High Growth Tech Stocks to Watch in Australia November 2024

As the Australian market experiences mixed signals with the ASX200 trading flat at 8,284 points and sectors like Health Care and Information Technology facing declines, investors are closely monitoring economic indicators such as gold's resurgence to US$2,588 per ounce. In this environment of fluctuating market sentiment, identifying high growth tech stocks requires a focus on companies that demonstrate resilience and adaptability amidst sector volatility.

Top 10 High Growth Tech Companies In Australia

Name	Revenue Growth	Earnings Growth	Growth Rating
Infomedia	6.85%	21.02%	★★★★★☆
Clinuvel Pharmaceuticals	21.39%	26.16%	★★★★★☆
Pureprofile	14.31%	71.53%	★★★★★☆
Adherium	86.80%	73.66%	★★★★★★
Telix Pharmaceuticals	21.55%	38.32%	★★★★★★
ImExHS	20.47%	111.20%	★★★★★★
AVA Risk Group	25.54%	77.32%	★★★★★★
Pointerra	56.62%	126.45%	★★★★★★
Wrkr	37.21%	98.46%	★★★★★★
SiteMinder	18.84%	60.66%	★★★★★☆

Click here to see the full list of 58 stocks from our ASX High Growth Tech and AI Stocks screener.

Here's a peek at a few of the choices from the screener.

Megaport (ASX:MP1)

Simply Wall St Growth Rating: ★★★★★☆

Overview: Megaport Limited offers on-demand interconnection and internet exchange services to enterprises and service providers across various regions including Australia, New Zealand, Asia, North America, and Europe, with a market cap of A$1.33 billion.

Operations: Megaport Limited generates revenue through its on-demand interconnection and internet exchange services, with significant contributions from North America (A$110.81 million), Asia-Pacific (A$52.58 million), and Europe (A$31.88 million). The company's business model focuses on facilitating connectivity for enterprises and service providers across multiple regions, leveraging its expansive network infrastructure.

Megaport's recent strategic expansions into Brazil and Italy, alongside growth in Europe, underscore its commitment to enhancing global connectivity solutions. This year, the company turned profitable with a net income of AUD 9.61 million from a previous loss, reflecting significant operational improvements. With an expected earnings growth of 31.9% annually over the next three years and revenue projections increasing by 13.1% annually—outpacing the Australian market—Megaport is positioning itself as a robust player in network-as-a-service platforms. These developments are pivotal as Megaport continues to innovate in cloud connectivity and interconnection services across diverse geographies, catering to high-demand areas while fostering digital transformations globally.

• Navigate through the intricacies of Megaport with our comprehensive health report here.

• Explore historical data to track Megaport's performance over time in our Past section.

Qoria (ASX:QOR)

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Qoria Limited is engaged in the marketing, distribution, and sale of cyber safety products and services across Australia, New Zealand, the United Kingdom, the United States, Europe, and other international markets with a market cap of A$573.10 million.

Operations: Qoria focuses on providing cyber safety services, generating A$101.88 million from this segment. The company operates in multiple international markets, leveraging its expertise in information technology to drive revenue growth.

Despite its current unprofitability, Qoria is poised for significant growth with projected revenue increases of 14.9% annually, outpacing the general Australian market's 5.7%. The company's strategic focus on R&D is evident as it channels substantial investments into innovation—crucial for staying competitive in the tech sector. This commitment to development is underscored by a recent follow-on equity offering raising AUD 30 million, aimed at bolstering their technological advancements. Moreover, with earnings expected to surge by approximately 66.7% annually, Qoria's trajectory suggests a robust potential for transitioning into profitability within three years, aligning with its strategic goals and market expectations.

• Dive into the specifics of Qoria here with our thorough health report.

• Gain insights into Qoria's historical performance by reviewing our past performance report.

Technology One (ASX:TNE)

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Technology One Limited is an Australian company that develops, markets, sells, implements, and supports integrated enterprise business software solutions both domestically and internationally with a market cap of A$8.77 billion.

Operations: The company generates revenue primarily from software, corporate, and consulting segments, with software contributing the largest share at A$317.24 million. The business focuses on providing integrated enterprise solutions across various markets.

Technology One, an Australian software firm, is demonstrating robust growth metrics that outpace broader market trends. With a revenue increase of 10.8% per year, the company surpasses the general market's growth of 5.7%. This performance is bolstered by an earnings surge forecasted at 13.6% annually, indicating a strong upward trajectory compared to the industry's average. Significantly, Technology One invests heavily in R&D with expenditures aimed at fostering innovation—vital for maintaining competitive edge in the rapidly evolving tech landscape. This strategic emphasis on development not only fuels current advancements but also positions Technology One advantageously for future opportunities within the tech sector. The company's commitment to reinvesting in itself is reflected through substantial R&D expenses which are crucial for sustaining long-term growth and responding dynamically to new technological challenges and customer needs.

• Take a closer look at Technology One's potential here in our health report.

• Evaluate Technology One's historical performance by accessing our past performance report.

Next Steps

• Click here to access our complete index of 58 ASX High Growth Tech and AI Stocks.
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Want To Explore Some Alternatives?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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