Why the Aerometrex (ASX:AMX) share price is surging 9% higher

The Aerometrex Ltd (ASX:AMX) share price is surging higher on Tuesday following the release of an update on its US operations…

| More on:
A happy woman raises her face in celebration, indicating positive share price movement on the ASX

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Aerometrex Ltd (ASX: AMX) share price has been a particularly positive performer on Tuesday.

In afternoon trade the aerial mapping company's shares are up a sizeable 9% to $1.31.

Why is the Aerometrex share price surging higher?

Investors have been buying Aerometrex shares today following the release of an update on its US operations.

According to the release, the Nearmap Ltd (ASX: NEA) rival has signed its first enterprise client in the United States market. And while the company hasn't named the customer, the release explains that it is a leading US Defence contractor.

In addition, although the financial impact of the sale is immaterial, management believes it is an exciting milestone in the company's growth strategy.

It explained that the sale is for a specific project and has the potential to develop into a much larger program in the future.

In the meantime, Aerometrex is continuing to pursue large enterprise opportunities in the US and notes that it has been gaining traction.

Aerometrex's Managing Director, Mark Deuter, commented: "The US market provides a tremendous growth opportunity for Aerometrex's 3D modelling and aerial imagery. We have carefully planned out our growth strategy for the US market, and the signing of our first enterprise client in the US is an exciting step as we begin commercialising our technology in this market. We have been gaining good traction in the US and look forward to announcing further new client signings."

Supporting this growth will be its team of trained sales and technical staff in the US. Its sales staff are located in California, Florida, and Denver. Whereas its imagery capture program is centred in Denver. All production and delivery services continue to be headquartered in Adelaide.

Management also revealed that despite the impact of COVID-19, it is proceeding with its US 3D capture program. It has now captured the downtown (Central Business District) areas of the City of Denver, Centennial, Orlando, and Miami. A capture program of San Francisco will be undertaken at the next available weather opportunity

Should you invest $1,000 in Tesla right now?

Before you buy Tesla shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Tesla wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia has recommended Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

A woman in a business suit sits at her desk with gold bars in each hand while she kisses one bar with her eyes closed. Her desk has another three gold bars stacked in front of her. symbolising the rising Northern Star share price
Gold

How this ASX All Ords gold stock turned $10,000 into $78,740 in just one year

The ASX All Ords gold miner has raced higher over the year. Let’s find out how.

Read more »

Ten happy friends leaping in the air outdoors.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors enjoyed a happy end to the trading week this Friday.

Read more »

A woman wearing yellow smiles and drinks coffee while on laptop.
Bank Shares

CBA shares top $170. Where to now?

Another day, another record high for CBA shares.

Read more »

Two people jump and high five above a city skyline.
Share Gainers

Why these 5 ASX 200 stocks are racing higher this week

It’s been a stellar week for these five ASX 200 stocks. But why?

Read more »

Two happy excited friends in euphoria mood after winning in a bet with a smartphone in hand.
Share Gainers

Why Appen, Aspen, Catalyst Metals, and Core Lithium shares are racing higher today

Let's see why these shares are roaring higher today and ending the week on a high.

Read more »

One girl leapfrogs over her friend's back.
Technology Shares

This ASX 200 tech stock would have doubled your money in a year. Is it too late to buy now?

After more than doubling in a year, here’s what Macquarie expects next for this soaring ASX 200 tech stock.

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

Up 710% in a year, ASX 300 gold stock surges higher again today on big news

The ASX 300 gold stock continues to reward its investors today. But how?

Read more »

Man with backpack spreading his arms out and soaking in the sun.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a mild session for ASX shares, but still a positive one.

Read more »