Samso ASX AI Technology Radar: Weekly Review.
- Noel Ong
- Jul 16
- 9 min read
Updated: Jul 16
Announcement
I’ve been keeping an eye on how Artificial Intelligence (AI) continues to make its presence felt in the small-cap space on the ASX. While AI is often associated with big tech names, the more interesting stories—at least for those of us with a curious, investor-focused mindset—are often found in the places where commercial traction is building quietly. The ASX AI Technology sector is still relatively flying below most investors' radar screen, so lets see if we can get more light onto this globally important sector of business.
This week, we’re revisiting three companies that have caught our attention: BluGlass (ASX: BLG), Locate Technologies (ASX: LOC), and Spenda (ASX: SPX). Each of these companies recently recorded share price movements that piqued our curiosity, not necessarily as the "top picks," but rather as examples worth reviewing for how AI is influencing their commercial models.
BluGlass Limited (ASX: BLG) – AI’s Silent Partner in Photonics Precision
When you look at BluGlass, you're not looking at a traditional AI company. But the company’s GaN (Gallium Nitride) laser technologies are foundational to many high-performance, AI-driven systems, particularly in quantum computing, defence, and biotech.
In Q3 FY25, BluGlass achieved several commercial and technical milestones:
$1.34M in revenue, with a strong pipeline valued between $90–100 million.
Record-breaking laser performance, reaching 1250 mW output while maintaining single-mode operation—important for AI-integrated LiDAR and sensing platforms.
Recently approved as a supplier to the Indian Ministry of Defence, securing a $230k order.
A$7.6 million capital raise (A$2.3 m placement + A$5.3 m SPP) completed mid-2025 to fund manufacturing upgrades and accelerate commercialisation of its GaN laser portfolio
BluGlass’s visibility at major conferences such as Photonics West and its deep engagement with global defence primes suggest this isn’t just an R&D play—it’s becoming a commercial hardware enabler for high-end AI systems.
Figure 1: BLG Share Price Movement – 12-Month Overview (source: ASX)
Performance in 2025 (Figure 1):
1. Secured Major Defence Contracts
Approved as a supplier to the Indian Ministry of Defence (April 2025) and secured the first AUD 230,000 order for GaN laser development services.
Ongoing CLAWS Hub collaboration with North Carolina State University continued to generate multi-million-dollar U.S. DoD subcontracts, ensuring healthy near-term cash flow.
2. Record-Setting Technical Breakthroughs
Achieved world-record 1,250 mW output from a single-mode GaN laser chip in Q3 FY25, preserving single-spatial-mode operation.
Secured repeat orders (e.g., AUD 120,000 from UCF’s CREOL) based on clear performance advantages over incumbent laser diodes.
Filed three U.S. provisional patents (January 2025) for high-peak-power continuous-wave tunable GaN lasers targeting defence, quantum, and biomedical markets, strengthening IP moat.
3. Revenue Growth & Expanding Pipeline
Q3 FY25 revenue rose to A$1.34 million, driven by development contracts, government program payments, and first-production foundry services for a European wafer developer.
Active pipeline expanded to ~26 qualified opportunities across quantum, defence, aviation, and biomedical segments, representing A$90–100 million in potential project value.
4. Strategic Advisory Board & Commercial Focus
Established an Industry Advisory Board (chaired by Prof. Steven DenBaars and Dr Richard Craig) in Q1 2025 to accelerate go-to-market strategy and shorten lead times from prototype to production.
Pivoted from R&D to commercial deployment by hiring key business development executives and showcasing next-gen gain-chip architectures at Photonics West 2025.
5. Strengthened Balance Sheet to Fund Growth
Raised A$7.6 million via a placement (A$2.3 m) and Share Purchase Plan (A$5.3 m) in mid-2025 to upgrade manufacturing capacity and support scaling of its GaN laser business .5.
Jim Haden, CEO, commented:
“This capital is instrumental to our continued growth, facilitating capabilities that underpin our world-class laser performance while providing a funding runway as we convert our growing project pipeline into large-scale, long-term revenues. These discussions and negotiations continue to progress as we work with key industry partners to design-in BluGlass lasers in next-generation quantum, aerospace, and defence applications.
The strength of our pipeline reaffirms our project-to-product strategy is the surest path to delivering long-term shareholder value.”
For me, BluGlass sits at the hardware layer of the AI revolution. It’s not AI software, but it’s what AI needs to see, sense, and communicate in high-fidelity environments.
Locate Technologies (ASX: LOC) – AI in Last-Mile Logistics
The company formerly known as Zoom2u is now operating under the name Locate Technologies, and AI has become central to its growth narrative.
Here’s what stood out:
Capital Reinforcement: Raised A$320k via its ATM facility in June 2025—lifting total proceeds to A$875.7k at A$0.144 per share—to bolster the balance sheet for further AI-driven growth.
AI-as-a-Service: Locate2u isn’t just using AI—they’re offering AI tools to customers in logistics.
Features like AI photo verification for deliveries, chatbots that answer data queries, and WhatsApp-based notifications show practical, bottom-line applications of AI.
Locate2u revenue rose 10% YoY in Q3 FY25, with a growing SME customer base globally.
Group-level EBITDA is nearly break-even, reporting–$9k excluding one-offs, indicating tighter control on operations.
The real signal here is the integration of AI into operational workflows, not as a gimmick but as a method for cost reduction and customer value enhancement. Their "AI-first, then headcount" philosophy is a clear marker of a business committed to scalable efficiency.
Figure 2: LOC Share Price Movement – 12-Month Overview (source: ASX)
Performance in 2025 (Figure 2):
1. Balance Sheet Strengthening
Raised A$320k via its ATM Facility in June 2025—bringing total ATM proceeds to A$875.7k at A$0.144 per share—providing capital for AI-driven product development and expansion.
2. AI-First Product Differentiation
Rolled out AI-powered proof-of-delivery verification, in-app chatbots, automated billing, and WhatsApp notifications, delivering measurable cost savings and service enhancements that drove 10 % YoY growth in Locate2u revenue to A$681k in Q3 FY25.
3. Strategic Rebranding
The April 2025 name change from Zoom2u to Locate Technologies clarified its transition to a SaaS logistics platform with embedded AI services, reinvigorating investor interest and resonating with enterprise customers.
4. Operational Efficiency & Profitability
AI-enabled automation (route optimisation, driver onboarding) cut operating expenses by 4 % YoY (LTM Q3 FY25), helping the group achieve a near-breakeven underlying EBITDA of–A$9k (ex-one-offs).
5. Sales Engine Expansion
Secured ~200 new paying SME accounts and completed multiple enterprise-grade implementations in Q3 FY25, laying the groundwork for consistent ARR growth through 2025 and beyond.
It’s a subtle evolution, but one that aligns well with broader enterprise SaaS and logistics automation trends.
Spenda Limited (ASX: SPX) – Enabling AI in SME Finance Networks
Spenda is different from the first two—it’s a payments and software company building digital infrastructure for B2B transactions. It's AI angle? Automated financial workflows and invoice management that reduce friction in how businesses buy, sell, and get paid.
Q3 FY25 showed some solid underlying business momentum:
$2.37M in cash receipts, up 160% YoY, and forecast to exceed $4M in Q4.
AI partnership with Fresh Supply Co to integrate smart invoice capture and automated
payment processing into their SwiftStatement and AR/AP platforms.
ISO 27001 Certification achieved in Q1 2025—complementing SOC 2 and PCI-DSS compliance—to enhance trust for data-sensitive AI-enabled SaaS offerings.
Spenda may not be a pure AI play, but what they are building—digitised, intelligent payment infrastructure—creates the environment where AI can automate finance across SME networks.
Figure 3: SPX Share Price Movement – 12-Month Overview (source: ASX)
Performance in 2025 (Figure 3):
Explosive Cash-Receipts Growth & Loan Book Monetisation: Q3 FY25 cash receipts surged to A$2.37 M (+160 % YoY) after selling its invoice finance loan book for A$2 M—de-risking the balance sheet and funding core SaaS expansion; management forecasts Q4 receipts > A$4 M.
AI-Powered AR/AP Platforms: Partnered with Fresh Supply Co to develop and embed AI components within SwiftStatement (AR) and SpendaAP (AP), automating invoice capture, data extraction, and payment workflows—technology set to be jointly commercialised and complementary to Spenda’s core offerings. These enhancements underpin broader enterprise roll-outs, including customised implementations across the Carpet Court store network under the SOE program.
Enterprise-Grade Security Credentials: Achieved ISO 27001 accreditation in Q1 2025—complementing existing SOC 2 and PCI-DSS compliance, which strengthened Spenda’s credibility with larger corporates and government clients and enabled expanded roll-outs such as the Carpet Court SOE implementations.
Diversified Growth Channels & Embedded Credit: Virtual-card programme continues to generate high-margin revenues, supporting Spenda’s service diversification. Signed a 10-year Technology & Funding Agreement with APG Pay (A$50 million facility) to launch a closed-loop corporate credit platform, underpinning future high-margin financing services.
Lean Operating Model: Normalised monthly cash burn decreased to A$420,000 in Q3 FY25 from A$624,000 in Q3 FY24, reflecting staff cost savings from the invoice finance loan book sale and other cost-control measures.
Adrian Floate, Managing Director, commented:
“The business is performing well with triple digit annual growth in cash receipts and strong, growing diversified income streams. I couldn’t ask for more from the team, who have performed well. This quarter should see us take a leap forward as we aim to post a record quarter for cash receipts from customers based on strong performance in the month of April.”
With key partners like Capricorn and Carpet Court rolling out digitised solutions, Spenda’s AI enhancements could help lower customer acquisition friction and support broader SaaS growth.
Samso Concluding Comments
As a new player in the ASX AI Technology space, I am interested and want more understanding of how each of these companies—BluGlass, Locate Technologies, and Spenda—has turned targeted AI applications into real commercial traction. BluGlass’s mix of defence endorsements, world-record laser performance, and a growing project pipeline demonstrates that deep technical leadership when focused, can unlock substantial recurring revenue. Their success underscores the value of marrying precision hardware breakthroughs with clear market needs.
Locate Technologies shows that AI need not be a headline-grabbing buzzword to drive results. By embedding automation into proof-of-delivery, billing, and customer support, they’ve not only streamlined operations but also nearly breakeven on EBITDA while delivering double-digit revenue growth. Their “AI-first, then headcount” discipline is a model for SaaS businesses aiming to scale efficiently without sacrificing margin.
Spenda’s evolution from a loan-book origin to a diversified SaaS and payments platform highlights the power of embedding intelligent automation into finance workflows. The sale of its finance book de-risked the balance sheet, while AI-enhanced AR/AP tools and virtual-card services are setting the stage for sustained high-margin growth. Their ISO 27001 certification further positions them to win enterprise-grade clients who demand robust security alongside innovation.
At Samso, we believe the most compelling investment stories emerge where practical AI solutions meet real-world demand. These three companies exemplify that approach—quietly solving concrete problems, winning reputable customers, and building pipelines that support durable, long-term growth. I’ll be keeping a close eye on how they convert these 2025 milestones into persistent revenue streams and expanding margins.
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