Aerometrex Limited (ASX: $AMX) 1H24 Results Announcement

Aerometrex Limited (ASX: $AMX) has announced its first half results for the six months ended 31 December 2023, delivering a record first half statutory revenue result of $12.01m. The strong performance of the LiDAR and MetroMap product lines drove this revenue growth, with significant LiDAR contract wins and the successful introduction of an IGI DigiCam 450 sensor into the MetroMap sensor fleet. The company also announced a strategic initiative to conduct a significant portion of the aviation activities for the MetroMap capture program through Aero Logistics from April 2024.

Executive Commentary on 1H24 Results

Our record 1H24 revenue outcomes have continued to build on the ongoing enhancements across the business, and the efforts of our dedicated teams. The outcomes for our LiDAR and MetroMap product lines are very pleasing. To see MetroMap ARR continue its upward trajectory and grow LiDAR revenue by over 50% versus the 1H23 outcome were great results. We concluded the first half with a strong balance sheet, including a robust cash position of $10.22m. Ongoing initiatives to further optimize various parts of the business continued in 1H24, with good progress made in maturing systems and processes that will benefit customer outcomes. Our announcement in January 2024 to utilize Aero Logistics to undertake a significant portion our MetroMap capture program is expected to further enhance customer outcomes, builds on other operational refinements implemented during 2023 and provides other benefits to the company.

Summary of 1H24 Results and FY24 Outlook

Aerometrex Limited (ASX: $AMX) reported a record first half revenue of $12.01m, driven by strong revenue growth in LiDAR and MetroMap product lines, resulting in an improved EBITDA of $0.79m. The company also maintained a robust cash position of $10.22m and continued to focus on maturing systems and processes across the entire business. Looking ahead, the company remains optimistic about the growing customer needs for quality geospatial related products and services, while observing general economic conditions that may impact customer spending in 2H24, particularly government spending. Aerometrex is well positioned to support wide-ranging industries and build shareholder value, as the only ASX listed company offering a unique array of products and services.