• Revenue is increasing for digital mapping companies including Aerometrex, Nearmap and Pointerra
  • ‘Our offering is now understood by the market and is materialising in the growth of annual revenue’
  • Demand for digital mapping services coming from construction, defence, local government, solar, utility sectors

Digital mapping company Aerometrex (ASX:AMX) is continuing to grow its revenue base and has attracted two new major clients in Suncorp Group (ASX:SUN) and Geoscape Australia.

Revenue for Aerometrex increased to $2.75m in the September quarter, including earnings from new clients of $1m, up 670 per cent from $357,000 in the corresponding 2019 period.

Aerometrex noted that this revenue growth had occurred during the COVID-19 pandemic, and other corporate subscriptions came from architects, engineering firms, local government, urban planners and solar companies.

The company has signed up insurer Suncorp Group and 3-D building and location data firm Geoscape Australia to its MetroMap aerial imagery subscription service.

MetroMap has accurate online imagery for more than 8.5 million residences in Australia.

“The endorsement of subscriptions by major corporate customers indicates the value in our offering is now understood by the market and is materialising in the growth of annual recurring revenue,” managing director Mark Deuter said.


Demand for digital datasets and maps helps Aerometrex to scale up

Geoscape Australia provides spatial data for 11 million parcels of land in Australia and its business and datasets are complementary to those of Aerometrex.

Through a strategic partnership the company will derive some sales revenue from Geoscape products.

“Geoscape Australia has collaborated with Aerometrex for several years, and our product portfolio has benefited greatly from their high-quality imagery and related services,” chief executive Dan Paull said.

Aerometrex acquired aerial imagery company Spookfish Australia and has incorporated its data into MetroMap.

“We have demonstrated our ability to scale our capture and processing effort while still maintaining accuracy and further improving the quality and resolution of the product,” Deuter said.

The company estimates the size of the market for its MetroMap geospatial digital data as a service (DaaS) at $75m to $80m per year.

Aerometrex specialises in aerial photography and aerial mapping and uses technology including, Light Detection and Ranging (LiDAR), 3D modelling and aerial imaging.


Aerometrex's revenue is accelerating
Aerometrex is seeing accelerating revenue growth. Source: company

Nearmap and Pointerra also seeing top line growth

Other ASX companies active in the digital mapping space are Nearmap (ASX:NEA) and Pointerra (ASX:3DP).

Nearmap this week completed a capital raising for $95.2m from institutional and existing shareholders some of which will be spent on its new HyperCamera3 aerial photography.

The company has invested in industry-leading content, including AI and 3D products, and its clients are from sectors such as insurance, government, roofing, architecture and solar.

Nearmap’s annual revenue growth is 27 per cent over the past five years and its earnings were more than $106m in the 2020 financial year.

Perth-based Pointerra has focused on the commercialisation of its DaaS digital asset management services to oil and gas, engineering, mining and construction clients.

Sales for the company increased $1m in August, bringing its annual contract value to $4m.

Six US utilities are customers of Pointerra’s digital asset management platform and more utilities are trialling its services to capture information on the condition of their networks.

The company has generated interest from the US defence sector in providing information on rapidly changing areas of operations.

Aerometrex (ASX:AMX), Nearmap (ASX:NEA) and Pointerra (ASX:3DP) share price charts