Year-on-year gain: 700 percent
Market cap: AU$220.22 million
Share price: AU$1.92

The first top-gaining ASX tech stock on this list is SKS Technologies, which designs and installs advanced electrical technology solutions, including converged audio-visual/information technology, electrical and communication networking systems across Australia.

SKS secured a number of significant contracts in 2024. In May, the company was awarded several major defence contracts worth a combined AU$11 million for electrical and communications infrastructure projects at the Australian Defence Force’s RAAF Base Tindal in the Northern Territory.

That same month, SKS confirmed a AU$13.5 million contract for the supply and installation of electrical systems for an international hyperscale data centre in Melbourne through Built, one of Australia’s largest construction firms. SKS was awarded another AU$20 million contract through Built in September, along with a AU$22 million data centre contract with Erilyan Projects, a major construction company.

For its fiscal year 2024 ending June 30, SKS reported sales revenues of AU$136.31 million, up 63.7 percent from the previous year. For its fiscal year 2025 guidance, the company is looking towards a forecasted AU$200 million in sales revenue.

Year-on-year gain: 350 percent
Market cap: AU$25.91 million
Share price: AU$0.081

Adisyn is a data protection, management and security company that offers products and services to small- and medium-size enterprises, including those operating in Australia’s defence industry supply chain. The company focuses on cybersecurity and AI technologies. In 2023, the company initiated a shift away from providing cloud services towards generative AI solutions and microservices.

In July 2024, Adisyn announced a collaboration with Israeli semiconductor firm 2D Generation for the development of high-performance, energy-efficient semiconductors for AI and data centers. 2D Generation is a partner in the European Union’s Connecting Chips Joint Undertaking along with NVIDIA (NASDAQ:NVDA), IMEC, Valeo (CBOE:FRP), Applied Minerals, NXP, (NASDAQ:NXP) and Unity. As of November, Adisyn has a binding agreement to acquire 2D Generation.

Year-on-year gain: 350 percent
Market cap: AU$32.54 million
Share price: AU$0.135

Next on this list of top-gaining ASX tech stocks is NoviqTech, an AI and distributed ledger technology company that provides clients in various sectors of industry with supply chain, carbon emissions and guarantee of origin reporting services.

In March, NoviqTech inked a commercial deal providing its flagship software-as-a-service (SaaS) Carbon Central product to Power Synch to create a green hydrogen tracking service for Power Synch’s hydrogen hub clients in the United States to aid in qualifying for tax credits under the US Biden Administration’s Inflation Reduction Act. NoviqTech announced the addition of Google’s Gemini AI functionality to Carbon Central in June.

Later in the summer, the company secured a commercial agreement with Global Resource Recovery (GRR) to use the Carbon Central SaaS to track recycling processes at its Darwin facility, and help GRR to provide a transparent and verifiable guarantee of origin for its recycled products. Another agreement for guarantee of origin tracking came in September, this time with Clean Hydrogen Technologies concerning the production of turquoise hydrogen. Finally, in the last month of the year, NoviqTech made GRR a channel partner for bringing Carbon Central to Australia’s oil and gas sector.

Year-on-year gain: 326.83 percent
Market cap: AU$43.65 million
Share price: AU$0.175

Singular Health Group is a medical imaging technology company. Its technology platform incorporates 3D printing, virtual reality and AI for helping medical professionals and patients plan for surgery. The company’s 3Dicom software solutions is cleared for diagnostic use in the United States and is used in medical education.

In early August, Singular Health Group reported on a significant development milestone involving its collaboration with AI firm Relu BV in the dental market. The partners have successfully integrated Relu’s dental AI model into the 3Dicom ecosystem. This can allow for patient and medical education, pre-operative planning as well as 3D printing of anatomical models.

In November, Singular signed a memorandum of understanding with Florida, US, based managed service organisation Provider Network Solutions (PNS) for Singular Health’s 3Dicom software. PNS, which has more than 3.7 million member plans under management, also agreed to a AU$500,000 equity investment in Singular Health.

“The MOU provides a definitive pathway towards an initial commercial pilot, a subsequent full-scale rollout throughout the PNS network, and a planned National rollout to PNS’ wider network,” the press release stated.

Year-on-year gain: 324.79 percent
Market cap: AU$602.3 million
Share price: AU$2.57

Appen operates as a trusted partner to firms transitioning to AI usage, with a suite of industry-specific large language models and AI-training products.

At the start of 2024, long-time partner Alphabet (NASDAQ:GOOGL) ended its arrangement to focus on in-house AI. In October, Appen reported Q3 fiscal year 2024 revenues totalling AU$54.1 million, down 13 percent from the same quarter in the previous year. Excluding Google, revenue for the quarter actually grew by 35 percent.