Pointerra’s +500pc rally continues on the back of strong US sales update
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Shares in geospatial analytics company Pointerra (ASX:3DP) have continued their impressive FY21 rally this morning.
The gains were driven by a sales update in which Pointerra reported strong growth for August, across its subscription-based product suite into the US market.
With new contract wins from a number of US utilities providers, the company said its annualised contract value effectively rose by almost 40 per cent in the month to $3.98m.
3DP shares climbed by almost 25 per cent to new multi-year highs above 30c.
Pointerra said over the course of the month, it added a number of new customers for its survey and mapping services across three main channels: Data as a Service (DaaS), Analytics as a Service (AaaS) and Data Processing as a Service (DPaaS).
When counted individually the contract wins aren’t material, but combined the company said it expected the net result would be a sustained uplift in annualised revenue growth.
Pointerra said it was now “engaged directly and indirectly in servicing six paying utility customers across the US, with many more currently using and trialling Pointerra’s digital asset management platform”.
Flagging more momentum in the US for its survey and mapping services, the company said the total addressable market for energy utilities was comprised of 168 private companies, 812 cooperatives and almost 2,000 publicly owned entities.
The company said 3D data capture was playing an increasingly important role in managing utility networks, and its technology was well-placed to benefit from the rise in sales.
Today’s gains continue an impressive rally of more than 500 per cent in 3DP shares since the start of July. The momentum kicked off on July 14 when the company announced a $2.5m investment from billionaire tech investor Bevan Slattery.
Pointerra said that following that investment, it had accelerated development of its cloud platform where it had also caught the eye of the US military.
On that front, the company said it had been invited to “undertake a platform demonstration and proof of concept at an exercise for the US military during the month of September”.
Pointerra also flagged a soft-launch of its marketplace idea, where it will effectively provide a platform service for the sale and exchange of licensed 3D data.