Aerometrex EBITDA Surges 209-257% as MetroMap Subscription Revenue Hits $1M Month

Aerometrex Limited (ASX: AMX) has delivered record half year results, with EBITDA surging between 209% and 257% against the prior corresponding period. The geospatial technology company reported preliminary unaudited first half revenue of $12.75m to $13.25m for the six months ended 31 December 2025, representing growth of 10% to 15%, whilst EBITDA reached $3.25m to $3.75m, exceeding the full-year FY25 result.

The Aerometrex record half year results demonstrate operating leverage in action, with modest revenue growth translating to outsized profit expansion. The company’s MetroMap subscription platform achieved record Annual Contract Value (ACV) of approximately $12.29m, growing 35% on an annualised basis during the half, whilst the cash balance stood at $3.67m at period end, marking three consecutive quarters of stable cash flow.

Record Results Signal Profitability Inflection

The Numbers Behind the Turnaround

The preliminary results reveal a business reaching an inflection point, where strategic cost discipline from the company’s 2024 strategic review is now flowing through to profitability. Revenue growth of 10% to 15% has driven EBITDA expansion of more than triple that rate, evidencing the operational leverage embedded in the dual-engine business model combining subscription revenue from MetroMap with project-based LiDAR services.

The company attributed the strengthening financial performance to continued focus on new customer acquisition, particularly across the MetroMap subscription platform, combined with ongoing cost discipline. Management stated both metrics remain firm priorities for 2026.

What Is Annual Contract Value and Why It Matters

Annual Contract Value represents the total value of active subscription contracts on an annualised basis. For subscription businesses, ACV serves as a leading indicator of future revenue because it reflects committed customer spending before that revenue is recognised under accounting standards. As customers pay monthly or quarterly subscriptions, the ACV gradually converts to statutory revenue over the contract period.

MetroMap achieved ACV of approximately $12.29m, representing first half growth of 35% on an annualised basis and 32% since December 2024. Statutory subscription revenue for the period ranged between $5.5m and $5.9m. The platform reached a milestone in December 2025, generating $1m of statutory subscription revenue in a single month for the first time.

Predictable recurring revenue from subscription models typically commands premium market valuations compared to project-based revenue, as investors can forecast future cash flows with greater confidence. MetroMap’s ACV growth outpacing revenue growth signals the subscription flywheel is accelerating, with today’s contracted value becoming tomorrow’s recognised revenue.

MetroMap Momentum Drives the Growth Engine

Subscription Revenue Surge

MetroMap emerged as the high-margin, scalable growth driver during the half, with platform enhancements strengthening competitive positioning. The successful rollout of oblique imagery, elevation data, and contour lines materially enhanced the platform’s value proposition, whilst ongoing production refinements significantly reduced publish times for updated imagery.

Capture areas expanded by approximately 15% during 2025 due to aviation efficiencies, with MetroMap now covering 94% of Australia’s population. The expanded coverage combined with feature additions positions the platform as increasingly difficult for customers to replace, supporting customer retention and potential price increases.

Platform enhancements delivered during the period include:

• Oblique imagery rollout providing multi-angle visualisation
• Elevation data integration for height analysis
• Contour lines functionality for topographical assessment
• Reduced publish times through production process refinements

Each feature addition increases platform stickiness by embedding MetroMap deeper into customer workflows. As reliance grows, switching costs rise, supporting retention rates and providing pricing power as the platform’s value proposition expands.

LiDAR Recovery Adds Project Revenue

The LiDAR division recovered strongly from a slower FY25 to deliver revenue in the range of $6.2m to $6.6m. The improvement resulted from enhanced sales activity and increased utilisation of the company’s own aircraft fleet. A project with QGC Pty Limited, a Shell plc subsidiary, highlighted the division’s capability to secure contracts with major resource sector clients.

Whilst LiDAR revenue remains project-based and less predictable than MetroMap subscriptions, the division provides revenue diversification and validates the geospatial expertise underpinning the broader business. The focus on fleet utilisation contributed to margin recovery by maximising the return on aircraft assets.

Management’s Profitability Roadmap

Chief Executive Officer Rob Veitch framed the results as evidence of a fundamental business transition reaching fruition.

“Across all financial metrics this is an outstanding result for the company. We achieved record H1 revenue and EBITDA, significant MetroMap ACV growth and importantly have now had three consecutive quarters with a stable cash balance. It was also pleasing that MetroMap has achieved another milestone during the first half of FY26, achieving $1m of statutory subscription revenue in the month of December 2025. Our EBITDA growth and the fact our MetroMap ACV is past breakeven, demonstrates a clear inflection towards profitability.”

— Rob Veitch, Chief Executive Officer

Management highlighted that MetroMap ACV has moved past breakeven, a critical milestone indicating the subscription platform can sustain itself whilst contributing to group profitability. The company stated its strategic priorities for 2026 remain focused on execution rather than restructuring.

Management’s stated 2026 strategic priorities include:

1. New customer acquisition focus across MetroMap
2. Continued cost discipline from the strategic review
3. Sales pipeline expansion to support growth momentum
4. MetroMap platform enhancement to strengthen competitive moat

The company confirmed audited half-year financial statements will be released according to the usual reporting timetable. Management’s confidence signals the operational transformation undertaken during the strategic review has concluded, with the business now positioned to execute on growth opportunities from a stable cost base.

Investment Thesis

The Aerometrex record half year results (ASX: AMX) may serve as a re-rating catalyst as the company transitions from turnaround story to profitable growth trajectory. Three key pillars support the investment case following these results.

Operating leverage is now demonstrated rather than theoretical. Revenue growth of 10% to 15% has driven EBITDA expansion of 209% to 257%, evidencing that incremental revenue flows through to profit at multiples of the top-line growth rate. This suggests the cost base has been rightsized relative to the revenue opportunity.

The subscription flywheel shows accelerating momentum. MetroMap ACV growth of 35% annualised, combined with platform enhancements that increase competitive moat, positions the high-margin subscription business as the primary growth engine. As ACV converts to statutory revenue over coming periods, this contracted value provides revenue visibility supporting valuation multiples.

Financial stability has been established through three consecutive quarters of stable cash flow, with the cash balance of $3.67m eliminating near-term funding risk. This allows management to focus on growth execution rather than capital raising, removing a key overhang that typically pressures small-cap valuations.

As profitability becomes consistent rather than episodic, institutional investors may revisit Aerometrex with fresh perspective. The combination of subscription revenue predictability, demonstrated operating leverage, and stable cash generation presents characteristics typically rewarded with premium valuations in the technology sector.

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