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Ava Risk Group Limited (ASX: AVA) (“Ava” or “the Company”) is pleased to advise that it has secured a contract with Honeywell Middle East Company Ltd-AD for the supply of its market leading fibre sensing technology to the Abu Dhabi National Oil Company (“ADNOC”).

The contract, valued at A$1.1 million, provides for the deployment of the Company’s Aura Ai-X Distributed Acoustic Sensing technology to monitor and identify risks to critical infrastructure across a major oil and gas field operated by ADNOC. Delivery will occur in the current quarter and there are no conditions precedent.
This contract builds upon a long and trusted relationship with Honeywell in support of ADNOC, which has previously deployed the Company’s technology across multiple sites in the Middle East.

Commenting on the contract award, Ava Group CEO Mal Maginnis said: “We are delighted to continue our long-standing relationship with Honeywell, a major infrastructure partner across the Middle East, Australia, USA and Asia. Partnering with major system integrators is a key growth driver for Ava. This contract further validates our position as the preferred technology provider for critical infrastructure protection in the oil and gas sector and demonstrates trust in our ability to deliver reliable solutions that protect vital national assets.”

ENDS

For further information, please contact:
Investor Enquiries
Alexandra Abeyratne
Sodali & Co
alexandra.abeyratne@sodali.com
+61 438 380 057

About Ava Risk Group
Ava Risk Group is a global leader in providing technologies and services to protect critical and high value assets and infrastructure. It operates three business segments – Detect, Access and Illuminate. The Detect segment manufactures and markets ‘smart’ fibre optic sensing systems for security and condition monitoring for a range of applications including perimeters, pipelines, conveyors, power cables and data networks. Access is a specialist in the development, manufacture and supply of high security biometric readers, security access control and electronic locking products. Illumination specialises in the development and manufacture of illuminators, ANPR cameras and perimeter detectors. Ava Risk Group products and services are trusted by some of the most security conscious commercial, industrial, military and government clients in the world. www.avariskgroup.com

Ava Risk Group Limited (ASX: AVA) (“Ava” or “the Company”) is pleased to advise that it has secured a contract with GAIL (India) Limited (“GAIL”) to deploy its market leading fibre sensing technology to a critical gas pipeline in Inda.

The contract, valued at A$0.9 million, provides the deployment of Aura Ai-X’s Distributed Acoustic Sensing technology along the Kochi–Koottanad–Bangalore–Mangalore pipeline. The systems will monitor and identify threats like heavy equipment movement, jack hammer operation, mechanized drilling, excavation, and precise fibre break location detection. Delivery is expected to occur in the current quarter and is not subject to any material conditions.
The Kochi–Koottanad–Bangalore–Mangalore pipeline, spanning 1,104km, represents a critical piece of infrastructure that aims to connect South India to the national gas grid, providing natural gas to industries and consumers across the region. Scheduled to commence operations in 2025, rapid deployment capability was a key procurement consideration for GAIL, further highlighting the competitive advantage of Ava’s solutions. This contract builds upon a long and trusted relationship with the Company’s technology previously deployed across multiple operations including at Vadodara, Bengaluru, and Jamnagar-Loni.

Commenting on the contract, Ava CEO Mal Maginnis said: “We are delighted to continue our long-standing relationship with GAIL, one of India’s premier infrastructure operators. This contract validates our position as the preferred technology provider for critical infrastructure protection in the energy sector. The selection of our detection technology for this strategic pipeline demonstrates the trust GAIL places in our ability to deliver reliable solutions that protect vital national assets.”

ENDS

For further information, please contact:
Investor Enquiries
Alexandra Abeyratne
Sodali & Co
alexandra.abeyratne@sodali.com
+61 438 380 057

About Ava Risk Group
Ava Risk Group is a global leader in providing technologies and services to protect critical and high value assets and infrastructure. It operates three business segments – Detect, Access and Illuminate. The Detect segment manufactures and markets ‘smart’ fibre optic sensing systems for security and condition monitoring for a range of applications including perimeters, pipelines, conveyors, power cables and data networks. Access is a specialist in the development, manufacture and supply of high security biometric readers, security access control and electronic locking products. Illumination specialises in the development and manufacture of illuminators, ANPR cameras and perimeter detectors. Ava Risk Group products and services are trusted by some of the most security conscious commercial, industrial, military and government clients in the world. www.avariskgroup.com

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) is pleased to provide the following update on its Q3 FY2025 trading performance:

• Sales order intake during Q3 of $6.5 million, resulting in year-to-date sales order intake of $22.8 million.
• Strong sales opportunity pipeline to support acceleration in growth in Q4 sales order intake. A number of significant orders expected to close in Q3 are now expected to close in Q4.
• Continued focus and progress on key projects including in the transportation and telecommunication sectors (see Q4 order received below).
• Confirmed sales order backlog of $7.4 million, including $2.5 million in contracted annual recurring revenue. The order backlog consists of equipment orders and multi-year service contracts.

Ava Group CEO Mal Maginnis commented: “Sales order intake during Q3 was solid though slightly softer than expected as a number of significant orders were delayed reflecting, in part, some geopolitical instability in key markets such as North America and Europe. The sales opportunity pipeline remains strong and I am optimistic about Q4 activity, particularly as key markets settle.”

“During Q3 we continued to support UGL with the Sydney Metro project. There are a number of other transport infrastructure projects that we expect to close in Q4 based on the strong performance of Aura Ai-X on the Sydney Metro project.”

Q3 FY2025 confirmed sales orders

Sales performance during Q3 of $6.5 million represents growth of 4% on the prior year. Year to date (“YTD”) sales order intake of $22.8 million is lower than the prior year order intake of $25.6 million which included a significant pipeline order at a Chile copper mine for $2.7 million.

• Detect: Q3 sales order intake of $3.8 million, up 18% on the previous year.  YTD sales order intake of $14.8 million, down $1.5 million on the previous year which included an order of $2.7 million for pipeline protection at a Chile copper mine.

  The sales opportunity pipeline in Detect remains strong and is expected to accelerate growth in Q4. During Q3 the Company invested in the continued development of its technology to meet requirements in the telecommunications sector. The sales pipeline contains material telecommunication sector opportunities, and this segment remains an important driver of growth in both Australia and internationally.

  In the transport vertical, it is anticipated that opportunities for the deployment of Aura Ai-X systems to rail infrastructure will be awarded during Q4. Sovereign border protection remains a significant segment for further growth. It is also expected that a number of security applications in North America which were delayed in Q3 due to political uncertainty will be finalised during Q4.

  The value of recurring service contracts grew to $2.5 million at the end of Q3 driven by the continued deployment of Aura Ai-X, the Company’s market leading, data-driven fibre sensing technology.

• Access: Sales order intake in Q3 of $0.8 million, with YTD order intake of $3.1 million. YTD order intake was $1.6 million lower than the prior year which included an initial stocking order from dormakaba under its global framework agreement. Growth in the Access segment will be driven by increased demand in the U.S. using the dormakaba distribution network.
• Illuminate: Strong Q3 order intake of $1.8 million, up 17% on the previous year. YTD order intake of $5.0 million, up 7% on the prior year. The focus in the Illuminate segment is growing the distribution network, particularly in new markets such as North America and Asia Pacific as well as complementing Detect technology in key projects.

At the end of Q3 FY2025, the Company carried an order backlog of $7.4 million which represents sales orders received that are still to be fulfilled. The backlog includes $2.5 million of annual recurring revenue associated with multi-year service contracts.

Q4 order received in the telecommunications sector

Following development work undertaken in Q3, the Company is pleased to advise that it has received an order in Q4 from Telstra Corporation Limited (“Telstra”) for an Aura Ai-X system which will be deployed to protect a subsea cable in Australia.  The value of the order is $0.3 million and is expected to be delivered in Q4 FY2025. There are no material conditions precedent to completion of the order.

The order represents a major milestone in the Company’s strategy to grow revenue, increase market share and expand into new market adjacencies. Ava has invested significantly in its commercial capability and technology including collaboration with Telstra to successfully address technology challenges associated with the deployment of sensing solutions over critical subsea cables. The performance of the Aura Ai-X solution has resulted in the award of the first meaningful order received under the Supply Agreement that the Company has with Telstra.

The world’s subsea cable network is vital to global digital infrastructure, facilitating international communications and data exchange.  However, these cables are susceptible to threats such as accidental damage from maritime activities, deliberate sabotage, and unauthorized data interception. Implementing Ava’s Aura Ai-X Distributed Acoustic Sensing (DAS) technology can significantly enhance the security and resilience of these critical assets, particularly in vulnerable near-shore areas and at landing stations.?

Ava CEO Mal Maginnis said: “Our focus on key industry segments remains a priority.  During Q3 FY2025 we further developed our Aura Ai-X technology to meet some specific requirements in the telecommunications sector. Pleasingly this has culminated in an order for an Aura Ai-X system in Q4 from Telstra under our Supply Agreement. Telstra will deploy this system to an international subsea cable to provide monitoring and protection on the cable as it comes ashore in shallow waters in Australia. It represents an exciting example of deploying our technology to new industry verticals and I am very confident that the telecommunications sector will provide significant growth, both in Australia and internationally.”

Outlook

The Company is confident in delivering solid growth in revenue and EBITDA in FY2025. Management provides revenue guidance for the second half year in the range of $18 million – $21 million (range dependent on the timing of project delivery).

Ava Risk Group Limited (ASX: AVA) (“Ava” or “the Company”) announces results for the six months ended 31 December 2024.

Highlights

• Group revenue of 17.0 million, up 20% on the previous corresponding period (PCP)
• Strong sales order intake of $16.3 million, driven primarily by the Detect segment
• Expansion in strategically important industry verticals and key projects across sovereign border protection,
• airport perimeter detection, and transportation
• Group EBITDA of $1.7 million, $2.6 million higher than PCP
• Sales order backlog of $7.6 million, including $2.3 million in contacted annual recurring revenue
• Cash balance of $4.7 million at 31 December 2024.

Review Investor Presentation here.
Review Appendix 4B and Interim Consolidated Financial Report here.

Ava has invested significantly in its commercial capability and technology in order to grow revenue and increase market share. The results for H1 FY2025 indicate that these investments are providing a platform for continued improved performance.

Ava CEO Mal Maginnis said: “We are pleased with the Group’s progress during H1, with a strong sales pipeline across key industry verticals. Our industry leading fibre sensing technology continues to underpin strong sales momentum in the Detect segment, with some notable contracts including the protection of a critical European border, as well as airport perimeter detection orders in Dubai and North America. We also saw an increase in recurring service contracts, a key marker of future performance, which was driven by increased system deployments.

“We are also pleased to have achieved a positive EBITDA result, a reflection of the investments made into the technology and commercial capabilities of the business. We see significant growth catalysts across the segments and are focused on improving our performance further through our sales order intake, our sales backlog and by increasing recurring revenue. We are also focused on maintaining high gross margins and expect to benefit from strong operating leverage as we scale.”

Performance Overview

The Group’s revenue for the half was $17.0 million, up 20% on PCP. Strong sales order intake of $16.3 million was driven primarily by the Detect segment, with a confirmed sales order backlog of $7.6 million, including $2.4 million in contracted annual recurring revenue, also up 20%. The order backlog consists of equipment orders and multi-year service contracts.

The Company is focused on developing its sales opportunity pipeline in key industry verticals and growing its recurring revenue base. During H1 FY2025 repeat orders for Aura Ai-X, the Company’s market leading fibre sensing technology, were fulfilled for protection of a critical European border, including the replacement of some competitor technology. Airport perimeter detection is an emerging industry vertical and sales orders were fulfilled for the deployment of systems at Dubai International Airport and a major North American airport.

Consolidated gross margin grew to 64%, up 3% on the prior year, driven by an increase in higher margin Detect
revenue. Operating costs stabilised following completion of the restructure during FY2024 and were $0.3 million
lower than the prior year. The resulting EBITDA of $1.7 million was $2.6 million higher than PCP (1H24: EBITDA loss of $0.9 million). The Company had a cash balance of $4.7 million at 31 December 2024.

In the Detect segment, revenue of $12.1 million represented growth of 57% on PCP. The improved performance
was driven by completion of a number of key projects including the supply of equipment to a mine site in Chile and
further deployment of additional systems for an Eastern European border.

Revenue in the Access segment of $2.0 million was $1.2 million lower than PCP which included initial stocking
orders of the Cobalt series locks for dormakaba in the U.S. Leveraging dormakaba’s global distribution network
remains critical to near term growth in the Access segment.

In the Illuminate segment, the new “LoRa” product is enabling the seamless integration of a number of the
Company’s devices in a common solution. The complementary nature of Illuminate products with Detect is
demonstrated by the development work being undertaken with UGL to provide solutions on the Sydney Metro
project and by some Illuminate product trials undertaken with Telstra.

Outlook
Based on expected sales pipeline conversion and the existing sales order backlog, management provides revenue
guidance for the full year FY2025 in the range of $37.0 million – $41.7 million.

Approved for release by the Board of Directors.

For further information, please contact:
Investor Enquiries
Alexandra Abeyratne
Sodali & Co
alexandra.abeyratne@sodali.com
+61 438 380 057

About Ava Risk Group
Ava Risk Group is a global leader in providing technologies and services to protect critical and high value assets and
infrastructure. It operates three business segments – Detect, Access and Illumination. The Detect segment manufactures
and markets ‘smart’ fibre optic sensing systems for security and condition monitoring for a range of applications
including perimeters, pipelines, conveyors, power cables and data networks. Access is a specialist in the development,
manufacture and supply of high security biometric readers, security access control and electronic locking products.
Illumination specialises in the development and manufacture of illuminators, ANPR cameras and perimeter detectors.
Ava Risk Group products and services are trusted by some of the most security conscious commercial, industrial, military and government clients in the world. www.avariskgroup.com

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) will release its first half results for the six
months ended 31 December 2024 on Tuesday 25 February 2025.

Ava Risk Group is a global leader in providing technologies and services to protect critical and high value assets and
infrastructure.

Chairman David Cronin, CEO Mal Maginnis and CFO Neville Joyce will host a Zoom webinar to present the results at
9:30am AEDT on the same day.

To register for the webinar, please follow the link below:

• Date & Time: Tuesday 25 February at 9:30am AEDT
• Zoom link: https://us06web.zoom.us/webinar/register/WN_zZB1GX0EQmCO_w_1e3YV7Q

ENDS

This announcement is authorised for release by the Chief Financial Officer.

For further information, please contact:
Investor Enquiries
Alexandra Abeyratne
Sodali & Co
alexandra.abeyratne@sodali.com
+61 438 380 057

About Ava Risk Group
Ava Risk Group is a global leader in providing technologies and services to protect critical and high value assets and
infrastructure. It operates three business segments – Detect, Access and Illumination. The Detect segment manufactures
and markets ‘smart’ fibre optic sensing systems for security and condition monitoring for a range of applications
including perimeters, pipelines, conveyors, power cables and data networks. Access is a specialist in the development,
manufacture and supply of high security biometric readers, security access control and electronic locking products.
Illumination specialises in the development and manufacture of illuminators, ANPR cameras and perimeter detectors.
Ava Risk Group products and services are trusted by some of the most security conscious commercial, industrial, military
and government clients in the world. www.avariskgroup.com

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) provides the following update on its Q2
FY2025 trading performance:

• Expected H1 FY2025 revenue of $17.0 million, up 20% on the previous year and within the guidance range.
  Second half revenue is expected to be stronger than the first half.
• Expected positive EBITDA for H1 FY2025. Stable and scalable cost base to support future earnings growth.
• Continued strong sales order intake during Q2 of $7.4 million, resulting in H1 sales order intake of $16.3
  million.
• Further expansion in strategically important industry verticals and projects – sovereign border protection,
  airport perimeter detection, transportation.
• Confirmed sales order backlog of $7.6 million, including $2.4 million in contracted annual recurring revenue. The order backlog consists of equipment orders and multi-year service contracts.

Ava Group CEO Mal Maginnis commented: “I am pleased with our strong progress in H1 FY2025. Revenue has grown
significantly, up 20% on the previous year, highlighting the improvement in our commercial team and the importance
of our sales order backlog. Following completion of the restructure of the commercial team the cost base has
stabilised which is expected to drive an improved EBITDA result.”

“We made further progress in our key industry verticals. Additional orders were received for deployment to the
Eastern European border, building on the orders received in the previous year. Pleasingly, some of these orders
replaced competitor technology based on Detects’ products superior performance. We deployed our market leading
fibre sensing technology for airport perimeter protection at major airports in Dubai and North America. We also
expanded our contracted position with UGL to support the Sydney Metro project. We have a proven technology
platform and strong sales opportunity pipeline which leaves us well positioned to accelerate growth in H2 FY2025.”

Q2 FY2025 confirmed sales orders

Sales performance during Q2 remained strong with confirmed orders of $7.4 million, resulting in sales order intake
for the first half of $16.3 million.

• Detect: Q2 sales order intake of $4.5 million, with H1 order intake of $10.9 million, down $2.0 million on the
  previous year which included an order of $2.7 million for pipeline protection at a Chilean copper mine. The
  current year order intake is supported by a strong sales opportunity pipeline to drive growth during H2.
  The Company grew its position in key industry verticals. Repeat orders for Aura Ai-X were fulfilled for
  protection of a critical eastern European border ($2.0 million). These orders include the replacement of some
  competitor technology previously deployed at the border based on the superior performance of Aura Ai-X.
  Airport perimeter detection is a growing segment with orders received for Dubai International Airport and a
  North American airport. Our relationship with UGL expanded with additional contract variations received to
  support the Sydney Metro project, including joint development activities with the Illuminate segment. The
  value of recurring service contracts grew by 20% to $2.4 million during H1 FY2025 driven by the continued
  deployment of Aura Ai-X.
• Access: Q2 order intake of $1.0 million, H1 order intake of $2.3 million, $1.4 million lower than the prior year
  which included an initial stocking order from dormakaba under its global framework agreement. Sales orders
  in the current year are supported by strong demand in Europe and Asia Pacific. Increased demand in the U.S.
  will be driven by growing end user demand for the Cobalt series locks to drive re-ordering by dormakaba.
• Illuminate: Q2 order intake of $1.7 million, H1 order intake of $3.1 million, in line with the prior year. The
  Illuminate segment continues to complement the Detect product offering and has been pivotal in the
  expansion of the UGL contract to support the Sydney Metro contract. In addition to its distribution network,
  growth in the Illuminate segment will be driven by project orders supporting the Detect segment.

At the end of Q2 FY2025, the Company carried an order backlog of $7.6 million which represents sales orders received
that are still to be fulfilled. The backlog includes $2.4 million of annual recurring revenue associated with multi-year
service contracts, up from 20% during H1. The remainder of the backlog relates to hardware and commissioning
services which are expected to be fulfilled in H2 FY2025.

Strategy & Outlook

Since January 2023 the Company has invested heavily in its commercial capability and technology. The expected
results for H1 FY2025 provide confidence that this strategy is growing revenue and delivering positive EBITDA. The
Company remains focussed on improving its financial performance through:

• Growth in sales order intake.
• Growth in sales order backlog.
• Increasing recurring revenue.
• High gross margins of 60% – 65%.’
• Scalable cost base generating positive EBITDA.

H1 FY2025 Results

Ava Risk Group will release its financial results for the half year ending 31 December 2024 on Tuesday 25 February
2025. Details of an investor webcast will be provided to the market in due course.

ENDS

For further information, please contact:
Investor Enquiries
Alexandra Abeyratne
Sodali & Co
alexandra.abeyratne@sodali.com
+61 438 380 057

About Ava Risk Group

Ava Risk Group is a global leader in providing technologies and services to protect critical and high value assets and
infrastructure. It operates three business segments – Detect, Access and Illuminate. The Detect segment manufactures
and markets ‘smart’ fibre optic sensing systems for security and condition monitoring for a range of applications
including perimeters, pipelines, conveyors, power cables and data networks. Access is a specialist in the development,
manufacture and supply of high security biometric readers, security access control and electronic locking products.
Illumination specialises in the development and manufacture of illuminators, ANPR cameras and perimeter detectors.
Ava Risk Group products and services are trusted by some of the most security conscious commercial, industrial, military
and government clients in the world. www.avariskgroup.com

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) is pleased to advise that it has secured multiple contracts across key industry segments to deploy its latest generation Aura Ai-X intrusion detection technology.  Details relating to contracts are summarised below:

Airport Security:

The Company is pleased to advise that it has been awarded two contracts for perimeter detection at two major airports, San Diego in the United States and Dubai Airport in the United Arab Emirates. Both contracts are effective immediately and have no conditions precedent attached to them. The contracts provide for the deployment of multiple Aura Ai-X systems and associated  support services. Pleasingly, the Dubai contract is for an upgrade of legacy FFT products, further demonstrating the success of our inside sales upgrade program.  The combined value of the contracts is $0.9 million and the required equipment for these orders is expected to be delivered during H1 FY2025.

Airport security is emerging as a key sector for the deployment of the Company’s technology. These contracts demonstrate the capability of Ava Risk Group’s technology to provide sophisticated perimeter detection in complex environments.   The Company has further sales pipeline opportunities in the airport security sector and is confident of winning additional contracts.

Sovereign Border Protection:

Building on its previous successful system deployments at a critical eastern European border, the Company advises that is has been awarded a $1.9 million contract for the urgent deployment of its Aura Ai-X technology to provide protection for additional parts of the border. The contract is effective immediately and has no conditions precedent attached to it. The contract is for the provision of its detection systems and associated support services. This order is replacing competitor technology which has been installed at the border and is a clear demonstration of the superior performance of Aura Ai-X. It is expected that the equipment for this order will be delivered during H1 FY2025.

Commenting on the contract awards, Ava Group CEO Mal Maginnis said: “It is pleasing to see continued growing sales momentum across the business.  I am very pleased to see Aura Ai-X replacing some competitor technology on the eastern European border as it validates our belief that Aura Ai-X is the market leading fibre-optic detection technology. Winning two significant orders for airport security highlights the versatility of our technology and provides strong reference sites for further contracts in this growing segment.”

“The Company is in a strong position to achieve its revenue guidance for H1 FY2025 of $16.5 million – $17.5 million.”

Change in Key Management Personnel:

The Company advises that James Viscardi, Executive Vice President Global Security, has resigned to pursue other career opportunities in the United States, finishing his role on 30 November 2024. The Company does not intend to replace this position and all regional sales leads will report directly to Mal Maginnis, Ava Group CEO.

The Company thanks Jim for his service over the past three and a half years.

ENDS

For further information, please contact:
Alexandra Abeyratne
Sodali & Co
alexandra.abeyratne@sodali.com
+61 438 380 057

About Ava Risk Group

Ava Risk Group is a global leader in providing technologies and services to protect critical and high value assets and infrastructure. It operates three business segments – Detect, Access and Illuminate. The Detect segment manufactures and markets ‘smart’ fibre optic sensing systems for security and condition monitoring for a range of applications including perimeters, pipelines, conveyors, power cables and data networks. Access is a specialist in the development, manufacture and supply of high security biometric readers, security access control and electronic locking products. Illumination specialises in the development and manufacture of illuminators, ANPR cameras and perimeter detectors.  Ava Risk Group products and services are trusted by some of the most security conscious commercial, industrial, military and government clients in the world. www.avariskgroup.com

Download AGM Addresses and Presentation here.

Download AGM Result here.

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) is pleased to provide the following update
on its Q1 FY2025 trading performance:

• Sales order intake during Q1 of $8.9 million.
• Strong sales order backlog of $8.5 million (including $2.3 million in contracted ARR) to support revenue
  growth in FY2025 consisting of equipment orders and multi-year service contracts.
• Continued progress on key projects and industry sectors – UGL, Telstra and the Australian Oil and Gas
  sector.
• First half revenue guidance of $16.5 million to $17.5 million. Second half revenue is expected to be
  substantially stronger than the first half.

During Q1, Ava Risk Group reported strong sales order intake of $8.9 million, with stronger year on year growth in
both the Detect (+85%) and Illuminate (+9%) segments. Access, recorded its strongest quarter since the Q1 FY2024,
when the initial orders were received from dormakaba.

The Company commenced the commissioning of detection systems on the Sydney Metro project with UGL during
the first quarter, which is expected to be completed over the coming months. It is well positioned to expand the
product footprint on this project by offering Illuminate products to provide platform detection capability on the rail
corridor. This demonstrates the benefit of establishing relationships with key infrastructure partners such as UGL and
highlights the complementary nature of Ava’s products for large scale infrastructure projects.

Ava Risk Group also received multiple orders from the Australian oil & gas sector during Q1 and the Australian
commercial team has actively cultivated sales pipeline opportunities resulting in new orders.

Ava Group CEO Mal Maginnis commented: “Sales order intake during Q1 FY2025 was strong, particularly given the
usual seasonal softness in northern hemisphere markets during their summer holiday period in July and August.
Order intake grew in both Detect and Illuminate compared to the same period last year, while Access recorded its
strongest quarter since receiving initial stocking orders from dormakaba a year ago.”

“Further progress was made on our key projects and partner relationships during the quarter. We are actively
engaged with Telstra on several opportunities for the protection of their infrastructure assets. We expect some of
these initiatives to proceed during Q2 and are confident this will lead to commercial orders during FY2025.”

“Additionally there is significant further opportunity for us in the oil and gas sector. Our global sales pipeline has
continued to grow and I expect very strong sales order intake during Q2.”

Q1 FY2025 confirmed sales orders

The Company received sales orders of $8.9 million during Q1. Highlights from Q1 include:

• Detect: Total Q1 sales order intake of $6.2 million, is an increase of 85% on the same period last year. The
  improved result compared to the prior year is driven by further Aura Ai-X orders for an Eastern European
  border and significant orders from several customers in the Australian Oil & Gas sector ($0.9 million). These
  orders are primarily for Aura Ai-X and importantly support a traditionally softer period in the northern
  hemisphere summer holidays. The Detect pipeline remains very strong and we expect further growth in sales
  order intake in Q2.
• Access: Total Q1 order intake of $1.3 million (whilst lower than the same period last year) was the segment’s
  strongest quarterly performance since Q1 FY2024 when the Company received initial stocking orders from
  dormakaba under its global framework agreement. Sales order intake was supported by demand in both the
  Asia Pacific and European markets. Importantly, order intake improved in the U.S. in September driven by
  orders from dormakaba. The focus in the U.S. remains on driving end user demand for the Cobalt series locks
  to drive further re-ordering.
• Illuminate: Total Q1 order intake is $1.4 million, up 9% on the prior year. Q1 orders were well supported by
  several orders with key customers such as Bosch which offset lower domestic U.K. distributor sales. The LoRa
  product was launched during the quarter and is a key driver of growth over the remainder of FY2025.

At the end of Q1 FY2025, the Company carried an order backlog of $8.5 million which represents sales orders received
that are still to be fulfilled. Of the backlog, $4.9 million relates to equipment for project delivery which is anticipated
to be fulfilled across Q2 and Q3 of FY2025. The balance of the backlog relates to commissioning services and multi-
year support contracts. Importantly, the backlog includes multiyear recurring revenue contracts of $2.3 million.

Expansion in the Australian Oil & Gas sector
Underpinned by the deployment of its market leading Aura Ai-X fibre-optic detection technology, the Detect segment
has identified a number of opportunities in the oil & gas industry, particularly in the Asia-Pacific region. During Q1
multiple orders were received from several customers in this segment worth $0.9 million which are expected to be
fulfilled in H1 FY2025. Woodside Energy placed multiple orders for the upgrade of their core sites to Aura Ai-X. The
Company also received orders from Santos and Exxon PNG for security at their critical sites. The Company continues
to build strong relationships with key industry participants to drive additional growth, particularly in Australia.

Contract with UGL Limited on major Sydney transportation project
As announced on 7 December 2023, Ava Risk Group was awarded a contract from UGL Limited to deploy its fibre
optic sensing systems on a Sydney transportation project with a contract value of $3 million. During Q1 FY2025 the
Company commenced the commissioning of its Aura Ai-X controllers on newly deployed fences on the railway
corridor to prevent intrusions and detect objects on the track. In addition to the existing contract, the Company may
deploy its LoRa systems to provide better visibility of the gap between trains and platforms at a number of stations
on the railway corridor. Delivery of this contract remains an important milestone in expanding Ava Risk Group’s
position in the transport sector.

Update on supply agreement with Telstra Group
As announced on 9 February 2024, Ava Risk Group signed a preferred supplier agreement with Telstra Group for the
provision of goods and services to Telstra from each of the Company’s operating segments. During Q1 the Company
progressed several important opportunities with Telstra under this agreement:

• The Company has been engaged by Telstra to provide a new Aura Ai-X option for the monitoring of subsea
  cables as they come ashore, a key point of vulnerability to their fibre optic network. Detailed evaluation and
  trial of this technology will commence in Q2.
• Using its LoRa system, the Company is currently conducting a paid trial on pit lid intrusion detection and
  tampering in Western Australia. This trial is expected to conclude in Q2.
• The Company is also in discussion with Telstra for use of our products to provide enhanced security and
  detection for mobile network towers, infrastructure that is increasingly exposed to malicious damage and
  vandalism.
• The relationship with Telstra provides significant benefit to the Company in terms of technology development and
  products that will generate long-term global revenue opportunities. As the existing opportunities mature it is
  expected that the supply agreement will deliver revenue over the remainder of FY2025 and beyond.

Outlook
Based on the existing order intake and expected sales pipeline conversion, management provides revenue guidance
for the first half year in the range of $16.5 million – $17.5 million. Based on this revenue guidance the Company
expects to be EBITDA positive in the first half of FY2025.

Approved for release by the Board of Directors.

For further information, please contact:
Investor Enquiries
Alexandra Abeyratne
Citadel-MAGNUS
aabeyratne@citadelmagnus.com
+61 438 380 057