Aerometrex (ASX: AMX) has reported a record first half of 2026, with statutory revenue reaching $12.93m and EBITDA soaring to $3.55m, driven by significant MetroMap ACV growth and a recovery in LiDAR revenue.
Notably, EBITDA surged by 237.7% compared to the prior comparable period.
This 1H26 EBITDA result also surpassed the full-year FY25 EBITDA of $3.46m, highlighting a significant improvement in profitability.
This robust performance was underpinned by disciplined cost management within a fixed cost structure, alongside production efficiencies that drove considerable margin expansion.
MetroMap ACV Surges, Drives Recurring Revenue
The company's MetroMap Annual Contract Value (ACV) demonstrated strong momentum, reaching $12.29m.
This represents an impressive 35% annualised growth and 32% growth since December 2025. The year-on-year ACV growth stood at 31.8%.
Statutory subscription revenue from MetroMap contributed $5.71m to the overall revenue mix, with recurring revenue now making up 44% of total revenue.
MetroMap's coverage now extends to approximately 94% of the Australian population.
Operational improvements include the addition of 56 new or extended capture areas and more than 8k+ sq km of imagery.
Capture frequency in Sydney Metro has increased to up to 6x/year.
LiDAR Revenue Recovers, Offsetting Mix Concerns
The LiDAR segment experienced a notable recovery, with revenue reaching $6.44m.
This marks a 22.6% increase compared to the prior comparable period.
This positive shift in LiDAR revenue was attributed to increased sales activity and a more efficient utilisation of Aerometrex's own aircraft fleet.
While project-based work, including LiDAR, remains part of the revenue mix, the growing contribution from MetroMap subscriptions is enhancing revenue predictability for the company.
Strong Cash Generation and Balance Sheet
Aerometrex showcased strong cash flow generation in the first half of 2026.
Cash flow from operations soared to $4.11m, marking a 535% increase year-on-year.
Free cash flow also saw substantial growth, reaching $1.92m, up 241% versus the prior period.
The company maintained a healthy cash balance of $3.67m as of December 31, 2025.
Strategic Outlook and Investor Risks
Forward-looking statements from Aerometrex indicate ongoing efforts in platform upgrades, with the potential to widen addressable markets and explore international expansion opportunities.
However, key investor risks include the execution challenge of sustaining subscription growth for MetroMap and the potential for revenue volatility stemming from project-based work, particularly in the LiDAR segment.
While cash flow generation has been positive, net current liabilities, reported at $6.9m, persist.
This highlights an ongoing need for liquidity management, though the company has indicated that its going concern is supported by contracted revenue and its cash runway.
