Aerometrex (AMX) H1 2025 earnings summary

Executive summary

• Operating revenue for 1H25 was $11.51m, down 4.2% year-over-year, as MetroMap subscription revenue rose 14.8% to $4.72m while LiDAR revenue declined 27.0%.

• EBITDA increased 33.2% to $1.05m, reflecting cost optimisation, though statutory loss after tax widened to $3.7m.

• Strategic review initiated in February 2025 to accelerate profitability and growth; Robert Veitch appointed Acting CEO after Steve Masters' resignation.

• Cash generated from operations declined 83.1% to $0.65m, with free cash consumed increasing to $1.36m.

Financial highlights

• MetroMap statutory revenue up 26.6% to $5.61m; subscription revenue reached a record $4.72m, up 14.8% year-over-year.

• LiDAR revenue fell 27.0% to $5.24m; 3D revenue increased 67.5% to $0.67m, driven by environmental and coastal management contracts.

• Off-the-shelf revenue surged 425% to $0.63m, mainly from MetroMap Insights.

• Cash and equivalents at $5.04m; available liquidity including undrawn debt facilities totals $6.94m.

• Annual Contract Value (ACV) for MetroMap up 10.7% to $9.33m.

Outlook and guidance

• Strategic review aims to drive revenue growth, especially in MetroMap, reduce costs, and accelerate profitability, with outcomes expected by April 2025.

• Cost reduction measures of ~$1m annualised implemented post-period, including headcount and discretionary spending cuts.

• Transition to outsourced aviation capture for MetroMap completed, expected to improve reliability and customer acquisition.

• Cautiously optimistic on LiDAR for 2H25 as deferred projects may resume; government tender processes and election outcomes being monitored.

• Significant unsecured sales pipeline expected to convert by June 2025.