Aerometrex (AMX) H2 2024 earnings summary

Executive summary

• Achieved record underlying operating revenue of $24.17m for FY24, up 9.0% year-over-year, driven by MetroMap subscription and LiDAR revenue growth, despite statutory revenue declining 2.4% to $24.75m due to lower off-the-shelf sales.

• MetroMap subscription revenue rose 19.3% to $8.58m, now 34.7% of group revenue, and LiDAR revenue increased 10.9% to $14.15m.

• 3D revenue declined 65.3% to $0.86m due to reduced activity and lack of large off-the-shelf sales.

• Underlying EBITDA surged 254.8% to $2.31m, reflecting operational improvements, while statutory EBITDA was $2.89m, down from $3.83m in FY23.

• Maintained a robust balance sheet with $8.31m in cash at year-end, supporting growth initiatives.

Financial highlights

• Underlying operating revenue increased from $22.18m to $24.17m, while statutory revenue fell from $25.36m to $24.75m.

• Annual Recurring Revenue (ARR) reached $9.06m, up 19.1% from FY23; ACV increased 20.3% to $9.36m.

• Cash flow from operations increased 55.0% to $6.24m.

• Free cash flow improved to $(1.35)m from $(4.78)m in FY23.

• Net assets at year-end were $24.52m.

Outlook and guidance

• FY25 focus areas include driving MetroMap ACV and off-the-shelf sales, expanding the MetroMap Partner model, and integrating Aero Logistics.

• Early 1H25 shows increased customer optimism, particularly for enterprise and government LiDAR requirements.

• Annual MetroMap 3D capital city program is well advanced, with all cities captured and only Sydney and Canberra pending publication.