Highlights

  • The City of Whittlesea contract carries an initial five-year value of A$1.55 million, excluding GST.
  • Annual Recurring Revenue reached a record A$6.45 million in FY26, up 46% from A$4.42 million.
  • Sales revenue rose 32.7% to A$6.67 million, while Operating Cash Flow came in at A$0.92 million.
  • The company held A$2.35 million in cash at 30 June 2026 and reported no debt.

Asset Vision Co Ltd (ASX:ASV) has added a major Melbourne council to its customer base, extending a run of wins across local government, transport and social housing. On 20 October 2026, the enterprise asset management software provider said the City of Whittlesea had awarded it a contract with an initial five-year term from 19 October 2026, worth A$1,548,800 excluding GST. An optional extension of up to five more years, valued at A$1,453,047, would take the total potential value to about A$3.0 million.

Whittlesea Deal Covers the Full Asset Lifecycle

The council, in Melbourne's north, manages more than 550,000 Assets valued at over A$5.34 billion. Asset Vision's cloud platform will cover asset registers, financial management, lifecycle forecasting, maintenance and works management. Any extension is subject to approved council budgets and satisfactory performance.

Co-Chief Executive Damian Smith said the award showed the breadth and flexibility of the platform, while Co-Chief Executive Lucas Murtagh said councils were looking beyond systems that no longer met their needs.

FY26 Delivered Record Recurring Revenue

At the Annual General Meeting on 22 October 2026, the Chair reported FY26 annual recurring revenue of A$6.45 million, up 46%. Licensing revenue grew 26% to A$5.07 million and professional services revenue rose 60% to A$1.60 million. Net revenue retention was 110%, and EBITDA remained stable as the company invested in product, delivery and sales.

Sales revenue rose 32.7% to A$6.67 million, operating cash flow was A$0.92 million, and cash at bank increased 53.5% to A$2.35 million at 30 June 2026, with no debt. The company reported a Rule of 40 score of 55, combining growth and profitability.

Customer concentration also eased, with the top three customers accounting for 35.8% of revenue, down from just over half a year earlier. Most customer agreements run for three to five years.

New Verticals Broaden the Customer Base

During FY26, Asset Vision signed Homes NSW to an initial three-year agreement covering 150,000 social housing dwellings, creating a Social Infrastructure vertical. Ventia and Fulton Hogan selected the platform for newly awarded Victorian Road Maintenance Contracts that began on 1 July 2026, and nine new councils joined across four states. Product releases included broader AI-assisted defect detection and integrations with Microsoft 365 Copilot, ChatGPT and Claude.

The company also expanded with Tasmania's Department of State Growth and Marine and Safety Tasmania into roads and marine assets, and deepened its utilities presence with Westernport Water.

FY27 Priorities and Growth Horizons

For FY27, the company plans to strengthen its position in Transport and Civic and Community, expand existing accounts and cross-sell. Over FY27 and FY28, it intends to scale Utilities and Social Infrastructure, deepen its presence in Tasmania, NSW and Western Australia, and selectively take transport capability offshore, while considering partnerships and acquisitions. The Homes NSW deployment is expected to scale through the year, and the qualified pipeline exceeds A$4 million.

Shares were priced at A$0.053 on 2 November 2026, up 1.92% on the day, giving a Market Capitalisation of A$39.91 million and a 12-month gain of 17.78%.