Key Highlights

  • Aerometrex expects FY26 EBITDA of AUD 7.5–8.0mn, representing growth of 117.0% to 131.5% from FY25.
  • Group revenue is expected to reach a record AUD 26.5–27.0mn, an increase of 11.3% to 13.0%.
  • MetroMap annual contract value rose 37.8% to AUD 14.55mn, while subscription revenue is expected at AUD 12.0–12.3mn.
  • Free cash flow is expected to move from negative AUD 1.0mn in FY25 to positive AUD 4.0–4.4mn in FY26.

Aerometrex Limited (ASX:AMX) is expecting record FY26 revenue and EBITDA as its MetroMap subscription platform becomes a larger contributor to group performance. Preliminary unaudited guidance points to EBITDA more than doubling, accompanied by improved cash generation and a significant rise in contracted subscription value.

The update marks a shift from growth supported by cash consumption towards a model showing positive free cash flow. Audited results are still required, but MetroMap’s annual contract value provides a clearer base from which Aerometrex can enter FY27.

Company Overview

Aerometrex is an Australian geospatial-technology company providing aerial imagery, mapping and spatial-data products. Its operations include MetroMap, LiDAR services and three-dimensional visualisation models used across government, infrastructure, property, engineering and other industries.

MetroMap provides subscription-based access to high-resolution aerial imagery. Its recurring-revenue structure differs from project-based geospatial work and is becoming increasingly important to the group’s revenue visibility and operating leverage.

FY26 Revenue Reaches a Record

Aerometrex expects FY26 group revenue of AUD 26.5–27.0mn, compared with AUD 23.90mn in FY25. This represents estimated growth of 11.3% to 13.0%.

MetroMap subscription revenue is expected to reach AUD 12.0–12.3mn, up from AUD 9.57mn. The implied increase of 25.4% to 28.5% is materially faster than total group growth, demonstrating the platform’s rising contribution to the revenue mix.

The estimates cover the 12 months ended 30 June 2026 and remain subject to the normal year-end audit process.

EBITDA More Than Doubles

Preliminary EBITDA guidance stands at AUD 7.5–8.0mn. Against FY25 EBITDA of AUD 3.46mn, the result would represent growth of 117.0% to 131.5%.

The improvement reflects higher subscription revenue and cost discipline across the business. Subscription models can create operating leverage when recurring revenue rises faster than the fixed costs needed to maintain the platform, although the durability of the margin improvement will become clearer in the audited accounts.

At the upper end of guidance, the implied EBITDA margin is close to 30% of group revenue. The lower end also represents a substantial expansion from FY25.

MetroMap ACV Builds Revenue Visibility

MetroMap annual contract value increased from AUD 10.56mn to AUD 14.55mn, a rise of 37.8%. ACV measures the annualised value of active contracts and provides an indication of the subscription revenue base entering the next period.

The increase is larger than the expected FY26 subscription-revenue growth rate. This suggests contracted value accumulated during the year and may support FY27 revenue, depending on customer retention, contract timing and the conversion of ACV into recognised sales.

Continued growth will depend on retaining customers, winning new contracts and maintaining the quality and coverage of MetroMap’s imagery.

Cash Flow Turns Positive

Aerometrex expects free cash flow, calculated as operating cash flow less investing cash flow, of AUD 4.0–4.4mn. This compares with negative AUD 1.0mn in FY25 and represents an improvement of 500% to 540%.

After lease payments, free cash flow is expected at AUD 0.65–1.05mn, compared with negative AUD 3.28mn a year earlier. The narrower figure shows that lease obligations remain relevant, but the movement into positive territory indicates improved internal funding capacity.

Cash stood at AUD 3.56mn, down 8.2% from AUD 3.88mn. The relatively stable balance alongside higher investment-adjusted cash generation supports management’s view that the business has reached a more sustainable operating level.

What May Shape the Next Move

The audited annual report will confirm revenue, margins, cash flow and the composition of MetroMap growth. Any difference between preliminary guidance and the final result will be closely examined.

Attention may then shift to FY27 guidance, ACV conversion, customer retention and whether positive free cash flow can be sustained after lease payments. Progress in LiDAR and 3D visualisation will also show whether improvement is broadening beyond MetroMap.

Risks

  • The figures are preliminary, unaudited and may change during the audit process.
  • MetroMap growth depends on customer retention and new subscription contracts.
  • Investment in imagery capture and technology may place pressure on cash flow.
  • Project-based LiDAR and 3D revenue may fluctuate between reporting periods.
  • Competition or pricing pressure could affect subscription growth and margins.