Geospatial tech company Aerometrex (ASX:AMX) has been awarded a ‘significant’ contract of work with an Australian Federal Government Agency.
The company says this new contract represents the largest contract award within its LiDAR division, and comes ahead of its planned acquisition and deployment of its 5th LiDAR sensor in Q2 of the 2023 financial year.
It is reported the value of the purchase is order is $1.88 million and comprises a number of areas of interest. The company adds the revenue will be recognised on the delivery of data for each capture area to the client, with delivery of all data expected to be completed by 30 June this year.
“This contract win validates the company’s decision to continue to invest in our LiDAR business”
Speaking on the contract, Aerometrex Chief Executive Officer (CEO) Steve Masters said: “We are delighted to have been awarded this work which builds on the sale of datasets to the Australian Federal Government in June 2022. This contract win validates the company’s decision to continue to invest in our LiDAR business through the acquisition and deployment of our fifth LiDAR sensor in Q2 of FY23 and represents the largest single contract award within our LiDAR division. This aligns with our focus on building strong pathways to profitability and cashflows underpinned by the quality of the client.”
As of 3pm AEST Aerometrex’s share price has increased by 13.186%.
Aerometrex is an ASX-listed aerial mapping business established in 1980 that specialises in an aerial imagery subscription service (MetroMap), LiDAR and 3D. With over 40 years of experience in these areas the company operates its full range of services throughout Australia and extends its 3D services on a global scale.
In addition, the company is noted to have showcased global expertise in providing derivative solutions from all types of imagery, and that its spatial solutions have underpinned many local, state and federal projects across areas such as infrastructure, engineering, construction, environment and disaster management, transport and logistics, and energy and utilities.
Aerometrex currently boasts a ‘strong’ Board and executive team with ‘significant’ industry experience.