ASX tech share Dubber Corp Ltd (ASX: DUB) is off to the races today, fuelled by its AI developments.
Shares in the tech company, which specialises in conversational artificial intelligence (AI) products, were up more than 18% earlier in the day.
At the time of writing, shares are up 10%. And this comes after the ASX tech share closed up 15% on Friday.
Investor interest looks to be stoked by record full-year revenue guidance on the back of the company's recent release of its AI product suite 'Moments'.
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ASX tech share forecasts record revenue on AI product sales
Investors are bidding up the Dubber share price after the ASX tech share reported it is on track for record FY23 revenue of $30 million.
Following on the launch of its conversational AI product on 30 May, the company expects its fourth quarter (Q4 FY23) revenue to be 20% more than its Q3 revenue.
And the ASX tech share expects that "universal demand" for its AI products will see it deliver revenue of $45 million in FY24.
Dubber has also been working on cutting costs. The company forecasts that this will see its net operating cash outflows for FY24 come in at $20 million, or less. Management expects a closing cash balance at the end of FY24 in the range of $8 million to $10 million.
Looking further ahead, the company said it's on track to achieve cash flow break even in FY25 within its existing cash reserves.
That revenue growth forecast is partly based on the ASX tech share fulfilling its long-standing mission for "Dubber AI to be a standard feature of communications networks … globally".
Commenting on the progress sending the Dubber share price soaring today, CEO Steve McGovern said, "There is an expectation globally that AI will have significant impact in our daily lives."
McGovern added:
Dubber uniquely brings that capability to communications networks, the very source of the call, backed by a brand that is trusted and widely regarded by the world's communications service providers as the leader in network-based data capture and Conversational AI.
Dubber share price snapshot
Despite the big boost over the past two trading days, the ASX tech share remains down 69% over the past 12 months.
