Aerometrex delivers record FY26 revenue as EBITDA jumps 122%
In its FY26 results presentation, Aerometrex (ASX: AMX) revealed record operating revenue of $26.84m for the year ended 30 June 2026, up 12.3% on FY25’s $23.90m, alongside EBITDA of $7.68m, an increase of 122.3%.
Management outlined a clear earnings inflection, with top-line growth translating into materially improved profitability. The presentation highlighted accelerating subscription momentum from the company’s MetroMap SaaS/DaaS platform, a shift towards higher-quality recurring revenue, and a return to positive free cash flow after several years of investment.
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FY26 financial results at a glance
The FY26 numbers point to earnings leverage across the business. EBITDA more than doubled to $7.68m, with management attributing the margin expansion to improved revenue, cost discipline, subscription scale, and better utilisation. Operating costs fell 7.5% to $19.16m, amplifying the impact of revenue growth on the bottom line.
Cash generation strengthened considerably. Cash flow from operations rose 260.5% to $8.21m, and the company returned to positive free cash flow after leases of $0.87m, compared with –$3.28m in FY25.
The net loss after tax narrowed 55.8% to $2.90m (from $6.57m). The company reported a net loss after tax of $2.90m, and recorded depreciation and amortisation of $9.8m.
| Metric | FY26 | FY25 | Change % |
|---|---|---|---|
| Operating Revenue | $26.84m | $23.90m | +12.3% |
| EBITDA | $7.68m | $3.46m | +122.3% |
| Cash flow from operations | $8.21m | $2.28m | +260.5% |
| Free cash flow (after leases) | $0.87m | –$3.28m | +126.5% |
| Loss after tax | –$2.90m | –$6.57m | +55.8% |
| Closing cash | $3.56m | $3.88m | –8.2% |
MetroMap subscriptions drive the shift to recurring revenue
The strategic core of the FY26 result is the continued migration from one-off sales to recurring subscription contracts. MetroMap subscription revenue reached $12.17m, representing a 20% CAGR since FY22, and subscriptions now account for 45% of total revenue, up from 40% in FY25 and just 26% in FY22.
Annual Contract Value (ACV), also referred to as Annual Recurring Revenue, stood at $14.55m at June 2026, up 37.8% year-on-year and reflecting a 21% CAGR from June 2022. Management noted that the MetroMap subscription product is past breakeven on a largely fixed cost base, meaning further subscription growth can flow through with limited additional expenditure.
Government and utilities contracts have been the primary driver of ACV growth across the year, with longer-duration agreements and lower churn rates lifting average revenue per subscriber and underpinning the recurring revenue mix reported at year-end.
The revenue composition trend illustrates the steady rebalancing of the business:
- FY22: 26%
- FY24: 35%
- FY25: 40%
- FY26: 45%
Key milestone
Annual Contract Value of $14.55m at June 2026, up 37.8% year-on-year, representing a 21% CAGR since June 2022.
What SaaS and DaaS mean for aerial mapping investors
At Aerometrex, MetroMap is the engine of the SaaS / DaaS operating model. Its LiDAR and 3D lines remain more project-based, contributing $11.81m and $1.89m respectively in FY26. This mix positions subscription revenue as the more predictable component underpinning the group’s earnings quality.
Growth levers and the investment case ahead
The presentation’s Investor Value Proposition framed several potential growth levers for the years ahead. These were positioned as opportunities rather than guarantees:
- A large addressable market (TAM) in Australia with international optionality
- AI/ML potential leveraging a large existing data library
- Revenue upside without further expenditure, given a fixed cost base past breakeven
- Corporate development opportunities
AI data licensing has emerged as a complementary high-margin revenue stream alongside subscriptions, with $1.07m in contracts signed with Zeromatter Technologies and Neara before year-end, monetising existing 3D and LiDAR catalogue assets without any incremental capture cost.
Management also pointed to operational strengthening during the year, including a sales team refreshed with industry veterans, a “One Aerometrex” operating model, and an expanded footprint through a new Sydney office.
The corporate snapshot, as outlined in the presentation, was as follows:
- ASX code: AMX
- Shares on issue: 94.99m
- Share price: $0.310 (as at 25 August 2026)
- Market capitalisation: $29.45m
- Cash: $3.56m (as at 30 June 2026)
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