In a world where planners face the dilemma of building ‘up’ verses building ‘out’, the value of aerial mapping is seeing greater adoption by decision makers across a variety of sectors as evidenced by new corporate deals secured by aerial photography company Aerometrex (ASX: AMX).
Offering Data-as-a-Service through MetroMap, an online imagery application that provides aerial images of major capital cities, and various other modelling plaforms, Aerometrex has reported a 65% increase in annual recurring revenue (ARR) for the quarter ending 30 September 2020 compared to the June quarter, to $2.75m.
Alongside its increasing subscription numbers, Aerometrex has secured cornerstone corporate clients with Suncorp being the latest contract win, providing geospatial imagery over more than 8.5 million residences in capital cities and selected regional towns in Australia.
Also announced with the Suncorp deal is a strategic agreement with PSMA Australia, now trading as Geoscape Australia which is the authoritative source of property boundary datasets.
“The results of the last 3 months clearly indicate that our strategic focus on MetroMap is delivering results,” said Aerometrex Managing Director, Mark Deuter.
“We have demonstrated our ability to scale our capture and processing effort while still maintaining accuracy and further improving the quality and resolution of the product.
The endorsement of subscriptions by major corporate customers indicates that the value in our offering is now understood by the market and is materialising in the growth of ARR.”
The corporate deals follow a busy few months for Aerometrex, which in May acquired rival imagery company Spookfish Australia for $1.5m, and has now transitioned 250 new customers to MetroMap.
For FY20, Aerometrex reported a 24.7% increase in revenue to $20.09m for a net loss of $293k after tax which should have the Company on track for net profitability in FY21 with its increasing subscription revenue having also opened an office in the United States in February 2020.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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