Technology Wrap Week 27: Contracts, Capital and AI Drive ASX Movers

• GCM led gains with a 42.86% jump after a thermal technology development deal.
• Objective was the week’s heaviest faller, down 35.65% after losing a 25-year Defence support contract.
• Capital raising activity stayed heavy, with Megaport, Archer, ClearVue, HITIQ and Excite all tapping investors.
• AI, drones and quantum computing stayed active growth areas, with updates from ikeGPS, Nanoveu, FortifAI and Archer.

GCM Corporation (ASX:GCM), Objective Corporation (ASX:OCL) and DXN Limited (ASX:DXN) set the pace for the week’s biggest moves. GCM jumped 42.86% after signing a two-year joint development deal with ALVC on thermal management products for electronics. Investors liked the fact that a customer picked GCM’s heat sink technology for the project, even though sales still depend on successful development. Objective went the other way, tumbling 35.65% after the Department of Defence ended a support contract that had run for 25 years. The company said FY26 revenue will not be hit, but investors cared because recurring revenue growth now stalls and future licence terms are still unresolved. DXN lost 20.83%. That fall came even as it won a $1 million cable landing station contract in American Samoa, which suggests investors were more focused on the asset sale and the company’s size than on the contract itself.

Capital raisings stayed front and centre

Several tech names went back to shareholders for cash. Megaport (ASX:MP1) closed the retail part of its entitlement offer and raised $308 million, with the top-up facility oversubscribed. Even so, the stock fell 5.28% for the week and dropped further after trading resumed. In plain terms, early buyers did not stick around. Archer Materials (ASX:AXE) also raised cash, securing $7 million through a placement and adding a $3 million share purchase plan. Its shares slid 11.11%, which often happens when new shares are sold below the last market price. Elsewhere, ClearVue Technologies (ASX:CPV), HITIQ (ASX:HIQ), Excite Technology Services (ASX:EXT), HALO Technologies (ASX:HAL) and Scalare Partners (ASX:SCP) all announced funding moves. HALO fell 18.75% after launching a convertible notes offer. A convertible note is debt that can later turn into shares, so investors often worry about future dilution, which means their slice of the company could shrink. Scalare dropped 8.89%, and the decline deepened after trading reopened, even though it locked in an initial $5 million note facility with scope for more.

AI, drones and quantum drew fresh buying

ikeGPS Group (ASX:IKE) delivered one of the stronger operating updates of the week. Subscription revenue rose 33% to NZ$19.2 million, PoleForeman reached NZ$11 million in annual recurring revenue, and the company finished with NZ$33 million in cash and no debt. Annual recurring revenue means the subscription income a business would collect over a year if current customers stayed on. The shares still eased 3.85%, but the result showed customers are paying more for tools that help utilities inspect poles faster. Nanoveu (ASX:NVU) rose 6.00% after buying Singapore’s Spinoff Robotics. Since trading resumed, the gain stretched further, which points to continued buying rather than a quick spike. Investors cared because the deal gives Nanoveu working drone platforms and engineers to speed up its edge-AI chip plans. RocketDNA (ASX:RKT) also climbed 9.52% after rolling out its Skylink operating system across all enterprise clients and booking 25,000 missions for the next year. Archer’s tie-up with IonQ added to the week’s quantum theme, even though its share price remained under pressure.

Contracts and expansion plans supported software names

Stakk (ASX:SKK) gained 18.18% after saying it expects its first operating profit in FY2026 and sees FY2027 revenue of about $21.8 million from existing agreements. After the stock reopened, buyers kept pushing it higher. That matters because investors usually want proof that a software company can turn contract wins into profit, not just revenue. TradeWindow (ASX:TWL) added 14.29% after posting 20% revenue growth and a smaller EBITDA loss. EBITDA is a rough measure of operating performance before interest, tax and some accounting items. ReadyTech (ASX:RDY) rose 6.45% after being selected as the student management platform for the full Victorian TAFE network, though the stock gave back a little after reopening. archTIS (ASX:AR9) won a $3.2 million Defence contract, while Veris (ASX:VRS) lifted 11.11% on new Digital Twin Victoria work worth more than $1 million.

Deals abroad brought mixed reactions

Smart Parking (ASX:SPZ) bought American Parking for US$12 million, taking its US footprint past 200 sites. The stock slipped 2.38%, but the deal is expected to add to earnings before cost savings are counted. Qoria (ASX:QOR) rose 14.29% after fixing the exchange ratio for its merger with Aura, backed by Aura’s US$100 million raise. Bravura Solutions (ASX:BVS) gained 3.48% on plans to join London’s AIM market, which could widen its investor base without issuing new shares. Some smaller names also moved on concrete business news. Swift TV (ASX:STV) climbed 16.67% after Chevron ordered 1,900 more devices. Airtasker (ASX:ART) advanced 4.76% after paying out $10.8 million of media notes early to save interest. WhiteHawk (ASX:WHK) was flat for the week, but the stock traded well above its reopening level after appointing a new chief executive to push its AI governance and cyber products.

Bottom Line?

The next stretch will turn on scheduled events already on the calendar: Qoria’s scheme meeting on 2 July, Bravura’s planned AIM listing by 28 July, and shareholder votes tied to several raisings, options and note issues. Investors will also want to see whether companies that promised profit growth, contract rollouts or AI product uptake can convert those claims into cash and signed revenue.

Questions in the middle?

• Can Objective replace the lost Defence support work before the unresolved licence terms become a bigger revenue problem?
• Will Archer’s IonQ partnership and fresh capital lead to visible technical progress, or will investors stay worried about dilution from new shares?
• Are Stakk, RocketDNA and Nanoveu at the start of sustained sales growth, or did this week’s price jumps get ahead of near-term results?