Dubber Corp Ltd (ASX: DUB), a prominent ASX tech share specializing in conversational artificial intelligence (AI) products, is experiencing a surge in its share price today due to its latest AI developments.
Earlier in the day, shares in the tech company soared more than 18%, and as of now, they are up by 10%. This follows the ASX tech share’s impressive 15% gain on Friday. Investors are increasingly drawn to Dubber Corp, fueled by the company’s recent release of its AI product suite called ‘Moments,’ which has prompted record full-year revenue guidance.
Dubber Corp projects a record revenue of $30 million for FY23, with its fourth-quarter revenue expected to be 20% higher than the previous quarter. The ASX tech share foresees continued growth, anticipating a revenue of $45 million in FY24 due to the “universal demand” for its AI products.
Additionally, Dubber Corp has been focusing on cost reduction initiatives. As a result, the company forecasts net operating cash outflows of $20 million or less for FY24. Management anticipates a closing cash balance between $8 million to $10 million at the end of FY24. Looking ahead, the company aims to achieve cash flow break even in FY25 using its existing cash reserves.
The revenue growth forecast is driven by Dubber Corp’s ongoing mission to make “Dubber AI a standard feature of communications networks globally.” The significant progress made in this regard has propelled the Dubber share price to new heights.
CEO Steve McGovern highlighted the global expectation of AI’s substantial impact on daily lives, underscoring the driving force behind today’s soaring Dubber share price. As Dubber Corp continues to innovate in the AI space, investor interest remains strong, reflecting the growing recognition of AI’s transformative potential.