Dubber Corporation Limited
ABN 64 089 145 424
dubber.net
Annual Report
Financial Year 2025
Annual Report 2025
FY25
Highlights
Achieved target of underlying run-rate
cashflow breakeven in June 2025
60% Reduction
Loss before depreciation,
amortisation, interest,
impairment and tax
reduced to $9,754k
Up 11%
Operating Cash
receipts of $44,345k,
up 11% on FY24.
$25,035k
capital raise successful
completed during the year
Business well
positioned for
growth into FY26
240+ Partners
Communications Service Provider
(CSP) Partners increased
Up 9%
FY25 Revenue
of $42,192k
Chairman’s Letter
Annual Report 2025
1
Chairman’s
Letter
FY25 has been a year of significant change and transition for Dubber Corporation Ltd (Dubber or
company).
As all shareholders would be aware, the Company went through a major disruption due to certain
incidents discovered in the prior year. Fortunately, during FY25 the Company was strongly supported by
its major independent shareholders in providing new funding to demonstrate that Dubber was and is
well capitalised to move the business forward. This is testimony in their belief in the business.
The prior year matters are the subject of formal review by the corporate regulator and legal actions for
recovery of funds. Recovery proceedings have commenced in the Federal Court of Australia against
both BDO Audit (WA) Pty Ltd and former CEO Steve McGovern and associates, and filings have been
made to the Victorian Legal Services Board (VLSB). Certain contractual claims are also being pursued.
These actions reflect the Board’s commitment to accountability and the protection of shareholder
interests. Whilst the process of recovering funds is in its early stages and we are committed to pursuing
them we note they may prove time consuming and costly. Further the outcome of the ongoing recovery
process and any claims filed is uncertain, and success cannot be guaranteed.
During the year there have been substantive and important changes to the management team and to the
Board to focus on strengthening the business and its governance.
We were pleased to announce the appointment of Matthew Bellizia as our new CEO and Managing
Director in September 2024. Matthew brings extensive experience as a CEO and founder of technology
companies and has a deep understanding of the importance of data to drive business outcomes which
aligns current and future direction of Dubber’s technology. He has already made a strong impact by
leading a refreshed strategic direction focused on operational optimisation, customer engagement, and
product innovation.
February 2025 also marked the completion of our Board renewal process and I would like to extend
sincere thanks to our new directors for their contribution and service since their appointment.
The company has taken and is now taking important steps to reposition itself for sustainable growth,
sharpen strategic focus, and restore long-term value for our shareholders.
Operationally, we recorded 9% year-on-year revenue growth in FY25. Dubber achieved a key financial
milestone at the end of FY25 — underlying operating cashflow breakeven during the month of June
2025. This was an important validation of the cost discipline, focus, and commercial progress made
over the year.
We were therefore disappointed by the late FY25 news that VMO2 would not renew their mobile voice
recording contract which will adversely impact FY26 revenue and operating margins. However,
management announced further cost reductions which together with expected new revenues are
expected to return the company to underlying run-rate cashflow positive during the year post the
transition of VMO2 recording services. We thank VMO2 for their partnership to date and its continuing
use of our Wholesale SIP services. We note that other partner relationships remain strong and stable
with significant opportunities for growth and we continue to explore new avenues for collaboration.
Chairman’s Letter
Annual Report 2025
2
Financial strength is important to our business. The Company remains well-capitalised with $15.9 million
in available working capital at 30 June 2025, providing us with the flexibility and confidence to deliver
against our forward plans.
We are also beginning to see encouraging signs from the significant investments made in AI product
development over the past year. Our enhanced offerings are resonating with customers and present a
compelling value proposition as enterprises look to extract more intelligence and insight from their
communications data.
Looking forward to FY26 the Company through the efforts of our CEO Matthew is focussed on the
following:
•
Implementing an industry vertical sales strategy
•
Expanding our existing CSP base of over 240 partners
•
Improving our CSP partners ability to Sell
•
Continuing our product evolution
•
Deploying our new recorder across the customer base
•
Uplifting AI sales through product initiatives
•
Driving a results culture
•
Continuing to find cost improvements / productivity gains including through exiting surplus
leases
In closing, I would like to express my gratitude to our staff, investors, partners, and stakeholders for their
continued support and commitment. While the past year has presented challenges, it has also brought
with it opportunity, clarity, and a renewed sense of purpose. The Board is confident in the steps taken
and remains focused on delivering improved outcomes in the year ahead.
Ted Pretty
Non-Executive Chairman
About Dubber
Annual Report 2025
3
About Dubber
Voice Recording with Powerful AI Insights
At Dubber, we believe conversations are one of the most valuable and underutilised assets in any
organisation. In a world where every customer interaction, sales call, or internal discussion carries
potential insight, Dubber exists to unlock that value, transforming conversations into a strategic
advantage.
We are a trusted partner across 240+ Communications Service Providers (CSPs) to reimagine how
conversations are captured, understood, and used. Our cloud-native platform enables CSPs to offer
differentiated, high-margin services at scale, capturing, storing, and analysing conversations across
voice, video, and text across the major unified communication (UC) platforms, collaboration platforms,
native mobile networks and contact centre (CCaaS) platforms.
World’s Leading Multi Channel Call Recording
Dubber was born in the cloud. Our approach eliminates the need for hardware or complex
infrastructure, enabling rapid deployment, cost-effective scalability, and secure delivery across
geographies and vertical industries.
As businesses increasingly operate in hybrid and dynamic environments, capturing valuable content
from everyday interactions has become more complex. Dubber simplifies this by enabling CSPs to
provide conversation capture capabilities that evolve with their customers’ needs, whether supporting
compliance, customer service, or sales.
The result is a platform that helps CSPs quickly launch new services, increase Average Revenue Per
User (ARPU), reduce churn, and drive long-term customer value. With flexible deployment and no
hidden costs, Dubber is designed to grow with both partners and their customers.
Key benefits of Dubber’s voice recording include:
•
Instant Deployment: Launch quickly with zero downtime and no infrastructure overhead.
•
Effortless Scalability: Seamlessly grow with your business, no disruptions, no limits.
•
Optimised Cost Efficiency: Eliminate the expenses of traditional hardware and maintenance.
•
Enterprise-Grade Security: Cloud-native architecture ensures built-in compliance and end-to-
end data protection.
Powerful AI Insights
Conversations are more than interactions; they’re a rich source of untapped intelligence. Dubber’s
patented AI, Dubber Moments, transforms conversations into real-time insights that can enhance
employee coaching, improve customer experience, and reveal hidden opportunities.
Unlike many competitors, Dubber doesn’t rely solely on third-party AI. Our conversation intelligence
capabilities are developed in-house, giving us full control over innovation, intellectual property, and
performance. This enables us to deliver reliable, context-aware insights that go beyond transcription,
identifying trends, tracking sentiment, and surfacing the information that matters most.
Built for scale, Dubber AI operates across eight global regions, delivering sovereign data capabilities,
precision-engineered orchestration, and enterprise-grade reliability. It is trusted by the world’s largest
technology providers to power millions of workflows every day.
About Dubber
Annual Report 2025
4
Why Dubber’s AI is different:
•
Industry-Tuned Precision: Purpose-built in-house to deliver accurate, reliable outcomes tailored
to sector-specific needs.
•
Trusted, Actionable Insights: Delivering relevant intelligence that drives smarter, faster
decisions.
•
Adaptive Intelligence: Continuously learns from your business—no manual configuration
required.
•
Effortless Traceability: From insight to source in just three clicks, ensuring full transparency and
efficiency.
Vertical Solutions That Drive Differentiation
To help CSPs go further, Dubber delivers targeted solutions designed around the unique needs of
industry verticals. These tailored offerings enable partners to address specific customer challenges and
unlock new sources of revenue by becoming strategic enablers in sectors such as retail, healthcare,
finance, and more.
From enhancing compliance in financial services to streamlining delivery operations in logistics, Dubber
helps turn vertical pain points into differentiated value propositions.
Here’s how we bring industry value to life:
•
Retail: Capture insights from customer feedback, reduce churn, and refine product strategies.
•
Financial Services: Support compliance with regulations and enable personalised portfolio
management.
•
Healthcare: Enhance telehealth experiences and ensure secure, compliant interactions.
•
Travel & Hospitality: Identify service gaps, personalise guest experiences, and monitor quality
at scale.
•
Utilities & Energy: Improve transparency, resolve issues proactively, and promote energy
literacy.
•
Transportation: Handle disputes, optimise logistics, and support delivery satisfaction.
•
Technology & IT: Refine sales strategies and support sales coaching through conversation
analytics.
•
Pharma & Healthcare Sales: Ensure regulatory adherence and improve training effectiveness.
•
Insurance: Personalise offerings, monitor claims, and enable proactive retention strategies.
•
Manufacturing & Distribution: Detect churn risk, accelerate sales cycles, and improve customer
engagement.
•
Professional Services: Strengthen client relationships, identify expansion opportunities, and
improve service delivery.
•
Media: Improve bundle personalisation, track team performance, and support retention
strategies.
Each of these solutions is underpinned by our commitment to delivering practical, scalable, and
outcome-oriented products that reflect the specific needs of businesses across sectors.
A Platform for Growth and Innovation
Dubber is more than a product, it’s a platform for innovation and growth. Our substantial investments in
platform redevelopment over the past 12 months have enabled us to deliver a new standard in
conversation capture and intelligence. With out-of-the-box integrations, flexible deployment models,
and deep AI capabilities, we equip CSPs to lead in a competitive market.
At Dubber, we capture more than conversations, we capture insight, opportunity, and the power to
transform how the world communicates.
Director’s Report
Annual Report 2025
5
Director’s
Report
Director’s Report
Annual Report 2025
6
Your directors present their report of Dubber Corporation Limited and its controlled entities (the Group)
for the financial year ended 30 June 2025.
Directors
Directors have been in office since the start of the financial year to the date of this report unless
otherwise stated.
Ted Pretty
Non-Executive Chairman (appointed 31 January 2025)
Matthew Bellizia
Managing Director and CEO (appointed as Director 1 January 2025)*
John Selak
Non-Executive Director (appointed 9 December 2024)
Simon Crowther
Non-Executive Director (appointed 9 December 2024)
Jeremy Davis
Non-Executive Director (appointed 1 January 2025)
Neil Wilson
Non-Executive Chairman (resigned 31 December 2024)
Peter Pawlowitsch
Executive Director (Acting CEO 1 March 2024 – 10 September 2024)
(resigned as a Director 31 December 2024)
Gerard Bongiorno
Non-Executive Director (resigned 7 March 2025)
Sarah Diamond
Non-Executive Director (resigned 9 December 2024)
* Matthew Bellizia was appointed to the role of CEO on 10 September 2024. He was appointed to the Board on 1 January 2025 and
acted as interim Chairman between 1 January 2025 until the appointment of Ted Pretty on 31 January 2025.
Corporate structure
Dubber Corporation Limited is a limited liability company that is incorporated and domiciled in Australia.
Dubber Corporation Limited has prepared a consolidated financial report incorporating the entities that it
controlled during the financial year as follows:
Dubber Corporation Limited
parent entity
Medulla Group Pty Ltd
100% owned controlled entity
Dubber Pty Ltd
100% owned controlled entity
Dubber Ltd
100% owned controlled entity
Dubber USA Pty Ltd
100% owned controlled entity
Dubber, Inc
100% owned controlled entity
Dubber Connect Australia Pty Ltd
100% owned controlled entity
CallN Pty Ltd
100% owned controlled entity
Aeriandi Ltd
100% owned controlled entity
Pinch Labs, Inc
100% owned controlled entity
Dubber Asia Pty Ltd
100% owned controlled entity
Dubber Japan K.K.
100% owned controlled entity
Director’s Report
Annual Report 2025
7
Principal activities
The principal continuing activities of Dubber Corporation Limited and its controlled entities consisted of
the provision of unified call recording and conversation Artificial Intelligence services to the global
telecommunications industry.
Operating and Financial Review
Review of Operations
The group has three main operating segments, specifically for the provision of subscriptions services in
Europe, United States of America (‘Americas’) and Rest of World (including Australia). The Group runs a
single integrated technology platform which is predominantly developed and maintained in Australia and
used by all three regions to provide services to customers. The Europe segment contains the acquired
Aeriandi technology platform that provides support for legacy products provided to a subset of
European customers. The Group’s head office is in Melbourne, Australia and provides management and
back-office services for the Group. Each segment operates a sales function addressing the region.
Revenue
Overall, revenue grew 9% in FY25 to $42,191,878 (FY24: $38,659,209).
Europe
$
Americas
$
Rest of World
$
Total
$
FY25 Revenue
26,945,844
11,982,482
3,263,552
42,191,878
Growth on FY24
2%
29%
8%
9%
Europe Revenues grew 2% in FY25 to $26,945,844 (FY24: $26,329,047), predominantly reflecting
favourable FX movements and relatively flat end user volumes at major CSP partners who provide
compliance recording services to large enterprises which make up a significant proportion of the
European customer base. There continued to be volume growth across a range of CSP partners in the
UK who are increasingly making Dubbers AI enabled recording services part of their go to market
strategy in their core sales activities to their end users. This was partly offset by some long term
contracts for legacy recording and archive services being renewed at lower rates during the year but
with the inclusion of the latest AI enabled products in the renewed contracts giving opportunities for
future growth.
Americas Revenues grew 29% in FY25 to $11,982,482 (FY24: $9,314,300), which combined solid
volume growth through existing foundation partners with a range of new revenue generating network
providers and enterprise customers. The Group saw good volume growth of Dubber premium recording
and AI enabled products to Cisco users. The region benefited from increasing orders for services from a
range of existing large CSPs as they included Dubber products as part of their standard end customer
telecommunications offerings. Microsoft Teams calling and recording products also showed a good
uptick in volumes this year, including sales made through the Microsoft marketplace.
Rest of World revenues were up 8% to $3,263,552 to (FY24: $3,015,862). This reflects incremental
volume growth across a number of reseller and CSP partners in the region.
Director’s Report
Annual Report 2025
8
Operating Expenses
Direct costs decreased by 8% to $12,479,769 (FY24: $13,596,517) reflecting the efficiencies and
optimisations delivered to the core Dubber Platform despite higher volumes of users, recordings and AI
utilization in FY25 compared to the prior year. This led to gross margins of 70% for FY25, up from 65%
in FY24.
Salaries and related expenses were $24,759,556 (FY24: $32,711,366), down 24% on FY24. This
reflected lower average headcount across FY25 than FY24 as a result of the ongoing efficiency
programme and optimisations to the Group’s operations. This also reduced other staff related costs such
as travel and amenities that are linked to headcount. Employee share based payments increased 32% to
$4,774,411 (FY24: $3,624,094) reflecting the new long term incentive equity awards issued to the
incoming CEO in the year.
General and administration costs decreased 15% to $10,709,901 (FY24: $12,632,226) reflecting a
reduction in a variety of overhead areas in FY25, including lower marketing, consultant and travel costs,
offset partly by increased software and technology costs and one-time legal costs related to the
investigation into the misuse of funds identified in FY24.
As a result, the Group recorded a loss before depreciation, amortisation, impairment, interest and tax of
$9,753,915 (FY24: $24,216,273), a reduction in loss of 60% on FY24.
Other Income and Expense
Finance income increased 373% to $256,472 (FY24: $54,240) with higher average cash balances on
deposit in FY25.
Finance costs decreased 61% to $1,604,324 (FY24: $4,144,271) principally reflecting the lower interest
charges on the Group’s outstanding statutory tax liabilities that were largely repaid during FY25 as well
as borrowing arrangement costs for a bridging loan facility provided by the Thorney Group in FY24
ahead of a capital raise that were not incurred in FY25.
Depreciation and amortisation was down 19% to $6,635,319 (FY24: $8,152,656) reflecting the exit of a
number of property leases which reduced right-of use asset depreciation and the associated leasehold
improvements.
The Group recognised goodwill impairment charges of $10,587,705 in respect of the EMEA segment
principally reflecting the reduced future revenue expectations from the non-renewal of the VMO2
mobile voice recording contract at 30 June 2025. In FY24 a $3,224,678 impairment of goodwill was
recognised in respect of the Rest of World segment) (no goodwill impairment was recognised in FY25
for the RoW segment). The Group recognised an impairment of $6,927,668 in respect of intangible
assets for customer relationships and technology in the EMEA segment that were acquired in 2020
through the Aeriandi acquisition which also relate to the VMO2 contract non-renewal.
The Group also recognised an impairment charge of $718,355 (FY24: $1,121,053) in respect of Right-of-
Use assets for surplus office lease space the Group is seeking to exit.
As a result, the Group recorded a loss before income tax of $35,970,814 (FY24: $40,804,691), a
reduction in loss of 12% on FY24.
FY25 Income tax benefit was $2,664,693 (FY24: $80,615 income tax benefit) primarily reflecting the
reduction in deferred tax liabilities on the intangible assets for customer relationships and technology
that were acquired in 2020 through the Aeriandi acquisition that were impaired during the year.
Director’s Report
Annual Report 2025
9
Cashflows
The Group recorded operating cash receipts from customers of $44,345,338 (FY24: $39,852,555), up
11% on FY24, consistent with the group revenue increase on FY24. Net cash outflows used in operating
activities were 5% lower than FY24 at $21,760,194 (FY24: $22,830,062) reflecting the lower cash based
expenses (excluding non-cash share based payments) incurred in the year as well as higher receipts,
partly offset by the payment of $6,795,000 to the ATO in January 2025 to settle outstanding PAYG
liabilities arising in previous financial years.
During FY24, the Group received $2,420,000 repayment of the amounts previously presented as a term
deposit (no amounts were received in FY25). The Company raised $25,035,051 of capital in the year,
offset by $2,086,175 of costs (FY24: $31,583,235 of capital raised offset by $3,042,597 of costs).
During the year the Group entered into a committed working capital facility with the Thorney Group for
$5,000,000 as set out in Note 17.
The Group had $10,863,888 of cash at 30 June 2025 (30 June 2024: $10,646,517). Total working capital
available to the Group at 30 June 2025 including a committed loan facility of $5,000,000 was
$15,863,888 (30 June 2024: $10,646,517).
Recovery of misused Company funds identified in FY24
As set out in the FY24 Annual Report, on 27 February 2024 the Board uncovered that Company funds,
which were supposed to have been held by a trustee in a term deposit on behalf of the Company, may
have been misused by either or both the Company’s former Managing Director and CEO, Steve
McGovern and the third party trustee. As at the date of this report, $26.6 million of the funds remain
unaccounted for.
During the Financial Year the Group has lodged claims with the Victorian Legal Services Board, issued
proceedings in the Federal Court of Australia against BDO Audit (WA) Pty Ltd and issued separate
proceedings against the former CEO Steve McGovern and associates. The Company continues to assist
ASIC with its investigation into this matter.
However, the process of recovering funds is in its early stages and may prove time consuming and
costly. In addition, the outcome of the ongoing recovery process and any claims filed is uncertain, and
success cannot be guaranteed. No amounts are recorded in the financial statements in respect of
potential future recoveries at 30 June 2025. The company has during FY25 raised further capital and
taken other measures so that it isn’t relying on the recovery of any of the misappropriated funds to fund
its ongoing operations.
FY26 outlook and focus areas
The Group achieved its target of underlying run-rate cashflow breakeven* in the month of June 2025.
However, the Group was notified in late FY25 that VMO2 would not renew their mobile voice recording
contract which will impact FY26 revenue and gross margin. However, the Group has put in place a plan
for further cost reductions which together with expected new revenues are expected to return the
company to cashflow positive during the year post the transition of VMO2 recording services.
In addition to returning the company to a cashflow positive position during FY26, the Company is
focussed on the following areas for FY26:
•
Implementing an industry vertical sales strategy
•
Expanding our existing CSP base of over 240 partners
•
Improving our CSP partners ability to sell
•
Continuing our product evolution
Director’s Report
Annual Report 2025
10
•
Deploying our new recorder across the customer base
•
Uplifting AI sales through product initiatives
•
Driving a results culture
•
Continuing to find cost improvements / productivity gains including through exiting surplus
leases
*Underlying run-rate cashflow is defined as revenue less cash based costs (direct costs, salaries and related costs and G&A costs
incurred on an income statement basis and the cash lease payments for finance leases for the stated period. It excludes, share-
based payment expenses, FX gains and losses, impairment, and non-recurring costs associated with the investigation into the
alleged misappropriation of funds and their recovery, restructuring costs and equity capital raisings.
Dividends
No dividends were paid or declared during the year. No recommendation for payment of dividends has
been made.
Significant changes in the state of affairs
Significant changes in the state of affairs of the Company during the financial year are detailed in the
review of operations.
In the opinion of the directors, there were no other significant changes in the state of affairs of the
Company that occurred during the financial year under review not otherwise disclosed in this report or
in the financial statements.
Events subsequent to reporting date
The Company issued 977,910 shares to satisfy option exercises under the Company’s ESOP plan
between 1 July 2025 and the date of this report.
The Company extended the maturity date of the $5,000,000 loan facility from the Thorney Investment
Group from 31 July 2026 to 31 January 2027 on 30 July 2025 with no other changes to the terms of the
facility. The facility remains undrawn at the date of this report.
Aside from the above, no other matters or circumstances have arisen since the end of the financial year.
Likely developments and expected results of operations
The Group will continue to pursue its principal activity of rolling out and developing its cloud-based call
recording and AI solutions platform.
Material business risks
The Company and Group are subject to risks of both a general nature and ones that are specific to its
business activities including, but not limited to the following:
Growth and Profitability (dependent on increasing market penetration)
The Company continues to trade in a loss-making position, incurring operating cash outflows as it
strives to achieve positive operating cash flows through growth.
Dubber’s future growth and ability to achieve positive operating cash flows, and ultimately profitability,
is dependent on its ability to grow revenue and reduce or maintain its operating costs.
Dubber’s ability to increase revenue in turn depends on its ability to increase the usage of its products
across a wide range of Communications Service Providers and end-users. A failure to successfully
market its service offerings, including failure to continue to innovate and add new functionality to its
platforms, and to operate its platforms at a standard that will retain clients and attract new clients could
lead to Communications Service Providers and end-users not renewing their engagement with the
Director’s Report
Annual Report 2025
11
platform or entering into new engagements which could adversely impact Dubber’s ability to generate
financial performance and/or operations.
If the Company is not able to achieve its operating cost targets, either at all or in the timeframe intended,
this will impact its ability to achieve positive operating cash flows in the time frame required. Failure to
do this may require the Company to source additional equity or debt financing to fund its operations
(which may not be available on favourable terms or at all) or may require the Company to reduce the
scope of its operations which may prevent it from progressing the commercialisation of its technology.
Reliance on third party platforms and operating systems
The Company’s products and services are intended for use across a number of internet access
platforms, mobile and desktop devices and software operating systems. The Company depends on the
ability of its products and services to operate on such platforms, devices and operating systems
however it cannot control the maintenance, upkeep and continued supply of effective service from
external suppliers in these areas. Any changes in such platforms, operating systems or devices that
adversely affect the functionality of the Company’s products and services or give preferential treatment
to competitive products and services could adversely affect usage of the Company’s products and
services.
Reliance on access to and confidence in telecommunications and the internet
The Company generally depends on the ability of the end consumer and its customers to access a
deployed solution over telecommunications and internet access and to feel confident in the utilisation of
the Company’s platform. A failure in either of these services, which may be beyond the control of the
Company, is likely to have adverse operating and financial consequences for the Company.
Hosting provider disruption risk
The Company relies on its primary hosting providers Amazon Web Services and Microsoft Azure, to
store all data gathered from its customers. Should Amazon Web Services or Microsoft Azure suffer
outages, for example due to catastrophic destruction following a natural disaster, service to the
Company’s products and services will also be disrupted. If Amazon Web Services or Microsoft Azure
ceased to offer its services to the Company (for example as a result of default by the Company of its
obligations to Amazon Web Services or Microsoft Azure) and no replacement service is uncovered
quickly, this could lead to a disruption of the Company’s products and/or services and significant
damage to the company’s reputation and ability to generate revenue.
Continued and uninterrupted provision of products and services
The Company employs a team of technicians and engineers along with automated redundancy
capability for the continued and uninterrupted operation of the Company’s products and services. A
failure in the continued delivery of products and services (whether, among other events, because of a
disaster, failure of the Company’s technology, disruptions caused by upgrading technology or failure by
the Company’s suppliers to meet required service levels) could lead to the Company being in breach of
contractual obligations and covenants to its clients and customers, which may lead to significant
penalties or contract termination, that in turn could lead to significant claims against the Company, lost
revenue and significant losses and damage to the Company’s brand and reputation.
Director’s Report
Annual Report 2025
12
Satisfying increasing demand for products and services
As the Company and demand for its products and services grow, there is a risk that the Company will
not be able to satisfy the requirements of all of its clients and customers and deliver promised
outcomes.
This may lead to customer dissatisfaction and significant penalties or contract termination, which in turn
could lead to significant claims against and losses for the Company and substantial damage to the
Company’s brand and reputation.
Inability to execute on sales targets
There is a risk Dubber does not achieve its sales targets due to inadequate execution of its strategy or
as a consequence of reputational harm suffered due to the events surrounding the alleged
misappropriation of funds. Furthermore, if Dubber fails to innovate and add new functionality to its
platforms, and to operate its platforms at a standard that will retain clients and attract new clients, then
there is a risk that the sales targets will not be achieved. This inability to execute on sales targets could
negatively impact upon the Company’s revenues, cash flows and profitability and may require the
Company to raise additional funds in order to support its operations.
Alleged misappropriation of funds
The Company is exposed to various risks arising out of the loss of control by the Company of trust
funds that have been used for purposes which were not for the company’s benefit (misappropriation of
funds or misappropriated funds) in FY24. For example, there is no guarantee the Company will be able
to recover any or all of the funds, and attempts to do so may result in management’s time being diverted
away from operating the business or the incurrence of substantial costs which may not be recouped or
which may otherwise have been better invested in operating and growing the Company’s business.
The misappropriation of funds has, and may continue to have, created a perception of instability or
other reputational harm with existing and potential customers, causing them to divert their business to
competitors, or delay entering into new contracts or acquiring new services from the Company that they
otherwise would have entered into or acquired earlier, impacting the Company’s ability to generate
revenue. Media reporting surrounding the matter (whether factually true or otherwise) and any legal
proceedings could also adversely impact the Company’s reputation. Damage to the Company’s
reputation may also impact its relationship with suppliers.
Further, the Company, its directors and management team may be subject to legal and/or regulatory
action, including as a result of historical errors with the Company’s financial statements which reflected
the misappropriated funds. This includes the risk of the Company and its directors being subject to a
class action brought by shareholders and former shareholders of the Company. If the Company
becomes involved in a class action suit (or it, its directors and/or management team become subject to
any other legal or regulatory action), this could divert the attention of senior management, require
significant expenditure for legal costs, and could have a material adverse effect on the Company's
operations and financial condition.
The Company has referred the matter to, and is co-operating with, ASIC, which has commenced its own
investigation into the Company’s former Managing Director and CEO, Steve McGovern and Mark
Madafferi, the principal of law firm Christopher William Legal. Legal proceedings have been
commenced by ASIC in the Federal Court of Australia against these individuals and interim travel
restraints have been imposed on them by that Court.
Director’s Report
Annual Report 2025
13
Regulatory and compliance risk
The Company has referred the matter of the alleged misappropriation of funds to ASIC.
Notwithstanding the referral to ASIC and the Company’s ongoing co-operation with ASIC in its
investigation into the matter, there is a risk that ASIC may take regulatory action and commence
proceedings against the Company and/or its current and former directors, and significant penalties
(financial and other) may be imposed. There can be no assurance that significant litigation, claims or
penalties will not arise in the future involving the Company or any other person, which may or may not
be covered by the Company’s relevant insurance policies (where such policies are in place). Any
defences filed, public hearings and judgements delivered may also involve further releases of adverse
information about the Company and could have an adverse impact on the Company’s financial
performance, financial position, reputation and prospects.
The Company is required to be in compliance with a number of regulatory requirements, including with
respect to financial reporting, tax, work health and safety, environmental, workplace industrial relations,
public and product liability, modern slavery, privacy and security, financial, anti-money laundering,
critical infrastructure and industry codes of conduct. Any regulatory breach could have a material
negative impact on the operational performance, reputation or financial results of the Company.
The Company operates in a complex regulatory environment and in jurisdictions that have varying
degrees of enactment and implementation of regulations and are constantly evolving to meet challenges
associated with new technology, including the General Data Protection Regulation (EU) 2016/679, or
GDPR, in the European Union and similar laws and regulations in the United Kingdom. A failure to
comply with, or adjust to variations of, regulatory requirements both in Australia and overseas may
result in the Company facing regulatory investigation and/or significant claims, and/or being required to
adapt or withdraw certain products, which may adversely affect the Company’s revenues and/or
increase costs.
A number of the Company’s clients and customers operate in the financial services sector in a number
of jurisdictions (both in Australia and overseas) that are subject to stringent and complex regulations. A
failure of the Company to comply with the requirements of these clients and customers could lead to
significant claims against the Company by both customers and regulators, which may lead to significant
losses and damage to the Company’s brand and reputation.
In addition, the Company’s platforms and products are, or will, be offered in many different jurisdictions,
many of which are developing nations that may not have a well-developed or enforced regulatory
structure in the relevant sectors. Changes to laws and regulations or the way such laws and regulations
are interpreted, implemented or enforced may affect the Company’s platforms or products in those
jurisdictions or the ability of the Company or its partners to conduct business in those jurisdictions.
The Company has implemented additional internal processes and controls to manage and monitor
compliance in areas such as financial management and corporate crime (eg fraud, embezzlement,
bribery). However, there is a risk that these additional internal processes and controls may not be
complied with or sufficient. Any breakdown in internal processes and controls could have a material
negative impact on the operational performance, reputation or financial results of the Company or its
stakeholders.
Director’s Report
Annual Report 2025
14
Data loss, theft or corruption
The Company stores data with a variety of third party service providers and cloud computing service
providers. Hacking or exploitation of some unidentified vulnerability in its network could lead to loss,
theft or corruption of data.
Although the Company has strategies and protections in place to try and minimise security breaches
and to protect data, these strategies might not be successful. In that event, it could negatively impact
upon the Company’s revenues and profitability.
Misuse of the Company’s products and services
Users of the Company’s call recording and related products and services are subject to standard terms
and conditions of use which state that a user must protect the privacy and details contained within a
recording and is liable if the products and services are used unlawfully.
Although Dubber has strategies and protections in place to minimise misuse of recordings, there is no
guarantee these strategies will be successful in the event a person uses the Company’s products and
services in an unlawful manner. In the event of misuse, this may result in adverse publicity, litigation,
regulatory enquiries in respect of applicable privacy and surveillance legislation or a reduction in the
use of the Company’s products or services. If any of these events occur, this may negatively affect the
Company’s revenues and profitability.
Cybersecurity breaches
The Company, its hosting providers, and networks are required to adhere to their own and customers’
security and compliance standards. If adequate safeguards and measures to mitigate breaches are not
provided and maintained, it could negatively impact upon the Company’s reputation, revenues and
profitability. If the Company’s security measures are breached, or if its products are subject to cyber-
attacks that expose or restrict customer access to the platform or their data, its solutions may be
perceived as less secure than competitors and customers may stop using the Dubber platform.
Taxation risk
As at the date of this document, the Company is overdue in paying net liabilities of approximately $1.4
million to State Revenue Offices (SROs) for payroll taxes and has entered into payment plans for only
approximately $0.2 million in relation to these amounts, resulting in the Company being in breach of tax
legislation and exposing the Company and its directors to SRO action. Whilst the Company is seeking to
enter into payment plans, there is no guarantee that the SROs will agree to this on terms the Company
seeks or at all. The need to immediately pay these amounts and the imposition of significant fines,
charges or penalties and reputational damage as a result of the overdue amounts could adversely affect
the Company’s business and financial condition.
Growth and inability to integrate new acquisitions
There is a risk that the Company may be unable to manage its anticipated future growth successfully.
Dubber’s growth strategy may in the future include the targeted acquisition of complementary
businesses to integrate into its existing operations. Such acquisitions can create integration risk, pricing
risk, reputational risk and a variety of other issues including disaffected clients, directors and employees
of the acquired business.
Depending on the nature of the acquisition, acquisitions can also represent illiquid or mid-to-long term
investments before a return is realised, if at all.
Director’s Report
Annual Report 2025
15
These issues can potentially have adverse consequences from a strategic, financial and/or operational
perspective.
Potential future funding issues
Dubber’s ability to effectively implement its business strategy over time may also depend in part on its
ability to raise additional funds. There can be no assurance that any such equity or debt funding will be
available to the Company on favourable terms or at all. If adequate funds are not available on acceptable
terms, the Company may not be able to take advantage of opportunities or otherwise respond to
competitive pressures.
Intellectual property
The Company’s business relies on its ability to protect its intellectual property and any improvements to
it. The intellectual property may not be capable of being legally protected, may be the subject of
unauthorised disclosure or use, may be unlawfully infringed or the Company may incur substantial costs
in protecting its intellectual property rights.
In addition, the Company utilises open-source software in a number of its products and will use other
open-source software in the future. The terms of many open-source software licenses to which the
Company will be subject have not been interpreted by Australian or foreign courts, and there is a risk
that open-source software licenses could be construed in a manner that imposes unanticipated
conditions or restrictions on the Company’s ability to provide or distribute its products.
Competition
The Company operates in an industry which is very competitive and subject to rapid and significant
change. Competitors may be pursuing the development of products that target the same customers as
the Company. The Company’s products may compete with existing products already available to
customers. The Company may face competition from competitors with substantially greater resources.
Competing products may be superior to the Company’s products, which would adversely impact the
commercial viability of the Company’s products and the Company’s ability to generate revenue and
reach profitability.
Major shareholder
Thorney Investment Group currently holds approximately 22.1% of the shares in the Company. Thorney
Investment Group is entitled to nominate up to two Directors to the Company, provided Thorney
Investment Group holds at least 20% of the Shares on issue. If Thorney Investment Group holds at least
15% but less than 20% of the Shares on issue, Thorney Investment Group will be entitled to nominate
one Director. Consequently, Thorney Investment Group may have a significant influence over matters
that require approval by shareholders or the Board.
Thorney Investment Group may have interests that differ from other shareholders and may vote in a way
other shareholders disagree with and which may be adverse to their interests.
Further, Thorney Investment Group owns 31,706,541 Options to subscribe for fully paid ordinary shares
in the Company. While the exercise of such options by Thorney Investment Group will be subject to the
constraints under the takeover provisions in the Corporations Act, Thorney Investment Group may
exercise such options to continue to increase its shareholding and shareholders will be diluted when
such options are exercised. The options may also be transferred with the prior approval of the Company
to third parties that are not subject to such restrictions. Either Thorney Investment Group or the third-
party transferee may decide to exercise these options and sell the underlying Dubber shares (or
Thorney Investment Group may sell other shares and replenish them through the exercise of options),
which would dilute shareholders and may adversely impact the market price of Dubber shares.
Director’s Report
Annual Report 2025
16
Dependence upon key personnel
The Company depends on the talent and experience of key personnel to deliver on its business
strategy. If key personnel leave, it may be difficult to replace them, or to do so in a timely manner or at a
comparable expense. Furthermore, it may impact the relationship the Company has with customers and
other key stakeholders. Key personnel leaving to work for a competitor may have a particularly adverse
impact on the Company. Additionally, increases in recruitment, wages and contractor costs may
adversely impact upon the financial performance of the Company.
International business risks
The Company has operations internationally, notably in the USA, UK, Europe, Australia and New
Zealand. Wherever the Company sets up operations it is exposed to a range of multi-jurisdictional risks
such as risks relating to labour practices, environmental matters, difficulty in enforcing contracts,
changes to or uncertainty in the relevant legal and regulatory regime (including in relation to taxation
and foreign investment and practices of government and regulatory authorities) and other issues in
foreign jurisdictions in which the Company operates. Businesses that operate across multiple
jurisdictions face additional complexities from the unique business requirements in each jurisdiction.
Foreign currency
The Company is exposed to movements in certain currencies given it operates globally, including in
relation to overseas customers and suppliers. Unfavourable movements in these exchange rates may
adversely affect the Company’s revenues and/or profitability.
Litigation or other disputes
The Company may, from time to time, be subject to litigation and other claims or disputes in the ordinary
course of its business or otherwise, including intellectual property disputes, contractual disputes,
indemnity claims, claims under data protection and privacy legislation, occupational health and safety
claims and employment disputes.
The Company and its directors are also exposed to class actions brought by current and former
shareholders of the Company. There can be no assurance that significant class action litigation will not
arise in the future, which may or may not be covered by the Company’s relevant insurance policies
(where such policies are in place), and that the outcome of such litigation will not have an adverse
impact on the Company’s financial performance, financial position or prospects.
If the Company is subject to litigation or proceedings (regulatory or otherwise), it may be required to pay
fines, damages or other amounts and this may adversely affect its financial position, performance and
reputation. Even if the Company is ultimately successful in any dispute, the matter may be time
consuming and costly and divert management’s attention from operating the business. It may also divert
the Company’s funds away from investment in the business and may require the Company to raise
additional funds before the Company can reach cashflow breakeven.
Director’s Report
Annual Report 2025
17
Insurance coverage
The Company currently has in place what it believes are adequate levels of insurance for directors’ and
officers’ liability, professional liability and indemnity, commercial general liability and property damage,
cyber and workers’ compensation to protect the Company from potential losses and liabilities. However,
there is a possibility that events may arise which are not adequately covered by the Company’s existing
insurance policies and the Company cannot guarantee that the Company’s existing insurance will be
available or offered in the future. An inability of the Company to maintain such cover in the future could
limit the ability of the Company to conduct its business, which could have a negative impact on the
financial results and prospects.
Meetings of directors
The numbers of meetings of directors and the relevant committee meetings held during the year and the
numbers of meetings attended by each director were as follows:
Board Meetings
Audit Committee Meetings
Director
Number eligible to attend
Attended
Number eligible to attend
Attended
Ted Pretty
5
5
*
*
Matthew Bellizia
6
6
*
*
John Selak
7
7
2
2
Simon Crowther
7
7
2
2
Jeremy Davis
6
6
2
2
Mr Neil Wilson
11
11
1
1
Mr Peter Pawlowitsch
11
11
*
*
Mr Gerard Bongiorno
13
13
2
2
Ms Sarah Diamond
10
10
1
1
* Reflects not a member of that Committee
All Directors either were appointed or resigned during the financial year. See page 6 for the dates each director was appointed or
resigned.
Effective 9 December 2024, the Company resolved that the full functions of the Remuneration and Nominations Committee, as
outlined in the Remuneration and Nomination Committee Charter, would be undertaken and fulfilled by the Board, with no
separately operating committee. In the absence of the Committee, the Board considers succession issues and the requirements to
ensure that the board has the appropriate balance of skills, knowledge, experience, independence and diversity to enable it to
discharge its duties and responsibilities effectively regularly at Board meetings.
Environmental, Social and Governance
Annual Report 2025
18
Environmental, Social
and Governance
The Group recognises the importance of integrating ESG considerations into our operations and
decision-making processes. Our approach to sustainability underpins how we operate to ensure we
meet increasing societal and investor expectations, play our part in mitigating global warming and
provide a framework to drive forward the company’s progress in this area.
Dubber’s sustainability strategy includes key environmental, social and governance actions and plans.
The plan covers all our operations, regions and facilities directly owned or managed by Dubber. The
plan and progress in achieving the plan is reviewed annually. In addition to ensuring long-term value
creation for our stakeholders, our ESG strategy is an expression of our commitment to sustainability,
social responsibility, and ethical practices.
Stakeholder Engagement and Materiality Analysis
Dubber has a number of key stakeholder groups. These are our shareholders/investors, customers and
business partners, employees, suppliers, governments and regulators and nongovernmental
organizations (NGOs). We have considered the expectations and interests of stakeholders in the
development of our sustainability framework and will continue to do so when reporting in the future
against our significant economic, environmental, and social impacts.
In order to define our key environment, social and governance (ESG) and sustainability objectives, the
Company undertook a detailed materiality analysis for the business in 2023. The materiality assessment
process included a review of both internal and external stakeholder issues of importance, and an
evaluation of their business impact on an ongoing basis. The outcomes from this analysis which is
reviewed annually shapes the ambition and focus of the sustainability strategy.
Dubber’s ESG Strategy aligns with, and supports delivery of the aspirations of key ESG Frameworks.
These include: UN Sustainable Development Goals, The UN Global Compact, Sustainability Accounting
Standards Board (SASB), Task Force on Climate-Related Financial Disclosure (TCFD), ASX Corporate
Governance Principles and Recommendations , Science-Based Target Initiative (SBTi) & The Climate
Pledge.
Through our materiality analysis, and in consultation with key stakeholders, we have identified seven
key pillars underpinning our ESG strategy. These pillars are aligned with the ESG frameworks indicated
above and include: Information Security and Data Privacy, Ethical Artificial Intelligence (AI), Equity,
Diversity and Inclusion (EDI), Employee Engagement, Community Engagement, Climate Change &
Governance and Reporting.
Environmental, Social and Governance
Annual Report 2025
19
2025 Highlights
Whilst ESG was not a key priority for the Company this period, there have been improvements made in
multiple key areas as set out below.
Information Security and Data Privacy
Protecting the data of our customers, suppliers, partners, and our people remains Dubber’s highest
priority. We are committed to embedding data privacy and security into every aspect of our business. In
FY25, Dubber further strengthened its Trust and Security posture through the following key initiatives:
•
ISO 27001 Recertification and Upgrade: Achieved ISO/IEC 27001 recertification and successfully
transitioned from the 2013 to the 2022 standard, reaffirming Dubber’s alignment with
international best practice in information security management.
•
AI and Regulatory Transparency: Published Dubber’s EU AI Act Compliance Statement in our
Trust Centre, underscoring our commitment to ethical, transparent, and secure use of AI.
•
Operational Resilience: Published Dubber’s DORA (Digital Operational Resilience Act)
Compliance Statement in Dubber's Trust Centre and continued to strengthen our internal
resilience practices.
•
Assurance and Compliance: Maintained compliance with the Cloud Security Alliance STAR
Registry and Cyber Essentials, reinforcing our alignment with globally recognised security
frameworks.
•
“Secure by Design” and Governance Uplifts: Uplifted our secure-by-design principles and
practices across product and platform development, complemented by ongoing enhancements
to trust governance and oversight practices.
Equity, Diversity and Inclusion
As a global technology company, we recognise the importance of embedding equity, diversity and
inclusive values into everything we do, to ensure a diverse and skilled workforce and a workplace
characterised by inclusive practices and behaviours for the benefit of all staff. We aspire to have
diversity throughout the business but have a particular focus on supporting the representation of
women at the senior level of Dubber.
Gender Diversity
Employee Engagement
Culture is at the forefront of what we do at Dubber and our commitment to ensuring that Dubsters are
engaged can be seen through multiple avenues of engagement and employee support. We are clear
that engagement links directly to performance and above all else we want to ensure Dubber is a great
place to work. To support this, and given the engagement issues faced this year, we have co-authored
Company values with our employees. We have also rolled out a formal performance review process.
100%
86%
78%
14%
22%
B o a r d
S e n i o r E x e c u t i v e s
W o r k f o r c e
Men
Women
Environmental, Social and Governance
Annual Report 2025
20
Governance & Reporting
Our Board recognises the importance of maintaining high standards of corporate governance and is
committed to fostering a culture of integrity across our business. The Board is committed to continually
improving the standards of Governance, ensuring accountability and appropriate controls are
implemented across the organisation and upholding strong ethical standards in the organisation.
Climate Change
As a software company with limited physical resources, our overall environmental impact is low.
Regardless, we recognise the societal and environmental risks of climate change and are committed to
measuring and mitigating our impacts in this area.
The majority of the Group’s platform operates with cloud platform environments from 3rd party suppliers
which have a lower carbon footprint that an equivalent in house hosted platform. The Group relies on
those 3rd party suppliers to minimise the carbon footprint and the Group actively seeks opportunities to
optimise the Dubber platform and reduce the usage of cloud infrastructure. The Group has active
policies in procedures in place to reduce the emissions of the business, including minimising carbon
intensive travel, putting in place energy efficient equipment and fixtures in office spaces and offering
recycling facilities.
Board of Directors
Annual Report 2025
21
Board of Directors
The particulars of the qualifications, experience and special responsibilities of each director are as
follows:
Mr Ted Pretty
Non-Executive Chairman
Experience
Mr Pretty is an experienced business leader and lawyer with significant corporate
and public company experience. He holds a BA LLB (Hons).
He is currently the Chairman of Firmus Grid Group, the holding company of
Firmus Metal International (FMI) and Sustainable Metal Cloud (SMC), two
businesses involved in the transformation in AI infrastructure and sustainable
GPU solutions.
Ted’s prior roles include Chairman of Next DC Limited, Chairman of RP Data (Core
Logic), Chairman of Tech Mahindra Australia, Chairman of Fujitsu Australia, CEO
of Excite Technology, CEO of Hills Limited and Group MD Technology & Product
of Telstra. Ted was also a Senior Adviser at Macquarie Capital.
Interest in Shares and Options/ Rights at the date of this report
None
Directorships held in other listed entities in the past three years
None
Mr Matthew Bellizia
CEO And Managing Director
Experience
Mr Bellizia brings extensive and relevant global technology business experience.
His most recent role for 20 years was co-founder and CEO of Mobile Tracking
and Data Pty Ltd (MTData) a business which supplies a software platform and
mobile technologies to a range of industries including transport, taxi, mining,
government, and service related industries. MTData operated throughout
Australia, NZ, USA, Canada, UK, Europe and Middle East. The business was in
Deloitte Fast 50 Growth for three consecutive years.
He holds a Bachelor of Science (Mathematics and Computer Science) degree and
is a member of the Australian Institute of Company Directors.
Interest in Shares and Options/ Rights at the date of this report
• 107,750,000 ordinary shares (indirectly)
• 33,333,333 zero exercise priced options
• 70,000,000 options exercisable at $0.0225
Directorships held in other listed entities in the past three years
None
Board of Directors
Annual Report 2025
22
Mr John Selak
Non-Executive Director
Experience
John Selak has over 40 years’ experience in the financial and advisory services
industry. From 2000 to 2016 he was a partner in the Corporate Finance Practice
of Ernst & Young, providing valuation services to a broad range of local and
international clients and also serving on their Global Corporate Finance Executive.
From 2014 to 2017 John was an advisory board member of Quest Apartment
Hotels. From 2016 to 2020, Mr Selak was a non-executive director of National
Tiles and the Chairman of Corsair Capital until April 2021. He is currently a non-
executive director of Insignia Financial Limited (ASX:IFL) and Turosi Food
Solutions Pty Ltd. He holds a Diploma in Accounting from the Auckland Technical
Institute and is a Fellow of the Institute of Chartered Accountants in Australia and
New Zealand and Fellow of the Australian Institute of Company Directors.
Interest in Shares and Options/ Rights at the date of this report
None
Directorships held in other listed entities in the past three years
Insignia Financial Ltd (from 14 October 2016 to present)
Mr Simon Crowther
Non-Executive Director
Experience
Simon Crowther is a serial entrepreneur and CEO with 20 years of commercial
success rooted in the technology sector. He had his first profitable exit in 2000
which paved the way for increased leadership roles and exits in subsequent
years. Simon was CEO with AirMap, Managing Director with Yamaha Motor
Ventures & Laboratory Silicon Valley and CEO of Nearmap (ASX:NEA), which he
led from pre revenue and built into a leading geospatial and analytics SaaS
business. Simon is currently Managing Director and CEO of ASX-listed
Spacetalk Limited (ASX: SPA), a software services and smartwatch hardware
product developer whose technology platform provides a complete digital
communication solution that supports safety and security for families across their
life cycles and for employees working in remote settings. He holds a BA (Hons) in
Business & Finance from Leeds University, a MBA from University of Melbourne
and is a Member of the Institute of Company Directors.
Interest in Shares and Options/ Rights at the date of this report
None
Directorships held in other listed entities in the past three years
Spacetalk Limited (from February 2023)
Board of Directors
Annual Report 2025
23
Mr Jeremy Davis
Non-Executive Director
Experience
Mr Davis is an Investment Manager with Thorney Investment Group, which he
joined in 2012. He has over 30 years’ experience in financial services, capital
markets and investment management, having commenced his career with
Chartered Accountants BDO Nelson Parkhill before moving into various roles in
investment management. Thorney is a substantial shareholder in Dubber and this
appointment is made pursuant to Director nomination rights granted to Thorney
by the Company and announced to ASX on 10 April 2024. He holds Bachelor of
Economics, and Grad Dip in Applied Finance and Investments and is a member of
Institute of Chartered Accountants in Australia and New Zealand.
Interest in Shares and Options/ Rights at the date of this report
912,588 ordinary shares held directly
Directorships held in other listed entities in the past three years
None
Mr David Franks
Company Secretary
Experience
Mr Franks has been appointed as the Company Secretary since 15 March 2023
following the retirement of Ian Hobson. Mr Franks is a Principal of the Automic
Group. He is a Chartered Accountant, Fellow of the Financial Services Institute of
Australia, Fellow of the Governance Institute of Australia, Justice of the Peace,
Registered Tax Agent and holds a Bachelor of Economics (Finance and
Accounting) from Macquarie University. With over 30 years’ experience in
finance, governance and accounting, he has been CFO, company secretary
and/or director for numerous ASX listed and unlisted public and private
companies, in a range of industries covering energy retailing, transport, financial
services, mineral exploration, technology, automotive, software development and
healthcare.
Remuneration Report
Annual Report 2025
24
Remuneration
Report
Remuneration Report
Annual Report 2025
25
The remuneration report details the key management personnel remuneration arrangements
for the consolidated entity, in accordance with the requirements of the Corporations Act 2001
and its Regulations. The information provided in the remuneration report on pages 25 to 40
has been audited in accordance with 300A of the Corporations Act 2001.
The information provided in the Remuneration Report has been audited in accordance with 300A of the
Corporations Act 2001.
Key management personnel are those persons having authority and responsibility for planning, directing
and controlling the activities of the entity, directly or indirectly, including all directors.
The following persons were directors of Dubber Corporation Limited during the financial year:
Matthew Bellizia
Managing Director and CEO (appointed as Director 1 January 2025)
Ted Pretty
Non-Executive Chairman (appointed 31 January 2025)
John Selak
Non-Executive Director (appointed 9 December 2024)
Simon Crowther
Non-Executive Director (appointed 9 December 2024)
Jeremy Davis
Non-Executive Director (appointed 1 January 2025)
Neil Wilson
Non-Executive Chairman (resigned 31 December 2024)
Peter Pawlowitsch
Executive Director (Acting CEO 1 March 2024 – 10 September 2024)
(resigned as a Director 31 December 2024)
Gerard Bongiorno
Non-Executive Director (resigned 7 March 2025)
Sarah Diamond
Non-Executive Director (resigned 9 December 2024)
Other persons that fulfilled the role of a key management person during the year, are as follows:
Andrew Demery
Chief Financial Officer
Steve Willson
Chief Technology Officer (KMP until resignation on 14 August 2024)
James Slaney
Chief Commercial Officer (KMP until 6 June 2025 when role was made
redundant)
Remuneration Report
Annual Report 2025
26
Overview of Remuneration Policies
The Board as a whole is responsible for considering remuneration policies and packages applicable
both to directors and executives of the Consolidated Entity.
The Board takes the primary responsibility for considering remuneration policies and packages
applicable both to directors and executives and making recommendations to the Board in respect of
remuneration.
Key management personnel have authority and responsibility for planning, directing and controlling the
activities of the Company and the Consolidated Entity, including directors of the Company and other
executives.
Broadly, remuneration levels for key management personnel of the Company and of the Consolidated
Entity are competitively set to attract and retain appropriately qualified and experienced directors and
executives and reward the achievement of strategic objectives. The current remuneration policies and
structures were set through a Board implemented independent review of remuneration policies which
came into effect from 1 July 2020.The long-term incentive components of the existing policies expired
at the end of FY23. A new remuneration plan for the incoming CEO was implemented in September
2024 on his appointment the details of which are set out in this report for the FY25 short term incentives
and long-term incentives granted. The introduction of a new KMP remuneration plan will be considered
further by the Board during FY26 and the details of this remuneration plan will be communicated to
shareholders once the plan is completed.
There were no remuneration consultants engaged during the year.
Relationship Between The Remuneration And Company Performance
The remuneration policy has been tailored to increase goal congruence between shareholders, directors
and executives. Two methods have been applied to achieve this aim, the first being a performance-
based rights subject to performance based vesting conditions, and the second being the issue of
options or shares to key management personnel to encourage the alignment of personal and
shareholder interests.
Summary Of Remuneration Policies For FY25
Remuneration packages for Executive KMPs can consist of fixed remuneration (including base salary,
employer contributions to superannuation funds), non-cash benefits, and variable incentives including
short term and long term incentives payable in cash or equity.
The Company has a variable remuneration package for executive directors, which includes fixed fees as
well as short term incentives (STI) and long term incentives (LTI). STI’s incentives are broadly linked to
the delivery of annual operational objectives while LTI’s focus on the delivery of strategic objectives and
creation of sustainable shareholder value.
Short term incentives and associated performance targets are typically set annually by the Board. For
FY25, the CEO was set an STI KPI at appointment based on achieving underlying cashflow breakeven by
the end of FY25 (as set out on page 33). For FY25, the CEO’s short term incentive remuneration is
payable by way of zero equity price options (ZEPOs), subject to shareholder approval.
Long term incentives were introduced for the CEO on appointment in FY25 as set out in page 34. No
LTIs were granted to other Executive KMPs in FY25 due to the continuation of the specific one-time
retention plan for Executive KMPs granted in June 2024 as set out on page 36.
Long term incentive remuneration is payable in equity only in the form of LTI ZEPOS and options.
Remuneration Report
Annual Report 2025
27
Non-Executive Directors
Total remuneration for all non-executive directors, last voted upon by shareholders at the 2014 Annual
General Meeting, is not to exceed $500,000 per annum and has been set at a level to enable the
Company to attract and retain suitably qualified directors. The Company does not have any scheme
relating to retirement benefits for non-executive directors. Where appropriate non-executive Directors
are invited to take part of their fee in equity for a period of time to ensure alignment of incentives with
that of shareholders.
Non-Executive Directors may be invited from time to time to participate in the Company’s equity
incentive scheme to align their interests with those of the Company and its shareholders. The Board
believes that the future success of the Company will depend in large measure on the skills and
motivation of the people engaged in and overseeing the management of the Company’s operations. It is
therefore important that the Company is able to attract and retain people of the highest calibre, including
at a Board level.
The Board considers that the most appropriate means of achieving this is to provide Non- Executive
Directors, as well as Executive Directors and employees generally, with an opportunity to participate in
the Company’s future growth and provide an incentive to contribute to that growth. An issue of
securities as part of the remuneration packages of company directors is a well established practice of
publicly listed companies and, in the case of the Company, has the benefit of conserving cash whilst
properly rewarding the non-executive directors.
Fixed Remuneration
Fixed remuneration consists of base remuneration (which is calculated on a total cost basis and
includes any FBT charges related to employee benefits including motor vehicle), as well as employer
contributions to superannuation funds.
Remuneration levels are reviewed annually by the Board through a process that considers individual,
segment and overall performance of the Consolidated Entity. The Board has regard to remuneration
levels external to the Consolidated Entity to ensure the directors’ and executives’ remuneration is
competitive in the marketplace.
Executive directors are employed full time or part time and receive fixed remuneration in the form of
salary and statutory superannuation or consultancy fees, commensurate with their required level of
services.
Non-Executive directors, unless otherwise specified by any non- executive and consultancy service
agreement in place, receive a fixed monthly fee for their services. Where non-executive directors
provide services materially outside their usual Board duties, they are remunerated on an agreed retainer
or daily rate basis.
There were no increases to fixed remuneration for any KMP during FY25.
Service Agreements
It is the Consolidated Entity’s policy that service agreements for key management personnel are
unlimited in term but capable of termination on up to 6 months’ notice and that the Consolidated Entity
retains the right to terminate the service agreements immediately, by making payment equal to 6
months’ pay in lieu of notice.
Remuneration Report
Annual Report 2025
28
The service agreement outlines the components of compensation paid to key management personnel
but does not prescribe how remuneration levels are modified year to year. Remuneration levels are
reviewed annually on a date as close as possible to 30 June of each year to take into account key
management personnel’s performance. Certain key management personnel will be entitled to bonuses
as the Board may decide in its absolute discretion from time to time.
A summary of key service agreement terms are as follows:
Ted Pretty
Non-Executive Chairman
Agreement type:
Letter of appointment
Agreement commenced:
31 January 2025
Term of Agreement:
No fixed term
Remuneration:
Annual fee of $120,000 (inclusive of
superannuation) and reimbursement of all
reasonable expenses incurred in performing the
Non-Executive Chairman’s duties. 50% of first
year fee is payable in cash, remaining 50% in
shares.
Termination notice:
None specified
John Selak
Non-Executive Director
Agreement type:
Letter of appointment
Agreement commenced:
9 December 2024
Term of Agreement:
No fixed term
Remuneration:
Annual fee of $100,000 (inclusive of statutory
superannuation) plus reimbursement of all
reasonable expenses incurred in performing the
Non-Executive Director’s duties. 25% of first year
fee is payable in cash, remaining 75% in shares.
Termination notice:
None specified
Simon Crowther
Non-Executive Director
Agreement type:
Letter of appointment
Agreement commenced:
9 December 2024
Term of Agreement:
No fixed term
Remuneration:
Annual fee of $75,000 (inclusive of statutory
superannuation) plus reimbursement of all
reasonable expenses incurred in performing the
Non-Executive Director’s duties. 70% of first year
fee is payable in cash, remaining 30% in shares.
Termination notice:
None specified
Jeremy Davis
Non-Executive Director
Agreement type:
Letter of appointment
Agreement commenced:
9 December 2024
Term of Agreement:
No fixed term
Remuneration Report
Annual Report 2025
29
Remuneration:
Annual fee of $75,000 (inclusive of statutory
superannuation) plus reimbursement of all
reasonable expenses incurred in performing the
Non-Executive Director’s duties. 70% of first year
fee is payable in cash, remaining 30% in shares.
Termination notice:
None specified
Matthew Bellizia
CEO & Managing Director
Agreement type:
Executive Service Agreement
Agreement commenced:
10 September 2024
Term of Agreement:
Rolling with 6 month termination notice
Remuneration:
Annual salary of $500,000 plus statutory
superannuation. A FY25 short and long term
incentive package is contracted, with future
financial years subject to an annual review and
agreement by the Board.
Termination notice:
The Company may terminate the agreement on 6
months’ notice, or by providing a cash payment in
lieu of such notice.
James Slaney
Chief Commercial Officer
Agreement type:
Executive Service Agreement
Agreement commenced:
1 July 2020
Term of Agreement:
Rolling with 6 month termination notice
Remuneration:
Annual salary of $415,000 plus statutory
superannuation.
Termination notice:
The Company may terminate the agreement on six
months written notice or by providing a cash
payment in lieu of such notice.
Andrew Demery
Chief Financial Officer
Agreement type:
Executive Service Agreement
Agreement commenced:
8 February 2023
Term of Agreement:
No fixed term
Remuneration:
Annual salary of $422,000 plus statutory
superannuation.
Termination notice:
The Company may terminate the agreement on 6
months’ notice, or by providing a cash payment in
lieu of such notice.
Remuneration Report
Annual Report 2025
30
FY25 KMP Statutory Remuneration Details
Short Term Benefits
Long Term
Benefits
Post-Employment
Benefits
Share Based Payments
Salary and
Fees
$
STI paid in
ZEPOs
(share
based
payment)
$
Annual &
Long
Service
Leave
$
Superannuation
$
Termination
benefits
$
Options,
Rights or
Shares
$
Total
$
Remuneration
consisting of
options, rights or
shares
%
Remuneration
based on
performance
%
Executive Directors:
M Bellizia (a)
404,762
200,000
17,349
25,000
-
1,104,971
1,752,082
74
74
P Pawlowitsch
(b)
80,000
-
-
9,200
-
180,000
269,200
67
67
Non-Executive Directors:
N Wilson (b)
60,000
-
-
-
-
76,509
136,509
56
18
G Bongiorno (c)
88,469
-
-
-
-
-
88,469
-
-
S Diamond (d)
41,255
-
-
-
-
-
41,255
-
-
E Pretty (e)
25,000
-
-
-
-
67,327
92,327
73
31
J Selak (f)
12,655
-
-
1,455
-
77,871
91,981
85
-
S Crowther (f)
26,575
-
-
3,056
-
23,361
52,992
44
-
J Davis (g)
37,500
-
-
-
-
-
37,500
-
-
Other Key Management Personnel:
J Slaney (h)
415,000
-
(15,921)
30,000
199,478
37,760
666,317
6
-
A Demery
422,000
-
22,022
30,000
-
62,724
536,746
12
-
S Willson (i)
51,212
-
(2,396)
4,340
-
-
53,156
-
-
Total
1,664,428
200,000
21,054
103,051
199,478
1,630,523
3,818,534
48
40
a)
Appointed as CEO on 10 September 2024 and appointed to the Board as Managing Director on 1 January 2025
b)
Resigned effective 31 December 2024
c)
Resigned effective 7 March 2025
d)
Resigned effective 9 December 2024
e)
Appointed 31 January 2025
f)
Appointed 9 December 2024
g)
Appointed 1 January 2025
h)
Ceased being a KMP on 6 June 2025 when role was made redundant.
i)
Resigned 14 August 2024
Remuneration Report
Annual Report 2025
31
FY24 KMP Statutory Remuneration Details
Short Term Benefits
Long Term
Benefits
Post-
Employment
Benefits
Share Based
Payments
Salary and
Fees
$
STI paid in
ZEPOs (share
based
payment)
$
Cash bonus
$
Annual & Long
Service Leave
$
Superannuatio
n
$
Options,
Rights or
Shares
$
Total
$
Remuneration
consisting of
options, rights
or shares
%
Remuneration
based on
performance
%
Executive Directors:
S McGovern
(a)
389,422
-
-
(27,140)
24,379
-
386,661
0
0
P Pawlowitsch
(b)
149,772
-
-
-
16,475
380,000
546,247
70
0
Non-Executive Directors:
N Wilson (b)
120,000
-
-
-
-
76,976
196,976
39
2
G Bongiorno
(c)
75,000
-
-
-
-
197,797
272,797
73
66
S Diamond (d)
95,109
-
-
-
-
18,219
113,328
16
16
Other Key Management Personnel:
J Slaney (h)
415,000
55,776
-
22,491
27,500
4,240
525,007
11
11
A Demery
422,000
56,717
-
29,300
27,500
4,240
539,757
11
11
S Willson (i)
422,500
183,400
-
41,420
27,500
110,461
785,281
37
37
R Evans (b)
133,333
-
20,000
4,268
17,982
20,600
196,183
11
10
Total
2,222,136
295,893
20,000
70,339
141,336
812,533
3,562,237
23
18
a)
S McGovern was terminated as CEO and Managing Director on 9 April 2024.
b)
R Evans was KMP until 30 November 2023 when J Slaney assumed the day-to-day responsibility for the EMEA and North
American sales functions.
Remuneration Report
Annual Report 2025
32
Additional Information
We aim to align our executive remuneration to our strategic and business objectives and the creation of shareholder wealth. The
Group has continued to grow its operating revenue over the last financial year. As outlined in the operating and financial review,
growth in revenue and increase in Earnings before depreciation, amortisation, impairment, interest and tax are a key focus of the
Group. The table below shows measures of the group’s financial performance over the last five years as required by the
Corporations Act 2001.
These are not necessarily consistent with the measures used in determining the variable amounts of remuneration to be awarded
to KMPs and Directors. As a consequence, there may not always be a direct correlation between the statutory key performance
measures and the variable remuneration awarded.
The earnings of the consolidated entity for the five years to 30 June 2025 are summarised
below:
2025
$’000
2024
$’000
2023
$’000
2022
$’000
2021
$’000
Sales revenue
42,192
38,659
29,765
16,317
20,337
Earnings before depreciation,
amortisation, impairment,
interest and tax
(9,754)
(24,216)
(60,153)
(75,885)
(27,348)
Loss after income tax
(33,306)
(40,724)
(72,509)
(84,104)
(31,697)
The factors that are considered to affect total shareholders return (‘TSR’) are summarized
below:
2025
2024
2023*
2022
2021
Share price at financial year
end ($)
0.02
0.04
0.20
0.65
3.09
Total dividends declared
(cents per share)
-
-
-
-
-
Basic loss per share (cents per
share)
(1.67)
(8.76)
(23.60)
(28.22)
(13.25)
Remuneration Report
Annual Report 2025
33
Short Term Incentives For FY25
Short term incentives in respect of FY25 were paid as followed in respect of each eligible KMP.
STI payable
($)
Payment
method
ZEPOs
granted
Executive Directors
Matthew Bellizia
200,000
ZEPOS
6,087,570
Peter Pawlowitsch
-
N/A
N/A
Other KMP
James Slaney
-
N/A
N/A
Andrew Demery
-
N/A
N/A
Steve Willson
-
N/A
N/A
Matthew Bellizia: Mr Bellizia was appointed as CEO on 10 September 2024 and has a contractual STI
worth $200,000 payable if the Company achieved underlying operating cashflow breakeven by the end
of FY25, which was achieved in June 2025. The STI is payable in ZEPOs based on the 20 day volume
weighted average share price (VWAP) prior to his appointment as CEO of $0.032, which equates to
6,087,570 zepos. As Mr Belizzia is a director approval will be sought from shareholders to issue the
ZEPOs at the upcoming 2025 AGM. If shareholder approval is not received the STI will be payable in
cash with a value of $200,000.
Peter Pawlowitsch: Mr Pawlowitsch was appointed as Acting-CEO from 1 March 2024 to 9 September
2024. Mr Pawlowitsch agreed to waive any entitlement to a cash STI in respect of either his Executive
Director or Acting-CEO role up the date of his resignation.
No other KMPs were awarded an STI in respect of FY25 year.
Remuneration Report
Annual Report 2025
34
Long Term Incentives For FY25
LTI Granted to Mr Belizzia for FY25
As announced to the ASX on 9 September 2024, the Company agreed to issue a combination of priced
and zero-priced options to Mr Matthew Bellizia as a long term incentive under his employment contract
in connection with his appointment as CEO of the Company. The LTI zepos and priced options
anticipated to be issued under the terms of the employment contract are set out below:
Class
Exercise Price
No. Option
Vesting Conditions
Milestone Date
Expiry Date
Options
$0.05
34,000,000
None
N/A
30 September 2026
ZEPOs A
Nil
12,000,000
The 20-trading day VWAP of the Shares on the
ASX and Chi-X markets being $0.06 or more by
the Milestone Date, and being continually
employed by the Company up to the date of
satisfying this condition.
30 September 2026
31 October 2027
ZEPOs B
Nil
12,000,000
The 20-trading day VWAP of the Shares on the
ASX and Chi-X markets being $0.10 or more by
the Milestone Date, and being continually
employed by the Company up to the date of
satisfying this condition.
31 March 2027
31 October 2027
ZEPOs C
Nil
12,000,000
The 20-trading day VWAP of the Shares on the
ASX and Chi-X markets being $0.15 or more by
the Milestone Date, and being continually
employed by the Company up to the date of
satisfying this condition.
30 September 2027
31 October 2027
The Company subsequently agreed to revise these arrangements to reflect the impact on the Capital
Raise undertaken by the Company in October 2024. The number of options/zepos, vesting conditions
were revised and approved by shareholders at the AGM on 26 November 2024.
The revised LTI is as follows:
Class
Exercise Price
No. Option
Vesting Conditions
Milestone Date
Expiry Date
Options
$0.0225
70,000,000
None
N/A
20 November 2027
ZEPOs A
Nil
16,666,666
The 20-trading day VWAP of the Shares on the
ASX and Chi-X markets being $0.04 or more by
the Milestone Date, and being continually
employed by the Company up to the date of
satisfying this condition.
30 September 2026
31 October 2027
ZEPOs B
Nil
16,666,667
The 20-trading day VWAP of the Shares on the
ASX and Chi-X markets being $0.07 or more by
the Milestone Date, and being continually
employed by the Company up to the date of
satisfying this condition.
31 March 2027
31 October 2027
ZEPOs C
Nil
16,666,667
The 20-trading day VWAP of the Shares on the
ASX and Chi-X markets being $0.10 or more by
the Milestone Date, and being continually
employed by the Company up to the date of
satisfying this condition.
30 September 2027
31 October 2027
The original award of 36,000,000 zepos and 34,000,000 priced options was replaced by the revised
award of 70,000,000 options and 50,000,000 unvested zepos and were issued to Matthew Bellizia on 9
December 2024.
The first tranche of zepos with the $0.04 vesting condition was achieved on 29 January 2025 and these
zepos vested. The remaining zepos remain unvested.
Further details on the assumptions used to value the options are set out in Note 24 to the financial
statements.
Remuneration Report
Annual Report 2025
35
LTI award to Mr Pretty for FY25
Ted Pretty was appointed as Chair on 31 January 2025. As part of his service agreement the following
equity based incentives are expected to be issued, subject to approval by shareholders at the upcoming
AGM in November 2025:
Class
Exercise Price
No. Option
Vesting Conditions
Milestone Date
Expiry Date
ZEPOs A
Nil
1,000,000
None
N/A
31 January 2028
ZEPOs B
Nil
1,000,000
The company achieves its target of operating
run-rate Cash Flow Break-Even consistent with
ASX reporting prior to 30 June 2025 – to vest
after the publication of the FY25 Audited Annual
Report and being continually employed by the
Company up to the date of satisfying this
condition.
30 June 2025
31 January 2028
ZEPOs C
Nil
1,000,000
Vests based on satisfactory performance of his
role as Chairman as assessed by the Board and
being continually employed by the Company up
to the date of satisfying this condition.
1 January 2026
31 January 2028
ZEPOs D
Nil
500,000
The 20-trading day VWAP of the Shares on the
ASX and Chi-X markets being $0.05 or more by
the Milestone Date, and being continually
employed by the Company up to the date of
satisfying this condition.
31 January 2028
31 January 2028
ZEPOs E
Nil
500,000
The 20-trading day VWAP of the Shares on the
ASX and Chi-X markets being $0.075 or more
by the Milestone Date, and being continually
employed by the Company up to the date of
satisfying this condition.
31 January 2028
31 January 2028
ZEPOs F
Nil
500,000
The 20-trading day VWAP of the Shares on the
ASX and Chi-X markets being $0.10 or more by
the Milestone Date, and being continually
employed by the Company up to the date of
satisfying this condition.
31 January 2028
31 January 2028
At 30 June 2025 the issuance of any zepos is contingent on receiving shareholder approval. The year
end share price of $0.018 per share has been used as the fair value for each proposed equity award and
an LTI expense recognised based on this fair value adjusted for the expected achievement of the
milestones and the impact of any time based performance condition. For the market based awards, the
year end share price was used as an input into a barrier option pricing model to estimate the fair value
of the award, with other assumptions for the model being similar to other barrier priced options granted
in FY25 as set out in Note 24 of the financial statements.
An expense of $46,854 has been recognised in FY25 in respect of these ZEPOs. The equity awards will
be formally valued under AASB 2 on the date approval is received from shareholders.
Remuneration Report
Annual Report 2025
36
Other LTI expenses
Andrew Demery and James Slaney were granted zepos in FY24 under a retention plan. The following
tranches of zepos either vested during the year or remained unvested or had lapsed at 30 June 2025
and recognised a share based payment expense during FY25:
Fair value per option at
award date
$
Vesting date
Exercise price
$
Options
No.
J Slaney
0.042
31/12/2024
0.00
500,000
0.042
30/06/2025
0.00
500,000
0.042
31/12/2025
0.00
500,000*
0.042
30/06/2026
0.00
500,000*
A Demery
0.042
31/12/2024
0.00
500,000
0.042
30/06/2025
0.00
500,000
0.042
31/12/2025
0.00
500,000
0.042
30/06/2026
0.00
500,000
* Lapsed on ceasing to be a KMP
Other Remuneration for FY25
G Bongiornio was paid fees of $32,219 in addition to his base non-executive director fees in relation to
additional work on the investigation and recovery of the misappropriated funds throughout the year.
E Pretty, J Selak and S Crowther agreed to take part of their base non-executive director fees in equity
for the first 12 months after appointment. Shareholder approval is required to issue the equity which is
expected to be obtained at the upcoming AGM in November 2025. A summary of the equity
arrangement is set out below.
Annual Equity award
in lieu of cash fee
Estimated grant date
fair value*
Pro-rata share
entitlement at 30 June
2025
Pro-rata expense recognised
in the year to 30 June 2025*
E Pretty
1,500,000
$27,000
625,000
$20,474
J Selak
5,000,000
$90,000
2,780,822
$77,871
S Crowther
1,500,000
$27,000
834,247
$23,361
*At 30 June 2025 the issuance of any zepos is contingent on receiving shareholder approval the year end share price of $0.018
per share has been used as the fair value for each proposed equity award and an expense for fees paid in equity recognised
based on this estimated fair value for the pro-rata share entitlement at 30 June 2025 based on the zepos vesting continuously
throughout the year as services are provided with no other vesting conditions. The expense for these amounts included within
share based payments in the remuneration table. In the event that shareholder approval is not obtained at the AGM then the
company will be required to negotiate an alternative remuneration package.
The equity awards will be formally valued under AASB 2 on the date approval is received by
shareholders.
P Pawlowitsch was granted 30,000,000 options with an exercise price of $0.0225 in consideration of Mr
Pawlowitsch agreeing to a reduction in his notice period and cessation of his executive role at 31
December 2024 along with his efforts in transitioning the Company through the recent difficult period.
The options vested immediately on shareholder approval at the AGM on 27 November 2024 and have an
expiry date of 20 November 2027.
Further details on the assumptions used to value the options are set out in Note 24 to the financial
statements.
Remuneration Report
Annual Report 2025
37
Director and Senior Management Share Subscription Commitment
As announced to the ASX on 31st January 2025, each of the Directors of the Company and certain
senior management have made a binding commitment to subscribe for shares in the Company to raise
approximately $1.0m at $0.04 per share. The issue of shares to Directors is conditional on receiving
shareholder approval at the 2025 AGM. Further details on the conditional issue of shares to Directors
will be set out in the relevant Notice of Meeting.
The commitment to subscribe by Director is as follows:
Individual
Number of shares
$
Matthew Bellizia
6,250,000
250,000
John Selak
10,000,000
400,000
Simon Crowther
375,000
15,000
Jeremy Davis
1,250,000
50,000
Edward Pretty
2,500,000
100,000
Senior Management*
5,750,000
230,000
26,125,000
1,045,000
* Issuance of shares to senior management is not conditional on shareholder approval.
Details of Incentive Compensation Securities Issued to Key
Management Personnel
An overview of the share based incentive plans operated by the Company are set out as follows:
Options
The Company operates an Employee Incentive Plan (“EIP”) for executives and employees of the
Consolidated Entity. In accordance with the provisions of the EIP, executives and employees may be
granted options to purchase ordinary shares at an exercise price to be determined by the Board when it
resolves to offer the options. The options may only be granted to eligible persons after the Board
considers the person’s seniority, position, length of service, record of employment, potential
contribution and any other matters which the Board considers relevant.
Each employee share option converts into one ordinary share of the Company on exercise. No amounts
are paid or payable to the Company by the recipient on receipt of the option. The options carry neither
right to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the
date of their expiry.
The number of options granted is determined by the Board. Typically, options granted under the EIP
expire within thirty-six months of their issue. The options are not exercisable until the vesting date
provided the participant is an employee at the relevant vesting date.
Shares
The directors, at their discretion, may issue shares to participants under the Employee Share Plan
(“ESP”) at any time, having regard to relevant considerations such as the participant’s past and potential
contribution to the Company, and their period of employment with the Company. Directors of the
Company, full- time employees and part-time employees of the Group who hold a salaried employment
or office in the Group, are eligible to participate in the ESP.
Remuneration Report
Annual Report 2025
38
Plan shares may be issued at an issue price to be determined by the Board, which may be a nominal or
nil issue price if so determined by the Board. The number of plan shares issued is determined by the
Board.
The plan shares are issued on the same terms as the fully paid ordinary shares of the Company and
rank equally with all of the Company’s then existing shares.
Options awarded, vested and lapsed during the year
The table below discloses the number of share options granted, vested or lapsed during the year. Share
options do not carry any voting or dividend rights, and can only be exercised once the vesting
conditions have been met.
Key
Manage-
ment
Personnel
Financial
year
Type of
award
Award
date
Fair value
per option
at award
date (a)
$
Vesting date
Exer-
cise
price
$
Options awarded
during the year
No.
Options vested
during the year
No.
Options
lapsed
during
the year
No.
Value
of
options
granted
in the
year
$
N Wilson
FY24
Remuneration
ZEPOs
29/11/2023
0.145
31/12/2024 (b)
0
-
285,484
-
-
FY24
Remuneration
ZEPOs
29/11/2023
0.145
31/12/2024 (b)
0
-
285,484
-
-
FY24
Remuneration
Options
29/11/2023
0.051
31/12/2024 (b)
0.5
-
200,000
-
-
FY24
Remuneration
Options
29/11/2023
0.050
31/12/2024 (b)
0.5
-
200,000
-
-
FY24
Remuneration
Options
29/11/2023
0.045
31/12/2024 (b)
0.5
-
200,000
-
-
G Bongiorno
FY22
Remuneration
Options
24/03/2021
2.026
30/06/2024
1.75
-
- 100,000
-
FY22
Remuneration
Options
24/03/2021
1.977
30/06/2024
1.75
-
- 100,000
-
FY22
Remuneration
Options
24/03/2021
1.899
30/06/2024
1.75
-
- 100,000
-
S Diamond
FY23
Remuneration
Options
21/11/2022
0.049
30/06/2024
1.75
-
- 600,000
-
J Slaney
FY24
LTI ZEPOs
11/06/2024
0.042
31/12/2024
0
-
500,000
-
-
FY24
LTI ZEPOs
11/06/2024
0.042
30/06/2025
0
-
500,000
-
-
A Demery
FY24
LTI ZEPOs
11/06/2024
0.042
31/12/2024
0
-
500,000
-
-
FY24
LTI ZEPOs
11/06/2024
0.042
30/06/2025
0
-
500,000
-
-
P
Pawlowitsch
FY25
Remuneration
Options
27/11/2024
0.006
30/11/2024 0.0225
30,000,000 (c)
30,000,000
- 180,000
M Bellizia
FY25
Remuneration
ZEPOs
27/11/2024
0.022
31/1/2025 (d)
0
16,666,667 (d)
16,666,667
- 358,667
FY25
Remuneration
ZEPOs
27/11/2024
0.017
*
0
16,666,667 (d)
-
- 289,333
FY25
Remuneration
ZEPOs
27/11/2024
0.015
*
0
16,666,666 (d)
-
- 248,667
FY25
Remuneration
Options
27/11/2024
0.008
27/11/2024 0.0225
70,000,000 (e)
70,000,000
- 590,000
J Selak
FY25
Remuneration
ZEPOs
9/12/2024
0.018 (f)
*
0
5,000,000 (g)
2,780,822 (h)
-
90,000
S Crowther
FY25
Remuneration
ZEPOs
9/12/2024
0.018 (f)
*
0
1,500,000 (g)
834,247 (h)
- 27,000
T Pretty
FY25
Remuneration
ZEPOs
31/01/2025
0.018 (f)
*
0
1,500,000 (g)
625,000 (h)
-
27,000
FY25
Remuneration
ZEPOs
31/01/2025
0.018 (f)
31/01/2025
0
1,000,000
1,000,000 (h)
- 18,000
FY25
Remuneration
ZEPOs
31/01/2025
0.018 (f)
30/06/2025
0
1,000,000
1,000,000 (h)
- 18,000
FY25
Remuneration
ZEPOs
31/01/2025
0.018 (f)
01/01/2026
0
1,000,000
-
- 18,000
FY25
Remuneration
ZEPOs
31/01/2025
0.018 (f)
*
0
500,000 (i)
-
-
9,000
FY25
Remuneration
ZEPOs
31/01/2025
0.018 (f)
*
0
500,000 (i)
-
-
9,000
FY25
Remuneration
ZEPOs
31/01/2025
0.018 (f)
*
0
500,000 (i)
-
-
9,000
a)
Determined at the time of grant per AASB 2. For details on the valuation of the options, including models and assumptions
used refer to note 24.
b)
Vested in full on date of resignation as Director reflecting status as a good leaver.
c)
Options granted in respect of the FY25 remuneration as set out on page 36 expiring 20 November 2027.
d)
ZEPOs granted in respect of the FY25 LTI which vest on achieving share price targets as set out on page 34 and therefore
there is no specific vesting date. The ZEPOs expire on 31 October 2027. 16,6666,667 ZEPOs vested on 31 January 2025
having achieved the first share price hurdle. These ZEPOs replaced 36,000,000 ZEPOs granted on commencement of
employment.
Remuneration Report
Annual Report 2025
39
e)
Options granted in respect of FY25 LTI as set out on page 34 expiring 20 November 2027 which immediately vested. These
replaced 34,000,000 options granted on commencement of employment.
f)
These options are subject to shareholder approval at the upcoming November 2025 AGM and hence the year end share
price of $0.018 has been used as the estimated fair value of the award as set out on page 35 and 36.
g)
ZEPOs relate to shares awarded in lieu of cash for non-executive Director fees as set out on page 36. The options awarded
in the table reflects the total amount to be awarded assuming a full year of service is completed.
h)
Options have vested based on achievement of performance or time based service conditions under the terms of the awards
but are subject to shareholder approval at the upcoming AGM in November 2025 and therefore are not exercisable at 30
June 2025. Should shareholder approval not be received these options will lapse.
i)
Relates to Remuneration ZEPOSs Class D, E and F as set out on page 35. These ZEPOs vest on achieving share price targets
as set out on page 35 and therefore there is no specific vesting date.
Additional Disclosures Relating to Key Management
Personnel
Shareholdings
The number of shares in the Company held during the financial year by each director and other
members of key management personnel of the Consolidated Entity, including their personally related
parties, is set out below:
Key
Management
Personnel
Balance at start
of Year /
Commencing as
being KMP
Received as
Remuneration
Options
Exercised
Subscribed in
capital raise
Acquired/
disposed
Net Change
Other (a)
Balance at
End of Year
N Wilson
805,419
-
-
-
-
(805,419)
-
P Pawlowitsch
15,212,718
10,000,000
-
39,009,342
-
(64,222,060)
-
G Bongiorno
1,465,507
-
-
-
-
(1,465,507)
-
S Diamond
96,988
-
-
-
-
(96,988)
-
J Slaney
189,209
-
2,450,211
33,333,334
515,500
(36,488,254)
-
A Demery
4,989,316
-
-
4,989,316
-
-
9,978,632
M Bellizia (b)
1,000,000
-
16,666,667
84,333,333
5,750,000
-
107,750,000
E Pretty (c)
-
-
-
-
-
-
-
J Selak (d)
-
-
-
-
-
-
-
S Crowther (d)
-
-
-
-
-
-
-
J Davis (e)
912,518
-
-
-
-
-
912,518
S Willson
85,000
-
916,500
-
(916,500)
(85,000)
-
Total
24,756,675
10,000,000
20,033,378
161,665,325
5,349,000
(103,163,228)
118,641,150
a)
Balance of shareholding at date of ceasing to be a KMP.
b)
Became KMP on 10 September 2024
c)
Became KMP on 31 January 2025
d)
Became KMP on 9 December 2024
e)
Became KMP on 1 January 2025
Remuneration Report
Annual Report 2025
40
Option Holdings
The number of options over ordinary shares in the Company held during the financial year by each
director and other members of key management personnel of the Consolidated Entity, including their
personally related parties, is set out below:
Key
Management
Personnel
Balance at
Start of Year
Received as
Remuneration
Options
Exercised (a)
Intrinsic
Value
Options
Expired/
Lapsed
Net
Change Other
(b)
Balance at
end of Year
Number
vested and
exercisable
(c)
Unvested
N Wilson
1,456,452
-
-
-
-
(1,456,452)
-
-
-
P Pawlowitsch
-
30,000,000
-
-
- (30,000,000)
-
-
-
G Bongiorno
300,000
-
- -
(300,000)
- - -
-
S Diamond
600,000
-
-
-
(600,000)
- -
-
-
M Bellizia (d)
- 120,000,000 (e)
(16,666,667)
666,667
- (e)
- 103,333,333
70,000,000
33,333,333
E Pretty (d)
-
6,000,000
-
-
-
-
6,000,000
2,616,438 (f)
3,383,562
J Selak (d)
-
5,000,000
-
-
-
-
5,000,000 2,780,822 (f)
2,219,178
S Crowther (d)
-
1,500,000
-
-
-
-
1,500,000
834,247 (f)
665,753
J Davis (d)
-
-
-
-
-
- -
-
-
J Slaney
4,450,211
-
(2,450,211)
98,008
(1,000,000)
(1,000,000)
-
-
-
A Demery
3,350,400
-
-
-
-
-
3,350,400
2,350,400
1,000,000
S Willson
966,500
-
(916,500)
36,660
-
(50,000)
-
-
-
Total
11,123,563
162,500,000
(20,033,378)
801,335
(1,900,000)
(32,506,452)
119,183,733
78,581,907
40,601,826
a)
All options exercised in FY25 had nil exercise price.
b)
Reflects balance of options at the date the person ceased to be a KMP.
c)
Average exercise price for all vested and exercisable options was nil for all individuals with the exception of P Pawlowitsch
where the average exercise price is $0.0225 and M Bellizia where the average exercise price is $0.015.
d)
No KMP appointed during the year held any options prior to their appointment as KMP.
e)
36,000,000 ZEPOs and 50,000,000 options were granted to M Bellizia on appointment as CEO and were replaced by
50,000,000 ZEPOs and 70,000,000 options after the 2024 AGM as set out on page 34.
f)
Options will be able to be immediately exercised post approval by shareholders at the upcoming 2025 AGM.
This concludes the remuneration report, which has been audited.
Remuneration Report
Annual Report 2025
41
Other Directors Report Disclosures
Share Options And Ordinary Shares
There were 269,657,320 unissued ordinary shares of Dubber Corporation Limited under option
outstanding at 30 June 2025 with further details set out in Note 24 to the financial statements. A further
977,910 shares were issued from 1 July 2025 to the date of this report and no additional share options
were granted for a total of 268,679,410 unissued ordinary shares of Dubber Corporation Limited under
option outstanding at the date of this report.
No person entitled to exercise the options had or has any right by virtue of the option to participate in
any share issue of the Company or of any other body corporate. The directors’ interests in equity and
other holdings are outlined in the remuneration report and the amounts shown and numbers held are the
same at 30 June 2025 and the date of the Directors’ report.
Indemnity And Insurance Of Officers
The Group has during the financial year, in respect of each person who is or has been an officer of the
Group or a related body corporate, made a relevant agreement for indemnifying against a liability
incurred as an officer, including costs and expenses in successfully defending legal proceedings.
Since the end of the financial year, the Group has paid premiums to insure all directors and officers of
the Group, against costs incurred in defending any legal proceedings arising out of their conduct as a
director or officer of the Group, other than for conduct involving a wilful breach of duty or a
contravention of sections 232(5) or (6) of the Corporations Act 2001, as permitted by section 241A (3)
of the Corporations Act 2001. Disclosure of the premium amount is prohibited by the insurance contract.
During FY25, under the relevant indemnities, the Group incurred expenses for the following Directors for
individual legal expenses incurred in respect of the ASIC investigation into the misuse of term deposit
funds identified in FY24:
Director
Legal fees indemnified in the year
Peter Pawlowitsch
$ 331,478
Neil Wilson
$ 37,490
Gerard Bongiornio
$ 135,785
Peter Clare
$ 59,117
The relevant indemnities apply to amounts incurred in excess of that which is covered by the Group’s
insurance contracts.
Indemnity And Insurance Of Auditor
To the extent permitted by law and professional regulations, the Company has agreed to indemnify its
auditors, EY, as part of the terms of its audit engagement agreement against claims by third parties
arising from the audit but excluding any claims which are finally determined to have resulted from EY’s
negligent, wrongful or wilful acts of omissions. No payment has been made to indemnify EY during or
since the financial year.
Proceedings On Behalf Of The Company
No person has applied for leave of Court to bring proceedings on behalf of Dubber Corporation Limited
or intervene in any proceedings to which Dubber Corporation Limited is a party for the purpose of
taking responsibility on behalf of Dubber Corporation Limited for all or any part of those proceedings.
Dubber Corporation Limited was not a party to any such proceedings during the year.
Remuneration Report
Annual Report 2025
42
Environmental Regulations
The Group is not currently subject to any specific environmental regulation under Australian
Commonwealth or State law.
Corporate Governance Statement
The directors and management are committed to conducting the business of Dubber Corporation Ltd in
an ethical manner and in accordance with the highest standards of corporate governance. Dubber
Corporation Ltd has adopted and has substantially complied with the ASX Corporate Governance
Principles and Recommendations (Fourth Edition) (‘Recommendations’) to the extent appropriate to the
size and nature of the Group’s operations.
The Corporate Governance Statement, which sets out the corporate governance practices that were in
operation during the financial year and identifies and explains any Recommendations that have not been
followed, which is approved at the same time as the Annual Report can be found at:
https://www.dubber.net/investors/investor-centre
Rounding of amounts
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian
Securities and Investments Commission, relating to ‘rounding‑off’. Amounts in this report have been
rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in
certain cases, the nearest dollar.
Non-Audit Services
There were no amounts paid or payable to the auditor for non-audit services provided during the year
as set out in Note 19 to the financial statements.
Auditor’s Independence Declaration
The auditor’s independence declaration for the year ended 30 June 2025, as required under section
307C of the Corporations Act 2001, has been received and is included within the financial report.
Auditor
Ernst and Young continues in office in accordance with section 327 of the Corporations Act 2001.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the
Corporations Act 2001.
On behalf of the directors
Ted Pretty
Chairman
8 September 2025
Auditor’s Independence Declaration
Annual Report 2025
43
Auditor’s Independence
Declaration
Auditor’s Independence Declaration
Annual Report 2025
44
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Ernst & Young
8 Exhibition Street
Melbourne VIC 3000 Australia
GPO Box 67 Melbourne VIC 3001
Tel: +61 3 9288 8000
Fax: +61 3 8650 7777
ey.com/au
Auditor’s independence declaration to the directors of Dubber Corporation Limited
As lead auditor for the audit of the financial report of Dubber Corporation Limited for the financial
year ended 30 June 2025, I declare to the best of my knowledge and belief, there have been:
a.
No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit;
b.
No contraventions of any applicable code of professional conduct in relation to the audit; and
c.
No non-audit services provided that contravene any applicable code of professional conduct in
relation to the audit.
This declaration is in respect of Dubber Corporation Limited and the entities it controlled during the
financial year.
Ernst & Young
David Petersen
Partner
08 September 2025
Financial Report
Annual Report 2025
45
Financial
Report
Financial Report
Annual Report 2025
46
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Dubber Corporation Limited
Note
2025
$
2024
$
Revenue
2 (a)
42,191,878
38,659,209
Direct costs
(12,479,769)
(13,596,517)
Revenue less Direct Costs
29,712,109
25,062,692
Other income
2 (b)
160,763
761
Salaries and related expenses
(24,759,556)
(32,711,366)
Share based payments
24
(4,774,411)
(3,624,094)
General and administration costs
2 (c)
(10,709,901)
(12,632,226)
Foreign exchange gains/(losses)
617,081
(312,040)
Loss before depreciation, amortisation, impairment, interest
and tax
(9,753,915)
(24,216,273)
Finance income
2 (d)
256,472
54,240
Finance costs
2 (e)
(1,604,324)
(4,144,271)
Impairment of goodwill
8
(10,587,705)
(3,224,678)
Impairment of intangible assets
8
(6,927,668)
-
Impairment of right-of-use asset
9
(718,355)
(1,121,053)
Depreciation and amortisation
(6,635,319)
(8,152,656)
Loss before income tax expense
(35,970,814)
(40,804,691)
Income tax benefit
3
2,664,693
80,615
Loss after income tax expense for the year
(33,306,121)
(40,724,076)
Other comprehensive loss
Items that may be reclassified to profit or loss
Foreign currency translation differences
1,976,620
(29,558)
Other comprehensive profit / (loss) for the year, net of tax
1,976,620
(29,558)
Total comprehensive loss attributable to owners of Dubber
Corporation Limited
(31,329,501)
(40,753,634)
Loss per share attributable to the owners of
Dubber Corporation Limited
Cents
Cents
Basic and diluted loss per share
16
(1.67)
(8.76)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes.
Financial Report
Annual Report 2025
47
Consolidated Statement of Financial Position
Assets
Note
2025
$
2024
$
Current Assets
Cash and cash equivalents
4
10,863,888
10,646,517
Trade and other receivables
5
8,079,216
6,458,082
Total Current Assets
18,943,104
17,104,599
Non-Current Assets
Property, plant and equipment
6
708,686
982,732
Right-of-use asset
9
4,959,200
5,256,163
Intangible assets
8
11,111,972
30,276,365
Other assets
7
1,106,781
674,966
Deferred tax assets
3
304,980
-
Total Non-Current Assets
18,191,619
37,190,226
Total Assets
37,134,723
54,294,825
Liabilities
Current Liabilities
Trade and other payables
10
8,816,935
20,732,525
Lease liability
9
1,879,391
1,980,268
Provision for income tax
128,494
-
Provisions
11
918,892
1,229,225
Contract liabilities
12
4,064,617
3,618,014
Total Current Liabilities
15,808,329
27,560,032
Non-Current Liabilities
Lease liability
9
5,997,702
5,419,210
Provisions
11
564,024
541,398
Contract liabilities
12
843,641
1,048,030
Deferred Tax Liabilities
3
-
2,239,872
Total Non-Current Liabilities
7,405,367
9,248,510
Total Liabilities
23,213,696
36,808,542
Net Assets
13,921,027
17,486,283
Equity
Issued capital
13
353,232,255
323,504,212
Reserves
14
21,064,923
21,052,101
Accumulated losses
15
(360,376,151)
(327,070,030)
Total Equity
13,921,027
17,486,283
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Financial Report
Annual Report 2025
48
Consolidated Statement of Changes in Equity
2025
Issued Capital
$
Reserves
$
Accumulated Losses
$
Total
$
Balance at 1 July 2024
323,504,212
21,052,101
(327,070,030)
17,486,283
Loss after income tax expense for
the year
-
-
(33,306,121)
(33,306,121)
Other comprehensive loss for the
year, net of tax
-
1,976,620
-
1,976,620
Total comprehensive loss for the
year
-
1,976,620
(33,306,121)
(31,329,501)
Transactions with owners in their
capacity as owners:
Securities issued during the year
25,856,712
(821,662)
-
25,035,050
Exercise of share options
5,916,547
(5,916,547)
-
-
Capital raising costs
(2,045,216)
-
-
(2,045,216)
Cost of share based payments
-
4,774,411
-
4,774,411
Balance at 30 June 2025
353,232,255
21,064,923
(360,376,151)
13,921,027@
2024
Balance at 1 July 2023
281,020,797
26,446,677
(286,345,954)
21,121,520
Loss after income tax expense for
the year
-
-
(40,724,076)
(40,724,076)
Other comprehensive loss for the
year, net of tax
-
(29,558)
-
(29,558)
Total comprehensive loss for the
year
-
(29,558)
(40,724,076)
(40,753,634)
Transactions with owners in
their capacity as owners:
Securities issued during the year
35,740,674
929,002
-
36,669,676
Exercise of share options
9,918,114
(9,918,114)
-
-
Capital raising costs
(3,175,373)
-
-
(3,175,373)
Cost of share based payments
-
3,624,094
-
3,624,094
Balance at 30 June 2024
323,504,212
21,052,101
(327,070,030)
17,486,283
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Financial Report
Annual Report 2025
49
Consolidated Statement of Cash Flows
Cash flows from operating activities
Note
2025
$
2024
$
Receipts from customers
44,345,338
39,852,555
Payments to suppliers and employees
(63,708,799)
(61,932,852)
Interest received
250,038
60,004
Interest and other finance costs paid
(2,646,771)
(809,769)
Net cash outflows used in operating activities
23
(21,760,194)
(22,830,062)
Cash flows from investing activities
Proceeds from disposal of plant and equipment
3,300
750
Purchase of plant and equipment
(3,075)
(3,387)
Return of funds from rental deposits
488,452
-
Return of funds from cash at call deposit
-
2,420,000
Net cash inflows from investing activities
488,677
2,417,363
Cash flows from financing activities
Proceeds from issue of shares
25,035,051
31,583,235
Payment of share issue costs
(2,086,175)
(3,042,597)
Principal repayments of lease liabilities
(1,858,734)
(2,362,517)
Repayment of borrowings
-
(2,181,035)
Proceeds from borrowings
-
5,040,000
Net cash provided by financing activities
21,090,142
29,037,086
Net (decrease) / increase in cash held
(181,375)
8,624,387
Cash and cash equivalents at the beginning of the year
10,646,517
2,020,711
Effect of exchange rate changes on cash
398,746
1,419
Cash and cash equivalents at the end of the year
4
10,863,888
10,646,517
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Financial Report
Annual Report 2025
50
Notes to the Consolidated
Financial Statements
1. Summary of Significant Accounting Policies
Corporate Information
Dubber Corporation Limited (“Company” or “Parent Entity”) is a company limited by shares,
incorporated and domiciled in Australia. These consolidated financial statements and notes represent
those of Dubber Corporation Limited and controlled entities (“Group” or “Consolidated Entity”). The
nature of the operations and principal activities of the Group are described in the Directors’ Report.
Basis Of Preparation
The financial report is a general-purpose financial report that has been prepared in accordance with
Australian Accounting Standards, Australian Accounting Interpretations, other authoritative
pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. Dubber
Corporation Limited is a for-profit entity for the purpose of preparing financial statements.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result
in a financial report containing relevant and reliable information about transactions, events and
conditions. The financial statements and notes also comply with International Financial Reporting
Standards. Material accounting policies adopted in the preparation of this financial report are presented
below and have been consistently applied unless otherwise stated.
The financial report has been prepared on an accruals basis and are based on historical costs, modified,
where applicable, by the measurement at fair value of selected non-current assets, financial assets and
financial liabilities.
The separate financial statements of the parent entity, Dubber Corporation Limited, have not been
presented within this financial report as permitted by the Corporations Act 2001. See Note 25 for further
details on the parent company’s financial information.
These financial statements are presented in Australian dollars, rounded to the nearest dollar.
New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board (‘AASB’) that are mandatory for the
current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been
early adopted.
New Australian Accounting Pronouncements
The new and amended standards and interpretations that are issued, but not yet effective, up to the
date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt
these new and amended standards and interpretations, if applicable, when they become effective. The
Group will continue to assess the impact of these new standards.
Financial Report
Annual Report 2025
51
AASB 18 Presentation
and Disclosure in
Financial Statements
Effective for annual
reporting periods
beginning on or after 1
January 2027
AASB 18 has been issued to improve how entities communicate in their financial
statements, with a particular focus on information about financial performance in
the statement of profit or loss. The key presentation and disclosure requirements
established by AASB 18 are:
▶ The presentation of newly defined subtotals in the statement of profit or loss
▶ The disclosure of management-defined performance measures (MPM)
▶ Enhanced requirements for grouping information (i.e. aggregation and
disaggregation)
AASB 18 is accompanied with limited consequential amendments to the
requirements in other accounting standards, including AASB 107 Statement of
Cash Flows.
AASB 18 introduces three new categories for classification of all income and
expenses in the statement of profit or loss: operating, investing and financing.
Additionally, entities will be required to present subtotals for ‘operating profit or
loss’, ‘profit or loss before financing and income taxes’ and ‘profit or loss’.
For the purpose of classifying income and expenses into one of the three new
categories, entities will need to assess their main business activity, which will
require judgement. There may be more than one main business activity.
AASB 18 also requires several disclosures in relation to MPMs, such as how the
measure is calculated, how it provides useful information and a reconciliation to
the most comparable subtotal specified by AASB 18 or another standard.
AASB 18 will replace AASB 101 Presentation of Financial Statements.
AASB 2024-3
Amendments to AASs –
Annual Improvements
Volume II- Amendments
to AASB 9
Effective for annual
reporting periods
beginning on or after 1
January 2026
The AASB has made the following narrow-scope amendments to AASB 9:
▪ Derecognition of lease liabilities - clarified that, when a lessee has determined
that a lease liability has been extinguished in accordance with AASB 9, the
lessee is required to apply AASB 9 and recognise any resulting gain or loss in
profit or loss. However, the amendment does not address how a lessee
distinguishes between a lease modification as defined in AASB 16 and an
extinguishment of a lease liability in accordance with AASB 9.
▪ Transaction price – to avoid confusion, replaced the reference to ‘transaction
price as defined by AASB 15 Revenue from Contracts with Customers’ with ‘the
amount determined by applying AASB 15’.
AASB 2024‑3 applies to all entities using AASB 9, its effect is purely editorial and
has no operational impact on Dubber’s financial reporting at this time.
Classification and
Measurement of
Financial Instruments -
Amendments to IFRS 9
and IFRS 7
Effective for annual
periods beginning on or
after 1 January 2026.
The AASB has issued Amendments to the Classification and Measurement of
Financial Instruments (Amendments to IFRS 9 and IFRS 7), which:
•
Clarifies that a financial liability is derecognised on the ‘settlement
date’, i.e., when the related obligation is discharged, cancelled, expires
or the liability otherwise qualifies for derecognition. It also introduces
an accounting policy option to derecognise financial liabilities that are
settled through an electronic payment system before settlement date if
certain conditions are met
•
Clarified how to assess the contractual cash flow characteristics of
financial assets that include environmental, social and governance
(ESG)-linked features and other similar contingent features
•
Clarifies the treatment of non-recourse assets and contractually linked
instruments
•
Requires additional disclosures in IFRS 7 for financial assets and
liabilities with contractual terms that reference a contingent event
(including those that are ESG-linked), and equity instruments classified
at fair value through other comprehensive income
This amendment is not expected to have a material impact on the financial
statements when adopted.
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52
Going Concern
The financial statements for the period ended 30 June 2025 have been prepared on the basis that the
entity is a going concern, which contemplates the continuity of normal business activity, realisation of
assets and settlement of liabilities in the normal course of business. At 30 June 2025 the Group had
cash and deposits totaling $10,863,888 and access to a further $5,000,000 unsecured loan facility.
During the 12-month period the entity recorded revenue of $42,191,878, a net loss after tax of
$33,306,121 and incurred net cash outflows from operating activities of $21,760,194.
The Group achieved underlying cashflow run-rate breakeven in June 2025. However, the Group
anticipates a revenue and gross margin reduction in FY26 from the non-renewal of the contract with
VMO2 for mobile voice recording services which will lead to the Group being in an operating cash
outflow position again during FY26.
The Group’s ability to continue as a going concern is dependent upon its ability to continue to improve
its operating cash flows in the short term. To achieve this the Group has undertaken a further cost
reduction programme in Q4 FY25 and into the first half of FY26 to focus the business on core priorities
and improve productivity and efficiency.
In January 2025 the Group entered into an unsecured loan facility agreement with Thorney Investment
Group (a significant shareholder of the Group) of $5m with the maturity date extended to 31 January
2027 in July 2025. The loan is on arms-length commercial terms and the conditions include a 1%
establishment fee, a 3% line fee and an additional 8% interest rate on drawn funds, with no equity
issuance or conversion options. There are no penalties for early payment or termination. At the date of
this report the loan remains undrawn but is drawable at the Company’s election at short notice.
Based on management’s forecast of operating cashflows and access to the loan facility the Directors
are satisfied there are reasonable grounds to believe the Group will be able to pay its debts as and
when they become due and payable for a period of not less than 12 months from the issue of the
financial report.
Revenue Recognition
Revenue is measured based on the consideration specified in a contract with a customer and excludes
amounts collected on behalf of third parties. The Group recognises revenue when it transfers control
over a service to a customer.
Group revenues consists of service income, being subscription fees from retail or reseller customers.
Subscription Service Revenue
Subscription service revenue is recognised and measured in the accounting period in which the
services are provided based on the amount of the expected transaction price allocated to each
performance obligation.
The performance obligations are the provision of cloud-based call recording services (Dubber Platform)
over a specified period; the provision of services represent a series of distinct services that are
substantially the same with the same pattern of transfer to customer.
Provision of services relating to initial establishment and configuration is not distinct from the platform
usage (i.e. call recording services) as the customer cannot benefit from the establishment and
configuration alone and hence are regarded as one performance that is satisfied over time. For
professional services considered distinct performance obligations revenue is recognised as the
performance obligation is satisfied.
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53
Basis Of Consolidation
Subsidiaries
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Dubber
Corporation Limited (“Company” or “parent entity”) as at 30 June 2025 and the results of all
subsidiaries for the year then ended. Dubber Corporation Limited and its subsidiaries together are
referred to in these financial statements as the Group or the consolidated entity.
Subsidiaries are all entities (including special purpose entities) over which the Group has control. The
Group has control over an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity, and has the ability to use its power to affect those returns.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
de-consolidated from the date that control ceases. The acquisition method of accounting is used to
account for business combinations by the Group.
Intercompany transactions, balances and unrealised gains on transactions between Group companies
are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the
impairment of the asset transferred. Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. Refer to the
‘business combinations’ accounting policy for further details. A change in ownership interest, without
the loss of control, is accounted for as an equity transaction, where the difference between the
consideration transferred and the book value of the share of the non-controlling interest acquired is
recognised directly in equity attributable to the parent.
Contract Liabilities
Contract liabilities represent the consolidated entity’s obligation to transfer services to a customer and
are recognised when a customer pays consideration, or when the consolidated entity recognises a
receivable to reflect its unconditional right to consideration (whichever is earlier) before the
consolidated entity has transferred the services to the customer.
Fair Value Measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or
disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date; and
assumes that the transaction will take place either: in the principal market; or in the absence of a
principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset
or liability, assuming they act in their economic best interests. For non-financial assets, the fair value
measurement is based on its highest and best use. Valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair value, are used, maximising
the use of relevant observable inputs and minimising the use of unobservable inputs.
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy
that reflects the significance of the inputs used in making the measurements. Classifications are
reviewed at each reporting date and transfers between levels are determined based on a reassessment
of the lowest level of input that is significant to the fair value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal
expertise is either not available or when the valuation is deemed to be significant. External valuers are
selected based on market knowledge and reputation. Where there is a significant change in fair value of
an asset or liability from one period to another, an analysis is undertaken, which includes a verification
of the major inputs applied in the latest valuation and a comparison, where applicable, with external
sources of data.
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Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating
resources and assessing performance of the operating segments, has been identified as the full Board
of Directors.
Foreign Currency Translation
Functional and presentation currency
The consolidated financial statements are presented in Australian dollars, which is the functional and
presentation currency of Dubber Corporation Limited.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at year end exchange rates of monetary assets
and liabilities, denominated in foreign currencies, are recognised in profit or loss.
Foreign operations
The assets and liabilities of foreign operations are translated to the presentation currency as exchange
rates at the reporting date. The income and expenses of foreign operations are translated to Australian
dollars at exchange rates at the dates of the transactions.
Foreign currency difference is recognised in other comprehensive income and presented in the foreign
currency translation reserve in equity.
On consolidation, exchange differences arising from the translation of any net investment in foreign
entities are recognised in other comprehensive income. When the settlement of a monetary item
receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future,
foreign exchange gains and losses arising from such a monetary item are considered to form part of a
net investment in a foreign operation and are recognised in other comprehensive income and are
presented in the translation reserve in equity. When a foreign operation is sold or any borrowings
forming part of the net investment are repaid, the associated exchange differences are reclassified to
profit or loss, as part of the gain or loss on sale.
Finance Income
Finance income comprises interest income earned on funds invested in bank accounts and call
deposits. Interest is recognised on an accrual basis in the consolidated statement of profit or loss and
other comprehensive income, using the effective interest method.
Income Tax
The income tax expense (revenue) for the year comprises current income tax expense (income) and
deferred tax expense (income).
Current income tax expense charged to the profit or loss is the tax payable on taxable income
calculated using applicable income tax rates enacted, or substantially enacted, as at the end of the
reporting period. Current tax liabilities (assets) are therefore measured at the amounts expected to be
paid to (recovered from) the relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability
balances during the year as well as unused tax losses.
Current and deferred tax expense (income) is charged or credited directly to equity instead of the profit
or loss when the tax relates to items that are credited or charged directly to equity.
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55
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax
assets also result where amounts have been fully expensed but future tax deductions are available. No
deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a
business combination, where there is no effect on accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period
when the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted
at the end of the reporting period. Their measurement also reflects the manner in which management
expects to recover or settle the carrying amount of the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the
extent that it is probable that future taxable profit will be available against which the benefits of the
deferred tax asset can be utilised.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and
joint ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of
the temporary difference can be controlled and it is not probable that the reversal will occur in the
foreseeable future.
Current assets and liabilities are offset where a legally enforceable right of setoff exists and it is
intended that net settlement or simultaneous realisation and settlement of the respective asset and
liability will occur. Deferred tax assets and liabilities are offset where a legally enforceable right of setoff
exists, the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority
on either the same taxable entity or different taxable entities where it is intended that net settlement or
simultaneous realisation and settlement of the respective asset and liability will occur in future periods
in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.
Provisions
Provisions are recognised when a Group company has a legal or constructive obligation, as a result of
past events, for which it is probable that an outflow of economic benefits will result and that outflow can
be reliably measured.
Cash And Cash Equivalents
Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand
and short-term highly liquid deposits with a maturity of three months or less, that are held for the
purpose of meeting short-term cash commitments and are readily convertible to a known amount of
cash and subject to an insignificant risk of changes in value.
Trade Receivables
Trade receivables are initially recognised at transaction price, less any allowance for expected credit
losses. Trade receivables are generally due for settlement within 30 days.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
Financial Instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the
contractual provisions of the financial instrument.
Financial assets are recognised when the contractual rights to the cash flows from the financial asset
expire, or when the financial asset and substantially all the risk and rewards are transferred. A financial
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56
liability is recognised when it is extinguished, discharged, cancelled or expires.
Classification and initial measurement of financial assets
Financial assets are classified according to their business model and the characteristics of their
contractual cash flows and are initially measured at fair value adjusting for transaction costs (where
applicable).
Subsequent measurement of financial assets
For the purpose of subsequent measurement, financial assets, other than those designated and
effective as hedging instruments, are classified into the following four categories:
•
Financial assets at amortised cost
•
Financial assets at fair value through profit or loss (FVTPL)
•
Debt instruments at fair value through other comprehensive income (FVTOCI)
•
Equity instruments at FVTOCI
Financial assets at amortised cost
Financial assets with contractual cash flows representing solely payments of principal and interest and
held within a business model of ‘hold to collect’ contractual cash flows are accounted for at amortised
cost using the effective interest method. The Group’s trade and other receivables fall into this category
of financial instruments.
Impairment
The Group makes use of a simplified approach in accounting for trade receivables and contract assets
and records the loss allowance at the amount equal to the expected lifetime credit losses. In using this
practical expedient, the Group uses its historical experience, external indicators and forward-looking
information to calculate the expected credit losses using a provision matrix.
The Group considers a financial asset in default when contractual payment are 90 days are due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements held by the Group.
Property, Plant And Equipment
Each class of property, plant and equipment is carried at cost or fair value as indicated, less, where
applicable, any accumulated depreciation and impairment losses.
Plant and equipment
Plant and equipment are measured on the cost basis.
Depreciation
The depreciable amount of all fixed assets including buildings and recognised leased assets, but
excluding freehold land, is depreciated on a straight-line basis over the asset’s useful life to the
Company commencing from the time the asset is held ready for use. Leasehold improvements are
depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of
the improvements.
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57
The estimated useful lives used for each class of depreciable assets are:
Property, plant and Equipment
Useful Life
Furniture, Fixtures and Fittings
5 years
Computer Equipment
5 years
Office Equipment
5 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if
the asset’s carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These
gains and losses are included in the statement of profit or loss and other comprehensive income. When
revalued assets are sold, amounts included in the revaluation surplus relating to that asset are
transferred to retained earnings.
Property, plant and equipment is recognised and removed from the statement of financial position on
disposal or when no future economic benefits are expected. Gains and losses from derecognition are
measured as the difference between the net disposal proceeds, if any, and the carrying amount and are
recognised in the statement of profit or loss and other comprehensive income.
Subsequent costs are included in the property, plant and equipment’s carrying value or recognised as a
separate asset when it is probable that future economic benefits associated with the item will be
recognised and the cost of the item can be measured reliably. All other repairs and maintenance are
recognised in the statement of profit or loss and other comprehensive income.
Rights Of Use Assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is
measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable,
any lease payments made at or before the commencement date net of any lease incentives received,
any initial direct costs incurred, and, except were included in the cost of inventories, an estimate of
costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site
or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or
the estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to
obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated
useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease
liabilities.
Right of use asset
Useful Life
Melbourne (AU) office
5 years
Brisbane (AU) office
6 years
Sydney (AU) office
3 years
London (UK) office
6 years
Oxford (UK) office
10 years
Equipment leases
3-6 years
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Lease Liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially
recognised at the present value of the lease payments to be made over the term of the lease,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the
consolidated entity’s incremental borrowing rate. Lease payments comprise of fixed payments less any
lease incentives receivable, variable lease payments that depend on an index or a rate, amounts
expected to be paid under residual value guarantees, exercise price of a purchase option when the
exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The
variable lease payments that do not depend on an index or a rate are expensed in the period in which
they are incurred.
The carrying amounts are remeasured if there is a change in the following: future lease payments
arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase
option and termination penalties. When a lease liability is remeasured, an adjustment is made to the
corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is
fully written down.
Impairment Of Assets
At each reporting date, the Group assesses whether there is any indication that an asset may be
impaired. The assessment will include the consideration of external and internal sources of information
including, dividends received from subsidiaries, associates or jointly controlled entities deemed to be
out of preacquisition profits. If such an indication exists, an impairment test is carried out on the asset
by comparing the recoverable amount of the asset, being the higher of the asset’s fair value less costs
to sell and value in use, to the asset’s carrying value. Any excess of the asset’s carrying value over its
recoverable amount is expensed to the statement of profit or loss and other comprehensive income.
Where an impairment loss on a revalued asset is identified, this is debited against the revaluation
surplus in respect of the same class of asset to the extent that the impairment loss does not exceed the
amount in the revaluation surplus for that same class of asset.
Non-financial assets, other than inventories, deferred tax assets, assets from employee benefits, and
contract assets, are assessed for any indication of impairment at the end of each reporting period. Any
indication of impairment requires formal testing of impairment by comparing the carrying amount of the
asset to an estimate of the recoverable amount of the asset. An impairment loss is calculated as the
amount by which the carrying amount of the asset exceeds the recoverable amount of the asset.
Intangible assets with an indefinite useful life and intangible assets not yet available for use are tested
for impairment annually regardless of whether there is any indication of impairment.
The recoverable amount is the greater of the asset’s fair value less costs to sell and its value in use. The
asset’s value in use is calculated as the estimated future cash flows discounted to their present value
using a pre-tax rate that reflects current market assessments of the time value of money and the risks
associated with the asset.
Assets that cannot be tested individually for impairment, are grouped together into the smallest group of
assets that generates cash inflows (the asset’s cash generating unit).
Impairment losses are recognised in the statement of profit or loss and other comprehensive income.
Impairment losses are allocated first, to reduce the carrying amount of any goodwill allocated to cash-
generating units, and then to other assets of the group on a pro-rata basis.
Assets other than goodwill are assessed at the end of each reporting period to determine whether
previously recognised impairment losses may no longer exist or may have decreased. Impairment
losses recognised in prior periods for assets other than goodwill are reversed up to the carrying
amounts that would have been determined had no impairment loss been recognised in prior periods.
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Trade And Other Payables
Trade and other payables represent the liability outstanding at the end of the reporting period for goods
and services received by the Company during the reporting period which remain unpaid. The balance is
recognised as a current liability with the amounts normally paid within 30 days of recognition of the
liability.
Goods And Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of
GST incurred is not recoverable from the Tax Office. In these circumstances the GST is recognised as
part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and
payables in the statement of financial position are shown inclusive of GST.
Contributed Equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs
directly attributable to the issue of new shares or options for the acquisition of a business are not
included in the cost of the acquisition as part of the purchase consideration.
Earnings Per Share
Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders of the
Company by the weighted average number of ordinary shares outstanding during the financial year.
Current And Non-current Classification
Assets and liabilities are presented in the statement of financial position based on current and non-
current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or
consumed in the consolidated entity’s normal operating cycle; it is held primarily for the purpose of
trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or
cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months
after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the consolidated entity’s
normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12
months after the reporting period; or there is no right to defer the settlement of the liability for at least 12
months after the reporting period. All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Share-based Payment Transactions
Employees of the Company receive remuneration in the form of share based payment transactions,
whereby employees render services in exchange for equity instruments (“equity settled transactions”).
When the goods or services acquired in a share based payment transaction do not qualify for
recognition as assets, they are recognised as expenses.
The cost of equity settled transactions and the corresponding increase in equity is measured at the fair
value of the goods or services acquired. Where the fair value of the goods or services received cannot
be reliably estimated, the fair value is determined indirectly by the fair value of the equity instruments
using an appropriate option valuation technique.
Equity settled transactions that vest after employees complete a specified period of service are
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recognised as services received during the vesting period with a corresponding increase in equity.
Intangible Assets
Intangible assets acquired as part of a business combination are brought in at fair value at acquisition.
Intangible assets with finite useful life are amortised over a straight-line basis in the profit or loss over
the estimated useful life.
Customer relationships
Customer relationships acquired as part of a business combination are recognised separately from
goodwill. The customer relationships are carried at fair value at the date of acquisition less accumulated
amortisation and any impairment losses. These are amortised over on a straight line basis over the
period of their expected benefit, being their finite life of 7 years. Following the loss of a major customer
contract the Company has reassessed the useful life to 2 years which will be applied from 1 July 2025.
Technology
The technology acquired in a business combination for proprietary software solutions are recognised
separately from goodwill. This technology is carried at fair value at the date of acquisition less
accumulated amortisation and any impairment losses. Technology related assets are amortised over on
a straight line basis over the period of their expected benefit, being their finite life of 5 to 7 years.
Following the loss of a major customer contract the Company has reassessed the useful life to 1 year
which will be applied from 1 July 2025.
Research & Development Costs
Research costs are expensed when incurred. Development costs are capitalized when they meet all the
relevant criteria in AASB138 Intangible Assets.
Goodwill
Goodwill is measured as described in Business combination policy. Goodwill on acquisition of
subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment
annually, or more frequently if events or changes in circumstances indicate that it might be impaired and
is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity
include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is
made to those cash-generating units or groups of cash-generating units that are expected to benefit
from the business combination in which the goodwill arose. The units or groups of units are identified at
the lowest level at which goodwill is monitored for internal management purposes, being the operating
segments (Note 22).
Employee Provisions
Short-term employee benefit obligations
Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick
leave expected to be settled wholly within 12 months after the end of the reporting period are
recognised in other liabilities in respect of employees’ services rendered up to the end of the reporting
period and are measured at amounts expected to be paid when the liabilities are settled. Liabilities for
non-accumulating sick leave are recognised when leave is taken and measured at the actual rates paid
or payable.
Other long-term employee benefit obligations
Liabilities for long service leave and annual leave not expected to be settled wholly within 12 months
after the end of the reporting period are recognised as part of the provision for employee benefits and
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measured as the present value of expected future payments to be made in respect of services provided
by employees to the end of the reporting period. Consideration is given to expected future salaries and
wages levels, experience of employee departures and periods of service. Expected future payments are
discounted using national government corporate bond rates at the end of the reporting period with
terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.
Regardless of when settlement is expected to occur, liabilities for long service leave and annual leave
are presented as current liabilities in the statement of financial position if the entity does not have an
unconditional right to defer settlement for at least 12 months after the end of the reporting period.
Business Combinations
The acquisition method of accounting is used to account for business combinations regardless of
whether equity instruments or other assets are acquired.
The consideration transferred is the sum of the acquisition-date fair values of the assets transferred,
equity instruments issued or liabilities incurred by the acquirer to former owners of the acquiree and the
amount of any non-controlling interest in the acquiree. All acquisition costs are expensed as incurred to
profit or loss.
On the acquisition of a business, the consolidated entity assesses the financial assets acquired and
liabilities assumed for appropriate classification and designation in accordance with the contractual
terms, economic conditions, the consolidated entity’s operating or accounting policies and other
pertinent conditions in existence at the acquisition-date.
The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any
non-controlling interest in the acquiree and the fair value of the consideration transferred and the fair
value of any pre-existing investment in the acquiree is recognised as goodwill. If the consideration
transferred and the pre- existing fair value is less than the fair value of the identifiable net assets
acquired, being a bargain purchase to the acquirer, the difference is recognised as a gain directly in
profit or loss by the acquirer on the acquisition- date, but only after a reassessment of the identification
and measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the
consideration transferred and the acquirer’s previously held equity interest in the acquirer.
Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively
adjusts the provisional amounts recognised and recognises additional assets or liabilities during the
measurement period, based on new information obtained about the facts and circumstances that
existed at the acquisition-date. The measurement period ends on either the earlier of (i) 12 months from
the date of the acquisition or (ii) when the acquirer receives all the information possible to determine fair
value.
Parent Entity Financial Information
The financial information for the parent entity, Dubber Corporation Limited, disclosed in Note 25 has
been prepared on the same basis as the consolidated financial statements.
Critical Accounting Estimates And Judgements
The directors evaluate estimates and judgments incorporated into the financial statements based on
historical knowledge and best available current information. Estimates assume a reasonable expectation
of future events and are based on current trends and economic data, obtained both externally and
within the Company.
Carrying value of goodwill and other intangible assets
The Group tests annually whether the carrying value of goodwill and other intangibles exceed its
recoverable amount to determine potential impairment requirements. The recoverable amount of
Financial Report
Annual Report 2025
62
goodwill and other intangibles has been calculated using a number of assumptions as disclosed in Note
8. An impairment of $10,587,705 has been recognised in respect of goodwill and an impairment of other
intangible assets of $6,927,668 during the reporting period.
Share-based payment transactions
The Company measures the cost of equity-settled transactions with employees by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined using
a binomial option pricing or Black-Scholes method. The related assumptions are detailed in Note 24.
The accounting estimates and assumptions relating to equity-settled share-based payments would have
no impact on the carrying amounts of assets and liabilities within the next annual reporting period but
may impact expenses and equity.
The following key judgements have been applied in relation to:
Revenue from contracts with customers
The Group applied the following judgements that significantly affect the determination of the amount
and timing of revenue from contracts with customers:
•
The Group determined that revenue from its software service is to be recognised over time
because the customer simultaneously receives and consumes the benefits provided by the
Group.
•
The Group has determined that it is the principal in its agreements with its customers because it
has control over the service before delivering it to the customer, it is primarily responsible for
fulfilling the promise to deliver the service, and it is responsible for establishing the price for the
service to be delivered.
•
When recognising revenue from contracts with customers, the Group determines that it is
probable that the Group will collect the consideration to which it will be entitled in exchange for
the goods or services that will be transferred to the customer. This is determined based upon
the credit worthiness of the customer and the Group makes reference to credit ratings, historical
payment default rate and financial capacity to meet obligations in determining these
judgements.
Deferred tax assets
Deferred tax assets are recognised for deductible temporary differences and tax losses only if the
Group considers it probable that future taxable amounts will be available to utilise those temporary
differences and losses. Significant management judgement is required to determine the amount of
deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable
profits, together with future tax planning strategies.
Financial Report
Annual Report 2025
63
2. Revenue and Expenses from Continuing Operations
(a) Revenue*
Note
2025
$
2024
$
Subscriptions
41,604,026
38,144,490
Professional services
587,852
514,719
Total
42,191,878
38,659,209
(b) Other income
Gain on lease early termination
145,103
-
Other
15,660
761
Total
160,763
761
(c) General and administration costs
Audit, accounting and tax advice fees
1,134,009
1,041,184
Advertising, marketing and events
182,424
995,332
Doubtful debts
5
87,904
323,219
Legal fees
2,299,729
1,497,158
Securities exchange and registry fees
376,450
518,025
Rent and outgoings
722,837
814,988
Travel costs
546,128
1,084,529
Corporate affairs
53,168
203,090
Insurances
648,445
709,605
Software and other technology costs
2,569,932
1,948,338
Consultants
878,258
1,757,876
Other administration costs
1,210,617
1,738,882
Total
10,709,901
12,632,226
* Disaggregation of revenue from contracts with customer
Revenue is recognised when or as the Group transfers services to a customer at the amount to which
the group expects to be entitled over time.
Contracts with customers are based on a single identified performance obligation being the provision of
subscriptions services transferred over time. For the financial year ended 30 June 2025, revenue
recognised was $42,191,878 (2024: $38,659,209). Disaggregation of revenue by geographical regions is
as disclosed in Note 21 - Operating Segments.
Financial Report
Annual Report 2025
64
2. Revenue and Expenses from Continuing Operations (Cont’d)
(d) Finance Income
2025
$
2024
$
Finance income
256,472
54,240
Total
256,472
54,240
(e) Finance Costs
Loan facility arrangement and commitment fees
76,046
2,279,002
Interest on statutory liabilities
734,950
1,055,501
Interest cost on finance leases
588,267
552,600
Other
205,061
257,168
Total
1,604,324
4,144,271
Interest on statutory liabilities relates to accrued and paid interest on outstanding employment taxes
which were predominantly repaid during the financial year.
Financial Report
Annual Report 2025
65
3. Income Tax
(a) Income tax expense
2025
$
2024
$
Loss before income tax expense
(35,970,814) (40,804,691)
Prima facie tax payable on profit from ordinary activities before income tax at 25%
(2024: 25%)
(8,992,703)
(10,201,173)
Tax Effect of:
Tax effect of amounts not deductible (taxable) in calculating taxable income
4,111,370
2,297,017
Recognition and utilisation of deferred tax assets from losses
(2,266,131)
-
Tax rate differential
(47,159)
10,285
Tax losses and temporary differences not recognised
4,529,930
7,813,256
Income tax expense/(benefit)
(2,664,693)
(80,615)
(b) Deferred tax assets
Temporary differences
1,653,119
2,124,033
Tax losses - revenue
52,762,037
46,785,535
Tax losses - capital
478,864
478,864
Gross Deferred tax assets
54,894,020
49,388,432
Offset against deferred tax liabilities
(301,507)
(346,668)
Deferred tax assets not brought to account
(54,287,533) (49,041,764)
Deferred tax assets recognised on balance sheet
304,980
-
(c) Deferred tax liabilities
Temporary differences - intangibles
(301,507)
(2,586,540)
Offset by deferred tax assets
301,507
346,668
Deferred tax liabilities recognised on balance sheet
-
(2,239,872)
There are no franking credits available to the Group.
Deferred tax assets recognized on balance sheet related to brought forward tax losses for Dubber Inc in
the US. Tax losses and timing differences continue to be available indefinitely subject to compliance
with tax regulatory requirements. The ability of the Group to utilize tax losses in the future will be
dependent upon the ongoing compliance with regulatory taxation requirements together with the
production of sufficient taxable income.
Financial Report
Annual Report 2025
66
4. Cash and Cash Equivalents
2025
$
2024
$
Cash at bank
10,863,888
10,646,517
Total
10,863,888
10,646,517
The Company’s exposure to interest rate risk is outlined in Note 17.
5. Trade and Other Receivables
Current
2025
$
2024
$
Trade receivables
5,633,152
3,863,619
Less: Provision for doubtful debt
(367,974)
(252,712)
Sub total
5,265,178
3,610,907
Rental bond deposits
-
841,915
Other debtors
-
143,517
Contract assets
1,992,949
374,972
Prepayments
623,637
1,356,128
Deposits in trust
-
115,667
Other receivables
197,452
14,976
Total
8,079,216
6,458,082
Contract assets relate to earned revenue which the Company is entitled to that remain unbilled to
customers as of 30 June 2025.
Trade and other receivables are all due within three months of this report. Information about credit and
liquidity risk is outlined in Note 17.
Financial Report
Annual Report 2025
67
6. Property, Plant and Equipment
2025
$
2024
$
Furniture, Fixtures and Fittings
– at cost
896,869
2,886,931
Less: Accumulated
depreciation
(347,705)
(2,243,972)
Sub-total
549,164
642,959
Computer Equipment – at cost
1,958,220
1,899,497
Less: Accumulated
depreciation
(1,805,345)
(1,559,724)
Sub-total
152,875
339,773
Office Equipment – at cost
90,033
90,914
Less: Accumulated
depreciation
(83,386)
(90,914)
Sub-total
6,647
-
Net carrying amount
708,686
982,732
Reconciliation
Reconciliation of the carrying amount for each class of property, plant and equipment between the
beginning and the end of the current and previous financial year are set out below:
2025
Computer Equipment
$
Office Equipment
$
Furniture, Fixtures
and Fittings
$
Total
$
Balance at the beginning
of the year
339,773
-
642,959
982,732
Additions
3,075
-
-
3,075
Disposals
(31,482)
-
-
(31,482)
Transfers
(12,327)
12,327
-
-
Depreciation expense
(173,403)
(5,291)
(164,076)
(342,770)
Foreign exchange
movement
27,239
(389)
70,281
97,131
Carrying amount at the
end of the year
152,875
6,647
549,164
708,686
2024
Balance at the beginning
of the year
569,112
1,283
1,439,891
2,010,286
Additions
15,907
-
1,225
17,132
Depreciation expense
(244,966)
(2,164)
(794,438)
(1,041,568)
Foreign exchange
movement
(280)
881
(3,719)
(3,118)
Carrying amount at the
end of the year
339,773
-
642,959
982,732
Financial Report
Annual Report 2025
68
7. Other Assets
2025
$
2024
$
Lease rental deposits (non-
current)
Melbourne
357,239
-
London
749,542
674,966
Total
1,106,781
674,966
8. Intangible Assets
2025
$
2024
$
Customer Assets
At cost
11,983,809
10,791,464
Less: Accumulated amortisation
(7,771,888)
(5,435,858)
Less: Accumulated impairment
(3,587,396)
-
Sub-total
624,525
5,355,606
Technology
At cost
29,397,002
27,963,503
Less: Accumulated amortisation
(23,935,078)
(20,110,440)
Less: Accumulated impairment
(3,340,272)
-
Sub-total
2,121,652
7,853,063
Goodwill
At cost
25,844,405
23,958,601
Less: Accumulated impairment
(17,478,610)
(6,890,905)
Sub-total
8,365,795
17,067,696
Net carrying amount at the end
of the year
11,111,972
30,276,365
Reconciliation
Reconciliation of the carrying amount for each class of property, plant and equipment between the
beginning and the end of the current and previous financial year are set out below:
2025
Goodwill
$
Customer Asset
$
Technology Asset
$
Total
$
Balance at the beginning of the year
17,067,696
5,355,606
7,853,063
30,276,365
Impairment expense
(10,587,705)
(3,587,396)
(3,340,272)
(17,515,373)
Foreign exchange movement
1,885,804
513,922
478,519
2,878,245
Amortisation expense
-
(1,657,607)
(2,869,658)
(4,527,265)
Carrying amount at the end of the year
8,365,795
624,525
2,121,652
11,111,972
2024
Balance at the beginning of the year
20,405,744
6,964,183
10,669,937
38,039,864
Impairment expense
(3,211,455)
-
(13,223)
(3,224,678)
Financial Report
Annual Report 2025
69
Foreign exchange movement
(126,593)
(37,764)
(21,938)
(186,295)
Amortisation expense
-
(1,570,813)
(2,781,713)
(4,352,526)
Carrying amount at the end of the year
17,067,696
5,355,606
7,853,063
30,276,365
Impairment Testing
Carrying amount of Goodwill allocated to the following cash-generating units subject to impairment
testing:
2025
$’000
2024
$’000
Europe
Goodwill
8,365,795
17,067,696
Rest of World
Goodwill
-
-
Carrying amounts for each CGU are calculated based on specifically identified assets and liabilities
used by the CGU including net working capital. The Group’s CGUs comprise; Aeriandi and Dubber UK
(which together form the Europe Segment); North and Latin America and Rest of World. Goodwill is
tested for impairment based on segments being the lowest level within the Group at which goodwill is
monitored for internal management purposes. Segments are Europe, North and Latin America and Rest
of World. Corporate assets and liabilities are contained within the Rest of World segment.
Aeriandi CGU
During the year the Group identified the loss of a major customer within the Aeriandi CGU as an
indicator of impairment of Aeriandi customer and technology assets and performed an impairment
assessment. The recoverable amount of the Aeriandi CGU using a Fair Value Less Cost of Disposal
(FVLCOD) approach was determined to be $499,000. The calculated impairment expense of $6,927,668
was allocated across the CGU assets on a pro-rata basis excluding any assets where impairment would
reduce the carrying amount below the fair value. As a result an impairment of $3,587,396 (FY24: $nil)
was recognised against the value of customer assets, and an impairment of $3,340,272 (FY24: $nil)
against technology assets.
The fair value less costs of disposal methodology utilized a discounted cash flow forecast over an 8
year period reflecting the future restructure of the CGU. Revenues were forecast reflecting the loss of
the customer and then declining at 2.5% pa with a nil terminal growth rate. The post tax discount rate
applied was 15.5%. The calculation requires the use of assumptions that are unobservable inputs
categorised as Level 3 within the fair value hierarchy.
Europe Group of CGUs
The recoverable amount of the Europe Group of CGUs (comprising the Aeriandi and Dubber UK CGUs)
of $9,561,000 as at 30 June 2025 has been determined based on a fair value less cost of disposal
calculation using cash flow projections from financial budgets approved by senior management
covering a one-year period, and then projected forward to cover a further 7 year period up to FY33. The
projected cash flows have been updated to reflect the expected demand for the CGUs products and
services, with the most significant assumption being the use of a declining revenue growth over the
eight-year projection period of FY26 to FY33 with a Cumulative Annual Growth Rate (CAGR) of 3.3%
(FY24 10.6%). These projections reflect management’s view of future market growth for services
together with relationships developed with potential customers. The cashflows also reflect intragroup
charges for the use of the Group’s platform for which the maintenance and development costs, and IP
reside in the Rest of World CGU. The post-tax discount rate applied to cash flow projections is 15.5%
(FY24: 15.65%) and cash flows beyond the eight-year period are extrapolated using a 2.5% (FY24:
Financial Report
Annual Report 2025
70
3.0%) growth rate. The calculation requires the use of assumptions that are unobservable inputs
categorised as Level 3 within the fair value hierarchy.
As a result of this analysis, an impairment of $10,587,705 to goodwill was recorded against the carrying
value of $18,953,500 pre-impairment at 30 June 2025 (2024: $Nil). The impairment charge is recorded
within impairment of goodwill in the statement of profit or loss.
Rest of World (RoW) CGU
An impairment charge of $3,211,455 was recognised against RoW goodwill in FY24 based on an
impairment test performed in that year. The impairment charge is recorded within impairment of
goodwill in the statement of profit or loss and resulted in goodwill relating to RoW CGU being fully
impaired.
The recoverable amount of the RoW CGU at 31 December 2023 was assessed based on a value in use
calculation using cash flow projections from financial forecast approved by senior management
covering a 6 month period and then projected forward to cover a further 7 year period up to FY31. The
projected cashflows reflected expected demand for the CGUs services with the most significant
assumption being the use of a declining revenue growth over the seven year projection period of FY25
to FY31 with a cumulative annual growth rate consistent with the actual growth rate of the CGU. The
post-tax discount rate applied to cashflow projections was 14.4% and cashflows beyond the seven and
a half year period were extrapolated using a 2.5 growth rate. The calculation requires the use of
assumptions that are unobservable inputs categorised as Level 3 within the fair value hierarchy. It was
concluded the fair value less costs of disposal did not exceed the value in use.
As a result, the goodwill of $3,211,455 at 31 December 2023 was fully impaired. The goodwill balance at
30 June 2025 is nil (30 June 2024: $nil).
Sensitivities to changes in assumptions
Europe
Noting the Europe CGU has recorded an impairment in the year ended 30 June 2025 any adverse
change in assumptions would cause further impairment. The calculation of recoverable amount of the
Europe CGU is most sensitive to the following assumptions:
•
Revenue growth rates
•
Discount rates
Revenue growth rates
A reduction in the revenue CAGR of 1.0% for the 8-year projection period from 3.3% to 2.3%, with no
changes to any other assumption (including the rate of growth applied to costs) would result in an
increased goodwill impairment of $415,000 in the Europe CGU. Management anticipate the Group
would also reduce costs in the event of any reduction in projected revenue and have disclosed these
sensitivities solely to demonstrate the relationship to future growth.
Discount rates
A rise in the post-tax discount rate by 1% to 16.5% in the Europe CGU would result in an additional
impairment of $769,000.
Financial Report
Annual Report 2025
71
Rest of World
The recoverable amount of the ROW CGU is sensitive to the level of reseller fees earned from resellers
in Europe and North America and consequently the assumed revenue growth recorded by the Europe
and North America CGUs. A reduction in the revenue CAGR of 0.3% over the 8 year period with no
changes to any other assumptions (including rate of growth applied to costs) would result in nil
headroom.
9. Leases
(i) Amounts recognised in the consolidated statement of financial position shows the following amounts
relating to leases:
Right of use assets
2025
$
2024
$
Office space
10,764,321
13,272,117
Accumulated amortisation
(3,984,268)
(7,004,262)
Accumulated impairment
(1,839,408)
(1,121,053)
Sub total
4,940,645
5,146,802
Computer equipment
732,005
659,174
Accumulated amortisation
(713,450)
(549,813)
Sub total
18,555
109,361
Total
4,959,200
5,256,163
Lease liabilities
Current
1,879,391
1,980,268
Non-current
5,997,702
5,419,210
Total
7,877,093
7,399,478
(ii) Amounts recognised in the consolidated statement of profit or loss and other comprehensive
income:
Depreciation charge of right of use
assets
1,765,284
2,600,535
Interest expense
588,267
552,600
Impairment of right-of-use asset
718,355
1,121,053
Right of use assets
Office Space
$
Computer Equipment
$
Total
$
Balance at the beginning of the year
5,146,803
109,360
5,256,163
Additions
2,700,250
-
2,700,250
Remeasurement adjustment*
(855,871)
-
(855,871)
Impairment expense
(718,355)
-
(718,355)
Depreciation expense
(1,667,019)
(98,265)
(1,765,284)
Foreign exchange
334,837
7,460
342,297
Financial Report
Annual Report 2025
72
Carrying amount at the end of the year
4,940,645
18,555
4,959,200
Lease liabilities
Office Space
$
Computer Equipment
$
Total
$
Balance at the beginning of the year
7,268,600
130,878
7,399,478
Additions
2,700,250
-
2,700,250
Remeasurement adjustment*
(920,074)
(59,430)
(979,504)
Interest
578,615
9,652
588,267
Payments
(2,380,951)
(66,015)
(2,446,966)
Foreign exchange
588,872
26,695
615,567
Carrying amount at the end of the year
7,835,312
41,780
7,877,092
*Relates to the remeasurement of a property lease for office space where the Group no longer expects to exercise an option to
extend the lease at the end of the minimum term, reducing the ROU asset and lease liability at the date of the reassessment
accordingly.
An impairment of $718,355 (FY24: $1,121,000) was recognised in respect of office space right-of-use
assets in the EMEA segment which are surplus to the Group’s requirements and where the Group is
seeking to exit the leases.
The impairment was determined using a fair value less costs of disposal (FVLCD) model reflecting the
intention to exit or sub-lease the office space. A discounted future cashflow model was used to
determine the FVLCD based on assumptions of what sub-lease rental cash inflows will be achieved.
Based on the assessment of market conditions for office space similar to the vacant property it is
considered that a sub-lease would take approximately 6 months to achieve and reflect a 22% discount
against the rental rate currently paid by the Group, with all outgoings, taxes and charges being
transferred to the sub-lessor on completion. A discount rate of 8% was applied to all future cashflows
over the remaining 3 years of the underlying lease. The calculation requires the use of assumptions that
are unobservable inputs categorised as Level 3 within the fair value hierarchy.
The total cash outflow for leases in 2025 was $2,446,966 (2024: $2,915,117).
Total short term operating lease expenses where the lease terms are less than 12 months amounted to
$18,404 in FY25 (2024: $40,693).
Financial Report
Annual Report 2025
73
10. Trade and Other Payables
Current
2025
$
2024
$
Trade payables and accruals
5,946,648
7,137,076
Employee related taxes and other statutory liabilities*
2,827,074
13,477,301
Other payables
43,213
118,148
Total
8,816,935
20,732,525
*The Group has significantly repaid outstanding ATO and SRO debt in the year reducing statutory
liabilities in 2025.
All trade and other payables are expected to be settled within 12 months. Risk management policies in
regard to liquidity and currency risk are outlined in Note 17.
11. Provisions
Current
2025
$
2024
$
Employee benefits
918,892
1,229,225
Non-Current
Employee benefits
564,024
541,398
Total
1,482,916
1,770,623
Employee benefits represent annual leave and long service leave entitlements of employees within the
Group and is non-interest bearing.
Financial Report
Annual Report 2025
74
12. Contract Liabilities
2025
$
2024
$
Current
4,064,617
3,618,014
Non-current
843,641
1,048,030
Total
4,908,258
4,666,044
Reconciliation
2025
$
2024
$
Reconciliation of the values at the beginning and end of the current and previous
financial year are set out below:
Opening balance
4,666,044
7,442,549
Payments received in advance
11,701,089
11,803,767
Transfers to revenue – performance obligations satisfied
(11,458,875)
(14,580,272)
Total
4,908,258
4,666,044
Unsatisfied performance obligations
The aggregate amount of the transaction price allocated to the performance obligations that are
unsatisfied was $4,908,258 as at 30 June 2025 ($4,666,044 as at 30 June 2024). These are expected
to be recognised as revenue in future periods ranging from 1 – 60 months with the majority to be
recognised in the next 24 months.
13. Issued Capital
Authorised and issued paid up capital
2025
$
2024
$
2,625,029,971 (2024: 900,365,710) Ordinary shares – fully paid
370,121,458
338,421,362
Share issue costs
(16,889,203)
(14,917,150)
Total
353,232,255
323,504,212
Movement In Ordinary Shares On Issue
2025
Issue Price
No. of Shares
$
Balance at the beginning of the year
-
900,365,710
323,504,212
Issued pursuant to a placement
$0.015
1,669,003,350
25,035,050
Issued on vesting of Restricted share units (RSU)
$ -
400,000
16,800*
Issued on exercise of ZEPOs
$ -
33,789,366
5,899,747*
Issued to employees
$0.037
2,864,295
105,979*
Issued to Director
$0.038
10,000,000
380,000*
Issued to consultants
$0.039
8,607,250
335,683*
Share issue costs
-
-
(2,045,216)
Balance at the end of the year
2,625,029,971
353,232,255
*The $ amounts include any share based payment expenses associated with the equity instrument issued transferred from the
share based payment reserve to share capital on the issuance of the share capital in the year.
Equity instruments with nil issue price are transferred to issued capital at the grant date fair value of the
instruments.
Financial Report
Annual Report 2025
75
2024
Issue Price
No. of Shares
$
Balance at the beginning of the year
-
309,694,824
281,020,797
Issued pursuant to a placement
$0.14
73,214,286
10,250,000
Issued pursuant to a placement
$0.05
481,133,482
24,056,675
Issued on vesting of Restricted share units (RSU)
$ -
507,363
76,104
Issued on exercise of ZEPOs
$ -
8,815,755
9,842,009
Transfer of ordinary shares
$ -
84,000
Issued as part consideration of borrowing facility
establishment fee
$0.05
27,000,000
1,350,000
Share issue costs
(3,175,373)
Balance at the end of the year
900,365,710
323,504,212
Options
At the end of the year, the following options over unissued ordinary shares were outstanding:
Grant Date
Expiry Date
Exercise Price
Number Under Option
1-Dec-21
31-Dec-25
$0.00
127,064
30-Sep-21
30-Jun-26
$0.00
50,000
18-Oct-23
30-Jun-26
$0.00
50,000
22-Sep-22
30-Sep-25
$0.00
203,223
15-Mar-23
31-Mar-26
$0.00
158,476
31-Jan-23
31-Mar-26
$0.00
50,000
18-Oct-23
30-Jun-26
$0.15
125,000
18-Oct-23
31-Oct-26
$0.176
250,000
18-Oct-23
31-Oct-26
$0.00
755,241
13-Mar-24
31-Mar-27
$0.05
31,706,541
28-Jun-24
31-Jul-27
$0.00
20,850,400
20-Jun-24
30-Jun-27
$0.00
717,678
29-Nov-23
31-Jul-27
$0.50
600,000
10-Sep-24
31-Oct-27
$0.00
33,333,333
21-Feb-25
28-Feb-28
$0.00
6,509,653
27-Nov-24
30-Nov-27
$0.0225
130,000,000
9-Dec-24
30-Nov-27
$0.0225
15,000,000
Total
240,486,609
Capital Risk Management
The group’s objectives when managing capital are to safeguard the ability to continue as a going
concern, so that benefits to stakeholders and an optimum capital structure are maintained.
In order to maintain or adjust the capital structure, the Company may return capital to shareholders,
cancel capital, issue new shares or options or sell assets.
Financial Report
Annual Report 2025
76
14. Reserves
2025
$
2024
$
Option reserve
16,312,031
18,275,829
Performance rights reserve
2,663,035
2,663,035
Foreign currency reserve
2,089,857
113,237
Total
21,064,923
21,052,101
Option Reserve
The option reserve is used to accumulate amounts received on the issue of options and records items
recognised as expenses on valuation of incentive-based share options and loan funded shares.
Movement in option reserve:
2025
$
2024
$
Balance at the beginning of the year
18,275,829
23,640,847
Allocation of incentive-based share options values over vesting period – employees and key
management personnel
4,397,187
2,951,102
Allocation of incentive-based options values over vesting period – directors
377,224
672,992
Transfers to issued capital on exercise of options
(5,916,547)
(9,918,114)
Securities issued during the year*
(821,662)
929,002
Balance at the end of the year
16,312,031
18,275,829
* Movement in in reserve relating to securities issued during the year in 2025 relates to share based payment expenses
transferred to share capital on issuance of equity shares where services were received in prior periods. In 2024 the amount
relates to the fair value of 31,706,541 $0.05 exercise priced options issued to Thorney Group as part of the bridging loan
arrangement fees.
Performance Rights Reserve
The performance rights reserve is used to record the value of performance rights issued as share based
payments until the performance rights are converted into fully paid ordinary shares upon achievement
of performance based milestones.
Movement in performance rights reserve:
2025
$
2024
$
Balance at the beginning of the year
2,663,035
2,663,035
Balance at the end of the year
2,663,035
2,663,035
Financial Report
Annual Report 2025
77
Foreign Currency Reserve
The foreign currency reserve is used to record exchange differences arising from the translation of the
financial statements of foreign operations.
Movement in foreign currency reserve:
2025
$
2024
$
Balance at the beginning of the year
113,237
142,795
Currency translation differences
1,976,620
(29,558)
Balance at the end of the year
2,089,857
113,237
15. Accumulated Losses
2025
$
2024
$
Balance at the beginning of the year
(327,070,030)
(286,345,954)
Loss attributable to owners of Dubber Corporation Limited
(33,306,121)
(40,724,076)
Balance at the end of the year
(360,376,151)
(327,070,030)
16. Earnings per Share (EPS)
The earnings and weighted average number of ordinary shares used in the calculation of basic earnings
per share are as follows:
2025
$
2024
$
Earnings attributable to the owners of Dubber Corporation Limited used to calculate EPS
Loss for the year
(33,306,121)
(40,724,076)
Weighted average number of ordinary shares used as
the denominator in calculating basic EPS
1,992,151,803
465,145,660
Basic EPS (cents)
(1.67)
(8.76)
As the consolidated entity is in a loss position diluted EPS is the same as basic EPS.
Financial Report
Annual Report 2025
78
17. Financial Risk Management
Financial instruments consist mainly of deposits with banks and accounts receivable and payable.
The totals for each category of financial instruments, measured in accordance with AASB 9 as detailed
in the accounting policies to these financial statements, are as follows:
Financial Assets
Weighted Average
Interest Rate (%)
2025
2024
Note
2025
$
2024
$
Cash and cash equivalents
2.31
0.24
4
10,863,888
10,646,517
Trade and other receivables (including Other
Assets)
0.07
0.39
5, 7
8,364,909
5,386,972
Total Financial Assets
19,228,797
16,033,489
Financial Liabilities
Trade and other payables*
3.38
7.39
10
8,816,935
20,732,525
Lease liability
6.47
6.00
9
7,877,092
7,399,478
Total Financial Liabilities
16,694,027
28,132,003
*Trade and other payables include employee related taxes and other statutory liabilities.
The carrying amounts of these financial instruments approximate their fair values.
Financial Risk Management Policies
Exposure to key financial risks is managed in accordance with the Group’s risk management policy with
the objective of ensuring that the financial risks inherent in technological activities and new business
reviews are identified and then managed or kept as low as reasonably practicable.
The main financial risks that arise in the normal course of business are market risk (including currency
risk and interest rate risk), credit risk and liquidity risk. Different methods are used to measure and
manage these risk exposures. Liquidity risk is monitored through the ongoing review of available cash
and future commitments for research expenditure. Exposure to liquidity risk is limited by anticipating
liquidity shortages and ensures capital can be raised in advance of shortages. Interest rate risk is
managed by limiting the amount of interest-bearing loans entered by the Company. It is the Board’s
policy that no speculative trading in financial instruments be undertaken to limit exposure to price risk.
Primary responsibility for identification and control of financial risks rests with the CEO and Managing
Director, under the authority of the Board. The Board is apprised of these risks from time to time and
agrees to any policies that may be undertaken to manage any of the risks identified.
Details of the significant accounting policies and methods adopted, including criteria for recognition, the
basis of measurement and the basis on which income and expenses are recognised, in respect of each
financial instrument are disclosed in Note 1 to the financial statements. The carrying values less the
impairment allowance for receivables and payables are assessed to approximate fair values due to their
short-term nature. Cash and cash equivalents are subject to variable interest rates.
Financial Report
Annual Report 2025
79
Specific Financial Risk Exposures And Management
a) Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the consolidated entity. The consolidated entity has a strict code of credit, including
obtaining agency credit information, confirming references and setting appropriate credit limits. The
consolidated entity obtains guarantees where appropriate to mitigate credit risk. The maximum
exposure to credit risk at the reporting date to recognised financial assets is the carrying amount, net of
any provisions for impairment of those assets, as disclosed in the statement of financial position and
notes to the financial statements.
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the
estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is
credit-impaired include:
a. significant financial difficulty of the customer;
b. a breach of contract;
c. it is probable that the customer will enter bankruptcy or other financial reorganisation.
Write-off policy
The Group writes off a financial asset when there is information indicating that the counterparty is in
severe financial difficulty and there is no realistic prospect of recovery. However, financial assets may
still be subject to enforcement activities, taking into account legal advice where appropriate. Any
recoveries made are recognised in the profit or loss.
Trade receivables
The Group has adopted the simplified approach to measuring expected credit losses which uses a
lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade
receivables have been grouped based on shared credit risk characteristics and the days past due.
The expected loss rates are based on the payment profiles of contracts and corresponding historical
credit losses. The historical loss rates are adjusted to reflect current and forward-looking information on
macroeconomic factors affecting the ability of the customers to settle the receivables.
On that basis, the loss allowance as at 30 June 2025 was determined as follows for trade receivables:
Current
More than 30 days
past due
More than 60 days
past due
Total
Expected loss rate
1%
22%
46%
7%
Gross carrying amount –
trade receivables
4,911,467
51,848
669,838
5,633,153
Loss allowance
46,270
11,156
310,548
367,974
Financial Report
Annual Report 2025
80
Generally, trade receivables are written off when there is no reasonable expectation of recovery.
Indicators of this include the failure of a debtor to engage in a repayment plan, no active enforcement
activity and a failure to make contractual payments for a period greater than 1 year.
Loss allowance as at 30 June 2024 was determined as follows for trade receivables:
Current
More than 30 days
past due
More than 60 days
past due
Total
Expected loss rate
3%
97%
67%
7%
Gross carrying amount –
trade receivables
3,686,933
36,959
139,727
3,863,619
Loss allowance
123,334
35,717
93,661
252,712
The Company believes that The Group’s credit risk on liquid funds is limited because the majority of
cash and deposits are held with Westpac Banking Corporation, NAB and HSBC Bank plc, all of which are
long term AA- or better credit rated banks.
b) Liquidity risk
Liquidity risk arises from the possibility that the Company might encounter difficulty in settling its debts
or otherwise meeting its obligations related to financial liabilities.
Prudent liquidity risk management implies maintaining sufficient cash reserves to meet the ongoing
operational requirements of the business. It is the Company’s policy to maintain sufficient funds in cash
and cash equivalents. Furthermore, the Company monitors its ongoing research and development cash
requirements and raises equity funding as and when appropriate to meet such planned requirements.
Trade and other payables are due within 3 months.
The tables below reflect an undiscounted contractual maturity analysis for financial liabilities.
Cash flows realised from financial assets reflect management’s expectation as to the timing of
realisation. Actual timing may therefore differ from that disclosed. The timing of cash flows presented in
the table to settle financial liabilities reflects the earliest contractual settlement dates.
On 31 January 2025, the Group entered into an unsecured loan facility agreement with Thorney
Investment Group of $5m with an 18-month term. The loan is on arms-length commercial terms and the
conditions include a 1% establishment fee, a 3% line fee and an additional 8% interest rate on drawn
funds, with no equity issuance or conversion options. There are no penalties for early payment or
termination. The Group has not drawn down on this facility to date.
Financial Report
Annual Report 2025
81
Financial Liability And Financial Asset Maturity Analysis
Within 1 Year
1 to 5 Years
>5 Years
Total Contractual Cash
Flow
Financial assets
– cash flows
receivable
2025
$
2024
$
2025
$
2024
$
2025
$
2024
$
2025
$
2024
$
Trade and other
receivables
7,258,127
4,712,006
1,106,782
674,966
-
-
8,364,909
5,386,972
Total expected
inflows
7,258,127
4,712,006
1,106,782
674,966
-
-
8,364,909
5,386,972
Financial liabilities due for payment realisable
Trade and other
payables*
8,816,935
20,732,525
-
-
-
-
8,816,935
20,732,525
Lease liability
2,540,863
2,199,123
6,915,085
4,926,073
-
965,942
9,455,948
8,091,138
Total
anticipated
outflows
11,357,798
22,931,648
6,915,085
4,926,073
-
965,942
18,272,883
28,823,663
Net
(outflow)/inflow
on financial
instruments
(4,099,671) (18,219,642) (5,808,303) (4,251,107)
- (965,942)
(9,907,974) (23,436,691)
*Trade and other payables include employee related taxes and other statutory liabilities.
c) Market risk
i. Interest rate risk
The Company’s cashflow interest rate risk primarily arises from cash at bank and deposits subject to
market bank rates. The Company does not have any borrowings or enter into hedges. An
increase/(decrease) in interest rates by 0.5% during the whole of the respective periods would have
led to a decrease/(increase) in losses of less than $100,000.
ii. Foreign currency risk
The consolidated Group undertakes certain transactions denominated in foreign currency and is
exposed to foreign currency risk through foreign exchange rate fluctuations.
Foreign exchange risk arises from future commercial transactions and recognised financial assets
and financial liabilities denominated in a currency that is not the entity’s functional currency. The risk
is measured using sensitivity analysis and cash flow forecasting.
The carrying amount of the consolidated entity’s foreign currency denominated financial assets and
financial liabilities which are different to the functional currencies of the entities in the group at the
reporting date were as follows:
Assets
Liabilities
Consolidated
2025
$
2024
$
2025
$
2024
$
Euros
534,530
174,720
2,388
1,508
US dollars
27,890
27,297
1,261,759
1,617,316
British pounds
7,590
5,322
-
-
Canadian dollars
118,344
104,545
-
-
Others
-
-
723
1,022
Total
688,354
311,884
1,264,870
1,619,846
Financial Report
Annual Report 2025
82
The consolidated entity had net financial liabilities denominated in foreign currencies of $576,516
(assets of $688,354 less liabilities of $1,264,870) as at 30 June 2025 (2024: $1,307,962 net liability
consisting of assets of $311,884 less liabilities of $1,619,846). In addition, the group has intercompany
loan balances which are denominated in foreign currencies different to the functional currencies of the
entities in the group, which have been eliminated on consolidation.
Based on this exposure, had the Australian dollar weakened by 10% / strengthened by 5% against these
foreign currencies with all other variables held constant, the consolidated entity’s equity and loss before
tax for the year would have been $57,652 higher / $28,826 lower (2024: $130,796 higher / $65,398
lower).
The percentage change is the expected overall volatility of the significant currencies, which is based on
management’s assessment of reasonable possible fluctuations taking into consideration movements
over the last 6 months each year and the spot rate at each reporting date. The actual foreign exchange
gain for the year ended 30 June 2025 was $617,081 (2024: $312,040 loss), which includes foreign
exchange impact due to intercompany loan balances.
d) Fair value measurement
Financial instruments recognised at fair value in the statement of financial position are classified using a
fair value hierarchy reflecting the significance of the inputs used in making the measurements. The fair
value hierarchy consists of the following levels:
Level 1: Quoted prices in active markets for identical items (unadjusted)
Level 2: Observable direct or indirect inputs other than Level 1 inputs
Level 3: Unobservable inputs (i.e. not derived from market data)
The classification of an item into the above levels is based on the lowest level of the inputs used that
has a significant effect on the fair value measurement of the item. Transfers of items between levels are
recognised in the period they occur.
As at 30 June 2025, there are no financial instruments recognised at fair value in the statement of
financial position.
18. Contingent Liabilities
In 2023 the Company and former CEO and founder, Steve McGovern, received letters of demand from
Peter Slaney and Lillian Slaney, who were former business partners of Mr McGovern and shareholders
in the original Dubber business vehicle prior to its acquisition by the Company, with them becoming
shareholders in the Company on its re-listing on ASX. The demand relates to various matters involving
historical business dealings with Mr McGovern in connection with the purported funding by them of the
Dubber business prior to the re-listing that is claimed also impacts the Company. The amount most
recently claimed is approximately $1 million. The Company has formed the view that it bears no
obligation or liability in respect of the matter and there is a low likelihood that any litigation will be
commenced or successful against the Company. However, there is no guarantee that a claim will not be
brought against the Company and, if commenced, that it will be resolved on favourable terms or at all.
Aside from the above, the Group has no other material contingent liabilities.
Financial Report
Annual Report 2025
83
19. Auditors’ Remuneration
Services provided by the auditors of the parent entity and the auditor’s related practices, as well as non-
EY audit firms are categorized as below:
•
Category 1: Fees paid or payable to the auditor of the parent entity for auditing the statutory
financial report of the parent covering the group, and for auditing statutory reports of any
controlled entities.
•
Category 2: Fees paid or payable for assurance services that are required by legislation and are
required by that legislation to be provided by the auditor of the parent entity.
•
Category 3: Fees paid or payable for other assurance and agreed-upon procedures services that
are required by legislation by the auditor of the parent or another non-EY audit firm; and
•
Category 4: Fees paid or payable for other services (including tax compliance).
During the year, the following fees were paid or payable for services provided by the auditor of the
parent entity and its related practices, as well as non-EY audit firms, split for the categories described
above:
EY Australia
Non-EY audit firms
2025
2024
2025
2024
Category 1 fees
595,270
614,429
93,232
87,959
Category 4 fees
-
-
13,119
30,398
Total Auditors' Remuneration
595,270
614,429
106,351
118,357
20. Commitments
The Consolidated entity has no material commitments as at reporting date (2024: Nil).
21. Operating Segments
Identification of reportable operating segments
The Group has identified its operating segments based on the internal reports that are reviewed and
used by the Board of Directors (chief operating decision makers) in assessing performance and
determining the allocation of resources.
The group has three main operating segments, specifically for the provision of subscriptions services in
Europe, United States of America (‘Americas’) and Rest of World.
Intersegment transactions
An internally determined transfer price is set for all inter-segment transactions. This price is based on
what would be realised in the event that the transaction occurred with an external party at arm’s length.
All such transactions are eliminated on consolidation.
Intersegment receivables, payables and loans
Segment assets are clearly identifiable on the basis of their nature and physical location.
Liabilities are allocated to segments where there is a direct nexus between the incurrence of the liability
and the operations of the segment. Segment liabilities includes trade and other payables.
Unallocated items
Any items noted below as ‘Other’ are not allocated to operating segments as they are not considered
part of the core operations of any segment in particular.
Financial Report
Annual Report 2025
84
Major customers
Revenues of $9,800,755 are derived from a single external customer, representing 23% of the total
services revenue. These revenues are attributed to the ‘Europe’ geographical segment. This customer
has advised that a substantial portion of its contracts will not be renewed from 1 July 2025.
Revenues by country/region
The consolidated Group’s revenues are derived from the following countries in descending order of
significance:
Country
United
Kingdom
United
States
Australia
Denmark
Luxembourg
Other
Total
Revenue
(2025)
25,110,480
11,278,123
2,874,925
974,118
851,285
1,102,947
42,191,878
Revenue
(2024)
21,696,297
8,595,919
3,007,876
822,023
3,179,721
1,357,373
38,659,209
Segment Reporting
Year ended 30 June 2025
Europe
$
Americas
$
Rest of World
$
Other
$
Elimination
$
Total
$
Revenue
26,945,844
11,982,482
3,263,552
-
-
42,191,878
Intersegment revenue
-
-
9,836,130
-
(9,836,130)
-
Direct costs
(4,661,460)
(2,636,517)
(5,181,792)
-
-
(12,479,769)
Revenue less direct costs
22,284,384
9,345,965
7,917,890
- (9,836,130)
29,712,109
Other income
59,913
-
100,850
-
-
160,763
Salaries and related
expenses
(6,561,464)
(2,998,643)
(15,199,449)
-
- (24,759,556)
Intersegment costs
(5,734,193)
(4,101,937)
-
-
9,836,130
-
Share based payments
(329,805)
(25,200)
(952,508)
(3,466,898)
-
(4,774,411)
General and administration
costs
(1,572,697)
(761,882)
(3,684,817)
(4,690,505)
-
(10,709,901)
Foreign currency gains /
(losses)
(38,391)
(23,981)
679,453
-
-
617,081
Earnings before
depreciation, amortisation,
impairment, interest and
tax
8,107,747
1,434,322
(11,138,581)
(8,157,403)
-
(9,753,915)
Finance income
69,875
-
186,597
-
-
256,472
Finance costs
(494,665)
(54,414)
(979,199)
(76,046)
-
(1,604,324)
Impairment of goodwill
(10,587,705)
-
-
-
-
(10,587,705)
Impairment of intangible
assets
(6,927,668)
-
-
-
-
(6,927,668)
Impairment of right-of-use
asset
(718,355)
-
-
-
-
(718,355)
Depreciation and
amortization
(4,063,300)
(4,803)
(2,567,216)
-
-
(6,635,319)
Profit/(Loss) before
income tax
(14,614,071)
1,375,105
(14,498,399)
(8,233,449)
- (35,970,814)
Segment assets
26,449,373
3,799,432
6,885,918
-
-
37,134,723
Segment liabilities
10,589,501
2,218,865
10,405,330
-
-
23,213,696
Net segment assets
15,859,872
1,580,567
(3,519,412)
-
-
13,921,027
Financial Report
Annual Report 2025
85
Year ended 30 June 2024
Europe
$
Americas
$
Rest of World
$
Other
$
Elimination
$
Total
$
Revenue
26,329,047
9,314,300
3,015,862
-
-
38,659,209
Intersegment revenue
-
-
2,781,213
-
(2,781,213)
-
Direct costs
(5,165,378)
(2,740,822)
(5,690,317)
-
-
(13,596,517)
Revenue less direct costs
21,163,669
6,573,478
106,758
-
(2,781,213)
25,062,692
Other income
79
-
682
-
-
761
Salaries and related expenses
(7,836,609)
(3,545,421)
(21,329,336)
-
-
(32,711,366)
Intersegment costs
(2,139,969)
(641,244)
-
-
2,781,213
-
Share based payments
(127,565)
(61,913)
(1,887,966)
(1,546,650)
-
(3,624,094)
General and administration
costs
(3,190,437)
(2,435,420)
(2,870,052)
(4,136,317)
-
(12,632,226)
Foreign currency gains /
(losses)
(133,495)
(17,103)
(161,442)
-
-
(312,040)
Earnings before
depreciation, amortisation,
impairment, interest and tax
7,735,673
(127,623)
(26,141,356)
(5,682,967)
-
(24,216,273)
Finance income
7,907
-
46,333
-
-
54,240
Finance costs
(607,999)
(20,186)
(1,237,084)
(2,279,002)
-
(4,144,271)
Impairment of goodwill
-
-
(3,224,678)
-
-
(3,224,678)
Impairment of right-of-use
asset
(1,121,053)
-
-
-
-
(1,121,053)
Depreciation and amortization
(4,368,398)
(297,549)
(3,486,709)
-
-
(8,152,656)
Profit/(Loss) before income
tax
1,646,130
(445,356)
(34,043,496)
(7,961,969)
-
(40,804,691)
Segment assets
39,259,203
4,907,888
10,127,734
-
-
54,294,825
Segment liabilities
14,384,829
2,094,041
20,329,672
-
-
36,808,542
Net segment assets
24,874,374
2,813,847
(10,201,938)
-
-
17,486,283
The year ended 2024 has been represented to include intersegment revenue and cost consistent with
the presentation adopted for the year ended 30 June 2025.
Financial Report
Annual Report 2025
86
22. Related Party Transactions
The Group’s transactions with related parties are set as follows:
Subsidiaries
The consolidated financial statements include the financial statements of Dubber Corporation Limited
and the subsidiaries listed in the following table:
Country of
Incorporation
Class of Shares
2025 (%)
2024 (%)
Medulla Group Pty Ltd
Australia
Ordinary
100
100
Dubber Pty Ltd
Australia
Ordinary
100
100
Dubber Ltd
England
Ordinary
100
100
Dubber USA Pty Ltd
Australia
Ordinary
100
100
Dubber, Inc
United States of
America
Ordinary
100
100
Dubber Connect
Australia Pty Ltd
Australia
Ordinary
100
100
CallN Pty Ltd
Australia
Ordinary
100
100
Aeriandi Ltd
England
Ordinary
100
100
Dubber UK Holdings
Ltd
England
Ordinary
100
100
Dubber Asia Pty Ltd
Australia
Ordinary
100
100
Dubber Japan K.K.
Japan
Ordinary
100
100
Pinch Labs, Inc
United States of
America
Ordinary
100
100
Pinch Labs Pty Ltd
Australia
Ordinary
100
100
Parent Entity
Dubber Corporation Limited is the ultimate Australian parent entity and ultimate parent of the Group.
Key Management Personnel
Refer to the Remuneration Report contained in the Directors’ Report for details of the remuneration paid
or payable to each member of Dubber Corporation Limited’s key management personnel for the year
ended 30 June 2025.
The totals of remuneration paid to key management personnel of the Company during the year are as
follows:
2025
$
2024
$
Short-term employee benefits
1,664,428
2,538,029
Long-term benefits
21,054
70,339
Post-employment benefits
302,529
141,336
Share-based payments
1,830,523
812,533
Total
3,818,534
3,562,237
Financial Report
Annual Report 2025
87
Other Transactions With Key Management Personnel
Steve McGovern was a Key Management Personnel in 2024. Telephony services totaling $2,057 were
provided by Canard Pty Ltd in 2024, a company associated with Mr Steve McGovern. Trade payables at
30 June 2024 include a balance of $Nil payable to Canard Pty Ltd.
Intelligent Voice and 1300 MY SOLUTION are businesses associated with Mr Steve McGovern. The
Group earned service fee income of $34,281 (2024) from Intelligent Voice and $154 (2024) from 1300
MY SOLUTION.
Director and Senior Management Share Subscription Commitment
As announced to the ASX on 31st January 2025, each of the Directors of the Company and certain
senior management have made a binding commitment to subscribe for shares in the Company to raise
approximately $1.0m at $0.04 per share. The issue of shares to Directors is conditional on receiving
shareholder approval at the 2025 AGM. Further details on the conditional issue of shares to Directors
will be set out in the relevant Notice of Meeting.
The commitment to subscribe by Director is as follows:
Individual
Number of shares
$
Matthew Bellizia
6,250,000
250,000
John Selak
10,000,000
400,000
Simon Crowther
375,000
15,000
Jeremy Davis
1,250,000
50,000
Edward Pretty
2,500,000
100,000
Senior Management*
5,750,000
230,000
Total
26,125,000
1,045,000
* Issuance of shares to senior management is not conditional on shareholder approval.
Other Transactions With Associated Entities
Thorney Investment Group owns approximately 22.1% of the Group shareholdings and Jeremy Davis
(Director) is associated with Thorney Investment Group.
On 31 January 2025, the Group entered into an unsecured loan facility agreement with Thorney
Investment Group (associated with Mr Jeremy Davis) of $5m with an 18-month term. The loan is on
arms-length commercial terms and the conditions include a 1% establishment fee, a 3% line fee and an
additional 8% interest rate on drawn funds, with no equity issuance or conversion options. There are no
penalties for early payment or termination. In 2025, the Group paid $74,658 for the facility line and
establishment fees which are included in finance costs. Trade and other payables at 30 June 2025
include $37,500 accrued line fees in relation to the loan facility. The term of the loan facility was
extended to 31 January 2027 subsequent to the balance sheet date as set out in Note 27.
On 27 November 2024 the Group granted Thorney Investment Group 30,000,000 options with a
$0.0225 exercise price expiring 30 November 2027. Refer to Note 24 for further detail.
All transactions are conducted on normal commercial terms and on an arm’s length basis.
Financial Report
Annual Report 2025
88
23. Cash Flow Information
Reconciliation of loss for the year to net cash flows from operating activities:
2025
$
2024
$
Profit/(Loss) before tax
(35,970,814)
(40,804,691)
Non-cash flows in loss:
Depreciation and amortization
6,635,319
8,152,656
Impairment expense
18,233,728
4,345,731
Share based payments
4,774,411
3,624,094
Finance costs
51,389
2,279,002
Net exchange differences
(617,081)
312,040
Changes in assets and liabilities:
Decrease/(Increase) in trade and other
receivables
(2,463,049)
875,743
Increase/(Decrease) in payables and contract
liabilities
(12,116,390)
(1,162,542)
Increase/(Decrease) in provisions
(287,707)
(452,095)
Net cash outflows from operating activities
(21,760,194)
(22,830,062)
Financial Report
Annual Report 2025
89
24. Share Based Payments
Value Of Share Based Payments In The Financial Statements
Expensed – directors and other key management personnel
remuneration:
2025
$
2024
$
Employee options
1,708,817
728,446
Fully paid ordinary shares
121,706
380,000
Sub-total
1,830,523
1,108,446
Expensed – other employees’ and consultants:
Fully paid ordinary shares
430,779
313,712
Employee options
2,513,109
2,201,936
Sub-total
2,943,888
2,515,648
Total
4,774,411
3,624,094
Options
Set out below are the summaries of options granted as share based payments:
2025
Grant Date
Expiry Date
Exercise
Price
Balance
01/07/24
Granted
Exercised
Expired
Forfeited*
Unvested
Number
vested and
exercisable
Balance
30/06/25
01/06/2020
30/11/2024
$2.01
125,000
-
-
(125,000)
-
-
-
-
24/03/2021
31/07/2024
$1.75
300,000
-
-
(300,000)
-
-
-
-
13/05/2021
12/05/2025
$2.64
250,000
-
-
(250,000)
-
-
-
-
08/06/2021
30/06/2025
$0.00
1,122,211
-
(1,122,211)
-
-
-
-
-
06/08/2021
06/08/2024
$0.00
50,000
-
(50,000)
-
-
-
-
-
30/09/2021
30/06/2025
$0.00
66,500
-
(66,500)
-
-
-
-
-
30/09/2021
30/06/2026
$0.00
100,000
-
(50,000)
-
-
-
50,000
50,000
01/12/2021
31/12/2025
$0.00
395,705
-
(268,641)
-
-
-
127,064
127,064
15/03/2022
31/03/2025
$2.01
165,000
-
-
(165,000)
-
-
-
-
15/03/2022
31/03/2025
$0.00
80,152
-
(25,000)
(55,152)
-
-
-
-
22/09/2022
30/09/2025
$0.00
289,523
-
(86,300)
-
-
-
203,223
203,223
21/11/2022
31/07/2024
$1.75
600,000
-
-
(600,000)
-
-
-
-
31/01/2023
31/03/2026
$0.00
50,000
-
-
-
-
-
50,000
50,000
31/01/2023
30/06/2025
$0.44
250,000
-
-
(250,000)
-
-
-
-
15/03/2023
31/03/2026
$0.00
853,274
-
(694,798)
-
-
-
158,476
158,476
18/10/2023
30/06/2026
$0.00
50,000
-
-
-
-
-
50,000
50,000
18/10/2023
30/06/2026
$0.15
125,000
-
-
-
-
-
125,000
125,000
18/10/2023
31/10/2026
$0.00
1,475,389
-
(720,148)
-
-
-
755,241
755,241
18/10/2023
31/10/2026
$0.176
250,000
-
-
-
-
-
250,000
250,000
29/11/2023
31/07/2027
$0.00
856,452
-
(856,452)
-
-
-
-
-
29/11/2023
31/07/2027
$0.50
600,000
-
-
-
-
-
600,000
600,000
13/03/2024
31/03/2027
$0.05
31,706,541
-
-
-
-
-
31,706,541
31,706,541
Financial Report
Annual Report 2025
90
11/06/2024
31/07/2027
$0.00
26,357,400
-
(5,000,000)
-
(507,000)
10,539,000
10,311,400
20,850,400
13/06/2024
30/09/2024
$0.00
1,467,750
-
(1,467,750)
-
-
-
-
-
13/06/2024
23/08/2024
$0.00
400,000
-
(400,000)
-
-
-
-
-
13/06/2024
30/06/2027
$0.00
1,589,807
-
(859,129)
-
(13,000)
-
717,678
717,678
10/09/2024
31/10/2027
$0.00
-
12,000,000
-
-
(12,000,000)1
-
-
-
10/09/2024
31/10/2027
$0.00
-
12,000,000
-
-
(12,000,000)1
-
-
-
10/09/2024
31/10/2027
$0.00
-
12,000,000
-
-
(12,000,000)1
-
-
-
10/09/2024
31/10/2027
$0.00
-
16,666,6671
(16,666,667)
-
-
-
-
-
10/09/2024
31/10/2027
$0.00
-
16,666,6671
-
-
-
16,666,667
-
16,666,667
10/09/2024
31/10/2027
$0.00
-
16,666,6661
-
16,666,666
-
16,666,666
10/09/2024
30/11/2027
$0.0225
-
70,000,000
-
-
-
-
70,000,000
70,000,000
8/10/2024
18/11/2024
$0.00
-
1,362,000
(1,362,000)
-
-
-
-
-
7/11/2024
13/12/2024
$0.00
-
353,272
(353,272)
-
-
-
-
-
27/11/2024
30/11/2027
$0.0225
-
30,000,000
-
-
-
-
30,000,000
30,000,000
27/11/2024
30/11/2027
$0.0225
-
30,000,000
-
-
-
-
30,000,000
30,000,000
9/12/2024
30/11/2027
$0.0225
-
15,000,000
-
-
-
-
15,000,000
15,000,000
28/01/2025
28/02/2025
$0.00
-
300,000
(300,000)
-
-
-
-
-
31/01/2025
31/01/2028
$0.00
-
1,000,000
-
-
-
1,000,000
-
1,000,000
31/01/2025
31/01/2028
$0.00
-
1,000,000
-
-
-
1,000,000
-
1,000,000
31/01/2025
31/01/2028
$0.00
-
1,000,000
-
-
-
1,000,000
-
1,000,000
31/01/2025
31/01/2028
$0.00
-
1,500,000
-
-
-
1,500,000
-
1,500,000
17/02/2025
18/08/2028
$0.00
-
24,670,711
-
-
-
24,670,711
-
24,670,711
21/02/2025
28/02/2028
$0.00
-
8,019,256
(3,740,498)
-
(100,000)
-
4,178,758
4,178,758
04/03/2025
28/02/2028
$0.00
-
2,330,895
-
-
-
-
2,330,895
2,330,895
Total
69,575,704 272,536,134 (34,089,366) (1,745,152) (36,620,000) 73,043,044 196,614,276 269,657,320
Weighted average exercise price
$0.07
$0.01
$0.00
$1.68
$0.00
$0.00
$0.03
$0.02
1 The CEO had 36,000,000 barrier ZEPOs granted on commencement date which were cancelled, replaced by 50,000,000 barrier
ZEPOs with revised terms which were then reissued during the year.
2024
Grant Date
Expiry Date
Exercise
Price
Balance
01/07/23
Granted
Exercised
Expired
Forfeited*
Unvested
Number
vested and
exercisable
Balance
30/06/24
01/06/2020
30/11/2024
$2.01
125,000
-
-
-
-
-
125,000
125,000
01/07/2020
30/06/2025
$0.00
404,425
-
-
-
(404,425)
-
-
-
30/11/2020
30/06/2025
$0.00
3,879,066
-
(2,343,959)
(1,535,107)
-
-
-
01/12/2020
30/11/2023
$1.22
50,000
-
-
(50,000)
-
-
-
-
24/03/2021
31/07/2024
$0.00
51,641
-
(51,641)
-
-
-
-
-
24/03/2021
31/07/2024
$1.75
300,000
-
-
-
-
-
300,000
300,000
03/05/2021
31/01/2024
$1.80
411,050
-
-
(411,050)
-
-
-
-
03/05/2021
31/01/2024
$1.68
75,000
-
-
(75,000)
-
-
-
-
13/05/2021
12/05/2024
$1.17
250,000
-
-
(250,000)
-
-
-
-
13/05/2021
12/05/2025
$2.64
250,000
-
-
-
-
-
250,000
250,000
01/06/2021
31/05/2024
$0.00
100,000
-
-
(100,000)
-
-
-
-
01/06/2021
31/05/2024
$1.60
100,000
-
-
(100,000)
-
-
-
-
Financial Report
Annual Report 2025
91
08/06/2021
30/06/2025
$0.00
2,244,421
-
-
-
(1,122,210)
-
1,122,211
1,122,211
19/07/2021
30/06/2025
$0.00
250,000
-
(250,000)
-
-
-
-
-
26/07/2021
31/01/2024
$0.00
96,509
-
(16,111)
(80,398)
-
-
-
-
26/07/2021
31/01/2024
$1.80
23,086
-
-
(23,086)
-
-
-
-
06/08/2021
06/08/2024
$0.00
50,000
-
-
-
-
-
50,000
50,000
20/08/2021
30/06/2025
$0.00
1,231,811
-
-
-
(1,231,811)
-
-
-
30/09/2021
30/06/2025
$0.00
400,000
-
-
-
(333,500)
-
66,500
66,500
30/09/2021
30/06/2026
$0.00
100,000
-
-
-
-
-
100,000
100,000
30/09/2021
30/06/2024
$0.00
100,000
-
-
(100,000)
-
-
-
-
01/12/2021
31/12/2025
$0.00
1,570,576
-
(1,174,871)
-
-
-
395,705
395,705
15/03/2022
31/03/2025
$2.01
165,000
-
-
-
-
-
165,000
165,000
15/03/2022
31/03/2025
$0.00
156,402
-
(76,250)
-
-
-
80,152
80,152
22/09/2022
30/09/2025
$0.00
594,177
-
(304,654)
-
-
-
289,523
289,523
21/11/2022
31/07/2024
$1.75
600,000
-
-
-
-
-
600,000
600,000
21/11/2022
N/A**
$0.00
96,988
-
(96,988)
-
-
-
-
-
31/01/2023
31/03/2026
$0.00
50,000
-
-
-
-
-
50,000
50,000
31/01/2023
30/06/2025
$0.44
250,000
-
-
-
-
-
250,000
250,000
15/03/2023
31/03/2026
$0.00
1,870,070
-
(1,016,796)
-
-
-
853,274
853,274
18/10/2023
30/06/2025
$0.00
-
735,905
(735,905)
-
-
-
-
-
18/10/2023
30/06/2026
$0.00
-
50,000
-
-
-
-
50,000
50,000
18/10/2023
30/06/2026
$0.15
-
125,000
-
-
-
-
125,000
125,000
18/10/2023
31/10/2026
$0.00
-
3,822,684
(2,347,295)
-
-
-
1,475,389
1,475,389
18/10/2023
31/10/2026
$0.176
-
250,000
-
-
-
-
250,000
250,000
18/10/2023
N/A**
$0.00
-
375,957
(375,957)
-
-
-
-
-
29/11/2023
31/07/2027
$0.00
-
856,452
-
-
-
285,484
570,968
856,452
29/11/2023
31/07/2027
$0.50
-
600,000
-
-
-
-
600,000
600,000
13/03/2024
31/03/2027
$0.05
-
31,706,541
-
-
-
-
31,706,541
31,706,541
11/06/2024
31/07/2027
$0.00
-
26,357,400
-
-
-
22,719,000
3,638,400
26,357,400
13/06/2024
30/09/2024
$0.00
-
1,467,750
-
-
-
-
1,467,750
1,467,750
13/06/2024
23/08/2024
$0.00
-
400,000
-
-
-
-
400,000
400,000
13/06/2024
30/06/2027
$0.00
-
1,991,092
(401,285)
-
-
-
1,589,807
1,589,807
13/06/2024
N/A**
$0.00
-
131,406
(131,406)
-
-
-
-
-
Total
15,845,222
68,870,187
(9,323,118)
(1,189,534)
(4,627,053) 23,004,484
46,571,220 69,575,704
Weighted average exercise price
$0.25
$0.03
$0.00
$1.19
$0.00
$0.00
$0.10
$0.07
*Forfeited options are a result of performance and/or vesting conditions not being satisfied.
** Restricted Stock Units have no expiry date.
Financial Report
Annual Report 2025
92
Share Based Payments expense includes the effects of reassessed probabilities of achievement of non-
market vesting conditions as at 30 June 2025 for options issued in prior years in accordance with the
requirements of AASB 2 Share-based payment.
During the year, the Company has granted options to employees and KMPs as well as for services
rendered by consultants and shareholders. The fair value of the options is determined using the Black
Scholes model, except for those options that are subject to a market based vesting condition which
used a binomial option pricing model. The details of the assumptions and inputs to the model for all
options granted during the year are as follows:
Granted to Non-executive Chairman:
Ted Pretty
ZEPO A
ZEPO B
ZEPO C
Grant date
31 January 2025
31 January 2025
31 January 2025
Number of options
1,000,000
1,000,000
1,000,000
Vesting date
1 Feb 2025
30 Jun 2025
1 Jan 2026
Expense recognised in FY25
($)
18,000
18,000
8,182
Dividend yield (%)
-
-
-
Expected volatility (%)
99
99
99
Risk-free interest rate (%)
3.233
3.233
3.233
Expected life of options
(years)
3.00
3.00
3.00
Underlying share price ($)
0.018
0.018
0.018
Option exercise price ($)
0.00
0.00
0.00
Option barrier price ($)
N/A
N/A
N/A
Fair value of option ($)
0.018
0.018
0.018
Expiry date
31 Jan 2028
31 Jan 2028
31 Jan 2028
Vesting conditions
-
The company achieves its
target of operating run-rate
Cash Flow Break-Even
consistent with ASX reporting
prior to 30 June 2025 – to
vest after the publication of
the FY25 Audited Annual
Report and being continually
employed by the Company up
to the date of satisfying this
condition.
Vest if the company is not
required to make any
materially adverse ASX
announcements in respect of
Governance issues prior to the
Dubber 2025 AGM, with
achievement against this
milestone assessed by the
Board and being continually
employed by the Company up
to the date of satisfying this
condition.
Financial Report
Annual Report 2025
93
ZEPO D
ZEPO E
ZEPO F
Grant date
31 January 2025
31 January 2025
31 January 2025
Number of options
500,000
500,000
500,000
Vesting date
31 Jan 2028
31 Jan 2028
31 Jan 2028
Expense recognised
in FY25 ($)
1,007
884
781
Dividend yield (%)
-
-
-
Expected volatility (%)
99
99
99
Risk-free interest rate
(%)
3.233
3.233
3.233
Expected life of
options (years)
3.00
3.00
3.00
Underlying share
price ($)
0.018
0.018
0.018
Option exercise price
($)
0.00
0.00
0.00
Option barrier price
($)
0.05
0.075
0.1
Fair value of option
($)
0.0147
0.0129
0.0114
Expiry date
31 Jan 2028
31 Jan 2028
31 Jan 2028
Vesting conditions
The 20-trading day VWAP of the
Shares on the ASX and Chi-X
markets being $0.05 or more by
the Milestone Date, and being
continually employed by the
Company up to the date of
satisfying this condition.
The 20-trading day VWAP of
the Shares on the ASX and
Chi-X markets being $0.075
or more by the Milestone
Date, and being continually
employed by the Company
up to the date of satisfying
this condition.
The 20-trading day VWAP of the
Shares on the ASX and Chi-X
markets being $0.10 or more by
the Milestone Date, and being
continually employed by the
Company up to the date of
satisfying this condition.
The awards above (ZEPO A – F) are subject to shareholder approval at the 2025 AGM. The grant date is the date the Board
approved the awards on Ted Pretty’s commencement date.
Financial Report
Annual Report 2025
94
Options granted to Director during the year:
Peter Pawlowitsch
$0.0225 Ex Options
Grant date
27 November 2024
Number of options
30,000,000
Vesting date
30 November 2024
Expense recognised in FY25 ($)
180,000
Dividend yield (%)
-
Expected volatility (%)
105
Risk-free interest rate (%)
3.968
Expected life of options (years)
1.5
Underlying share price ($)
0.017
Option exercise price ($)
0.0225
Fair value of option ($)
0.006
Expiry date
30 November 2027
Financial Report
Annual Report 2025
95
Options granted to Chief Executive Officer/Managing Director during the year:
Matthew Bellizia
STI ZEPOs
$0.0225 Ex
Options
Barrier ZEPOs
Barrier ZEPOs
Barrier ZEPOs
Grant date
10 September
2024
10 September
2024
10 September
2024
10 September
2024
10 September
2024
Number of options
6,087,570
70,000,000
16,666,667*
16,666,667*
16,666,666*
Vesting date
30 June 2025 30 November 2024
Subject to
achieving 20-day
VWAP above $0.04
barrier price by 30
September 2026
Subject to
achieving 20-day
VWAP above $0.07
barrier price by 31
March 2027
Subject to
achieving 20-day
VWAP above $0.10
barrier price by 30
September 2027
Expense
recognised in FY25
($)
200,000
590,000
358,667
90,960
65,345
Dividend yield (%)
-
-
-
-
-
Expected volatility
(%)
131
105
100
100
100
Risk-free interest
rate (%)
3.9
4.1
4.0
4.0
4.0
Expected life of
options (years)
4
1.5
1.5
1.5
1.5
Expiry date
9 September 2028
30 November 2027
31 October 2027
31 October 2027
31 October 2027
Underlying share
price ($)
0.032
0.017
0.032
0.032
0.032
Option exercise
price ($)
0.00
0.0225
0.00
0.00
0.00
Option barrier price
($)
N/A
N/A
0.04
0.07
0.10
Fair value of option
($)
0.032
0.008
0.022
0.021
0.018
*Number and terms of options granted was revised and approved by shareholders on AGM date 27 November 2024. The
disclosure table above is based on the revised terms. The revision of terms is deemed a modification of the original grant. The fair
value of the options includes the incremental fair value at the date of modification. The original and revised grants are separately
valued at modification date, with any incremental value also being amortised as an expense.
Ordinary shares granted to Employee and consultant during the year ended 30 June 2025:
Ordinary Shares
Consultant
Employee
Grant date
1 July 2024
14 August 2024
Number of ordinary shares
3,200,000
2,864,295
Value per ordinary share ($)
0.039
0.037
Expense recognised in FY25 ($)
124,800
105,979
Financial Report
Annual Report 2025
96
Options granted to Shareholder during the year:
Thorney Investment Group
$0.0225 Ex Options
Grant date
27 November 2024
Number of options
30,000,000
Vesting date
30 November 2024
Expense recognised in FY25 ($)
180,000
Dividend yield (%)
-
Expected volatility (%)
84
Risk-free interest rate (%)
3.968
Expected life of options (years)
1.5
Underlying share price ($)
0.017
Option exercise price ($)
0.0225
Fair value of option ($)
0.006
Expiry date
30 November 2027
Zero exercise price options granted to Employees and Consultants during the year ended 30
June 2025:
Zero exercise price options
(ZEPOs)
Consultants
Employees
Employees
Grant date
9 December 2024
8 October 2024
7 November 2024
Number of options
15,000,000
1,362,000
353,272
Vesting date
9 December 2024
8 October 2024
7 November 2024
Expense recognised in FY25
($)
195,000
39,498
6,006
Dividend yield (%)
-
-
-
Expected volatility (%)
108
77
77
Risk-free interest rate (%)
3.788
3.834
3.834
Expected life of options
(years)
1.5
0.0
0.0
Expiry date
30 November 2027
18 November 2024
13 December 2024
Underlying share price ($)
0.027
0.029
0.017
Option exercise price ($)
0.0225
0.00
0.00
Fair value of option ($)
0.013
0.029
0.017
Financial Report
Annual Report 2025
97
Zero exercise price options
(ZEPOs)
Employees
Employees
Employees
Employees
Grant date
17 February 2025
4 March 2025 21 February 2025
28 January 2025
Number of options
24,670,711
2,330,895
7,619,256
300,000
Vesting date
30 June
2025
28 February 2025 28 February 2025
31 January 2025
Expense recognised in FY25 ($)
1,100,000
86,243
320,009
16,200
Dividend yield (%)
-
-
-
-
Expected volatility (%)
92.6
77.2
77.2
77.2
Risk-free interest rate (%)
3.868
3.834
3.834
3.834
Expected life of options (years)
3.5
2.99
3.02
0.1
Expiry date
18 August
2028
28 February 2028 28 February 2028 28 February 2025
Underlying share price ($)
0.044
0.037
0.042
0.054
Option exercise price ($)
0.00
0.00
0.00
0.00
Fair value of option ($)
0.044
0.037
0.042
0.054
Restricted Stock Units (RSUs) granted to Employees during the year ended 30 June 2025:
Grant date
21 February 2025
Number of Restricted Stock Units
400,000
Vesting date
28 February 2025
Expense recognised in FY25 ($)
16,800
Exercise price ($)
-
Dividend yield (%)
-
Probability of target
100%
Expected volatility (%)
77.2
Risk-free interest rate (%)
3.878%
Fair value per option/ share
0.042
Expected life of options (years)
N/A
The various deferred vesting options listed above are subject to milestones or vesting dates. Probability
of achieving these milestones or vesting dates have been assessed at 100% unless otherwise stated.
The weighted average remaining contractual life of share-based payment options that were outstanding
as at 30 June 2025 was 2.30 years (2024: 2.69 years).
The weighted average fair value of share-based payment options granted during the year was $0.01
(2024: $0.046).
Financial Report
Annual Report 2025
98
In addition to the above, a number of Directors agreed to take part of their base non-executive director
fees in equity for the first 12 months after appointment. Shareholder approval is required to issue the
equity which is expected to be obtained at the upcoming AGM in November 2025. A summary of the
equity arrangement is set out below.
Annual Equity
award in lieu of
cash fee
Estimated grant date
fair value
Pro-rata share
entitlement at 30 June
2025
Pro-rata expense
recognised in the year to 30
June 2025
E Pretty
1,500,000
$27,000
625,000
$20,474
J Selak
5,000,000
$90,000
2,780,822
$77,871
S Crowther
1,500,000
$27,000
834,247
$23,361
At 30 June 2025 the issuance of any zepos is contingent on receiving shareholder approval. The year
end share price of $0.018 per share has been used as the fair value for each proposed equity award and
an expense for fees paid in equity recognised based on this estimated fair value for the pro-rata share
entitlement at 30 June 2025 based on the zepos vesting continuously throughout the year as services
are provided with no other vesting conditions. The expense for these amounts included within share
based payments in the remuneration table. In the event that shareholder approval is not obtained at the
AGM then the company will be required to negotiate an alternative remuneration package.
The equity awards will be formally valued under AASB 2 on the date approval is received by
shareholders.
Financial Report
Annual Report 2025
99
25. Parent Entity Disclosures
Summary Financial Information
The individual financial statements for the parent entity show the following aggregate amounts:
Statement of financial position
2025
($)
2024
($)
Current assets
583,363
6,889,772
Non-current assets
17,589,085
12,108,301
Total assets
18,172,448
18,998,073
Current liabilities
2,119,247
1,502,643
Non-current liabilities
2,132,174
9,147
Total liabilities
4,251,421
1,511,790
Net assets
13,921,027
17,486,283
Equity
Issued capital
353,232,255
323,504,212
Reserves
21,064,923
21,053,453
Accumulated losses
(360,376,151)
(327,071,382)
Total equity
13,921,027
17,486,283
Loss for the year
(33,304,769)
(41,699,852)
Total comprehensive loss
(33,304,769)
(41,699,852)
The parent entity had no capital commitments or contingent liabilities at 30 June 2025 or 30 June 2024.
Financial Report
Annual Report 2025
100
26. Events Subsequent to Year End
The Company issued 977,910 shares to satisfy option exercises under the Company’s ESOP plan
between 1 July 2025 and the date of this report.
The Company extended the maturity date of the $5,000,000 loan facility from the Thorney Investment
Group from 31 July 2026 to 31 January 2027 on 30 July 2025 with no other changes to the terms of the
facility. The facility remains undrawn at the date of this report.
Aside from the above, no other matters or circumstances have arisen since the end of the financial year.
Consolidated Entity Disclosure Statement
As at 30 June 2025
Entity name
Entity type
Body corporate country
of incorporation
Body corporate
% of share
capital held
Country of tax residence
Dubber Corporation Limited
Body corporate Australia
100
Australia
CallN Pty Ltd
Body corporate Australia
100
Australia
Dubber Pty Ltd
Body corporate Australia
100
Australia
Pinch Labs Pty Ltd
Body corporate Australia
100
Australia
Dubber USA Pty Ltd
Body corporate Australia
100
Australia
Dubber Asia Pty Ltd
Body corporate Australia
100
Australia
Dubber Connect Australia Pty Ltd Body corporate Australia
100
Australia
Medulla Group Pty Ltd
Body corporate Australia
100
Australia
Dubber Inc
Body corporate United States of America 100
United States of America
Pinch Labs Inc
Body corporate United States of America 100
United States of America
Dubber UK Holdings
Body corporate United Kingdom
100
United Kingdom
Dubber Ltd
Body corporate United Kingdom
100
United Kingdom
Aeriandi Ltd
Body corporate United Kingdom
100
United Kingdom
Dubber Japan K.K.
Body corporate Japan
100
Japan
Director’s Declaration
Annual Report 2025
101
Director’s
Declaration
The directors of the Company declare that:
1.
The financial statements and notes are in accordance with the Corporations Act 2001, and:
i.
comply with Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements;
ii.
give a true and fair view of the financial position of the Company as at 30 June 2025 and of its
performance for the financial year ended on that date; and
iii.
the consolidated entity disclosure statement required by Section 295(3A) of the Corporations
Act is true and correct.
2. The Managing Director and Chief Financial Officer have each declared that:
i.
the financial records of the Company for the financial year have been properly maintained in
accordance with section 286 of the Corporations Act 2001;
ii.
the financial statements and notes for the financial year comply with the accounting standards;
and
iii.
the financial statements and notes for the financial year give a true and fair view.
3. In the opinion of the directors’ there are reasonable grounds to believe that the Company will be
able to pay its debts as and when they become due and payable.
4. Note 1 confirms that the financial statements also comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board.
This declaration is made in accordance with a resolution of the Board of Directors.
Ted Pretty
Chairman
Dated: 8 September 2025
Independent Auditor’s Report
Annual Report 2025
102
Independent
Auditor’s Report
Independent Auditor’s Report
Annual Report 2025
103
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Ernst & Young
8 Exhibition Street
Melbourne VIC 3000 Australia
GPO Box 67 Melbourne VIC 3001
Tel: +61 3 9288 8000
Fax: +61 3 8650 7777
ey.com/au
Independent auditor’s report to the members of Dubber Corporation Limited
Report on the audit of the financial report
Opinion
We have audited the financial report of Dubber Corporation Limited (the Company) and its subsidiaries
(collectively the Group), which comprises the consolidated statement of financial position as at 30
June 2025, the consolidated statement of profit or loss and other comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the year
then ended, notes to the financial statements, including material accounting policy information, the
consolidated entity disclosure statement and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations
Act 2001, including:
a.
Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2025
and of its consolidated financial performance for the year ended on that date; and
b.
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the financial
report section of our report. We are independent of the Group in accordance with the auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with
the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial report of the current year. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide
a separate opinion on these matters. For each matter below, our description of how our audit
addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the
financial report section of our report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of
material misstatement of the financial report. The results of our audit procedures, including the
procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying financial report.
Independent Auditor’s Report
Annual Report 2025
104
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Revenue recognition
Why significant
How our audit addressed the key audit matter
The Group recognised $42.2m of revenue for
the year ended 30 June 2025.
Customer contracts involve judgement
regarding the period in which revenue from
services should be recognised.
We considered revenue recognition to be a Key
Audit Matter given its significance to the
financial report and being a key performance
measure for the Group.
Our audit procedures included the following:
We evaluated the appropriateness of the Group’s
revenue recognition accounting policies as set
out in Note 1 of the financial report.
We assessed the accuracy and completeness of
customer invoices through customer
confirmation or review of transaction
documents.
We examined service period dates on invoices
and the terms of customer contracts to conclude
revenue has been appropriately recorded in the
correct period.
We recalculated the accuracy and completeness
of the deferred revenue and accrued revenue
recorded.
Performed data analysis procedures over the
revenue transactions and the relationship of
these transactions against the contract liability,
trade receivables, accrued revenue and cash
accounts.
We considered the adequacy of the disclosures
in respect of revenues as set out in Note 1 of the
financial report.
Impairment assessment of goodwill and intangible assets
Why significant
How our audit addressed the key audit matter
The Group recognised an impairment expense of
$17.5m in relation to goodwill and other
identifiable intangible assets (relating to
customer and technology assets).
As outlined in Note 8 of the financial report,
impairment testing is performed by the Group
annually to support the carrying value of
goodwill and for other finite life intangibles
where there are indicators of impairment.
The recoverable amount of each of the Europe
cash generating units (CGUs), the group of
Europe CGUs and Rest of World (RoW) CGU was
primarily determined using a fair value less cost
of disposal approach that used cash flow
projections from financial budgets approved by
the Board, reflected future restructure of the
business and projected forward a further 7 year
period.
Our audit procedures included the following:
►
Assessed the Group’s identification of indicators
of impairment for each CGU.
►
Evaluated whether the Group’s determination of
its Cash Generating Units (CGUs) was in
accordance with Australian Accounting
Standards.
►
Assessed the allocation of assets to the relevant
CGUs.
►
Assessed the appropriateness of the
methodology applied to estimate recoverable
amount.
►
Assessed the key inputs and assumptions
including board approved cash flows, discount
rates and growth rates adopted in the estimated
recoverable amount.
►
Compared the cash flows used in the assessment
to the actual and budgeted financial
performance of the underlying CGUs.
Independent Auditor’s Report
Annual Report 2025
105
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Why significant
How our audit addressed the key audit matter
As this process involved estimates and
significant judgments regarding forecast future
cash flow projections, discount rates, growth
rates and terminal values, as well as the material
balances of the assets assessed, we considered
this to be a Key Audit Matter.
►
Performed a crosscheck to the implied Fair
Value Less Cost of Disposal of the Group based
on multiples derived from observable external
market data of comparable listed entities, where
available.
►
Assessed the reasonableness of the Group’s
sensitivity analysis around the key assumptions
to determine whether any reasonably possible
changes would result in an impairment where no
impairment had been recognised.
►
Assessed the Group’s allocation of impairment
to relevant assets.
►
Assessed the adequacy of the disclosures made
in the financial report.
Our valuation specialists were involved in the
conduct of these procedures where appropriate.
Going Concern
Why significant
How our audit addressed the key audit matter
At 30 June 2025, the Group had cash and cash
equivalents of $10.9m and had an undrawn
$5.0m debt facility. The Group had incurred net
cash outflows used in operating activities of
$21.8m for the year ended 30 June 2025.
As disclosed in Note 1 to the financial report,
the directors concluded that there are
reasonable grounds to believe the Group can
continue as a going concern. The Group’s
financial statements were accordingly prepared
on a going concern basis.
In making this assessment the Directors gave
consideration to forecast cash flows reflecting
the recent non-renewal of a significant customer
as well as operating cost reductions.
Given the historical results of the Group,
considerable audit effort was directed to
assessing the cashflow forecasts that supported
the Directors’ going concern assessment.
Accordingly, we considered this to be a Key
Audit Matter.
Our audit procedures included the following:
►
We agreed the cashflow model used to support
the going concern assessment to the Board
approved budget for the year ending 30 June
2026 and management forecasts for the period
after 30 June 2026.
►
We assessed key assumptions against actual
performance and supporting evidence to inform
our sensitivity analysis and considered a range
of sensitivities in the cash flow model to assess
impact on available cash and debt facilities.
►
We considered whether management’s
assessment includes relevant information
obtained throughout the audit.
►
We considered actual performance for the
month of July 2025 and cash available at 31
July 2025 against forecast.
►
We checked the existence and term of the debt
facility together with any specific conditions
relevant to its availability.
►
We enquired of management as to the existence
of relevant events or conditions beyond the
going concern period that could be relevant to
the going concern assessment.
►
We considered the adequacy of the disclosures
made in Note 1 of the financial report.
Independent Auditor’s Report
Annual Report 2025
106
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Information other than the financial report and auditor’s report thereon
The directors are responsible for the other information. The other information comprises the
information included in the Company’s 2025 annual report, but does not include the financial report
and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon, with the exception of the Remuneration Report
and our related assurance opinion.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of:
►
The financial report (other than the consolidated entity disclosure statement) that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act
2001; and
►
The consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001; and
for such internal control as the directors determine is necessary to enable the preparation of:
►
The financial report (other than the consolidated entity disclosure statement) that gives a true
and fair view and is free from material misstatement, whether due to fraud or error; and
►
The consolidated entity disclosure statement that is true and correct and is free of misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters relating to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
Independent Auditor’s Report
Annual Report 2025
107
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgment and maintain professional scepticism throughout the audit. We also:
►
Identify and assess the risks of material misstatement of the financial report, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
►
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s internal control.
►
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
►
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial report or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
►
Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events
in a manner that achieves fair presentation.
►
Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business units within the Group as a basis for forming an
opinion on the Group financial report. We are responsible for the direction, supervision and
review of the audit work performed for the purposes of the Group audit. We remain solely
responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated to the directors, we determine those matters that were of most
significance in the audit of the financial report of the current year and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Independent Auditor’s Report
Annual Report 2025
108
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Report on the audit of the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 25 to 40 of the directors’ report for the
year ended 30 June 2025.
In our opinion, the Remuneration Report of Dubber Corporation Limited for the year ended 30 June
2025, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our
responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in
accordance with Australian Auditing Standards.
Ernst & Young
David Petersen
Partner
Melbourne
08 September 2025
Shareholder’s Information
Annual Report 2025
109
Shareholder’s
Information
Additional Shareholder Information
The following additional information is current as at 22 August 2025.
Corporate Governance:
The Company’s corporate governance statement is available on the Company’s website at:
www.dubber.net/investors/investor-centre
Distribution Of Equity Securities
Holding ranges
Holders
Total units
% IC
above 0 up to and including
1,000
2,965
1,310,747
0.05%
above 1,000 up to and
including 5,000
2,094
5,324,588
0.20%
above 5,000 up to and
including 10,000
718
5,482,551
0.21%
above 10,000 up to and
including 100,000
1,925
72,426,641
2.76%
above 100,000
1,281
2,541,463,354
96.78%
Totals
8,983
2,626,007,881
100.00%
There are 6,574 shareholders with less than a marketable parcel.
Substantial Shareholders
Name
Number of Shares
% of total Shares on Issue
UBS NOMINEES PTY LTD
614,468,551
23.41%
CITICORP NOMINEES PTY LIMITED
168,170,562
6.41%
(i) Mutual relevant interest as disclosed in substantial shareholder notices.
Voting Rights
Each fully paid ordinary share carries voting rights of one vote per share.
On-Market Buyback
There is no current on-market buyback.
Annual General Meeting
The Company advises that the Annual General Meeting (AGM) of the Company is scheduled for 26
November 2025. Details of the meeting will be provided at a later date.
Further to Listing Rule 3.13.1 and Listing Rule 14.3, nomination for election of directors at the AGM must
be received not less than 35 Business Days before the meeting, being no later than 22 October 2025.
Shareholder’s Information
Annual Report 2025
110
Top 20 Holders Of Ordinary Shares
Position
r Name
Holding
% IC
1
UBS NOMINEES PTY LTD
614,468,551
23.41%
2
CITICORP NOMINEES PTY LIMITED
168,170,562
6.41%
3
HSBC CUSTODY NOMINEES (AUSTRALIA)
LIMITED
122,710,889
4.67%
4
Matthew Bellizia
107,750,000
4.10%
5
BUTTONWOOD NOMINEES PTY LTD
84,932,081
3.24%
6
Peter Pawlowitsch
63,972,060
2.44%
7
J P MORGAN NOMINEES AUSTRALIA PTY
LIMITED
51,145,506
1.95%
8
VENN MILNER SUPERANNUATION P/L
40,000,000
1.52%
9
James Slaney
36,461,933
1.39%
10
BNP PARIBAS NOMS (NZ) LTD
35,124,676
1.34%
11
HSBC CUSTODY NOMINEES (AUSTRALIA)
LIMITED - A/C 2
30,990,524
1.18%
12
JSR NOMINEES PTY LTD
25,177,776
0.96%
13
BNP PARIBAS NOMINEES PTY LTD
23,504,332
0.90%
14
RYHILL PTY LTD
20,000,000
0.76%
15
MR GLEN WILLIAM CAMERON
16,666,667
0.63%
15
MSU AVIATION PTY LTD
16,666,667
0.63%
16
BOND STREET CUSTODIANS LIMITED
16,264,194
0.62%
17
WARBONT NOMINEES PTY LTD
16,251,751
0.62%
18
PARLIN INVESTMENTS PTY LTD
15,000,000
0.57%
18
BOND STREET CUSTODIANS LIMITED
15,000,000
0.57%
19
NORTHROCK CAPITAL PTY LTD
14,800,000
0.56%
20
SHARESIES AUSTRALIA NOMINEE PTY
LIMITED
14,157,704
0.54%
Total
1,549,215,873
59.02%
Total issued capital - selected security class(es)
2,625,029,971
100.00%
Shareholder’s Information
Annual Report 2025
111
Unquoted Equity Securities
Number
Number
of holders Class
Holder
208,476
25
Unlisted ZEPOs expiring 31 March 2026
EIP
125,000
1
Unlisted options exercisable at $0.15 expiring 30 June 2026
EIP
127,064
5
Unlisted ZEPOs expiring 31 December 2025
EIP
203,223
16
Unlisted ZEPOs expiring 30 September 2025
EIP
100,000
1
Unlisted ZEPOs expiring 30 June 2026
EIP
755,241
9
Unlisted ZEPOs expiring 31 October 2026
EIP
250,000
1
Unlisted options exercisable at $0.176 expiring 31 October 2026
EIP
31,706,541
1
Unlisted options exercisable at $0.05 expiring 31 March 2027
Tiga Trading Pty Ltd
717,678
12
Unlisted ZEPOs expiring 30 June 2027
EIP
20,850,400
27
Unlisted ZEPOs expiring 31 July 2027
EIP
600,000
1
Unlisted options exercisable at $0.50 expiring 31 July 2027
EIP
33,333,333
1
Unlisted ZEPOs expiring 31 October 2027
EIP
5,531,743
22
Unlisted ZEPOs expiring 28 February 2028
EIP
145,000,000
4
Unlisted options exercisable at $0.0225 expiring 30 November 2027
Multiple
All unquoted equity securities relating to the Company’s Incentive Plans with the exception of 31,706,541
options issued to Tiga Trading Pty Ltd, and 145,000,000 options issued to the following:
•
30,000,000 Tiga Trading Pty Ltd
•
30,000,000 Peter Pawlowitsch
•
70,000,000 Matthew Bellizia
•
15,000,000 Parlin Investments Pty Ltd
Corporate Directory
Annual Report 2025
112
Board Of Directors
Ted Pretty
Non-Executive Chairman
Matthew Bellizia
Executive Director
John Selak
Non-Executive Director
Simon Crowther
Non-Executive Director
Jeremy Davis
Non-Executive Director
Company Secretary
David Franks
Share Registry
Automic Registry Services (Automic Pty Ltd)
L5, 191 St Georges Terrace Perth WA 6000
Telephone: +61 8 9324 2099
Auditor
Ernst & Young
8 Exhibition Street
Melbourne VIC 3000 Australia
Securities Exchange
Dubber Corporation Limited shares are listed
on the Australian Securities Exchange
ASX Code: DUB
Principal Place Of Business And
Registered Office:
Level 5-7, 2 Russell Street
Melbourne VIC 3000
P: 1800DUBBER (382237)
E: investor@dubber.net
www.dubber.net
Corporate
Directory
Australia
Melbourne
Level 5-7, 2 Russell Street,
Melbourne VIC 3000,
Australia
United Kingdom
Oxford
Ground Floor West,
King Charles House
Oxford OX1 1JD, UK
Investor Relations
investor@dubber.net
Principal Place Of Business
And Registered Office:
Level 5-7, 2 Russell Street,
Melbourne VIC 3000,
Australia
dubber.net