• icetana AI receives $1.7m order from new Iraq-based partner High Tech
• Contract includes perpetual license and first year's maintenance
• Successful proof-of-concept testing in Iraq, demonstrating key functionality
• Order part of larger potential program of national deployments in Iraq

icetana Limited (ASX:ICE 'icetana AI' or 'the Company'), a company building artificial intelligence video analytics software, has received an order for its AI software solution from new Iraq-based partner High Tech. The contract value is $1.7m (US$1.1m), to be billed as a perpetual licence plus the first year's maintenance agreement. The contract comes after extensive proof-of-concept testing in Iraq, in which the software successfully demonstrated all the functionality required by the end user, including facial recognition, licence plate recognition, fire and smoke detection, left luggage detection, unauthorised access and loitering detection, people and vehicle counting, and irregular movement and unusual direction detections. The end user is the Baghdad Safe City project, which forms part of a larger potential program of national deployments High Tech Enterprise is working on. Deployment of this order is expected in Q4 FY25. This deal becomes icetana AI's largest order of its new generation product offering. While icetana AI is already a well-known and trusted provider in the Middle East region, this is the Company's first sale in Iraq, which represents a large opportunity for additional growth.

The contract has an aggregate value of US$1,093,475 (~A$1,719,000), including a perpetual license of US$874,815 and the first year's maintenance agreement of US$218,660 (~A$344,000), which will be added to the Company's annual recurring revenue (ARR). Ongoing revenues beyond this initial period will be subject to a customer renewal, with a maintenance agreement priced at US$218,660 (~A$344,000) per year.

This initial sale in Iraq represents a significant milestone for icetana AI and is the largest value contract in the company's listed history. The Iraq market represents a large opportunity for additional growth for icetana AI as it continues to expand its global footprint.