The Aerometrex Ltd (ASX: AMX) share price has taken off this morning after the company shared news of a major revenue increase.
This morning, the Aerometrex share price opened 10% higher than yesterday's close. It has since risen to 98 cents, which represents a 14.62% gain.
Let's take a closer look at today's news from the aerial imagery company.
Aerometrex revenue rises by 398% in a year
The Aerometrex share price is on a tear this morning after the company announced its recurring revenue has risen another 28% since last quarter. This quarter, its recurring revenue reached $4.26 million, 398% higher than it was as at the third quarter of the 2020 financial year.
In other news boosting Aerometrex shares, the company also reported that it has continued to receive new enterprise subscriptions to its aerial imagery service MetroMap.
MetroMap is a data-as-a-service (DAAS) aerial imagery subscription. It provides subscribers with an archive of aerial imagery, updated four times per year for capital cities and annually for major regional and rural centres.
New subscribers to MetroMap in 2021 have included Melbourne Water, Victoria's North East Water, Victorian Department of Transport, Future Generation Joint Venture (Snowy 2.0 Engineering Project), SA Water and SA Power Networks.
Commentary from management
Aerometrex managing director Mark Deuter commented on the company's significant revenue increase. He said:
MetroMap has been our primary sales focus for the past 18 months and we are delighted to be rapidly gaining market share across such a wide variety of enterprise customers, from energy and water utilities, to Government agencies, insurance and major engineering clients. Many of these customers are new to Aerometrex and have been attracted to MetroMap's outstanding quality and utility to support their operations. In addition to the substantial growth in large corporations and government departments now subscribing to MetroMap, we are also seeing strong growth in [small to medium enterprise] business subscriptions.
Aerometrex share price snapshot
Today's boost to the Aerometrex share price will come as welcome news to shareholders who have seen the value of their investment in the company fall by 21.6% year to date. Aerometrex shares have also fallen by nearly 29% over the last 12 months.
Aerometrex has a market capitalisation of around $80 million, with approximately 94 million shares outstanding.
