DUG Technology (DUG) H2 2026 earnings summary

Executive summary

• Achieved record full-year revenue of US$86.4 million, up 38% year-over-year, with normalised EBITDA of US$27.4 million, up 78%, and a return to profitability with net profit after tax of US$2.6 million, an improvement of US$7 million compared to FY25.

• Growth was driven by strong performance across all product lines and expansion in emerging regions such as Brazil and the Middle East, as well as the Multi-Client business.

• Significant momentum in software, HPC, and multi-client segments, with software and HPC now each comprising 13% of revenue and combined revenue reaching US$22.6 million, or 26% of total revenue.

• Multi-client business, especially in Venezuela and Australia, delivered high-margin sales and is expected to grow further, with US$4.1 million in revenue and US$2.6 million recognized in Q4.

• Industry sentiment is positive, with a strong pipeline and optimism for further growth in FY27.

Financial highlights

• Services revenue increased 23% to US$63.8 million; software revenue rose 33% to US$11.1 million; HPCaaS revenue surged 383% to US$11.5 million.

• Normalised EBITDA margin improved by 7 percentage points to 32%, with normalised EBITDA up 78% year-over-year.

• Operating profit increased 375% to US$12.2 million.

• Net debt at year-end was US$13 million, with total asset financing of US$23.5 million.

• Operating cash flow increased to US$20.9 million, up from US$5.6 million in FY25.

Outlook and guidance

• FY27 expected to benefit from a full year of revenue from FY26 contract wins, including a US$9.3 million software and HPC infrastructure award.

• Infrastructure investments completed, supporting higher volumes and future growth.

• Multi-client run rate of US$2.6 million in Q4 expected to sustain into FY27.

• Large projects in the pipeline could drive significant upside if they materialize.

• Margin profile anticipated to maintain or improve, especially as software and HPC expand.