Excite Technology progresses towards profitability, sees 'increasing demand' for AI security

ASX-listed cybersecurity vendor Excite Technology Services has told the market that based on the company's current sales pipeline, contracted revenue and operating cost structure, it continues to progress towards profitability.

That path to profitability was, in part, driven by $3.122 million in total sales closed and won during June and July of this year, comprising engagements across federal and state government agencies and private sector customers.

Government sales were generated across agencies operating within the law enforcement, defence and anti-corruption sectors. Revenue comprised a combination of services and technology product resale, including solutions from Cellebrite, Nuix and other technology partners.

Excite Cyber's private sector customer base continues to span a range of industries, including banking and financial services, technology, aged care and healthcare, critical infrastructure, renewable energy, engineering and construction.

The company said it has already booked more than 50 percent of its anticipated revenue for the remainder of the financial year, and alongside the continued focus on revenue growth, Excite has undertaken initiatives that have delivered approximately $5.5 million in operational cost reductions. The operational cost reduction initiatives commenced in October 2025, with the associated benefits progressively reflected in the company's P&L over the subsequent months.

Excite also said that it's experiencing increased customer demand for AI cyber security readiness, governance and implementation services.

During the previous quarter, the company completed an AI-related customer engagement in the technology sector. Excite's current pipeline of identified AI-related opportunities now exceeds $200,000 and "continues to accelerate".

Excite is also assessing the longer-term opportunities arising from the convergence of AI, cyber security and humanoid robotics, believing these technologies have the potential to create a significant addressable market and is considering the capabilities and partnerships required to participate in this emerging sector.

In June of this year, the company received "firm commitments" to raise $3.26 million, following on from securing commitments for a $2.1 million raise back in October.

September of 2025 saw the company, secure a $2.14 million contract renewal with Keyton Retirement Living to deliver a suite of managed cyber security and managed IT services, and through its wholly owned subsidiary CBIT, secure a contract to supply advanced Nuix software licensing and solutions to a major Australian regulator.

Excite offers cybersecurity services, including threat prevention, managed cloud and IT services, specialist digital forensics, incident response, forensic investigations, and accredited training.