In its FY26 full-year results for the twelve months ended 30 June 2026, Aerometrex Limited (ASX: AMX) recorded record group revenue of $26.84m, up 12.3%, alongside record MetroMap subscription revenue of $12.17m and record EBITDA of $7.68m, up 122.3%. The geospatial technology company also swung to positive free cash flow for the period.
The result marked a return to positive free cash generation after a negative outcome in FY25, a shift Managing Director and CEO Robert Veitch described as a “clear inflection point.”
Key headline figures for the reporting period included:
- Group Revenue: $26.84m (up 12.3%)
- MetroMap Subscription Revenue: $12.17m (up 27.2%)
- MetroMap Annual Contract Value (ACV): $14.55m (up 37.8%)
- EBITDA: $7.68m (up 122.3%)
- Free cash flow: $4.22m (from –$1.00m in FY25)
Financial performance at a glance
Total operating revenue increased by $2.94m to $26.84m over the twelve months, while operating costs decreased by $1.51m. This drove EBITDA up 122.3% to $7.68m. With net finance costs coming down due to lower debt levels, free cash flow improved from a net outflow of $1m in FY25 to a net inflow of $4.22m in FY26.
Net loss after tax narrowed 55.8% to $2.90m, compared with a $6.57m loss in FY25. The improvement reflected both the revenue uplift and the disciplined cost reductions delivered across the business.
| Metric | FY26 ($m) | FY25 ($m) | Change % |
|---|---|---|---|
| Group Revenue | 26.84 | 23.90 | 12.3% |
| MetroMap Subscription Revenue | 12.17 | 9.57 | 27.2% |
| MetroMap ACV | 14.55 | 10.56 | 37.8% |
| EBITDA | 7.68 | 3.46 | 122.3% |
| Net loss after tax | (2.90) | (6.57) | 55.8% |
| Cash | 3.56 | 3.88 | (8.2%) |
| Free cash flow | 4.22 | (1.00) | 521.7% |
| Free cash flow (after lease payments) | 0.87 | (3.28) | 126.5% |
The Company also generated free cash flow after lease payments of $0.87m, a $4.16m improvement on FY25. For investors, the combination of doubling EBITDA and a swing to positive cash generation signals a meaningful change in the underlying financial profile.
CEO Commentary — Robert Veitch, Managing Director & CEO
“This year was a very strong result for the company and a landmark year for MetroMap. We made improvements across all aspects of the business and drove significant growth while also reducing our cost base through disciplined execution. We saw growth across subscription, project and off-the-shelf revenue. The improvements in EBITDA and free cash flow demonstrate a clear inflection point and a business primed for growth. The Aerometrex team can all be proud of what was achieved in the last year.”
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MetroMap subscription engine drives the growth story
MetroMap remained the standout performer, with ACV growing 37.8% to $14.55m at 30 June 2026. The metric has now delivered a compound annual growth rate (CAGR) of 21% since June 2022, underscoring a sustained trajectory in recurring revenue.
Contract liabilities for subscription revenue billed in advance rose 40.9% to $5.86m, a forward signal of demand already secured. Engagement metrics across the platform also strengthened over the period:
- Average Revenue Per Subscriber (ARPS) up 24.9%
- Monthly active users up 17%
- User session time up 12%
Product upgrades and government wins
During the first half of the year, MetroMap launched its largest-ever upgrade. New features included oblique 45-degree imagery, an elevation data tool for measuring the heights of terrain and built objects, contour lines, hillshade, and an enhanced user interface.
The Company noted that MetroMap benefits from being “the only Australian-owned imaging service,” a differentiator behind its NSW, WA and VIC government wins. Key FY26 contract awards included:
The sovereign capability advantage held by Aerometrex as the only Australian-owned imaging provider has translated into $2.5m in government contracts across federal, state and local departments during FY26, a structural differentiator that offshore competitors cannot easily replicate in tender processes.
- Whole of Victorian Government (WoVG) MetroMap aerial imagery agreement
- NSW Government contract for aerial imagery delivery via MetroMap
- Expanded Landchecker agreement with a larger minimum commitment and longer term
- A dozen new Partner Program members, including OpenSolar, InCanopy and Lotsearch
- Off the Shelf license agreements with AI innovators Neara and Zeromatter
Why recurring geospatial revenue matters
For investors less familiar with the sector, understanding the revenue model helps explain the significance of the result. Annual Contract Value (ACV) refers to the annualised value of a company’s subscription contracts, providing a forward view of recurring income.
Contract liabilities, which represent deferred revenue billed in advance, indicate demand that has already been locked in for future periods.
Aerometrex operates across three product lines. MetroMap is an aerial imagery subscription service, LiDAR uses laser-based technology to map terrain, and 3D produces high-resolution digital city models. The Company remains the only ASX-listed business specialising in all three, a positioning it describes as central to its market offering.
LiDAR and 3D segments round out the portfolio
LiDAR
LiDAR revenue rose 8.2% to $11.81m, achieved in a market that continued to see reduced margins and increased competition. The Company reported a higher win rate, securing more contracts than ever, though generally at smaller contract sizes.
A significant LiDAR contract with a major Global Energy company was among the period’s highlights. Aerometrex also created a new revenue stream from off-the-shelf LiDAR datasets, generated by deploying its LiDAR fleet on dual-purpose missions alongside MetroMap image capture.
Global 3D
The Global 3D segment delivered revenue growth of 23.5% to $1.89m, supported by projects across Australia and the United States. Major work included a 3D infrastructure programme for the Pennsylvania Department of Transportation (PennDOT) covering the Walt Whitman interchange in Philadelphia, alongside Australian local-government and infrastructure projects.
The off-the-shelf sale to Zeromatter demonstrated the value of the Company’s data library, which spans 3D models across Australia, New Zealand and the United States.
Off-the-shelf data licensing to AI companies generated $1.07m in high-margin revenue without requiring any new aerial capture, as existing 3D and LiDAR catalogue assets were sold to Zeromatter Technologies and Neara ahead of financial year-end.
FY27 outlook and the investment case
Aerometrex indicated it enters FY27 with greater momentum, with positive free cash generation enabling it to pursue growth opportunities aligned to its strategic goals. The Company stated that its focus remains on scaling MetroMap subscriptions while continuing to build revenue across all three product lines.
CEO Outlook — Robert Veitch, Managing Director & CEO
“FY27 sees Aerometrex start in a much stronger position and with more momentum than the previous year. We remain laser focused on ensuring we have the right people, processes and cost structures in place to make the coming year our best yet. I am confident that we are well-positioned to capitalise on new opportunities and deliver greater value to our customers, partners, and shareholders. With the business now generating free cash, now is the time to look for further growth opportunities that align with our strategic goals.”
For investors, the FY26 result rests on several pillars:
- A record recurring revenue base underpinned by a 21% ACV CAGR
- EBITDA more than doubling, alongside a return to positive free cash flow
- Government and blue-chip contract endorsements across multiple jurisdictions
- Status as the sole ASX-listed business that specialises in imagery subscriptions, LiDAR and 3D
The full-year figures point to a business that has strengthened both its earnings profile and its cash position, entering FY27 with a stated intent to identify further growth aligned to its strategic objectives.
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