Australia is home to a thriving tech sector with investment opportunities across a variety of subsectors.
The tech sector contributed about AU$167 billion to the Australian economy in the 2020/2021 period, an increase of 79 percent from 2016. That represents a growth rate that is more than four times that of most industries — in fact, the tech arena is the third largest economic market in Australia, behind only mining and finance/insurance. Its growth is expected to continue over the coming years, according to Global Australia, with a projected contribution of AU$250 billion by 2030.
Unsurprisingly, many tech stocks on the ASX have performed well in this landscape. Below the Investing News Network profiles the five top ASX technology stocks by year-on-year share price performance. Data was gathered on January 9, 2024, using TradingView’s stock screener, and all companies listed had market caps above AU$10 million at that time.
1. eCargo Holdings (ASX:ECG)
Year-on-year gain: 250 percent; market cap: AU$30.15 million; current share price AU$0.049
The first top-gaining ASX tech stock on this list is digital supply chain solutions provider eCargo Holdings, which helps its clients find operational efficiencies and expand their market footprint in Asia. The company offers brands across various sectors solutions for logistics, ecommerce, online-to-offline distribution and B2B supply chain services.
eCargo kicked off 2024 with the announcement of a AU$5 million private debt facility with credit investment firm AlteriQ Global. The deal will help eCargo continue to grow its proprietary B2B ecommerce platform, known as Flow. “This marks the first time we have secured external funding since listing, which demonstrates the maturity of our business model in the market,” commented eCargo CEO Lawrence Lun.
2. ClearVue Technologies (ASX:CPV)
Year-on-year gain: 216.67 percent; market cap: AU$132.19 million; current share price AU$0.57
Solar energy tech firm ClearVue Technologies has developed advanced glass technology that allows for energy-efficient windows and the integration of photovoltaics into building surfaces to provide renewable energy. The company has had commercial success in global markets and has been growing its footprint in its home country as well.
In early January of this year, ClearVue secured its first domestic manufacturing and distribution agreement through a deal inked with leading Australian glass-processing specialist MS Glass; the company also received its first commercial order in Australia to supply Generation 2 ClearVuePV solar windows for a building construction project for Melbourne’s Construction, Forestry, Maritime and Employees Union.
3. Dug Technology (ASX:DUG)
Year-on-year gain: 190.84 percent; market cap: AU$227.39 million; current share price AU$1.90
Next on this list of top-gaining ASX tech stocks is Dug Technology, a leader in high-performance computing (HPC) that specialises in analytical software development. With a focus on sustainability, Dug’s network of supercomputers includes some of the largest and greenest in the world. The global tech company provides software products and cloud-based HPC-as-a-service, along with onboarding support. Its client base spans a wide variety of industries, including radio-astronomy, biomedicine and meteorology, as well as the resource, government and education sectors.
In a business update for Q1 of its 2024 fiscal year, Dug Technology reported US$30.9 million in new services projects awarded during the quarter, a 186 percent increase year-on-year. The company’s total revenues for the period came in at US$12.9 million, up 15 percent year-on-year.
4. Gentrack Group (ASX:GTK)
Year-on-year gain: 158.26 percent; market cap: AU$621.56 million; current share price: AU$5.94
Cloud-first technology company Gentrack Group provides enterprise billing and customer management software solutions for the cleantech and utilities industries. Its client base includes more than 50 energy and water companies.
In November 2023, Gentrack reached a significant milestone in its global expansion initiative with the opening of its Middle East hub in Riyadh, Saudi Arabia; it previously opened a Singapore office in 2022. Released the following month, the company’s annual report for 2023 highlights revenue growth of 34.5 percent year-on-year, as well as EBITDA growth of 185 percent and a 79.6 percent increase in net cash over the same period.
5. Bluglass (ASX:BLG)
Year-on-year gain: 120.12 percent; market cap: AU$89.86 million; current share price: AU$0.055
Bluglass is a developer of semiconductor manufacturing technology and devices. It provides gallium nitride (GaN) photonics-based custom laser diode and LED development for the industrial defense, display and scientific markets.
Bluglass secured the first purchase order for its alpha GaN Distributed Feedback lasers in January of this year. The purchaser is a photonics and fibre-based laser technology company that will use the GaN Distributed Feedback lasers for testing in the development of applications in the defense, aviation and science fields.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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