Excite Technology Services has reported its highest-ever quarterly customer receipts of $6.3 million, driven by strong growth across its cybersecurity, digital forensics, and IT services divisions. The company also secured a significant $676,000 Federal Government contract and completed its NANGU Tactical Centre.
- Record quarterly customer receipts of $6.3 million, up 15% from prior quarter
- Digital Forensics division wins $676K Federal Government contract
- Over $3 million in sales closed in June alone
- Completed construction of NANGU Tactical Centre
- Raised $3 million through share placement to fund growth
Record Revenue Growth
Excite Technology Services Limited (ASX, EXT) has delivered a standout quarter ending June 2025, posting its highest-ever customer receipts of $6.3 million. This represents a 15% increase from the March quarter and nearly triples the revenue from the same period last year. The surge reflects robust demand across its core business units, Cyber Security, IT Services, and Digital Forensics & Training.
Digital Forensics Division Shines
The Digital Forensics division was a key growth driver, securing a $676,000 contract with a Federal Government agency and closing over $3 million in sales during June alone. This division’s success underscores Excite’s growing reputation for handling complex forensic engagements, particularly with law enforcement and government clients. The recent completion of the NANGU Tactical Centre, a first-of-its-kind facility in the region, positions the company to expand its training and incident response capabilities.
Strategic Investments and Capital Raising
Excite strategically invested in expanding its sales force, onboarding new staff, and enhancing service readiness, resulting in a net operating cash outflow of $525,000 for the quarter. To support this growth trajectory, the company successfully raised $3 million through a share placement led by Shaw and Partners Limited. This capital injection will fund scaling sales operations and further development of the NANGU Tactical Centre.
Expanding Cybersecurity Footprint
The Cyber Security division continued to deepen its enterprise client relationships, notably securing $280,000 in contracts with an international banking client. Excite’s leadership in AI governance was highlighted by a keynote presentation at the 2025 AUSCERT Cyber Security Conference, emphasizing the company’s thought leadership on emerging technology risks. The recent appointment of Opeyemi Ajibola as Chief Cybersecurity Capability Officer signals a commitment to scaling cyber delivery capabilities nationally.
Outlook and Market Positioning
While the company recorded a cash outflow this quarter, management views this as a deliberate investment phase to support sustainable growth. Excite remains focused on achieving positive cash flow in upcoming quarters through disciplined cost management and organic revenue expansion. The company is also exploring M&A opportunities aligned with its strategy to enhance EBITDA and operational cash flow. With a diversified client base and scalable service lines, Excite is well positioned to capitalize on increasing demand for outsourced cybersecurity and digital forensics services amid ongoing economic uncertainty.
Bottom Line?
Excite’s record quarter and strategic investments set the stage for sustained growth, but investors will watch closely for cash flow improvements and contract momentum.
Questions in the middle?
- How quickly will the NANGU Tactical Centre contribute to revenue and profitability?
- What are the specifics and duration of the $676K Federal Government contract?
- Which M&A targets is Excite considering, and how might they impact future earnings?