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…

| More on:
Man flies flat above city skyline with rocket strapped to back

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 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.

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.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Alphabet (A shares) and Alphabet (C shares). The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Technology Shares

Happy woman working on a laptop.
Technology Shares

Up 60% since April, why this $40 billion ASX 200 tech stock remains a 'compelling buy' today

A leading expert believes this $40 billion ASX 200 tech stock has a lengthy growth runway ahead of it yet.

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Technology Shares

DroneShield shares sink 7% despite big news

Let's see what's going on with this market darling on Thursday.

Read more »

A man activates an arrow shooting up into a cloud sign on his iPad.
Technology Shares

Up 25% since April, is it too late to buy Xero shares today?

A leading expert gives his verdict on the growth outlook for Xero shares.

Read more »

Man looking at digital holograms of graphs, charts, and data.
Technology Shares

2 amazing ASX tech shares I wish I'd bought last year

These tech companies are among the world’s best companies.

Read more »

A man in a business suit and tie places three wooden blocks with the numbers 1, 2, and 3 on them on top of each other.
Broker Notes

3 reasons to buy this booming ASX All Ords tech stock today

A leading broker forecasts more gains to come from this surging ASX All Ords tech stock.

Read more »

Man ponders a receipt as he looks at his laptop.
Technology Shares

Brokers rerate 3 leading ASX 200 tech stocks

Experts reveal their ratings on the ASX 200 tech sector's three biggest companies.

Read more »

Hologram of a man next to a human robot, symbolising artificial intelligence.
AI Stocks

Why Macquarie forecasts a big rebound for these 2 quality ASX All Ords tech stocks

Macquarie expects a big rebound is coming for these AI linked, ASX All Ords tech stocks.

Read more »

A young man goes over his finances and investment portfolio at home.
Technology Shares

Is it too late to buy DroneShield shares?

This high-flying stock is up 90% since this time last month. Where next? Let's find out.

Read more »