Source : BUSINESS NEWS
DUG Technology managing director Matthew Lamont is excited by the company’s future, as it continues to move forward with its elastic MP-FWI imaging technology.
The West Perth-based high performance computing firm generated $US16.5 million in revenue during the third quarter of FY25, aided by a 23 per cent increase from the software arm of its business.
Additionally, DUG’s earnings before interest, tax, depreciation and amortisation also rose by 15 per cent from the prior corresponding period, with the company confident it has room for further growth within its pre-existing cost base.
“These are very exciting times for DUG,” Mr Lamont said.
“We believe elastic MP-FWI imaging is the future of the seismic processing and imaging industry.
“The results that we have been producing with this technology are exceeding our already high internal expectations.
“Elastic momentum is building with our first production projects now awarded. The software team also continues to produce results – twenty-three per cent growth in our biggest software period is an outstanding result and only the beginning of what we can achieve in this business.”
Despite this, DUG told the market performance of its HPC business unit “continues to not meet management expectations” with costs taken out of the business to this aspect of operation can remain profitable.
In late-February during its half-year results for FY25, Mr Lamont said despite the company not being happy with its overall financial performance for the period, it was a “momentous” period for DUG, given the release of the technology and its operational expansion into the Middle East.
DUG shares last changed hands at $1.14, up 11 per cent, as of 10.58am AWST.
