Icetana’s Revenue Falls 49% to $1.89M as SaaS Revenue Hits 96% of Total
Icetana Limited posted a $2.9 million net loss for FY2025, with revenues down 49% due to lower non-recurring sales, while recurring SaaS income grew. The company secured a $3.6 million strategic partnership with SoftBank Robotics, strengthening its foothold in Japan.
- 49% revenue decline to $1.89 million driven by reduced hardware and license sales
- Recurring SaaS and maintenance revenues now 96% of total sales
- Net loss widened to $2.91 million, including share-based payment expenses
- Secured $3.6 million strategic partnership and exclusive Japan distribution with SoftBank Robotics
- Strengthened cash position to $3.9 million with zero debt and full ownership of UAE subsidiary
Financial Overview
Icetana Limited, an AI-driven video surveillance software company, reported a net loss of $2.91 million for the year ended 30 June 2025, widening from a $1.9 million loss in the prior year. Revenues fell sharply by 49% to $1.89 million, primarily reflecting a drop in one-off hardware sales and perpetual license fees that had bolstered the previous year’s results.
Despite the overall revenue decline, the company’s recurring revenue streams from software-as-a-service (SaaS) subscriptions and maintenance fees grew significantly, now accounting for approximately 96% of total revenue compared to just 26% in 2024. This shift underscores Icetana’s strategic transition towards a more stable, subscription-based business model.
Strategic Partnership and Market Expansion
During the year, Icetana secured a $3.6 million strategic partnership with SoftBank Robotics Group, which includes an equity investment and exclusive distribution rights in Japan. This alliance marks a critical step in expanding Icetana’s footprint in the Asia Pacific region, leveraging SoftBank’s extensive network to accelerate adoption of its AI-assisted video surveillance technology.
Additionally, Icetana acquired full ownership of its United Arab Emirates subsidiary, consolidating its international operations. The company currently supports over 16,000 cameras across 90+ global sites, serving around 30 enterprise customers in sectors such as security, retail, and health and safety.
Operational and Financial Position
Icetana maintained a strong balance sheet with cash reserves of $3.9 million and no debt, bolstered by successful capital raises in February and June 2025. The company continues to invest in sales and marketing to drive growth while managing costs prudently. However, the auditor’s report highlighted a material uncertainty regarding the company’s ability to continue as a going concern, citing ongoing losses and operating cash outflows.
Executive remuneration included share-based payments under the Employee Share Investment Plan, reflecting efforts to align management incentives with shareholder value creation. No dividends were declared, consistent with Icetana’s focus on reinvesting capital to support growth initiatives.
Looking Ahead
Icetana’s management remains focused on scaling its SaaS offerings and expanding into new verticals such as prisons, healthcare, and guarding services. While the company refrained from providing explicit forward guidance due to competitive sensitivities, the SoftBank partnership and recurring revenue growth provide a foundation for potential future profitability.
Bottom Line?
Icetana’s pivot to SaaS and strategic alliance with SoftBank set the stage for growth, but ongoing losses and cash burn warrant close investor scrutiny.
Questions in the middle?
- How quickly will the SoftBank Robotics partnership translate into meaningful revenue growth in Japan?
- What is the timeline for Icetana to return to profitability given its current cash reserves and operating losses?
- How will the company expand its SaaS footprint into new industry verticals amid competitive pressures?