• Successful $2.65m rights issue, fully underwritten by existing shareholder
• $1.7m purchase order received from new partner High-Tech for safe city project in Middle East
• Annualised recurring revenue of $1.7m, up 1% quarter-on-quarter

Icetana Ltd (ASX: ICE), a company building self-learning security artificial intelligence software for large-scale surveillance networks, has released its activities report and Appendix 4C for the quarter ended 31 March 2025 (Q3 FY25). The company has reported several key achievements, including the successful completion of a $2.65m rights issue, fully underwritten by existing shareholder Lance East Holdings Pty Ltd. Icetana also received a $1.7m purchase order from new partner High-Tech for a safe city project in the Middle East. The company's annualised recurring revenue (ARR) stood at $1.7m as at March 2025, up 1% quarter-on-quarter, with a net ARR retention of 99%, up 1% quarter-on-quarter. Total quarterly revenue was $435k, in line with Q2 FY25 revenue, generated by new customer orders, deployments of existing orders, and contract renewals. The net operating cash outflow for the quarter was $951k, down from an outflow of $1.2 million in Q2 FY25. The cash balance at the end of Q3 FY25 was $2.24 million. The company's sales and marketing initiatives in Q3 FY25 resulted in new customer orders, deployments of existing orders, and contract renewals, including a $1.7m purchase order from Iraq-based partner High-Tech and the deployment of a new order with Singapore-based Henderson Technology. Icetana also made progress in the Japanese market through local partner Macnica, including the renewal of existing contracts and a new subscription sale to a Japanese utility company. The company's product development focus in Q3 FY25 was on building its new Triage Agent, an AI-powered assistant that enhances security by detecting and escalating critical events in real time.