led growth.
On-Site AI Technology
Antara Core runs generative AI locally on customers’ infrastructure, allowing security teams to assess hazards and suspicious activity without sending video footage or prompts to cloud services.
An illustration of the product’s operating model indicates that one operator can oversee more than 2,000 cameras with Antara Core, compared with around 50 through conventional monitoring, although these are illustrative figures rather than independently verified operating outcomes.
Product development during the quarter included an updated Safety & Security platform with faster footage review, improved video searches and stronger controls over employee access.
Further upgrades targeted large-site reliability, Japanese and Arabic language support, and newer computing hardware, alongside work towards an independent security controls attestation by the end of December.
icetana intends to extend its facilities-management distribution model into the US through SoftBank Robotics America, while its ambition to reach one million licensed cameras remains aspirational rather than a forecast.
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