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Birddog Technology Ltd ASX:BDT

0 opened or increased0 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

10 Apr 2024 to today

Commentary Showing 2 of 5

DateManagerActionSummary

30 Jun 2025Cyan Investment ManagementExitCyan Investment Management exited the majority of its position in Birddog Technology Ltd after the company announced an increase in its equal access share buyback price from $0.05 to $0.07 per share, with the fund selling down most of its holding given the current market price of $0.068 — near the buyback offer price. Cyan Investment Management notes the stock had risen 45% on the buyback announcement.

Share BuybackMonthly Report

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30 Apr 2025Cyan Investment ManagementHeldThe manager notes the strongest gain came from video technology solutions company BirdDog, which they have repeatedly described as fundamentally underpriced. The board has proposed to delist the company, giving investors the option to continue holding in the unlisted space or sell into an Equal Access Share Buy-back at $0.050. The manager observes that with $0.053 cash and approximately $0.051 of inventory per share, the $0.05 price equates to a huge discount to NTA and a negative enterprise value, meaning if only the board, founder and management elect to go private they would own the entire business, cash, inventory and IP, which the manager views as not a good outcome for minority shareholders. Early investor feedback aligned with this view, prompting a delayed EGM and additional disclosures, and the manager awaits further communication before deciding their next steps.

Monthly Report

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3 more comments on BDTPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on BDT.

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About Birddog Technology Ltd

Information Technology, Software

BirdDog Technology (ASX:BDT), a video technology company, has been a long-term holding for Cyan Investment Management. In June 2025, Cyan reported BirdDog rose 45% after announcing an increase in its capital return, boosting the fund's net asset value. In April 2025, Cyan noted a 53% gain, after previously highlighting the valuation gap between BirdDog's cash pile and its share price. In May 2024, BirdDog handed back gains with a 32.5% fall. BirdDog Technology operates in the Information Technology sector within the Software industry, and Thesis Tracker has captured 5 comments from 1 fund manager, Cyan Investment Management. Headquartered in Melbourne, BirdDog develops and sells cameras, video production hardware and software, including NDI-enabled cameras for broadcast, live streaming, education and corporate conferencing, and has been returning surplus cash to shareholders.

Market cap: $4m
Price to earnings: Loss-making
Return on equity: 0.0%
Dividend yield: 0.0%
Price to book: 0.00x
Net margin: 0.0%

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Birddog Technology Ltd (ASX:BDT)?

Fund managers including Cyan Investment Management have invested in Birddog Technology Ltd (ASX:BDT).

What opportunities or catalysts do fund managers highlight for Birddog Technology Ltd?

Cyan highlights a large cash balance relative to market value and increased capital returns, which drove strong share price gains.

What are the key risks to the Birddog Technology Ltd investment thesis, according to fund managers?

Cyan notes significant volatility, including a 32.5% fall in a single month, for a small company facing a competitive hardware market.

What does Birddog Technology Ltd (ASX:BDT) do?

Birddog Technology Limited (BDT) is a global video technology company offering solutions that improve video quality, speed and flexibility. Its products are augmented with NDI (Network Device Interface), enabling video-compatible devices to communicate, deliver and receive high-definition video over a computer network. The system provides broadcast-quality, low-latency, frame-accurate video suitable for switching in live production environments.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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