• ASX tech sector soars 19.48% in February far outpacing broader markets and the tech-heavy NASDAQ
  • Way2VAT up 111% after positive news including launch of AI-driven automated accounts payable auditing product
  • HCL  falls 59% in February after disappointing H1 FY24 results including NPAT loss of $13.5m and EBITDA loss of $12.1m

February 14 marks Valentine’s Day but love was in the air all month for the ASX tech sector. The S&P/ASX 200 Info Tech (ASX:XIJ) index soared 19.48% in February to be the top performer of the bourse’s 11 sectors for the month and far outpacing the benchmark S&P/ASX 200 which rose just 0.79%.

Source: S&P Dow Jones Indices


In the US despite persistent concerns about inflation and the Federal Reserve’s future rate path, markets and the tech sector in particular remained resilient in February buoyed by sustained interest in AI. The S&P 500 Information Technology index recording a 6.31% gain.

The US NASDAQ Composite index, the bellwether for the global tech sector which rallied by more than 44% in 2023, climbed 4.75% in February after rising ~2.70% in January.

All investor eyes were on NASDAQ-listed tech giant Nvidia, which reported a massive surge in profits in February.   The AI chipmaker giant reported revenue of $US22.1 billion for Q4, reflecting a staggering 265% increase from a year ago.  For FY24 revenue was up 126% to US$60.9 billion.

Following release of its latest results investors rushed into the stock, elevating Nvidia’s market valuation by $US250 billion on February 22,  the largest single-day gain in Wall Street history.

Here are the top ASX Tech Winners for February 2024

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Code Name Price % Change Market Cap
BRN Brainchip Ltd 0.385 148% $695,238,654
W2V Way2Vatltd 0.019 111% $12,380,560
EOS Electro Optic Systems 1.825 86% $312,505,711
WHK Whitehawk Limited 0.031 72% $10,480,192
DRO Droneshield Limited 0.69 62% $422,385,992
CCR Credit Clear 0.29 61% $121,033,201
DUB Dubber Corp Ltd 0.22 57% $86,077,262
BVS Bravura Solution Ltd 1.24 55% $555,958,962
4DS 4DS Memory Limited 0.105 54% $185,097,666
ADS Adslot Ltd 0.003 50% $9,673,487
MP1 Megaport Limited 14.47 48% $2,302,536,001
OEC Orbital Corp Limited 0.12 45% $17,496,808
FND Findi Limited 2.22 43% $108,338,711
NXL Nuix Limited 2.12 41% $681,718,627
AND Ansarada Group Ltd 2.43 39% $217,092,701
DCC Digitalx Limited 0.068 39% $53,536,370
AD8 Audinate Group Ltd 23.18 36% $1,926,462,818
JAN Janison Edu Group 0.34 36% $86,904,987
YOJ Yojee Limited 0.051 36% $8,880,789
NVX Novonix Limited 0.82 34% $400,869,949
ASV Asset Vision Company 0.012 33% $8,710,039
IS3 I Synergy Group Ltd 0.008 33% $2,432,643
WTC Wisetech Global Ltd 94.48 32% $31,502,161,230
ALU Altium Limited 64.76 32% $8,543,582,029
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Brainchip Holdings (ASX:BRN) a developer of neuromorphic microchips, found itself topping the ASX tech winners in February as AI enthusiasm continues to be a major theme for markets in 2024.

BRN’s impressive growth for the month came despite the company experiencing a 35% drop on February 27,  after its latest earnings showed that it was rapidly burning through cash with yet another full year loss.

READ: Brainchip’s potential in Edge AI is undeniable, but can sales catch up with its cash burn?

Fintech Way2VAT (ASX:W2V) surged 111% in February.  The fintech company that provides a fully automated end to end VAT/GST reclaim solution made a series of announcements during the month, including launch of a new AI-driven automated accounts payable auditing product, AI-AP Compliance.

The product will complement the W2V’s existing suite of AI-powered VAT/GST claim and return solutions. W2V says using a world-first document first compliance technology, AI-AP Compliance verifies proper submission of AP and domestic VAT/GST expenses to tax authorities on invoices up to four years old.

During February the company also released its fully-year FY23 results including transaction volume of $23.7m, up 11% on pcp and reported revenue of $3.1m, up 64% on pcp.

W2V also announced it had completed a $4.25m placement strongly supported by Australian and international institutional investors and launched a $1m share purchase plan.

Aerospace company Electro Optic Systems (ASX:EOS) was up after releasing its full year results which included a rise in revenue from the 59% rise in revenue from continuing operations to $219.3m.

Underlying EBITDA from continuing operations showed a positive swing of $48.6 million to a profit of $5.7m from the $42.9m loss reported a year earlier.

EOS says the increase in revenue was driven partly by higher Defence Systems segment revenue, up from $105.9m in 2022 to $155.4m in 2023.

Revenue in the company’s space segment was also up on prior year to $63.9m from $32m, driven by the growth in the EM Solutions business.


Here are the biggest ASX Tech Losers for February 2024

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Code Name Price % Change Market Cap
HCL Highcom Ltd 0.145 -59% $14,888,987
NET Netlinkz Limited 0.003 -50% $11,635,345
BLG Bluglass Limited 0.033 -37% $54,961,542
EVS Envirosuite Ltd 0.06 -35% $76,085,523
BDT Birddog 0.055 -34% $10,617,260
BCT Bluechiip Limited 0.007 -33% $6,402,759
SOV Sovereign Cloud Hldg 0.047 -31% $15,951,832
IXU Ixup Limited 0.025 -26% $27,188,390
NUH Nuheara Limited 0.081 -26% $19,097,836
CGO CPT Global Limited 0.105 -25% $4,399,223
PPK PPK Group Limited 0.635 -24% $56,698,701
EPX EPT Global Limited 0.024 -23% $14,105,862
ICE Icetana Limited 0.027 -23% $7,144,968
AKP Audio Pixels Ltd 6.2 -22% $181,102,620
FCL Fineos Corp Hold PLC 1.655 -20% $559,919,046
EXT Excite Technology 0.008 -20% $10,633,934
1CG One Click Group Ltd 0.008 -20% $5,505,431
EXT Excite Technology 0.008 -20% $10,633,934
ROC Rocketboots 0.096 -20% $3,603,696
5GN 5G Networks Limited 0.15 -19% $51,351,802
CAG Caperangeltd 0.13 -19% $12,338,079
EIQ Echoiq Ltd 0.115 -18% $56,885,253
CF1 Complii Fintech Ltd 0.019 -17% $10,790,490
QHL Quickstep Holdings 0.2 -17% $14,345,243
KYP Kinatico Ltd 0.1 -17% $43,359,198
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Formerly known as XTEK, ballistics maker Highcom (ASX:HCL) continues to see its share price fall in 2024, topping the loser list for February with a loss of 59%. The company’s share price is down 62.50% YTD.

It was a big month for HCL, which operates two divisions – unmanned drones and making body armour and helmets, based on its proprietary tech.

On February 12 HCL announced H1 FY24 guidance including net loss in the range of $13-$15m due to disappointing sales and the board’s decision to recognise a one-off non-cash write down of inventory value of $4-$6m.

“In response to today’s guidance, the directors will oversee a cost reduction program in addition to the recently announced savings from the closure of the Adelaide Manufacturing Centre,” the announcement says.

“In personal alignment, directors have agreed to a temporary reduction in board fees for the next three months while the cost reduction program is undertaken.”

Furthermore, HCL says it was undertaking a company-wide review in an effort to return the company to an EBITDA positive position for H2 FY24.

“We are unhappy with current business performance, recognise the need to act swiftly and wish to assure shareholders that we remain focused on doing what is needed to enable HighCom Group to be a world-class company servicing the Defence and Law Enforcement industries,” chairman Mark Stevens says in the announcement.

And swiftly changes came a day later on February 13, with HCL announcing that Scott Basham had resigned as group CEO after more than two years effective immediately and Stevens appointed as executive chairman.

To finish the month on February 29 HCL reported its final results for H1 FY24, revealing revenue of $14.9m and a NPAT loss of $13.5m.  EBITDA loss amounted to $12.1m, including a non-cash impairment of $6.2m.

HCL says results were influenced by slower sales in HighCom Armor Plus and timing issues with contract execution, causing revenue to be pushed into the second half.

The company says it remains committed to its long-term strategic goals and returning to EBITDA positive in H2 FY24.