Daily Brief Australia: PointsBet Holdings , DUG Technology Ltd, Paladin Energy, Pointerra Ltd, Provaris Energy and more

• Betr Entertainment (BBT AU) has bumped scrip terms to 4.375 betr shares per PointsBet Holdings (PBH AU) share, equivalent to A$1.31/share, based on betr’s last traded price. 
• True to form with betr, there’s a typo in its latest announcement stating a 4.735 ratio. betr just issued a Bidder’s Statement with the correct info.
• Apologies: in my last note I mentioned Mixi Inc (2121 JP) had bumped to A$1.30/share. However, that was predicated on Mixi securing 90%, which won’t happen if betr doesn’t tender.

DUG Technology’s FY25 results confirmed that order intake stepped up in H225, with intake of $45.7m 131% higher half-on-half, resulting in a record order book of $52m at the end of the year. While revenue came in marginally below our forecasts, EBITDA was stronger, with the margin down only 0.7pp y-o-y despite investment in international expansion during FY25. We have revised our forecasts to reflect the better-than-expected order intake, lifting revenue by 1.2% in FY26 and FY27 and EBITDA by 11.9% and 10.8% respectively.

• FY2025 results marked Paladin’s return to production with solid revenues but a net loss driven by ramp‑up costs and one‑offs.
• Forecasts were revised lower to reflect a slower ramp and stickier costs, though profitability is expected from FY2026.
• Valuation looks stretched on earnings multiples but increasingly attractive on an EV/EBITDA basis as uranium prices rise.

• Pointerra Ltd (ASX:3DP) provides a powerful cloud-based solution (Pointerra3D) for managing, visualising, analysing, using and sharing massive 3D point clouds and geo-spatial datasets.
• Pointerra3D is a proprietary digital twin Software-as-a-Service (SaaS) platform which delivers predictive digital insights and definitive answers to complex physical asset management questions.
• Pointerra has reported FY25 revenue of $11.0m, up 45% on the previous corresponding period (pcp) and largely in-line with our forecast.

• RaaS Research Group interviewed Pointerra CEO Ian Olson post the company’s results.
• This is a full transcript.

• Provaris Energy Ltd (PV1.ASX) represents an unique investment opportunity as a leveraged play on the growing shift to alternative energy and carbon reduction, particularly in Europe, but applicable on a global basis.
• Having announced a successful $1m raising through a placement (ASX:PV1 – Funding to Accelerate H2 and CO2 Commercialisation), the company is well placed to progress both of its compressed hydrogen and liquid CO2 (LCO2) projects through 2025.
• The next 6-12 months should see two hydrogen supply, offtake and shipping agreements become unconditional, completion of the construction, testing and certification of its proprietary hydrogen ‘storage tank’ design and its CO2 FEED evaluation in partnership with Yinson.