DUG Technology (ASX:DUG) is poised for "significant" future earnings growth, driven by DUGCool, its industrial immersion-cooling solution, and DUGNomad, its mobile, modular data center offering, according to a Thursday note by Euroz Hartleys.

The DUGCool licensing deal with Baltimore Aircoil Co. could drive initial revenues, with first sales expected in fiscal 2025, although the short-term impact is expected to be minimal, Euroz Hartleys said.

DUGNomad shows strong expansion potential, with monetization possible through the sale or leasing of units expected to start in the medium term, the broker added.

Euroz Hartleys has a speculative buy rating and a price target of AU$2.19 on DUG Technology.

Shares of DUG Technology rose past 4% in recent Friday trade but earlier hit their lowest since May 2023.