Cogenic Jumps, Codan Slips in a Mixed Technology Week

RAS Technology (ASX:RTH) was the week's biggest mover, rising 85.19% after agreeing to a $49.8 million cash takeover by The Press Association. Cogenic (ASX:EGY) followed with a 70.00% rise after announcing a possible US$10 million purchasing framework and a 5% royalty licence. Codan (ASX:CDA) moved the other way, falling 12.24% despite stronger profit guidance and rising demand for unmanned systems.

Takeovers and commercial deals drove the largest gains

RAS's offer gives shareholders $1.04 a share, compared with its previous close of 54 cents. That large gap explains most of the weekly rise. The deal still needs an independent expert's support, shareholder approval and Federal Court approval. Founders Gary Crispe and Robert Vilkaitis control or hold about 34% of the shares and intend to support it.

Cogenic's gain was less certain. Its SYNCH arrangement covers a trial involving 10 smart glasses and could lead to purchases worth up to US$10 million. However, there is no minimum order. Product specifications, testing and purchase orders must come first. Investors therefore paid for a possible new market, not confirmed revenue.

Defence and public safety contracts remain active

Codan expects first-half FY27 net profit after tax of at least $162 million. It also expects Communications revenue of $410 million to $420 million. Its order book rose 50% to $380 million as demand for unmanned systems increased. The share price still fell because investors worried that conflict-related demand may be difficult to predict beyond the near term.

Public safety companies reported more visible contract wins. Acusensus (ASX:ACE) secured a five-year ACT traffic enforcement agreement worth about $63 million, with extensions that could take the total to $210 million. The system will detect speeding, red-light, mobile-phone and seatbelt offences. Rollout is not due to start until mid-2027, so the revenue will arrive gradually.

SenSen Networks (ASX:SNS) recorded $5.3 million in customer cash receipts and won $2.6 million of new and expanded contracts. Excite Technology Services (ASX:EXT) won a $2.9 million federal regulator contract for digital forensics. These deals support future sales, but investors will want to see them become regular income rather than one-off wins.

Software growth came with a closer look at cash

Several software companies grew sales while using cash to expand. Objective Corporation (ASX:OCL) lifted FY26 revenue 9% to $134.7 million and net profit 5% to $37.2 million. Its share price rose 11.93% for the week, even though a lost Defence agreement will reduce FY27 recurring revenue by $8.3 million.

Airtasker (ASX:ART) grew marketplace revenue 15.5%, but its international division lost $46.1 million at the earnings level. Cash and term deposits fell to $12.4 million. IODM (ASX:IOD) set a September revenue record, yet held only $747,000 in cash after a quarterly operating cash outflow of $611,000. Its shares fell after reopening, showing that good sales growth did not remove worries about available cash.

Other companies offered mixed signals. Kinatico (ASX:KYP) lifted SaaS revenue 17.8% and raised cash to $11.48 million. Orcoda (ASX:ODA) increased quarterly revenue 63% to $6.2 million, but cash fell to $1.58 million. Swift Networks (ASX:STV) gained another year to repay $5.53 million of debt, but accepted a higher interest rate, a fee and 100 million warrants for the lender.

AI projects offer growth, but many steps remain

X2M Connect (ASX:X2M) rose 11.11% after securing exclusivity over a Queensland site for a proposed 10MW AI data centre. The site has approval and 2.5MW of grid capacity. X2M still needs to settle important commercial terms and find the remaining power. The estimated project cost is $250 million.

dorsaVi (ASX:DVL) launched a wearable that analyses movement on the device and gives feedback. Its RRAM chip project has entered fabrication and testing, but no complete system results have been reported. The company also raised $3 million after the quarter, while it had $1.12 million in cash at quarter-end. That means development progress will need to be matched by further sales or funding.

Blackpearl Group (ASX:BPG) cut its quarterly loss by 34% and now targets profitability in the first quarter of FY28. StepChange Holdings (ASX:STH) lifted first-quarter revenue 34% and earnings before interest, tax, depreciation and amortisation 44%. These results show improving cost control, but both businesses still need sustained sales growth to support their plans.