Why the Aerometrex (ASX:AMX) share price has rocketed 20% in a month

Here's what has driven the aerial mapping company's stock higher over the past 30 days…

Brooke Cooper

Brooke has been a Motley Fool contributor since early 2021. She holds a Bachelor of Communication with specialisations in journalism and international studies from Charles Sturt University. Brooke aims to inform and excite Aussies keen to grow their wealth by investing in ASX companies. When not writing or researching, you'll likely find Brooke gallivanting around South East Queensland.

Published September 7, 2021 2:03 pm AEST

The Aerometrex Ltd (ASX: AMX) share price has had a great month on the ASX.

The aerial mapping company's stock has soared 20% since this time last month, seemingly on the back of its financial year 2021 (FY21) earnings.

Right now, the Aerometrex share price is 83.5 cents, 6.37% higher than its previous close.

Let's take a look at the latest news from Aerometrex.

Man flies flat above city skyline with rocket strapped to back — Image source: Getty Images

Aerometrex's FY21

The Aerometrex share price has taken off over the past 30 days.

Its gains were helped along by a huge boost to its annual reoccurring revenue. For FY21, the company reported reoccurring revenue of $4.8 million, 189% more than in FY20.

Most of the increase was due to its MetroMap subscription service, which reported 416% more statutory reoccurring revenue than it did for the previous financial year.

Aerometrex also saw its total revenue increase by 4% to $20.9 million.

Also undoubtedly helping the Aerometrex share price was the company's glowing outlook for FY22.

Following a purchase order signed by Alphabet's (NASDAQ: GOOGL) Google for a 3D data set covering the San Francisco Bay area, Aerometrex believes it's gained traction in the US and is in a good position to grow in the region.

Aerometrex believes the market for 3D mapping in the US will soon be worth $1 billion.

Additionally, it thinks it will see further revenue growth from its MetroMap subscription service in FY22, helped along by the launch of MetroMap 3.0.

Aerometrex share price snapshot

The Aerometrex share price's recent gains haven't been enough to put it back in the green on the ASX.

It is 32% lower than it was at the start of 2021. It has also fallen 35% since this time last year.

At its current share price, the company has a market capitalisation of around $79 million with approximately 94 million shares outstanding.

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