DUG Technology (DUG) H2 2025 earnings summary

Executive summary

• Industry-leading Elastic Multiparameter Full Waveform Inversion (EMP-FWI/eMP-FWI) technology drove significant wins, with pilot projects converting to full-scale contracts and a record order book of US$52.0M at 30 June 2025, up 58% since December 2024.

• Expansion into Abu Dhabi and Brazil contributed to new project wins and diversification, especially in high-value, repeatable 4D seismic work.

• The company is recognized as a technology leader with a global footprint and strong pipeline, particularly in EMP-FWI and software.

Financial highlights

• FY25 revenue reached US$62.6M, up 4% year-over-year, with H2 revenue of US$33.8M, a 17% increase over H1.

• Order book reached US$52.0M, with US$46M added in the last six months, representing a 58% increase since December 2024 and 42% since June 2024.

• EBITDA was US$15.4M (25% margin), with H2 margin at 30%.

• Software revenue grew 13% year-over-year to US$8.3M, the largest annual growth in three years.

• Net debt reduced to US$3.9M, with total asset financing at US$20.4M.

Outlook and guidance

• Strong order book and recent project awards provide confidence for continued growth in EMP-FWI and software.

• Most of the order book is expected to convert to revenue within 12 months, with MP-FWI projects typically completing in under six months.

• Software growth is expected to accelerate beyond the 13% achieved in FY25.

• Expansion in Abu Dhabi and Brazil expected to contribute significantly to future revenue.