After suffering some major financial blows in FY23, Data-as-a-Service (DaaS) company Pointerra (ASX: 3DP) is offering some relief for shareholders. The Company has signed three agreements, with Enel Colombia, Emesent and Carbonix, for its data tech. However, the contract value of only one of these is known, leaving investors wondering how these will impact revenue in FY24.
First, Pointerra has signed a deal with energy utility company Enel Colombia. Enel will use Pointerra3D Core to manage and display data for its LiDAR (light, detection and ranging) 360 project. This system will store all the data it collects, making it available to Enel’s employees and third-party partners securely. With a $98.4 billion market cap, Enel is an Italian headquartered multinational diversified energy utility with operations in 29 countries. Once data is collected, Pointerra will partner with Enel to create a Digital Twin, using advanced analytics to assess the network’s condition and risk.
The initial contract is worth $492.1k per year for Pointerra3D Core. The Company plans to increase the subscription value as data and users grow, potentially incorporating Pointerra3D Analytics and Answers. The initial term is 12 months, with two more 12-month options and no termination clauses in the first year.
Secondly, Pointerra has entered into an agreement with private equity-backed Australian company Emesent to bundle Pointerra3D Core subscriptions with Emesent’s world-class SLAM 3D LiDAR solution, Hovermap (a mine mapping tool). Emesent has developed a SLAM-based (Simultaneous Location and Mapping) 3D LiDAR mapping and data analytics solutions specifically designed for challenging and GPS-denied environments.
Emesent co-founder, Dr Stefan Hrabar, commented, “We’re excited to be partnering with Pointerra to provide an end-to-end solution for our customers. They can now capture high-quality data with Hovermap and use Pointerra3D to share and visualise the results online and derive insights for their applications.”
Pointerra and Emesent’s software engineering teams have been working on a solution to allow Hovermap users to publish data directly to Pointerra3D Core from Aura, which is Hovermap’s desktop processing application. Pointerra expects that Emesent’s global sales team and distribution partner network will help grow the uptake of Pointerra3D Core subscriptions.
Finally, the Company has teamed up with autonomous drone company Carbonix to deploy Pointerra’s post-flight 3D LiDAR data processing solution. Carbonix has launched a Beyond Visual Line of Site (BVLOS) drone fitted with 3D LiDAR and 2D imagery sensors. The agreement will see Pointerra3D collating this data so that Carbonix can use it internally. It will also be sold as the LiDAR processing solution for third parties buying the complete Carbonix drone solution.
Carbonix CEO, Philip van der Burg, said, “This partnership is not just about technology integration; it’s about synergising our strengths to deliver unparalleled value to our clients. By leveraging both Carbonix and Pointerra’s experience in the Australian and US mining and power transmission [and] distribution space, we will unlock exciting opportunities for joint commercial operations that will drive innovation and efficiency.”
Besides these contracts, Pointerra’s Amazon distribution centre digital twin project, delayed in 2023, will restart in December 2023 and run throughout 2024. While Amazon briefly paused the project, Pointerra has been working with Amazon’s logistics team to improve its hosted solution.
Despite these seemingly lucrative contracts, Pointerra noted that its quarter-on-quarter cash receipts may stay variable as new customers get onboarded with various payment cycles, including monthly, quarterly, annually and even multi-year in advance agreements.
In FY23, Pointerra’s revenue dropped from $9.8 million to $7.3 million, and its losses increased from $2.6 million to $4.4 million. Consequently, its cash reserves decreased from $3.5 million to $1.5 million.
Alinda is a Business Reporter for The Sentiment
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