Aerometrex (AMX) H1 2025 earnings summary

Executive summary

• Operating revenue for 1H25 declined 4.2% year-over-year to $11.51m, with MetroMap subscription revenue up 14.8% to $4.72m and LiDAR revenue down 27% to $5.24m.

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

• Cash generated from operations fell 83.1% to $0.65m, and free cash consumed increased to $1.36m.

• CEO Steve Masters resigned in February 2025, with Robert Veitch appointed Acting CEO; a strategic review was launched.

• Project revenue fell 20.7% to $6.17m due to LiDAR decline.

Financial highlights

• MetroMap 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.

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

• Cash and equivalents at period end were $5.04m, down from $8.31m at June 2024.

• Annual Contract Value (ACV) stable at $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.

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

• Ongoing cost optimisation, headcount reductions, and review of alternative operating structures in response to economic pressures.

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

• Focus remains on scaling subscription-based business and enhancing MetroMap offerings.