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Aerometrex Limited | 2025 Annual Report
ANNUAL
REPORT
2025
2025
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
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Aerometrex Limited | 2024 Annual Report
Contents
FY25 Highlights
5
Letter from the Chair
7
Managing Director and Chief Executive Officer Report
8
Corporate Governance
16
The Board
18
The Executive Team
20
Directors’ Report
22
Remuneration Report
32
Auditor’s Independence Declaration
44
Financial Statements & Notes
47
Consolidated Entity Disclosure Statement 83
Directors’ Declaration
84
Independent Auditor’s Report
86
Shareholder Information
92
Corporate Information
94
AEROMETREX IS A TRUSTED
& LEADING GEOSPATIAL
TECH COMPANY
We specialise in providing geospatial
solutions & insights for our customers.
Our key products - MetroMap, LiDAR & 3D visualisation
models support wide-ranging industries & customer
requirements.
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Aerometrex Limited | 2025 Annual Report
MetroMap Aerial Imagery
Thunder Point Warrnambool
VIC, Australia
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Aerometrex Limited | 2025 Annual Report
Cover image:
MetroMap Oblique Imagery
IMAX Sydney
NSW, Australia
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
3D Reality Model with mesh overlay
University of California San Francisco
Parnassus Campus
California, USA
FY25 Highlights
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Operating Revenue
$23.90m
$3.46m
3.4% (2024: $24.75m)
19.7% (2024: $2.89m)
EBITDA
Cash Balance
$3.88m
(2024: $8.31m)
$9.57m
$10.56m
11.5% (2024: $8.58m)
12.8% (2024: $9.36m)
Subscription Revenue
Annual Contract Value (ACV)
7,777
8,427
9,357
9,329
10,562
7,000
7,500
8,000
8,500
9,000
9,500
10,000
10,500
11,000
Jun 2023
Dec 2023
Jun 2024
Dec 2024
Jun 2025
ACV ($'000)
Annual Contract Value (ACV)
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Dear Fellow Shareholder,
2025 financial year was a year of continued strategic focus
for Aerometrex, as we looked to further strengthen our core
businesses and build the foundations for what we believe
will be sustainable, profitable growth.
We continued to grow our MetroMap subscription base,
maintained a strong position in the Australian LiDAR market,
and pursued selective 3D opportunities. Pleasingly, we
now see ourselves close to our breakeven position on our
priority division, with MetroMap recording continued growth
in Annual Contract Value (ACV) to $10.56 million. Post the
reporting period, I can say that this trend is continuing in the
right way.
Whilst the year had its challenges, we believe that the
business is today stronger and more valuable than it has
ever been. Because of this, your Board believed it was the
right time to conduct a fulsome strategic review of our entire
business, the aim of which, was to both find ways to run our
business better and more efficiently and also investigate
corporate transactions that might deliver better value to
shareholders than the current ASX listing. We continue to
be disappointed that our growth, particularly in MetroMap,
appears not to be recognised by the investor market.
Financial Performance
We delivered operating revenue of $23.90 million, with solid
growth in MetroMap subscription revenue, which rose 11.5%
to $9.57 million. While LiDAR revenue declined in what we
saw as a softer market, our market share remained intact,
and our 3D division achieved strong percentage growth.
EBITDA increased by 19.7% to $3.46 million, reflecting
early benefits from our cost optimisation program and
improved operational discipline. The Company undertook
a strategic review in the second half which removed cost
from the business, to drive efficiency and we expect the
actions we took will see a business continue to deliver
EBITDA improvements into the 2026 financial year. The
Directors do not believe there is any need to return to the
market to raise capital to fund working capital requirements.
Leadership and Governance
The Board maintained close oversight of strategic initiatives
implemented during the year, including a review of our
operating model aimed at reducing costs, accelerating sales,
and extracting greater value from our extensive data assets.
MetroMap Aerial Imagery
Urban sprawl, Yanchep
WA, Australia
Letter from the Chair
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Aerometrex Limited | 2025 Annual Report
In February 2025, Steve Masters concluded his tenure as
Managing Director and Chief Executive Officer. We thank
Steve for his contribution during the period and wish him
well in his future endeavours.
Following Steve’s departure, the Board was pleased to
appoint Rob Veitch as Acting CEO, and then to appoint him
as CEO as a subsequent event. Together with the Board, Rob
has implemented a number of initiatives that aim to produce
a more efficient and profitable business for our shareholders.
Positioning for Growth
The development of our business model and key actions
implemented as a result of our strategic review, places
the Company, I believe, in a strong position heading into
the 2026 financial year. We absolutely expect to move
through the break-even position in MetroMap, and I would
like to remind shareholders that the MetroMap business
model, particularly with an increased focus on costs and
efficiencies, will produce meaningful profitability and in turn,
cash, for the business.
When we set out to build a subscription business at the
time of our IPO in 2019, we were aware of the fact that it
would take time grow to profitability, given the bulk of the
costs are associated with an annual competitive, national
capture program, required at the front end. Despite
some challenges, we believe we have now delivered a
meaningful annual subscription revenue profile and done
so using the original capital provided by the IPO.
On behalf of the Board, I thank our shareholders for their
continued support, our customers and partners for their
trust, and our team for their dedication and professionalism
throughout the year.
Mark Lindh
Chair of the Board
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Aerometrex Limited | 2025 Annual Report
People
I’d like to extend my thanks to every member of the Aerometrex
team for their efforts, dedication, energy, and unwavering
support throughout the year.
Our people are the driving force behind everything we
achieve, and their collective efforts made a real difference.
The team approached every challenge with enthusiasm,
professionalism, and a genuine commitment to helping our
customers succeed.
During the year we restructured the organisation to break
down silos and maximise the exceptional talent we had in
certain business units across the whole company. Under a
new “One Aerometrex” operating model, we now have one
Production team, one Product and PMO function and our
sales team are selling all our product lines.
We welcomed new talent into key roles across Product,
Sales
and
Software
Development
and
strengthened
leadership across all levels of the business. We increased
our commitment to training and mentoring and conducted
our first ever Employee Engagement Survey to enhance our
positioning as an Employer of Choice.
Operations
Operationally, we’ve taken meaningful steps to reshape our
cost structure. Through disciplined execution and a focus
on efficiency, we achieved a substantial reduction in our
cost base while maintaining our commitment to quality and
innovation. This has enabled us to improve asset utilisation
across the board, allowing us to do more with less.
On the Aviation side we have divested non-core assets
and implemented better utilisation of assets to reduce
mobilisation costs and better react to customer needs.
In the second half of the year, we undertook a Strategic Review
of the business with a focus on action, making significant
changes throughout the process. We now have a lower cost
base, a flatter hierarchy and are more efficient in how we
deploy our resources. We revamped our Sales and Marketing
approach and brought in proven talent that has already
shown results through increased customer engagement. We
sharpened our focus on creating recurring revenue and have
set aggressive goals for Annual Contract Value (ACV) growth
in FY26.
We strongly believe Aerometrex is a valuable business and
will continue to invest in Public Relations and Investor
Relations activities which highlight this to the market.
It would be remiss of me not to thank our previous CEO, Steve
Masters, who handed over the reins in February, for his service
to the company and his support for me during the transition
and the period prior to this that we worked together.
Looking ahead, we’re entering the new financial year with
strong momentum, a sharper focus, and a leaner, more
effective operating model. I am confident that we are well-
positioned to capitalise on new opportunities and deliver
greater value to our customers, partners, and shareholders.
Thank you for your continued trust and support.
Robert Veitch
Managing Director and Chief Executive Officer
Managing Director and
Chief Executive Officer Report
Dear Shareholder,
I am pleased to present for the first time as CEO of Aerometrex
the Annual Report for the 2025 financial year.
Aerometrex offers customers location intelligence to make
smarter business decisions. Across our MetroMap, LiDAR
and 3D offerings we provide a range of products and services
that enable customers in a wide range of industries to
generate insights, save money and make faster decisions. To
“See your world clearly”.
As we reflect on the past year, I’m proud of the resilience
and progress our company has demonstrated in a dynamic
and often challenging market environment. As a business
we have made significant strides across all areas, improving
sales approach, efficiency of operations and balance sheet
management, and have set a solid foundation for future
growth. I believe this year will prove to be a pivotal year when
MetroMap approaches breakeven and our people, processes
and cost structure are set up for sustainable and profitable
growth.
Some of the key highlights during FY25 include:
Award of a significant 3D coastal sand monitoring
project for the South Australian Department of
Environment and Water
Award of a substantial agricultural digital twin and
carbon project for Agronomeye
Award of a significant LiDAR contract with the
Queensland government
Expansion of the Landchecker partnership
agreement with a larger commitment and longer
term.
Operating revenue was $23.90m down 3.4%, while EBITDA
was up 19.7% to $3.46m. Cash balance is at $3.88m and
importantly we have stopped cash burn since March of 2025,
a validation of our initiatives to drive efficiency and reduce
costs.
MetroMap
Our MetroMap product delivered strong subscription revenue
of $9.57m, an increase of 11.5%, and record Annual Contract
Value (ACV) of $10.56m, an increase of $1.23m in H2 which
has us close to break even and gives us great momentum
leading into FY26. $1.43m revenue was also generated
from Off-the-Shelf products and opportunistic On Demand
projects.
With the first full year of outsourced aviation, we have seen
significant improvements in capture frequency and reliability,
which our customers demand. There has also been a strong
drive on product development, developing features like
Oblique Imagery that allow customers to view an area with
45-degree imagery, not just Vertical. An elevation tool which
measures heights of terrain and built objects has also been
developed. Significantly, both these tools utilise assets that
Aerometrex already had and will be launched as Beta to
customers in Q1 FY26. We expect these additions to increase
MetroMap appeal to a wider audience.
LiDAR
Our LiDAR business recorded revenue of $10.92m, down
from $14.15m the previous year. In a challenging market
this reduction was driven mainly by reduced margins, less
favourable product mix and timing of revenue recognition
which saw a smaller work on books at the start of the FY
than at the end. Encouragingly we were awarded $2.86m
of government contracts and saw growth in Agriculture and
Renewables markets reflecting increased adoption in those
markets.
The number of contracts won and win rate were maintained
from previous years and market share was maintained.
Also, throughout the course of the year our LiDAR fleet
took on MetroMap image capture resulting in dual purpose
missions which have created off-the-shelf LiDAR datasets
that are already generating a new revenue source.
3D
3D delivered strong revenue growth, up from $0.86m to
$1.53m on the back of multiple projects across Australia and
the US.
Major projects included a coastal sand monitoring program
for the South Australian Department for Environment and
Water and a high-resolution reality mesh for the University of
California in San Francisco.
As we move into FY26, we are focussing on product
development and innovation to make our 3D offering
appealing to a wider audience and expect to see benefits
from our entire sales team now seeking 3D opportunities.
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Aerometrex Limited | 2025 Annual Report
MetroMap
MetroMap is an aerial imagery data service, offering high-quality and accurate imagery to wide ranging industries and
customers. The MetroMap product offering includes 2D aerial imagery delivered via a Data-as-a-Service (DaaS) subscription
platform, off-the-shelf data and insights derived from aerial imagery using artificial intelligence (AI) and machine learning (ML)
algorithms.
Overview
The Company delivered strong growth in both subscription revenue (increasing from $8.58m to $9.57m, or by 11.5%) and
Annual Contract Value (ACV) (increasing from $9.36m to $10.56m, or by 12.8%). The strong result in both revenue and ACV
provides a strong foundation to build sustained and scalable growth.
The transition to outsourced aviation capture for the MetroMap program was completed in July 2024. This enabled the
Company to complete the capture program with the expectation that this will deliver revenue benefits into the future by
improved capture reliability and frequency, and customer acquisition and retention in the MetroMap subscription business.
The MetroMap Data-as-a-Service (DaaS) model will enable the Company to scale and grow both revenue and profitability once
it covers its fixed cost base structure.
As announced in May 2025, surpassing $10m in ACV was a significant milestone achieved during the current financial
year and is a powerful endorsement of the strategic investments made in the MetroMap platform and a clear signal of the
increasing value it delivers to customers across industries. Acting CEO, Rob Veitch said:“Our continued growth in ACV reflects
the trust our customers place in MetroMap and the dedication of our team. This is more than just a financial benchmark—it is
a validation of our mission to empower our customers in enabling them to make smarter, faster, and more informed decisions
through our innovative platform.
As organisations continue to prioritise data-driven decision-making, MetroMap’s intuitive tools and robust analytics capabilities
have become essential to their operations. MetroMap continues to grow in popularity across many industry sectors and
across small, medium and Enterprise organisations as well as our expanding partner network.”
The partner program continued to be a strong underlying contributor to the revenue ($2.58m) and ACV ($2.69m) throughout
FY25. The announcement in June 2025 of the early renewal and extension of the partnership with Landchecker through to
June 2027 highlights the value that partners see in growing their business with MetroMap imagery as a key foundational
element. The Company’s partnership program demonstrates its ability to expand its direct customer base through strategic
partnerships. Partnerships or channel partners is an important revenue strategy to deliver growth and results to both partners
in this relationship.
Product and platform development continued throughout the year delivering additional value to customers and provides
opportunities for further revenue growth. Some of these product and platform initiatives included:
MetroMap Image Dedicated for seamless integration with the ESRI ArcGIS suite;
MetroMap Data Hosting for incorporating and serving private customer imagery;
Enhancement of tools within the MetroMap viewer platform; and
MetroMap AI Insight feature layers.
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
MetroMap Aerial Imagery
Maroochy River, Sunshine Coast
QLD, Australia
7,777
8,427
9,357
9,329
10,562
7,000
8,000
9,000
10,000
11,000
Jun 2023
Dec 2023
Jun 2024
Dec 2024
Jun 2025
ACV ($'000)
Annual Contract Value (ACV)
Highlights
Record Subscription
Revenue of $9.57m
Record Annual
Contract Value
(ACV) of $10.56m
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Classified Airborne LiDAR Point
Cloud showing the Melbourne
Cricket Ground and CBD
VIC, Australia
LiDAR
Highlights
Completion of another
large agriculture/
carbon farming LiDAR
contract at $0.78m
Continued trends from
previous years supporting
renewable energy projects by
providing LiDAR data
Light Detection and Ranging (LiDAR) is an advanced aerial surveying technique which utilises active laser pulses generated by
the sensor to measure the distance of the aircraft to the ground. As the position of the aircraft is determined by GPS, the shape
of the terrain including above ground features can be modelled. This survey technology and the information derived from it has
become a critical asset for numerous planning and monitoring purposes, even more so when combined with imagery.
Overview
The Company delivered LiDAR revenue of $10.92m, down from $14.15m in the prior year. Despite the reduction in revenue,
the Company still won a number of significant contracts throughout the course of the year with the general LiDAR market
experiencing some softness as the number of opportunities slowed. The Company however maintained its sales opportunity
win rate, implying that the Company retained its market share during the year.
During the year, the Company was again awarded a contract to produce a holistic three-dimensional property model to support
informed land management as well as underpin a carbon market project. This contract with a value of $0.78m was awarded
by Agtech experts, Agronomeye, which further builds on the strong relationship between Aerometrex and Agronomeye since
2020. Aerometrex’s data is ingested into Agronomeye’s AgTwinTM platform which empowers farmers with the information
they need to unlock the full potential of their land including productivity, biodiversity, animal welfare, water use efficiency and
carbon projects. Being another larger project undertaken by Aerometrex, the project continues to demonstrate Aerometrex’s
ability to complete large scale projects efficiently while supporting industries in their adoption and use of LiDAR data.
The Company continued to focus on building and maintaining strong relationships with customers in the renewable energy
space. During the year the company was engaged to conduct LiDAR surveys across 13 renewable energy projects covering
almost 10,000km2. The value of these projects was $1.23m. Renewable energy is continuing to be a growing sector, and the
Company is well positioned to leverage its reputation among customers moving forward.
The Company maintained its strong relationship with all levels of Government being awarded $2.86m in value of LiDAR projects
during the year. Of note was Cobungra-Dargo for the Department of Transport and Planning in Victoria where the data was
used to support elevation data projects while contributing to the identification of old and unused mine shafts.
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Continued to support
all levels of Australian
Government by delivering
$2.86m in LiDAR projects
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
3D
Highlights
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Aerometrex Limited | 2025 Annual Report
Major coastal sand
monitoring program for South
Australian Department for
Environment and Water (DEW)
High-resolution 3D reality
mesh and level of detail
building model projects
for University of California
San Francisco
Rockefeller Plaza
model showcased by
NBC News during 2024
US election coverage
Aerometrex provides its global client base a range of sophisticated 3D reality modelling products and services based on
advanced photogrammetric and visualisation techniques.
Our world leading 3D modelling service provides an end-to-end solution: the whole workflow from flight planning and image
acquisition to 3D processing and geo-registration is all done in-house. We have executed numerous projects that combine
aerial acquisition from multiple platforms (aircraft, helicopters, drones and street-level imagery) and use the data generated to
build a seamless 3D mesh model or ‘reality mesh’.
Our 3D data provides access to high-resolution 3D city mesh models that provide context to projects, help develop and visualise
scenarios as well as offer a comprehensive 3D base dataset for change monitoring.
Overview
The Company delivered strong growth in revenue, increasing from $0.86m to $1.53m, an increase of 77.9%, and secured
multiple 3D modelling projects across Australia and the US. This included a major coastal monitoring program for the South
Australian Department for Environment and Water (DEW) that involved volumetric change analysis of sand movement on
Adelaide metropolitan beaches. The Company and project were showcased during a presentation at the influential Locate25
and FIG Working Week 2025 in Brisbane.
The Company’s work was highlighted on the international stage during the US Presidential Election in November 2024, with its
3D Reality Mesh Model of Rockefeller Plaza featuring as the main backdrop of the sophisticated virtual production environment
developed by NBC News. The Company secured further international work with high-resolution 3D reality mesh and level of
detail (LOD) building model projects for the University of California San Francisco (UCSF).
The Company was awarded multiple 3D modelling projects in the Local Government sector, delivering critical data to clients
such as Ku-ring-gai Council, Central Coast Council, and Bathurst Regional Council to support strategic planning for housing and
transit-oriented developments. The Company also continued to deliver repeat work to long-standing clients, such as annual 3D
reality mesh and level of detail (LOD) building model updates for the City of Melbourne, coastal change analysis for the City of
Newcastle, and 3D reality modelling for the City of Parramatta.
3D model with wireframe overlay
Bathurst
NSW, Australia
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Aerometrex Limited | 2025 Annual Report
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Board Skills Matrix
Capabilities
Number of Directors with the capability
Corporate Leadership
Industry Experience
Other ASX Board Directorships (last 3 years)
Strategy
Governance
Capital Raising
Risk and Compliance
Mergers and Acquisitions
Tertiary Qualifications
Economics, Law, Commerce and/or Business
Accounting
Technology and Innovation
Global Perspective
International Experience
The Board believes that a high level of governance and transparency is critical for fostering a productive corporate culture and
business practices.
Roles & Responsibilities
The Aerometrex Board of Directors is responsible for the corporate governance of Aerometrex with the intention of working in
ways that add the most value to the business. The Board oversees the business and the affairs of Aerometrex, establishes the
strategies and financial objectives to be implemented by management and monitors performance.
The principal activities of the Board are to:
Set the Group’s purpose, values and strategy, and ensuring that the Group’s culture is aligned to these targets;
Review systems to monitor risk management and internal control, codes of conduct and legal compliance;
Appoint and remove the Managing Director & CEO, including approving remuneration for the position and succession
plans for the role;
Ratifying or approving the appointment and, where appropriate, the removal of the CFO or Company Secretary;
Monitor senior management’s performance and implementation of approved strategy, and ensuring appropriate
resources are available; and
Approving and monitoring financial and other reporting to the market.
Board Composition
The composition of the Board is reviewed annually to ensure that there is an appropriate mix of skills, experience and knowledge
to contribute to the objectives of the Board.
Independence
A director is independent when they are:
A non-executive director and
Free from any real or perceived relationship that could be judged to materially interfere with the ability to make
informed and objective decisions.
Risk Management
The Aerometrex Board is ultimately responsible for the risk management of the business and the Directors must satisfy
themselves that any risks to the business are being managed appropriately. This includes ensuring that appropriate internal
controls and reporting mechanisms are in place to support a robust risk management framework.
Remuneration & Nomination Committee
Develops remuneration policies, reviews and provides recommendations to the Board in relation to key management personnel
remuneration packages and performance reviews.
Oversees the Board and Director reviews, provides recommendations in relation to the appointment of new Directors, reviews
the skills and expertise of the Board and establishes succession planning arrangements.
Audit & Risk Committee
Oversees the adequacy and effectiveness of the company’s reporting processes, compliance with legal and regulatory
requirements, financial reporting, and internal controls.
Corporate Governance
Audit & Risk
Committee
Remuneration
& Nomination
Committee
Executive Team
Board Committees
Board of Aerometrex Limited
Two standing Board committees have been established to assist the Board in fulfilling its responsibilities.
Managing Director
and Chief Executive
Officer
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Kaitlin Smith
Company Secretary
B.Com (Acc), CA, FGIA
Mark Lindh
Independent Non-Executive
Director, Chair
Peter Foster
Independent Non-Executive
Director
PhD Physics
Appointed: October 2019
Special responsibilities:
• Chair of the Audit & Risk
Committee
• Member of the Remuneration &
Nomination Committee
Experience:
Peter
has
extensive
business
experience
across
a
variety
of
industries. He is a creative entrepreneur
with
wide-ranging
experience
in
developing innovative technologies
for global markets. Peter has founded
and grown numerous technology and
commercial ventures and holds over
40 international patents in optics and
precision electronics. He has also
held senior scientific positions with
a local medical laser manufacturer
and with the Department of Metallic
Materials, University of Bayreuth,
Germany, and has delivered intensive
courses on startups and technology
commercialisation for the University
of Adelaide. Peter holds several
private company directorships across
a diverse range of industries and
recently stepped down from the board
of VivoSense, a San Diego based
pharmaceutical services company,
after guiding its capital raise. Peter
remains a board observer, mentor
to the CEO and leads its commercial
advisory board whose members are
located across the US.
Other ASX Directorships in the last
3 years:
Nil
Matthew White
Non-Executive Director
B.Acc, CA
The Board
Robert Veitch
Managing Director and
Chief Executive Officer
B. Eng (Mech Eng), MBA
Appointed: May 2019
(Chair: October 2019)
Special responsibilities:
• Chair of the Board
• Chair of the Remuneration &
Nomination Committee
• Member of the Audit & Risk
Committee
Experience:
Mark is a founder and principal of
AE Advisors, an investment house
established in 2006. Mark is a
corporate advisor with significant
experience in advising predominantly
listed
companies
encompassing
a
range
of
industries
including
technology,
energy,
resources,
infrastructure and utilities. He has
acted as the principal corporate
and financial advisor to a number
of
Australian
corporate
success
stories and has extensive experience
in
Australian
equity
and
debt
markets and advising clients on
capital
raisings,
mergers
and
acquisitions and investor relations.
Other ASX Directorships in the last
3 years:
Maggie Beer Holdings Ltd (MBH.
ASX) appointed January 2025
(current)
Whitebark Energy Ltd (WBE.ASX)
appointed January 2024 (current)
Bass Oil Ltd (BAS.ASX) appointed
December 2014 (current)
Advanced Braking Technology Ltd
(ABV.ASX) appointed June 2017
resigned November 2022
Appointed: August 2025
Special responsibilities:
•
Nil
Experience:
Rob joined Aerometrex in September
2024
as
General
Manager
of
MetroMap. He was appointed Acting
Chief Executive Officer in February
2025 and formally assumed the
role of Managing Director and Chief
Executive Officer in August 2025.
Rob has more than three decades’
experience
in
business
growth,
product development, innovation and
technology. He was previously the
Founder and CEO of Delineate and
has consulted around the world with
companies like Google, BMW and
Tesla.
He has a deep understanding of
3D technology, content production
and
leadership
of
creative
and
technical
teams.
Having
worked
with autonomous cars for a decade
he
also
has
a
comprehensive
understanding of machine vision
including cameras, LiDAR and other
sensors. Rob is a firm believer that
technology and innovation should
solve real customer problems while
supporting the Strategic objectives of
the business.
Rob holds a Senior Executive MBA
from Melbourne Business School and
has undertaken extensive Executive
Education in Innovation, AI, Design
Thinking and Strategy at universities
like UC Berkeley, INSEAD and Kellogg.
Other ASX Directorships in the last
3 years:
Nil
Appointed: September 2011
Special responsibilities:
• Member of the Remuneration &
Nomination Committee
• Member of the Audit & Risk
Committee
Experience:
Matthew was appointed as Financial
Controller of Aerometrex in 2008
and subsequently Finance Director
2011. He has been instrumental in
all financial strategies and decisions
of the company during the current
successful growth period. Matthew
has over 30 years experience as an
accountant, business and taxation
advisor, mortgage broker and financial
planner. Matthew is the founder and
sole director of Business Initiatives
Pty Ltd, an Adelaide based Chartered
Accountancy firm. Matthew works
in a client advisory role for small to
medium sized enterprises.
Other ASX Directorships in the last
3 years:
Whitebark Energy Ltd (WBE.ASX)
appointed March 2021 resigned
August 2024
Appointed: November 2019
Experience:
Kaitlin was appointed to the position
of
Company
Secretary
on
25
November
2019.
Kaitlin
provides
company secretarial and accounting
services
to
various
public
and
proprietary companies. She is a
Chartered
Accountant,
a
fellow
member of the Governance Institute
of Australia and holds a Bachelor of
Commerce (Accounting).
The Company Secretary is accountable
to the Board, through the Chair, on
all matters to do with the effective
functioning of the Board. All directors
have direct access to the Company
Secretary.
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Matthew Simmons
General Manager - Operations
B.Sc (Physical Geography)
Appointed: September 2022
Experience:
Matthew
joined
Aerometrex
in
February
2020
as
Assistant
General
Manager
LiDAR
having
nearly 20 years of experience in
the geospatial industry across the
Asia Pacific Region. Matthew was
subsequently
appointed
to
the
role of General Manager LiDAR in
September 2022 and stayed in that
role until being appointed General
Manager of Operations in March
2025. Matthew has spent more than
fifteen years working in a variety of
roles specialising in LiDAR and aerial
surveying, and brings this commercial
and practical experience to the role.
Priorities:
Matthew’s
key
priorities
are
to
deliver efficient operations across
the business delivering products and
project results to meet the needs of
customers. A key focus is on ensuring
that all production operations, post
capture, are handled in an efficient
manner
delivering
commercial
outcomes for the company.
Chris Mahar
Chief Financial Officer
B.Acc., CA
Appointed: October 2019
Experience:
Chris
joined
Aerometrex
in
October 2019 just prior to the
company listing on the ASX in
his current role as Chief Financial
Officer. Chris has more than 30
years of experience across both
commerce and advisory services
within
professional
practice
and
brings
this
commercial
experience to the role. Chris holds
a Bachelor of Accountancy from
the University of South Australia
and is a member of Chartered
Accountants, Australia and New
Zealand.
Priorities:
Chris is responsible for leading
the Group’s corporate services
functions
of
the
business
encompassing people, finance,
tax, investor relations, insurance,
risk and property. His priorities
are to support the teams to deliver
strong
commercial
outcomes
for the business by ensuring
the
provision
of
accurate,
independent
and
objective
analysis in a data led environment
to drive sound decision making.
A key focus is partnering with the
Chief Executive Officer to support
and drive commercial outcomes
including the efficient allocation
of capital to drive business value.
Jeremy Pollard
Strategic Projects
B.Eng. (Hons), Elec. & Elec. Eng.
Appointed: April 2024
Experience:
Jeremy
joined
Aerometrex
in
February 2015, commencing in
an operational role within the 3D
team and learning all facets of
image capture, production and
quality
control,
before
heading
the company’s US operations in
August 2022 and then all Global 3D
activities in April 2024. Jeremy has
more than 25 years of experience in
technology businesses ranging from
startups to multinationals, in roles
encompassing leadership, business
development,
commercialisation,
and product management.
Priorities:
Jeremy's key priorities are to assist
the 3D business to achieve its
objectives while bringing his various
skills and expertise into strategic
projects that will enhance the
outcomes of the company.
Kobus Swart
General Manager - Aviation
Appointed: January 2023
Experience:
Kobus
joined
Aerometrex
in
January 2023 in his current role
of
General
Manager
Aviation.
Kobus has more than 40 years of
aviation experience as a pilot and
senior executive across military,
training, commercial and business
and corporate jet experience. With
his
operational
and
executive
management experience, he has
led operational flight units and
corporate flight departments as the
Accountable Manager for multiple
Regulatory Authorities.
Priorities:
Kobus is responsible for safely
and effectively leading the Aviation
Business Unit to achieve the
aerial capture requirements of the
company. This includes ensuring
that safety is a key priority and
that all regulatory requirements
are met. A key focus is to ensure
that all the capture requirements
are being met in accordance with
operational plans. Kobus is also
responsible for managing key
stakeholder relationships including
regulatory bodies and the aviation
related supply chain.
The Executive Team
Robert Veitch
Managing Director and
Chief Executive Officer
Please refer to page 18 for full profile
including qualifications and experience.
22
23
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
MetroMap Aerial Imagery
Center-pivot irrigation, Mount Gambier
SA, Australia
22
23
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
DIRECTORS'
REPORT
24
25
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
The Directors present their report, together with the consolidated financial statements of Aerometrex Limited (referred to
hereafter as ‘Aerometrex’ or ‘Company’), comprising of the Company and its controlled entities, for the year ended 30 June
2025.
Directors
The following were Directors of Aerometrex Limited during the whole of the financial year and up to the date of this report,
unless otherwise stated:
Company secretary
Company overview – principal activities
Aerometrex is a trusted and leading geospatial tech company specialising in providing geospatial solutions & insights for our
customers. Our key products - MetroMap, LiDAR and 3D visualisation models support wide-ranging industries and customer
requirements. The Company, established in 1980, has a strong Board and executive team with significant industry experience.
The Company undertakes activities in Australia and USA.
There were no significant changes in the nature of activities of the Group during the year.
Changes in state of affairs
In the opinion of the Directors there were no significant changes in the state of affairs of the Group during the financial period.
Review of Operations
Financial and Operational Performance
Total operating revenue was $23.90m, down 3.4% from the prior year of $24.75m.
The Company continued to execute its growth strategy in relation to MetroMap with subscription revenue increasing by 11.5%
from $8.58m to $9.57m. Late in the financial year the Company achieved a significant milestone with Annual Contract Value
(ACV) surpassing $10.00m for the first time, achieving growth of 12.8% from $9.36m to $10.56m. The Company continued
to focus on activities that will drive a consistent recurring revenue stream delivering scalable revenue and profit growth to
maximise value from a SaaS / DaaS environment.
Project revenue declined by 16.7% to $12.98m driven by a decline in LiDAR revenue of 22.7% to $10.91m due to increased
competitive pressures across the industry. This decline in LiDAR revenue was offset by an increase in high-resolution 3D of
67.4% to $1.32m with MetroMap on-demand project work also increasing 10.3% to $0.75m.
Directors’ Report
Name
Role
Status
Mr Mark Llewellyn Lindh
Non-Executive Director, Chair
Independent
Dr Peter Graham Foster
Non-Executive Director
Independent
Mr Matthew Duval White
Non-Executive Director
Not Independent
Mr Steven Bruce Masters
Managing Director and Chief Executive Officer
Not Independent (resigned 18 February 2025)
Mr Robert Veitch
Managing Director and Chief Executive Officer
Not Independent (appointed 21 August 2025)
Name
Ms Kaitlin Louise Smith
Off-the-shelf revenue also increased by 134.5% from $0.58m to $1.36m largely driven by an increase in off-the-shelf revenue
of $0.62m and analytics revenue of $0.16m. While this revenue stream has a degree of unpredictability, these add significant
value to revenue, profit and cash in the year that the occur given these are largely derived from existing datasets.
The key financial outcomes for the year were as follows:
Growth of 11.5% in MetroMap subscription revenue from $8.58m to $9.57m
Growth of 12.8% in Annual Contract Value (ACV) for MetroMap, from $9.36m to $10.56m at June 2025
Growth of 67.4% in 3D project revenue from $0.79m to $1.32m
Growth of 10.3% in MetroMap project revenue from $0.68m to $0.75m
Growth of 134.5% in off-the-shelf revenue from $0.58m to $1.36m
Decline of 22.7% in LiDAR revenue from $14.12m to $10.91m
Cash generated from operating activities decreased 63.5% from $6.24m to $2.28m
Free cash consumed in the business improved 25.9% from a consumption of $1.35m to $1.00m
Figure 1: Operating Revenue History
6,997
10,097
8,574
11,339
10,009
12,008
11,512
9,112
9,994
12,367
13,691
15,352
12,743
12,391
0
5,000
10,000
15,000
20,000
25,000
30,000
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Revenue ($ '000)
Financial Year Ended 30 June
Operating Revenue
1H
2H
16,109
20,091
20,941
25,030
25,361
24,751
23,903
A significant area of focus for the business was the continued scaling of the MetroMap subscription business to drive scalable
revenue and Annual Contract Value (ACV) growth with the intention to deliver long term shareholder value. The Company
delivered strong subscription revenue growth of 11.5% from $8.58m to $9.57m and 12.8% growth in ACV from $9.36m to
$10.56m. In addition to this, the Company increased the Contract Liability for Subscriptions billed in Advance from $3.42m
at June 2024 to $4.16m at June 2025, an increase of 21.6%. This Subscriptions billed in Advance will be recognised over the
course of FY26 and provides a strong foundation for the coming financial year.
1,506
2,717
3,582
4,110
4,715
2,134
3,138
3,609
4,471
4,853
0
2,000
4,000
6,000
8,000
10,000
12,000
2019
2020
2021
2022
2023
2024
2025
Revenue ($'000)
Financial year ended 30 June
MetroMap Subscription Revenue
1H
2H
344
705
5,855
3,640
7,191
8,581
9,568
Figure 2: MetroMap Subscription Revenue History
26
27
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Directors' Report
Directors' Report
Key outcomes of the strategic review included:
$2m in annualised cost reductions – significant cost optimisation measures implemented to streamline operations
and boost margins.
Data monetisation – initiatives to drive further value to monetise Aerometrex’s vast imagery, 3D, and LiDAR database.
While these sales can have a degree of unpredictability, they add significant value to revenue, cash and profit in the
year that they occur.
Sales acceleration – appointment of seasoned SaaS / DaaS sales talent particularly in relation to MetroMap alongside
investment in other sales talent and mentoring.
Restructure to a single operating model – organisation restructure implemented to break down silos, align business
operations, and drive collaboration under a unified vision.
With the above activities undertaken in FY25, the Company believes that this will create a strong foundation to support growth
in FY26. The Company remains committed to ongoing business improvement initiatives aligned with driving financial results,
improved cash flow and developing sustainable shareholder value.
The Company held $3.88m in cash at the end of the financial year to fund future operations.
Dividends
No dividends have been paid or proposed in respect of the current year (2024: $nil).
Matters subsequent to the end of the financial year
The Company announced the appointment of Robert Veitch as Managing Director and Chief Executive Officer on 21 August
2025. He has been acting in the role since 18 February 2025.
Stuart Wileman, General Manager – Strategic Projects (formerly General Manager - MetroMap) and a member of the Executive
Team, left the business on 13 August 2025.
To the best of the Directors’ knowledge, other than the above, there are no other matters or circumstances that have arisen
since the end of the financial year that have significantly affected or may significantly affect either:
The operations of the Group;
The results of those operations; or
The state of affairs of the Group in future financial years.
Future developments
The Group will continue to review and implement its business strategies to meet the Group’s long-term growth and development
objectives including the scaling of the business to:
Develop a pathway to generation of positive free cashflow;
Grow its subscription customer base of MetroMap through increased sales and marketing initiatives, capture
programs, and product offering;
Drive ACV growth in MetroMap;
Continue to build scale in its LiDAR operations; and
Seek new opportunities to grow its world leading 3D products in Australia and other locations.
Further information about future developments in the operations of the Group and the expected results of those operations
in future financial years has not been included in this report because disclosure of the information would likely result in
unreasonable prejudice to the Group under section 299 of the Corporations Act 2001.
Risk Management
As part of the ongoing governance framework, the Company looks to identify and mitigate business risks that may have an
impact on the strategic and financial performance of the Company and the market price of the Company’s shares. Some of the
key risks identified by the Company include:
EBITDA (Earnings before interest, tax, depreciation and amortisation) is a non-IFRS term but is used by the Group to measure
performance. EBITDA increased 19.8% from $2.89m to $3.46m. While EBITDA improved, the statutory loss before income tax
increased to $8.74m. The increase in the statutory loss was largely driven by the accounting treatment of the Aero Logistics
lease (outsourced MetroMap capture program) which treats the lease as a Right of Use Asset which is therefore capitalised
with interest and depreciation charged over the expected life of the lease. The increase in the statutory loss was largely
attributable to the finance costs, up $1.96m on the prior year, and these finance costs cannot be capitalised as part of the
MetroMap datasets and therefore cannot be amortised over the effective life of the datasets. This results in the finance costs
being fully expended to the Profit or Loss Statement in the year incurred. The current year saw the full value of the lease cost
being incurred while only a portion was incurred in the prior year due to delays in the initial commencement date of the lease.
Figure 3: Historical MetroMap ACV
2025
$’000
2024
$’000
Change
$’000
Change
%
Revenue and other income
24,171
24,759
(588)
(2.4%)
Aircraft and project processing costs
(8,308)
(9,291)
983
(10.6%)
Operating costs
(12,407)
(12,583)
176
(1.4%)
EBITDA
3,456
2,885
571
19.8%
Depreciation
(3,894)
(3,182)
(712)
22.4%
Amortisation
(6,047)
(5,749)
(298)
5.2%
Impairment
(112)
(67)
(45)
100.0%
Finance costs
(2,323)
(365)
(1,958)
536.4%
Finance income
181
328
(147)
(44.8%)
Statutory (loss) before income tax
(8,739)
(6,150)
(2,589)
42.1%
Income tax (expense) / benefit
2,172
1,481
691
46.7%
Statutory (loss) after income tax
(6,567)
(4,669)
(1,898)
40.7%
7,777
8,427
9,357
9,329
10,562
7,000
7,500
8,000
8,500
9,000
9,500
10,000
10,500
11,000
Jun 2023
Dec 2023
Jun 2024
Dec 2024
Jun 2025
ACV ($'000)
Annual Contract Value (ACV)
Following the successful introduction of the outsourced flying capture program for MetroMap, a number of surplus aviation
and sensor assets were divested during the year. These divestments injected cash proceeds of $1.11m during the year with no
amount outstanding at the end of the financial year. The divestment of these assets realised cash that could be redeployed into
growth options, particularly MetroMap but also reduced some risk to the business by reducing the number of aviation assets
held. The decision was also made to divest the last Cessna aircraft and associated parts and spares which had previously
been utilised in the MetroMap capture program with these assets now being reclassified to Assets held for Sale.
The Company announced a strategic review in February 2025 following the resignation of Mr Steve Masters as Managing
Director and CEO and the appointment of Mr Rob Veitch as Acting CEO. The strategic review was to investigate and consider
a number of initiatives designed to extract further value from the product lines including:
Options to further drive and accelerate particularly in the Company’s high growth MetroMap business;
Reduce costs in doing business and improving margins across all product lines; and
Prioritising activities that accelerate the Company to profitability.
28
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Directors’ meetings
The number of meetings of Directors (including meetings of committees of Directors) held during the year, and the number of
meetings attended by each Director, were as follows:
Held while Director or held while committee member represents the number of meetings held during the time the director held
office or was a member of the relevant committee.
Committee membership
Throughout the year and as at the date of this report, the Company had an Audit and Risk Committee and a Remuneration and
Nomination Committee. Members acting on the committees of the Board during the year were:
Remuneration report (audited)
The remuneration report details the key management remuneration arrangements for the Group, in accordance with the
requirements of the Corporate Act 2001 and its Regulations. The remuneration report is set out on pages 32-43 and forms
part of the Directors’ Report.
Share options and performance rights
As at the date of this report, there were no unissued ordinary shares under option. 924,289 performance rights (2024:
1,333,871) were outstanding. Subject to certain performance vesting conditions being met, 134,904 will vest on 30 June 2026
and 789,385 will vest on 30 June 2027. No shares were issued in the current period on conversion of performance rights
(2024: 168,880). No shares were issued since the end of the financial year up to the date of this report as a result of exercise
of options or conversion of rights.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf
of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on
behalf of the Company for all or part of those proceedings.
Cyber Security and Data Protection Risk
Information technology, systems and data are critical to the ongoing success of the Company. Cyber security remains a critical
focus area as the threat landscape continues to evolve. The Company is committed to safeguarding data and systems through
robust security measures, continuous monitoring, and regular audits.
Retention of Key Personnel
The retention of key personnel is important to maintain operational stability and ‘learned’ knowledge within the business. The
Company aims to create an engaging work environment that fosters professional growth and job satisfaction that is aligned
towards a customer centric approach which will ultimately drive value for all stakeholders.
Growth Risk
Managing growth risk is essential to the Company’s long-term success. The Company employs a strategic approach to
expansion, carefully evaluating market conditions and potential challenges. By maintaining a balance between aggressive
growth initiatives and sustainable practices, the Company aims to achieve steady progress while mitigating the risks
associated with rapid expansion.
Competition and Technology Risk
The competitive landscape poses ongoing challenges, with new entrants and existing rivals striving for market share. The
Company continues to focus on maturing the sales systems and processes, go-to-market strategies and available data
points that enables the Company to adapt and respond to the existing market conditions and the competitive environment.
Advancements in existing and new technologies across the product line spectrum are actively monitored.
Climate Change
The impacts of the weather can have a significant impact on the operations of the Company given aerial capture requirements.
Supply Chain Risk
The complexity of global supply chains introduces various risks, including disruptions due to geopolitical tensions, natural
disasters, and logistical challenges. The Company works closely with key suppliers to understand capacity constraints and
timelines for delivery in an effort to minimise risk.
Safety
Safety is paramount to the Company’s operations to ensure the safety and wellbeing of all staff maintaining safety standards in
accordance with the regulatory environment to minimise risk. The Company proactively identifies and addresses any potential
hazards through detailed risk assessments and incident reporting mechanisms. By fostering a strong safety culture and
promoting open communication, the Company aims to ensure that safety remains at the forefront of our organisational values.
Environmental obligations
The current activities of Aerometrex are not subject to significant environmental regulation under Australian Commonwealth
or State law. The Board believes that the Group has adequate systems in place to manage its environmental obligations and is
not aware of any breach during the period. Any significant environmental incidents are reported to the Board.
Indemnities and insurance
During the year, the Group paid a premium in respect of a contract to insure the directors and executives of the Company
against liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the
nature of the liability and the amount of the premium.
The Group has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company
or any related entity against a liability incurred by the auditor.
Non-audit services
There were no non-audit services provided during the financial year.
Directors' Report
Directors' Report
Board Meetings
Audit and Risk
Committee
Remuneration and
Nomination Committee
Number of meetings
Number of meetings
Number of meetings
Name
Held while
Director
Attended
Held while
committee
member
Attended
Held while
committee
member
Attended
Mark Lindh
16
16
6
6
3
3
Matthew White
16
16
6
6
3
3
Peter Foster
16
16
6
6
3
3
Steve Masters¹
11
11
-
-
-
-
¹ Resigned 18 February 2025
Audit & Risk
Remuneration & Nomination
Peter Foster (Chair)
Mark Lindh (Chair)
Mark Lindh
Matthew White
Matthew White
Peter Foster
30
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Rounding of amounts
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191,
issued by the Australian Securities and Investments Commission, relating to ‘rounding-off’. Amounts in this report have been
rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, unless specifically stated
otherwise.
Forward-looking statements
Aerometrex advises that this document contains forward-looking statements which may be subject to significant uncertainties
outside of Aerometrex’s control. No representation is made as to the accuracy or reliability of forward-looking statements or
the assumptions on which they are based. Actual future events may vary from these forward-looking statements, and it is
cautioned that undue reliance not be placed on any forward-looking statements.
Auditor’s independence declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out after
this Directors’ Report.
This report is made in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the Directors
Mark Lindh
Robert Veitch
Chair of the Board
Managing Director and Chief Executive Officer
Adelaide
28 August 2025
Directors' Report
Directors' Report
Regional Digital Terrain Model
derived from Airborne LiDAR across
Mt. Bogong in Victoria’s Alpine Region.
Data is owned by the State of Victoria and
this image is used with permission.
31
Aerometrex Limited | 2025 Annual Report
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
MetroMap Aerial Imagery
Murrumbidgee River, Wagga Wagga
NSW, Australia
32
33
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
32
Aerometrex Limited | 2025 Annual Report
REMUNERATION
REPORT
32
Aerometrex Limited | 2025 Annual Report
34
35
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
The remuneration report details the key management personnel (KMP) remuneration arrangements for the consolidated entity,
in accordance with the requirements of the Corporations Act 2001 and its Regulations.
The remuneration report is set out under the following main headings:
A.
Key management personnel
B.
Remuneration policy
C.
Employment contracts
D.
Details of remuneration
E.
Performance remuneration
F.
Short-term incentives
G.
Long-term incentives
H. Additional information
I.
Equity instruments held by key management personnel
J.
Additional disclosures relating to key management personnel
A. Key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including all directors.
B. Remuneration policy
The objectives of the Group’s executive reward framework is:
to align rewards with business outcomes that deliver value to shareholders,
to ensure remuneration is competitive in the employment market to attract and retain executive talent,
to drive a high-performance culture by rewarding high performing individuals based on achieving outcomes,
transparent and easily understood, and
acceptable to shareholders.
The Board has established a Remuneration and Nomination Committee which operates in accordance with its charter as
approved by the Board. This committee is responsible for determining and reviewing the compensation arrangements for the
directors and the executive team (collectively the key management personnel).
The Group has structured a remuneration framework that is commensurate with the current operational requirements.
The remuneration structure that has been adopted by the Group consists of the following components:
fixed remuneration being annual salary, and
short-term and long-term incentives being employee share or option schemes and bonuses.
The committee reviews and assesses the appropriateness of the remuneration on a periodic basis by reference to employment
market conditions with the overall objective to ensure shareholder value and benefit from the recruitment and retention of a
high-quality board and executive team.
The payment of any bonuses or other incentives is reviewed by the Remuneration and Nomination Committee with appropriate
recommendations put to the Board for approval.
In accordance with best practice corporate governance, the structure of non-executive director and executive director
remuneration is separate.
Non-Executive Directors’ remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-executive directors’
fees and payments are reviewed annually by the Remuneration and Nomination Committee. The Remuneration and Nomination
Committee may, from time to time, receive advice from independent remuneration consultants to ensure non-executive
directors’ fees and payments are appropriate and in line with the market. No remuneration consultant was engaged during the
current financial year. The chairman’s fees are determined independently to the fees of other non-executive directors based
on comparative roles in the external market. The chairman is not present at any discussions relating to the determination of
his own remuneration.
Aerometrex’s constitution provides that all non-executive directors may be paid remuneration for their services. The total
amount of remuneration for non-executive directors may not exceed $500,000 as approved at the Annual General Meeting
held on 29 November 2022.
The current Non-Executive Director fees per annum, excluding statutory superannuation are:
Remuneration Report
Non-Executive Directors Position
Period position was held during the year
Mark Lindh
Independent Non-Executive Director, Chair
Full year
Peter Foster
Independent Non-Executive Director
Full year
Matthew White
Non-Executive Director
Full year
Executive Directors
Steve Masters
Managing Director and Chief Executive Officer
Resigned on 18 February 2025
Other KMP
Robert Veitch
(1) General Manager - MetroMap,
(2) Chief Executive Officer (Acting)
(1) from 23 September 2024 to 17 February 2025
(2) from 18 February 2025
Chris Mahar
Chief Financial Officer
Full year
Matthew Simmons
(1) General Manager - LiDAR
(2) General Manager - Operations
KMP for full year
(1) to 16 March 2025
(2) from 17 March 2025
Kobus Swart
General Manager - Aviation
Full year
Stuart Wileman
(1) General Manager - MetroMap
(2) General Manager - Strategic Projects
KMP for full year
(1) to 22 September 2024
(2) from 23 September 2024
Jeremy Pollard
(1) General Manager - Global 3D (Acting)
(2) General Manager - Global 3D
(3) Strategic Projects
KMP for full year
(1) to 22 September 2024
(2) from 23 September 2024 to 16 March 2025
(3) from 17 March 2025
Kathrine Andersen
General Manager - Sales & Marketing
Ceased as KMP on 7 March 2025
Board / Committee
Chair fee
Member fee
Board base fee
$89,500
$79,500
Audit & Risk
Nil
Nil
Remuneration & Nomination
Nil
Nil
36
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
REMUNERATION REPORT CONTINUED
Remuneration Report
Remuneration Report
C. Employment contracts
There are no formal contracts between the Company and non-executive directors other than the initial letter of appointment
that identifies the remuneration as at the initial appointment date.
All executive directors and other KMP are employed under ongoing employment agreements and as such only have a
commencement date with no fixed expiry date. Details of KMP contracts as at 30 June 2025 were as follows:
The Company may terminate employment by providing appropriate written notice or provide payment in lieu of notice, in
accordance with the employment agreement as outlined above. In the event of termination of employment occurring within 6
months of a Change of Control event, the Chief Financial Officer is entitled to a gross termination payment equal to 3 months
of the total fixed remuneration, in addition to any notice period requirement.
The Company may terminate employment without notice, or payment in lieu of notice, in cases of serious misconduct. A non-
exhaustive list of circumstances that may amount to serious misconduct is outlined in the KMP employment agreement. Where
termination with cause has occurred, the employee is entitled to remuneration up to and including the date of termination. The
remuneration is based on the fixed component only.
Short-term benefits
Post-employment
Long term benefits
Equity-settled
Share based
payments
Salary & Fees (1)
Cash bonus
Superannuation
& Other Pension
Contributions
Employee
entitlements (2)
Options and
Rights (3)
Total
Remuneration
Notes
$
$
$
$
$
$
Non-executive directors
Mark Lindh
Base fee
2025
89,500
-
10,293
-
-
99,793
Strategic projects
115,000
-
6,900
-
-
121,900
Base fee
2024
89,500
-
9,845
-
-
99,345
Strategic projects
10,000
-
1,100
-
-
11,100
Matthew White
Base fee
2025
79,500
-
9,143
-
-
88,643
Strategic projects
10,000
-
1,150
11,150
Base fee
2024
79,500
-
8,745
-
-
88,245
Peter Foster
2025
79,500
-
9,143
-
-
88,643
2024
79,500
-
8,745
-
-
88,245
Donald McGurk
(4)
2025
-
-
-
-
-
-
2024
39,750
-
4,373
-
-
44,123
Executive directors
Steve Masters
(5)
2025
318,042
-
19,654
(10,304)
(175,808)
151,584
2024
483,729
17,550
27,500
7,396
184,513
720,688
Other KMP
Robert Veitch
(6)
2025
205,292
-
21,531
270
7,239
234,332
2024
-
-
-
-
-
-
Chris Mahar
2025
254,113
8,879
29,163
11,187
18,538
321,880
2024
234,655
23,000
28,549
8,913
426
295,543
Matthew Simmons
2025
194,784
6,757
22,817
4,430
13,974
242,762
2024
179,283
18,018
21,597
3,070
320
222,288
Kobus Swart
2025
192,648
17,943
23,199
2,843
7,056
243,689
2024
188,355
-
19,628
1,029
-
209,012
Stuart Wileman
2025
176,810
4,054
19,908
9,322
7,088
217,182
2024
177,860
-
19,261
8,689
-
205,810
Jeremy Pollard
(7)
2025
149,425
-
18,975
4,871
4,972
178,243
2024
49,499
-
4,083
8,402
-
61,984
Kathrine Andersen
(8)
2025
159,484
4,993
19,108
(305)
-
183,280
2024
57,962
-
5,722
92
-
63,776
David Byrne
(9)
2025
-
-
-
-
-
-
2024
166,923
-
18,480
(6,060)
-
179,343
Total
2025
2,024,098
42,626
210,984
22,314
(116,941)
2,183,081
2024
1,836,516
58,568
177,628
31,531
185,259
2,289,502
(1) Includes net movement in annual leave provision for the year
(2) Net movement in long service leave provision for the year
(3) Value of options and rights recognised in profit or loss. Refer financial
statement note 19 Share Based Payments.
(4) Resigned 31 December 2023
(5) Resigned 18 February 2025
(6) Commenced 23 September 2024
(7) Commenced as KMP 15 April 2024
(8) Commenced as KMP 15 April 2024. Ceased as KMP 7 March 2025.
(9) Resigned 2 May 2024
Notice period for termination
Executive Officers
Position
By Company
By Executive
Robert Veitch
Chief Executive Officer (Acting)
3 months
3 months
Chris Mahar
Chief Financial Officer
3 months
3 months
Matthew Simmons
General Manager - Operations
3 months
3 months
Kobus Swart
General Manager - Aviation
3 months
3 months
Stuart Wileman
General Manager - Strategic Projects
3 months
3 months
Jeremy Pollard
Strategic Projects
3 months
3 months
D. Details of remuneration
No key management personnel appointed during the period received a payment as part of their consideration for agreeing to
hold the position.
While there are no additional fees payable for being a member of a sub-committee of the Board, Directors may be paid
additional fees where they participate in activities beyond their normal Director expectations. During the year, a Director or
Directors may take on additional projects in support of Company activities around strategic initiatives which is remunerated
based on expected additional time requirements. Should a Director or Directors be involved in a special project that will be
remunerated, then they are excluded from any decision-making process in relation to the quantum of remuneration. The total
remuneration payable to Directors for their normal sitting fee or for additional strategic projects cannot exceed the total
remuneration threshold as approved by the shareholders.
During the current financial year, Mark Lindh took on additional responsibilities in relation to special projects focussed on
potential strategic merger & acquisition opportunities and working closely with the Acting CEO in relation to strategic review
opportunities.
During the current financial year, Matthew White took on additional responsibilities in relation to special projects focussed on
potential strategic merger & acquisition opportunities.
38
39
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
REMUNERATION REPORT CONTINUED
Remuneration Report
Remuneration Report
Fixed
remuneration
At risk - STI
At risk - LTI
Steve Masters
100.0%
0.0%
0.0%
Robert Veitch
96.9%
0.0%
3.1%
Chris Mahar
91.5%
2.8%
5.8%
Matthew Simmons
91.5%
2.8%
5.8%
Kobus Swart
89.7%
7.4%
2.9%
Stuart Wileman
94.9%
1.8%
3.3%
Jeremy Pollard
97.2%
0.0%
2.8%
Kathrine Andersen
97.3%
2.7%
0.0%
Short Term Incentives
Robert
Veitch
Chris
Mahar
Matthew
Simmons
Kobus
Swart
Stuart
Wileman
Jeremy
Pollard
Kathrine
Andersen
Grant date
n/a
7 November
2024
7 November
2024
7 November
2024
7 November
2024
n/a 7 November
2024
Maximum available (% of total
fixed remuneration)
20%
20%
20%
20%
20%
20%
20%
Weighted performance target -
financial (1)
50%
50%
50%
50%
50%
50%
50%
Weighted performance target -
non-financial (1)
50%
50%
50%
50%
50%
50%
50%
Performance award - financial
0%
0%
0%
0%
0%
0%
0%
Performance award - non-
financial
0%
35.90%
34.20%
96.60%
22.40%
0%
22.00%
Awarded (% of total fixed
remuneration)
0%
3.59%
3.42%
9.66%
2.24%
0%
2.20%
Nature of compensation - cash
bonus
n/a
100%
100%
100%
100%
n/a
100%
Cash
n/a
$8,879
$6,757
$17,943
$4,054
n/a
$4,993
Performance rights
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Percentage paid or vested in the
current year
0%
17.95%
17.10%
48.30%
11.20%
0%
11.00%
Percentage forfeited
100%
82.05%
82.90%
51.70%
88.80%
100%
89.00%
(1) Subject to board discretion.
(2) Pro-rata from appointment date.
E. Performance remuneration
Percentage of remuneration that is performance related is as follows:
There are no performance related remuneration components for the remainder of directors and other key management
personnel.
F. Short-term incentives
Short-term incentives included in current year remuneration are as follows:
G. Long-term incentives
Performance rights
Long-term incentives are granted in the form of performance rights to ordinary shares. Vesting is contingent on continued
employment at the vesting date and achieving market share price targets.
The valuation of the rights is determined using a Monte Carlo simulation. The number of rights is determined with reference
to the volume weighted average share price for the 62 days preceding the grant.
Details of performance rights affecting remuneration
Terms and conditions for each grant of performance rights affecting remuneration of directors and other key management
personnel during the current or a future period are as follows:
LTI
FY22
LTI
FY23
LTI
FY24
LTI
FY25
Grant date
29 November 2022
23 November 2023
14 June 2024
18 September 2024
Issue Date
22 December 2022
5 December 2023
14 June 2024
11 October 2024
Expiry / Vesting Date
14 February 2025
14 February 2025
30 June 2026
30 June 2027
Share price at grant date
$0.405
$0.275
$0.385
$0.295
Share price target at vesting date
(1)
n/a
$0.600 to $0.780
$0.527 to $0.599
$0.588 to $0.669
Forecast volatility
(2)
n/a
77%
80%
74%
Time to expiration (years)
2.2
1.2
2.0
2.8
Number of units
448,390
750,577
134,904
1,141,695
Valuation (per right)
$0.457
$0.083
$0.243
$0.161
Total valuation
$204,914
$62,298
$32,782
$183,814
(1) 50% of the LTI rights will vest if lower target is met. 100% will vest if the higher target is met. Where the share price is between the targets on the vesting
date, a pro-rata amount will vest on a straight line basis.
(2) Forecast volatility is based on historical volatility for the 2 years to grant date.
Number of rights granted
LTI
FY22
#
LTI
FY23
#
LTI
FY24
#
LTI
FY25
#
Steve Masters
448,390
750,577
-
-
Robert Veitch
-
-
-
159,743
Chris Mahar
-
-
76,905
207,495
Matthew Simmons
-
-
57,999
156,486
Kobus Swart
-
-
-
155,838
Stuart Wileman
-
-
-
156,486
Jeremy Pollard
-
-
-
109,823
Kathrine Andersen
-
-
-
195,824
Total granted
448,390
750,577
134,904
1,141,695
40
41
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
H. Additional information
5-year performance table
The earnings of the consolidated entity for the five years to 30 June 2025 are summarised below:
2025
$’000
2024
$’000
2023
$’000
2022
$’000
2021
$’000
Annual Recurring Revenue (ARR)1
n/a
9,055
7,606
6,842
4,806
Annual Contract Value (ACV)2
10,562
9,357
7,777
n/a
n/a
Operating revenue
23,903
24,751
25,361
25,030
20,941
EBITDA3
3,456
2,885
3,827
7,702
2,864
EBITDA (normalised)3
3,456
2,885
3,827
5,103
4,197
EBIT
(6,597)
(6,113)
(5,354)
(744)
(4,163)
Profit / (loss) after income tax
(6,567)
(4,669)
(4,242)
(599)
(4,081)
Free cash flow
(1,000)
(1,351)
(4,778)
1,352
(5,365)
1 ARR is a non-IFRS term used by the Group to measure performance, and is calculated as the statutory subscription revenue in the reporting month x 12. The
Group started to assess recurring subscription revenue using ACV instead of ARR from June 2023.
2 ACV is a non-IFRS term used by the Group to measure performance, and is calculated as annual invoice value of subscription contracts active at the end of the
reporting period.
3 EBITDA is reconciled to Statutory (loss) after income tax on page 26. EBITDA (normalised) has been adjusted to remove the effects of one-off expenses and
share based payments relating to the IPO, and one-off gain on sale of property held by AMX Capital Trust at 51-53 Glynburn Road, Glynde, South Australia.
The factors that are considered to affect total shareholders return (‘TSR’) are summarised below:
2025
2024
2023
2022
2021
Share price at financial year end ($)
$0.23
$0.46
$0.30
$0.30
$0.67
Basic earnings per share (cents per share)
(6.9)
(4.9)
(4.5)
(1.7)
(4.4)
REMUNERATION REPORT CONTINUED
Remuneration Report
Remuneration Report
Percentage of rights vested in the current year
LTI
FY22
LTI
FY23
LTI
FY24
LTI
FY25
Steve Masters
0%
0%
n/a
n/a
Robert Veitch
n/a
n/a
n/a
0%
Chris Mahar
n/a
n/a
0%
0%
Matthew Simmons
n/a
n/a
0%
0%
Kobus Swart
n/a
n/a
n/a
0%
Stuart Wileman
n/a
n/a
n/a
0%
Jeremy Pollard
n/a
n/a
n/a
0%
Kathrine Andersen
n/a
n/a
n/a
0%
Percentage of rights forfeited in the current year
LTI
FY22
LTI
FY23
LTI
FY24
LTI
FY25
Steve Masters
(1)
100%
100%
n/a
n/a
Robert Veitch
n/a
n/a
n/a
0%
Chris Mahar
n/a
n/a
0%
0%
Matthew Simmons
n/a
n/a
0%
0%
Kobus Swart
n/a
n/a
n/a
0%
Stuart Wileman
n/a
n/a
n/a
0%
Jeremy Pollard
n/a
n/a
n/a
0%
Kathrine Andersen
(2)
n/a
n/a
n/a
100%
(1) Resigned on 18 February 2025. Rights forfeited on cessation.
(2) Ceased as KMP on 7 March 2025. Rights forfeited on cessation.
Amounts included in current year remuneration
LTI
FY22
$
LTI
FY23
$
LTI
FY24
$
LTI
FY25
$
Current Year
Remuneration
$
Steve Masters
(1)
(145,213)
(30,595)
-
-
(175,808)
Robert Veitch
-
-
-
7,239
7,239
Chris Mahar
-
-
9,127
9,411
18,538
Matthew Simmons
-
-
6,886
7,088
13,974
Kobus Swart
-
-
-
7,056
7,056
Stuart Wileman
-
-
-
7,088
7,088
Jeremy Pollard
-
-
-
4,972
4,972
Kathrine Andersen
(2)
-
-
-
-
-
Total
(145,213)
(30,595)
16,013
42,854
(116,941)
(1) Resigned on 18 February 2025. Rights forfeited on cessation.
(2) Ceased as KMP on 7 March 2025. Rights forfeited on cessation.
42
43
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
I. Equity instruments held by key management personnel
Shares
Performance rights
Limited-recourse loans
On 29 September 2022, a limited-recourse loan of $50,000 was advanced to Steve Masters, Managing Director and Chief
Executive Officer, pursuant to terms of his employment agreement and associated loan agreement, to facilitate on-market
purchases of shares in the Group. The loan is interest bearing, secured over the shares acquired, and repayable on the third
anniversary of the loan draw date. Limited-recourse loans are treated as in substance options, accounted for as a share-based
payment in the period the agreements are entered into, and are included in equity-settled share-based remuneration for that
period.
J. Additional disclosures relating to key management personnel
Transactions with director-related entities
Matthew White
During the reporting period, the Company used the accounting and taxation services of Matthew White and the accounting
firm over which he exercises significant influence. The amounts billed in relation to the provision of services during the period
totalled $12,963 (2024: $16,735). The amount outstanding at the end of the period was $2,159 (2024: $1,210).
Mark Lindh
Mark Lindh is a director of Adelaide Equity Partners. The Company has entered into individual mandate agreements to provide
various corporate advisory services in relation to merger and acquisition (M&A) advice, assessment and support and investor
relations. The amounts billed in relation to the provision of services during the period totalled $52,177 (2024: $77,849). The
amount outstanding at the end of the period with respect to these services was $45,638 (2024: $1,743).
AE Administrative Services Pty Ltd is a company controlled by a close family member of Mark Lindh. Mark is not involved in
the day-to-day management of AE Administrative Services Pty Ltd. The entity provided company secretarial services during
the reporting period. The total amount billed during the period was $49,500 (2024: $44,499). The amount outstanding at the
end of the period was $9,240 (2024: $4,752).
Transactions with other key management personnel
Other than employment benefits, there were no transactions with other key management personnel or related entities during
the reporting period.
End of audited remuneration report.
REMUNERATION REPORT CONTINUED
Remuneration Report
Remuneration Report
Start of period
(or commencement
as KMP)
Granted as
compensation
Received on
exercise of
option or right
Any other
changes (2)
End of period
(or cessation
as KMP)
Mark Lindh
107,191
-
-
85,365
192,556
Peter Foster
50,000
-
-
-
50,000
Matthew White
12,399,479
-
-
-
12,399,479
Steve Masters
(1)
420,570
-
-
-
420,570
Chris Mahar
99,574
-
-
-
99,574
Matthew Simmons
2,523
-
-
-
2,523
Stuart Wileman
2,523
-
-
-
2,523
Jeremy Pollard
423,853
-
-
-
423,853
13,505,713
-
-
85,365
13,591,078
(1) Resigned on 18 February 2025. Does not include shares purchased on market from funds provided under limited-recourse loan from Aerometrex. Shown
separately as limited-recourse loans.
(2) On market trades.
Start of period
(or commencement
as KMP)
Granted as
compensation
Exercised/
converted
Any other
changes
End of period
(or cessation
as KMP)
Steve Masters
(1)
1,198,967
-
-
(1,198,967)
-
Robert Veitch
(2)
-
159,743
-
-
159,743
Chris Mahar
76,905
207,495
-
-
284,400
Matthew Simmons
57,999
156,486
-
-
214,485
Kobus Swart
-
155,838
-
-
155,838
Stuart Wileman
-
156,486
-
-
156,486
Jeremy Pollard
-
109,823
-
-
109,823
Kathrine Andersen
(3)
-
195,824
-
(195,824)
-
1,333,871
1,141,695
-
(1,394,791)
1,080,775
(1) Resigned on 18 February 2025. Rights held on cessation date forfeited as they can no longer vest.
(2) Commenced on 23 September 2024.
(3) Ceased as KMP on 7 March 2025. Rights held on cessation date forfeited as they can no longer vest.
Start of period
(or commencement
as KMP)
Granted as
compensation
Exercised/
converted
Any other
changes
End of period
(or cessation
as KMP)
Steve Masters
(1)
119,048
-
-
-
119,048
(1) Resigned on 18 February 2025. Maturity date for limited recourse loan is 29 September 2025.
44
45
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
DIRECTORS’ REPORT CONTINUED
High resolution tree canopy coverage
and Canopy Height Model derived
from Airborne LiDAR, Melbourne
VIC, Australia
Auditor's Independence
Declaration
45
Aerometrex Limited | 2025 Annual Report
46
47
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Contents
Consolidated Statement of Profit or Loss and Other Comprehensive Income................................48
Consolidated Statement of Financial Position.............................................................................49
Consolidated Statement of Changes in Equity..............................................................................50
Consolidated Statement of Cash Flows.......................................................................................51
1.
Reporting entity and general information.............................................................................52
2.
Summary of significant accounting policies........................................................................52
3.
Segment information.........................................................................................................55
4.
Revenue and other income..................................................................................................56
5.
Income tax........................................................................................................................58
6.
Cash and cash equivalents.................................................................................................60
7.
Trade and other receivables................................................................................................60
8.
Contract assets.................................................................................................................61
9.
Other assets......................................................................................................................61
10. Non-current assets held for sale..........................................................................................61
11. Property, plant and equipment............................................................................................62
12. Intangible assets...............................................................................................................64
13. Trade and other payables....................................................................................................66
14. Contract liabilities..............................................................................................................67
15. Other financial liabilities.....................................................................................................67
16. Leases..............................................................................................................................68
17. Employee benefits..............................................................................................................70
18. Issued capital....................................................................................................................71
19. Share based payments.......................................................................................................72
20. Finance costs and finance income......................................................................................74
21. Earnings per share.............................................................................................................74
22. Related party transactions..................................................................................................75
23. Dividends and distributions................................................................................................76
24. Auditor’s remuneration.......................................................................................................77
25. Commitments and contingencies........................................................................................77
26. Financial instrument risk ...................................................................................................77
27. Capital management..........................................................................................................80
28. Reconciliation of profit after income tax to net cash flow from operating activities.................80
29. Non-cash investing and financing activities.........................................................................81
30. Changes in liabilities arising from financing activities..........................................................81
31. Parent entity information....................................................................................................81
32. Subsidiary information........................................................................................................82
33. Subsequent events.............................................................................................................82
3D Model Parnassus Heights
San Francisco
California, USA
Financial Statements & Notes
46
Aerometrex Limited | 2025 Annual Report
48
49
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
CONSOLIDATED STATEMENT OF
Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2025
To be read in conjunction with the accompanying notes.
Financial Position
CONSOLIDATED STATEMENT OF
As at 30 June 2025
To be read in conjunction with the accompanying notes.
2025
2024
Notes
$’000
$’000
Revenue
4
23,903
24,751
Other income
4
268
8
Revenue and other income
24,171
24,759
Aircraft and project processing costs
(8,308)
(9,291)
Employee benefits expense
(8,952)
(8,570)
Share based payments
18, 19
117
(186)
Depreciation of property, plant and equipment
11
(3,894)
(3,182)
Impairment of property, plant and equipment
11
(112)
-
Amortisation of intangible assets
12
(6,047)
(5,749)
Impairment of intangible assets
12
-
(67)
Advertising and marketing
(276)
(363)
Consulting and professional services
(627)
(806)
IT and telecommunications
(610)
(522)
Occupancy
(259)
(198)
Travel and accommodation
(207)
(448)
Other expenses
(1,593)
(1,490)
Finance costs
20.1
(2,323)
(365)
Finance income
20.2
181
328
(Loss) before income tax
(8,739)
(6,150)
Income tax benefit
5
2,172
1,481
(Loss) for the year after income tax
(6,567)
(4,669)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation
2
5
Other comprehensive income for the year, net of tax
2
5
Total comprehensive income for the year
(6,565)
(4,664)
Earnings per share attributable to ordinary equity holders of the parent:
2025
2024
Notes
cents
cents
Basic loss per share
21
(6.9)
(4.9)
Diluted loss per share
21
(6.9)
(4.9)
2025
2024
Notes
$’000
$’000
Assets
Current
Cash and cash equivalents
6
3,879
8,311
Trade and other receivables
7
3,482
2,808
Contract assets
8
753
668
Other assets
9
528
819
Non-current assets held for sale
10
250
-
Total current assets
8,892
12,606
Non-current
Property, plant and equipment
11
39,211
29,899
Intangibles
12
8,671
8,499
Deferred tax assets
5
4,217
2,043
Total non-current assets
52,099
40,441
Total assets
60,991
53,047
Liabilities
Current
Trade and other payables
13
3,242
2,731
Contract liabilities
14
4,523
3,539
Current tax liabilities
2
7
Other financial liabilities
15
1,220
1,223
Lease liabilities
16
2,651
1,310
Employee benefits
17
1,456
1,701
Total current liabilities
13,094
10,511
Non-current
Other financial liabilities
15
759
1,594
Lease liabilities
16
29,035
16,179
Employee benefits
17
265
243
Total non-current liabilities
30,059
18,016
Total liabilities
43,153
28,527
Net assets
17,838
24,520
Equity
Equity attributable to owners of the parent:
Issued capital, net of treasury shares
18
33,080
33,080
Share based payment reserve
19
82
199
Other reserves
35
33
Retained earnings
(15,359)
(8,792)
Total equity
17,838
24,520
50
51
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Changes in Equity
CONSOLIDATED STATEMENT OF
For the year ended 30 June 2025
Notes
Share
capital
$’000
Treasury
shares
$’000
Share
based
payment
reserve
$’000
Foreign
currency
translation
reserve
$’000
Retained
earnings
$’000
Total
equity
$’000
Balance as at 1 July 2023
33,071
(50)
196
28
(4,247)
28,998
Profit/(loss) after income tax for the year
-
-
-
-
(4,669)
(4,669)
Other comprehensive income for the year, net of
tax
-
-
-
5
-
5
Total comprehensive income for the year
-
-
-
5
(4,669)
(4,664)
Transactions with owners in their capacity as owners
Fair value of options and rights recognised
during the year
19
-
-
186
-
-
186
Transfers to retained earnings for options lapsed
after vesting
19
-
-
(124)
-
124
-
Transfers to share capital on conversion of
performance rights to ordinary shares
18, 19
59
-
(59)
-
-
-
Balance as at 30 June 2024
33,130
(50)
199
33
(8,792)
24,520
Notes
Share
capital
$’000
Treasury
shares
$’000
Share
based
payment
reserve
$’000
Foreign
currency
translation
reserve
$’000
Retained
earnings
$’000
Total
equity
$’000
Balance as at 1 July 2024
33,130
(50)
199
33
(8,792)
24,520
Profit/(loss) after income tax for the year
-
-
-
-
(6,567)
(6,567)
Other comprehensive income for the year, net of
tax
-
-
-
2
-
2
Total comprehensive income for the year
-
-
-
2
(6,567)
(6,565)
Transactions with owners in their capacity as owners
Fair value of options and rights recognised during
the year
19
-
-
(117)
-
-
(117)
Balance as at 30 June 2025
33,130
(50)
82
35
(15,359)
17,838
CONSOLIDATED STATEMENT OF
Cash Flows
For the year ended 30 June 2025
2025
2024
$’000
$’000
Operating activities
Receipts from customers
26,404
30,377
Payments to suppliers and employees
(21,977)
(23,948)
Income taxes received / (paid)
(7)
(162)
Other income received
-
8
Interest received
181
328
Interest paid
(2,323)
(365)
Net cash generated from operating activities
2,278
6,238
Investing activities
Payments for property, plant and equipment
(768)
(1,712)
Proceeds from disposal of property, plant and equipment
1,112
-
Payments for intangible assets
(3,622)
(5,877)
Net cash (used in) investing activities
(3,278)
(7,589)
Financing activities
Proceeds from other financial liabilities
2,821
1,298
Repayment of other financial liabilities
(3,971)
(937)
Repayment of lease liabilities
(2,282)
(527)
Net cash generated from / (used in) financing activities
(3,432)
(166)
Net decrease in cash and cash equivalents
(4,432)
(1,517)
Cash and cash equivalents at the beginning of the period
8,311
9,828
Cash and cash equivalents at the end of the period
3,879
8,311
52
53
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
1. Reporting entity and general information
Aerometrex Limited (the Company) is a for-profit company incorporated in Australia and limited by shares which are publicly
traded on the Australian Securities Exchange (ASX: AMX). The consolidated financial statements comprise the Company and
its controlled entities (the Group).
The accounting policies that are critical to understanding the financial statements are set out in this section. Where an
accounting policy is specific to one note, the policy is described in the note to which it relates.
The Company’s registered office and principal place of business is 51-53 Glynburn Road, Glynde, South Australia 5070.
The Company is a leading aerial mapping business specialising in aerial photography, photogrammetry, LiDAR, 3D modelling
and aerial imagery subscription services. These activities are grouped into the following service lines:
Aerial LiDAR surveys: flying, processing and delivering full waveform LiDAR products on a project basis
3D modelling: flying, processing and delivering high resolution 3D models on either a project basis or via off-the-shelf
dataset sales
MetroMap: online aerial imagery delivery service (DaaS subscription service), off-the-shelf dataset sales, and aerial
imagery on a project basis
The consolidated financial statements for the period ended 30 June 2025 were approved and authorised for issue by the Board
of Directors.
2. Summary of material accounting policies
2.1 Basis of preparation
The financial statements are prepared in accordance with Australian Accounting Standards (AAS) and Interpretations issued
by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001, as appropriate for for-profit orientated
entities. These financial statements also comply with International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB).
The financial statements are presented in Australian dollars with all values rounded to the nearest thousand unless otherwise
stated, in accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191.
Other than where stated below, or in the notes, the consolidated financial statements have been prepared using the historical
cost convention.
Going concern basis
The consolidated financial report has been prepared on a going concern basis, which contemplates the continuity of normal
business activities and realisation of assets and settlement of liabilities in the ordinary course of business. As at 30 June
2025, the Group had total net assets of $17.8m (2024: $24.5m), and a net current asset deficiency of $4.2m (2024: surplus of
$2.1m). In assessing the going concern basis, the Group considered the following:
In the second half of FY25 the Group announced a strategic review that resulted in cost-reduction measures to
reduce the Groups operating expenditure by $2m on an annualised basis, with the full benefit expected to be realised
throughout FY26.
The Group derives a working capital timing benefit from its operating model, whereby funds are received from
subscribers to the MetroMap Data-as-a-Service in advance. Cash outflows to suppliers and employees for data
capture and platform maintenance are disbursed at a later date, usually within 30 days of the expense being incurred.
This assists the Group with short term cash liquidity.
The Group operates the MetroMap Data-as-a-Service subscription platform, and invests in regular updates to the data
to generate future economic benefits. The payments for these investments reduce the cash balance of the Group
within current assets. These investments are expected to derive benefits beyond the normal operating cycle, but
in the short term they have contributed to the Group’s net current asset deficiency as the investment in datasets is
recorded as a non-current asset.
Included in the net current asset deficiency are items that are not a cash liability of the Group or items that are not
expected to be paid out in the short term. These include:
o $4.5m of contract liability relating to subscription and project revenues that is not a cash liability of the
Group. This will be recognised in profit or loss predominantly in the coming financial year as the subscription
period progresses or project performance obligations are delivered.
o $2.7m of lease liabilities presented as current liabilities. The Group is required to report the corresponding
right-of-use asset as a non-current asset.
o $1.5m of employee benefit provisions that are not expected to be paid out as a lump sum, but will be paid
out in line with normal salary and wage payments as employees take leave.
The Directors do not believe that there is any requirement to return to the market to raise capital to fund working
capital requirements.
The Directors have reviewed the current financial position of the Group along with forward budgets and cash flow forecasts
and have satisfied themselves that the continued application of the going concern basis of preparation is appropriate. Forward
cash flow forecasts show the Group will continue to be able to fully pay its debts as and when they fall due.
2.2 Basis of consolidation
The Group’s financial statements consolidate those of the Parent Company and all of its subsidiaries as of 30 June 2025.
The parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary and
has the ability to affect those returns through its power over the subsidiary. All subsidiaries have a reporting date of 30 June.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and
losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on
consolidation, the underlying asset is also tested for impairment from a group perspective.
Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with
the accounting policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the
effective date of acquisition, or up to the effective date of disposal, as applicable.
Non-controlling interests, presented as part of equity, represent the portion of a subsidiary’s profit or loss and net assets that
is not held by the Group. The Group attributes total comprehensive income or loss of subsidiaries between the owners of the
parent and the non-controlling interests based on their respective ownership interests.
2.3 Changes in accounting policies and disclosures
The principal accounting policies adopted are consistent with those of the previous financial year.
Certain comparative information has been reclassified to conform with the current period presentation.
2.4 Standards or interpretations issued but not yet effective or relevant to the Group
There are no standards or amendments that have been issued but are not yet effective that are expected to have a significant
impact on the Group.
The Group has not adopted, and currently does not anticipate adopting, any standards prior to their effective dates.
2.5 Goods and Services Tax (GST)/Value Added Tax (VAT)/Sales Tax
Revenues, expenses and assets are recognised net of the amount of GST/VAT/Sales Tax, except where the amount of GST/
VAT/Sales Tax incurred is not recoverable from the Tax Office. In these circumstances the GST/VAT/Sales Tax is recognised
as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement
of financial position are shown inclusive of GST/VAT/Sales Tax.
Cash flows are presented in the statement of cash flows on a gross basis, except for the recoverable GST/VAT components of
investing and financing activities, which are disclosed as operating cash flows.
For the year ended 30 June 2025
Notes to the Consolidated Financial Statements
54
55
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
2.6 Notes to the financial statements
The notes include additional information required to understand the financial statements that is material and relevant to the
operations, financial position, performance and cash flows of the Group. Information is considered material and relevant if the
amount in question is significant because of its size, nature or incidence or it helps to explain the impact of significant changes
in the business, for example, acquisitions and asset write downs. Accounting policies and critical judgements are included
with the notes relevant to each financial statement area with the detailed notes below.
Line items labelled ‘other’ on the face of the consolidated statements comprise miscellaneous income, expenses, assets,
liabilities or cash flows which individually or in aggregate are not considered material to warrant additional disclosures.
2.7 Critical accounting estimates
In preparing the financial statements, the Group is required to make estimates and assumptions about the recognition and
measurement of assets, liabilities, income and expenses as reported in the financial statements. These estimates, judgements
and assumptions are based on experience and other factors, including expectations of future events that may have an impact
on the Group. All judgements, estimates, and assumptions made are believed to be reasonable based on the most current set
of circumstances available to the Group. Actual results may differ from judgements, estimates, and assumptions.
Where the Group has made significant judgements, estimates, and assumptions in the preparation of these financial
statements, these are outlined with the financial statement notes to which they specifically relate.
3. Segment information
Operating segments are presented using the management approach, where the information presented is on the same basis
as the internal reports provided to the Chief Operating Decision Maker (‘CODM’), being the Board of Directors. The CODM is
responsible for the allocation of resources to operating segments and assessing their performance.
Aerometrex operates in two geographical regions being Australia and the USA.
Aerometrex recognises revenue across three predominant product lines, being aerial LiDAR surveys, 3D modelling, and
MetroMap. The tracking of revenue into product lines is used for the internal assessment of revenue performance and future
planning, however the expenditure is not recorded into the same product lines, as a significant portion of the costs are shared.
That is, the aviation and production resources are available as a whole-of-business resource and allocated to undertake work
as required, and to allow for flexibility around external factors such as weather. The gross margin is therefore an accumulative
result based on the mixed revenue stream nature of the business (on demand project revenue, off-the-shelf dataset revenue
and subscription revenue).
The gross margin determined from product line revenue and shared aviation and production costs is then combined with
a whole-of-business operating expense analysis. EBITDA (earnings before interest, tax, depreciation and amortisation) is
reviewed by the CODM at a whole-of-business level to assess performance and to determine the allocation of resources.
The assets and liabilities (Statement of Financial Position) of the company are reported and reviewed by the CODM at a whole-
of-business level.
The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial
statements.
Australia
USA
Total
Australia
USA
Total
2025
2025
2025
2024
2024
2024
Notes
$’000
$’000
$’000
$’000
$’000
$’000
Revenue
4
23,767
136
23,903
24,726
25
24,751
Other income
4
268
-
268
3
5
8
Revenue and other income
24,035
136
24,171
24,729
30
24,759
Aircraft and project processing costs
(8,211)
(97)
(8,308)
(9,251)
(40)
(9,291)
Employee benefits expense
(8,952)
-
(8,952)
(8,416)
(154)
(8,570)
Share based payments
18, 19
117
-
117
(186)
-
(186)
Depreciation of property, plant and equipment
11
(3,893)
(1)
(3,894)
(3,162)
(20)
(3,182)
Impairment of property, plant and equipment
11
(112)
-
(112)
-
-
-
Amortisation of intangible assets
12
(5,992)
(55)
(6,047)
(5,383)
(366)
(5,749)
Impairment of intangible assets
12
-
-
-
(67)
-
(67)
Advertising and marketing
(275)
(1)
(276)
(283)
(80)
(363)
Consulting and professional services
(593)
(34)
(627)
(721)
(85)
(806)
IT and telecommunications
(607)
(3)
(610)
(517)
(5)
(522)
Occupancy
(259)
-
(259)
(198)
-
(198)
Travel and accommodation
(205)
(2)
(207)
(345)
(103)
(448)
Other expenses
(1,526)
(67)
(1,593)
(1,383)
(107)
(1,490)
Finance costs
20.1
(2,323)
-
(2,323)
(364)
(1)
(365)
Finance income
20.2
181
-
181
328
-
328
(Loss) before income tax
(8,615)
(124)
(8,739)
(5,219)
(931)
(6,150)
Income tax benefit
5
2,174
(2)
2,172
1,490
(9)
1,481
(Loss) for the year after income tax
(6,441)
(126)
(6,567)
(3,729)
(940)
(4,669)
56
57
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
4. Revenue and other income
Aerometrex generates revenue from three principle sources:
1.
Subscription revenue from MetroMap aerial imagery subscription service or Data-as-a-Service (DaaS);
2.
Off-the-shelf dataset sales of existing LiDAR surveys, 3D models, and aerial imagery and mapping datasets (off-the-
shelf); and
3.
Project based contracts to undertake LiDAR surveys, 3D modelling, and aerial imagery and mapping (on demand).
Accounting policy
Operating revenue arises from the sale of goods and the rendering of services, and is measured with reference to the
consideration to which the Group is expected to be entitled in exchange for transferring goods or services to a customer. For
each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in
the contract; determines the transaction price; allocates the transaction price to the separate performance obligations on the
basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognises revenue when
or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services
promised. The Group often enters into sales transactions involving a range of the Group’s products and services (separate
performance obligations). Revenue recognition criteria, including the timing of transfer of goods and services to the customer,
are set out below for each major type of revenue.
Subscription revenue: Revenue from subscription services is recognised over time, over the contract term beginning on the
date the services are made available to the customer. The contract terms may vary in accordance with the individual terms
of the subscription agreement. Revenue from the subscription service represents a single promise to provide continuous
access to the Company’s digital aerial imagery. As each day of providing access to the data is substantially the same and
the customer simultaneously receives and consumes the benefit as access is provided, the Group has determined that its
subscription service arrangement include a single performance obligation comprised of a series of distinct services. Payment
is generally received at the start of the contract period.
Off-the-shelf dataset sales: Revenue from the sale of off-the-shelf datasets is recognised at the point in time when the
customer obtains control of the dataset, which is generally at the time of delivery. Payment is generally received after delivery
to the customer.
Aerial photography
and mapping
Aerial LiDAR surveys
3D
MetroMap
Services
The key products
from this activity are
aerial photographs,
orthophotography (scale
corrected 2D aerial
imagery maps), Digital
Terrain Models (DTMs),
Digital Surface Models
(DSMs) and digitised
3D feature data for
Geographic Information
Systems.
Aerometrex provides
an aerial LiDAR
surveying service,
an advanced aerial
surveying technique
which accurately
maps the ground
surface using
airborne lasers.
Aerometrex has
developed a
sophisticated 3D
modelling and
mapping system
derived from oblique
aerial photographs. It
offers 3D models of
the highest resolution
(1cm-2cm pixel) and
absolute accuracy
(5cm in the XY & Z
dimensions) derived
from aerial platforms.
Aerometrex provides
an online imagery web-
serving application,
MetroMap, which offers
Aerometrex’s high
quality, accurate imagery
to a subscriber base.
MetroMap fulfils all the
quality and accuracy
requirements of
sophisticated geospatial
data users and provides
easy to consume product
for the corporate market,
via a web browser
interface.
Revenue
Recognition
Project revenue on
demand
(transferred over time)
Project revenue on
demand
(transferred over
time)
Project revenue on
demand
(transferred over time)
Off-the-shelf revenue
(transferred at a point
in time)
Subscription revenue from
Data-as-a-Service (DaaS)
(transferred over time)
Project revenue on
demand
(transferred over time)
Off-the-shelf revenue
(transferred at a point in
time)
Project based revenue (on demand): Revenue from projects is recognised over time as the project is being completed in
accordance with the percentage of completion method. Costs incurred to date are compared with expected total costs for
each performance obligation to determine a percentage of completion (an input method, sometimes referred to as the cost-
to-cost method). Generally, for project work, the Group invoices a component up front as a deposit to mobilise the air crew, a
further component upon acquisition and the balance upon delivery of the data set.
Contract assets: Contract assets are recognised when the Group has transferred goods or services to the customer but where
the consolidated entity is yet to establish an unconditional right to consideration. Contract assets are treated as financial
assets for impairment purposes.
Contract liabilities: Contract liabilities represent the Group’s obligation to transfer goods or services to a customer and are
recognised when a customer pays consideration, or when the Group recognises a receivable to reflect its unconditional right
to consideration (whichever is earlier) before the Group has transferred the goods or services to the customer.
Disaggregation of revenue from contracts with customers
Timing of revenue recognition
2025
$’000
2024
$’000
Subscriptions
MetroMap
9,568
8,581
Transferred over time (subscription revenue)
9,568
8,581
Off-the-shelf dataset sales
3D
210
69
LiDAR
9
33
MetroMap off-the-shelf
680
175
MetroMap Insights
456
302
Transferred at a point in time (off-the-shelf)
1,355
579
Projects
3D
1,321
789
LiDAR
10,914
14,120
MetroMap - on demand
745
682
Transferred over time (on demand revenue)
12,980
15,591
Total revenue from contracts with customers
23,903
24,751
Geographical regions
2025
$’000
2024
$’000
Australia
23,767
24,726
USA
136
25
Total revenue from contracts with customers
23,903
24,751
Other Income
2025
$’000
2024
$’000
Gain on disposal of non-current assets
262
-
Other income
6
8
Total other income
268
8
58
59
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
5. Income tax
The reconciliation of income tax expense at the Australian tax rate to total income tax expense is as follows:
Accounting policy
The income tax expense or benefit for the period is the tax payable on that period’s taxable income based on the applicable
income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary
differences, unused tax losses and the adjustment recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the
assets are recovered or liabilities are settled. Deferred tax assets are recognised for deductible temporary differences and
unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax
assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the
carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable
that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset if and only if there is a legally enforceable right to offset current tax assets against
current tax liabilities and deferred tax assets against deferred tax liabilities, and they relate to the same taxation authority on
either the same taxable entity or different taxable entities which the Group intends to settle simultaneously.
Aerometrex Limited (the ‘head entity’) and its wholly-owned Australian subsidiaries have formed an income tax consolidated
group under the tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue to
account for their own current and deferred tax amounts. The tax consolidated group has applied the ‘separate taxpayer within
group’ approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group.
In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or assets)
and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax
consolidated group.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts
receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that the
intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting in neither a
contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity.
2025
$’000
2024
$’000
Income tax expense
Current tax
2
9
Deferred tax - origination and reversal of temporary differences
(2,174)
(1,491)
Adjustment recognised for current tax of prior periods
-
1
Total income tax expense / (benefit)
(2,172)
(1,481)
2025
$’000
2024
$’000
Profit / (Loss) from continuing operations before income tax expense
(8,739)
(6,150)
Tax expense / (benefit) at the Australian tax rate of 25.0% (2024: 25.0%)
(2,185)
(1,538)
Income tax expense adjustments
Effect of different tax rates in foreign jurisdictions
(3)
(23)
Effect on non-assessable income and non-deductible expenses
9
8
Shared based payments
(29)
47
Adjustments for current and deferred tax
-
(240)
Tax losses not recognised
36
265
Income tax expense / (benefit)
(2,172)
(1,481)
Deferred tax assets and liabilities
Deferred taxes arising from temporary differences and unused tax losses can be summarised as follows:
The Company has recognised deferred tax assets on current period losses for the Australian operation, as it is probable that
there will be future taxable profits for the utilisation of these losses. No deferred tax balances have been recognised for the US
operation for the current period, as the availability of taxable profits is not expected in the immediate future, given the startup
phase of the operation.
Deferred tax balances in relation to the US operation were not recognised in the statement of financial position for unused
tax losses of $4,272,236 (2024: $3,836,006) and deductible temporary differences of $449,273 (2024: $671,175). Tax effect
of these amounts at year-end tax rates was $1,157,244 (2024: $994,829) and $120,110 (2024: $164,277) respectively. There
are no restrictions on utilising these balances to offset future taxable income in the jurisdictions where the tax losses were
assessed. Some US taxing jurisdictions have expiry periods of 20 years from the time the losses were incurred.
Critical accounting estimate – Income tax
The consolidated entity is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required in
determining the provision for income tax. There are many transactions and calculations undertaken during the ordinary course of
business for which the ultimate tax determination is uncertain. The consolidated entity recognises liabilities for anticipated tax
audit issues based on the consolidated entity’s current understanding of the tax law. Where the final tax outcome of these matters
is different from the carrying amounts, such differences will impact the current and deferred tax provisions in the period in which
such determination is made. Judgement is also required to determine the probability of future taxable profits against which to
offset unused tax losses and credits.
Deferred tax assets / (liabilities)
1 July 2024
$’000
Recognised
in profit
and loss
$’000
30 June 2025
$’000
Current assets
Other assets
(158)
(4)
(162)
Unused income tax losses and credits
2,696
729
3,425
Non-current assets
Property, plant and equipment
(6,175)
(2,638)
(8,813)
Intangible assets
(324)
318
(6)
Current liabilities
Trade and other payables
264
(10)
254
Contract liabilities
885
246
1,131
Employee obligations
421
(21)
400
Lease Liabilities
328
335
663
Non-current liabilities
Employee obligations
61
5
66
Lease Liabilities
4,045
3,214
7,259
Total deferred tax assets
8,700
4,498
13,198
Total deferred tax liabilities
(6,657)
(2,324)
(8,981)
Net deferred tax asset / (liability)
2,043
2,174
4,217
60
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
6. Cash and cash equivalents
2025
$’000
2024
$’000
Cash at bank and in hand
Cash at bank and on hand
1,376
1,308
Short term deposits at call
2,503
7,003
Cash and cash equivalents total
3,879
8,311
7. Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30-
90 days depending on the nature of the transaction and are non-interest bearing and unsecured.
The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss
allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue.
Critical accounting estimate
Trade receivables are reviewed on a regular basis to assess whether there is any impairment risk of a balance not being recoverable
that would give rise to an expected credit loss. The assessment assumptions include recent sales experience and
historical collection rates.
2025
$’000
2024
$’000
Trade receivables (gross)
3,586
2,844
Less: allowance for credit losses
(104)
(36)
Trade receivables (net)
3,482
2,808
2024
Current
30-60
Days
61-90
Days
90+
Days
Total
Expected loss rate
0.0%
0.0%
0.0%
48.6%
1.2%
Gross carrying amount
2,456
287
27
74
2,844
Expected credit loss
-
-
-
36
36
2025
Current
30-60
Days
61-90
Days
90+
Days
Total
Expected loss rate
0.0%
0.0%
0.0%
46.4%
2.9%
Gross carrying amount
3,169
97
96
224
3,586
Expected credit loss
-
-
-
104
104
Short term deposits at call represent deposits with a maturity date of less than three months.
8. Contract assets
This should be read in conjunction with Note 4 Revenue and other income.
Contract assets relate to work that has been undertaken in relation to:
ongoing projects where the revenue is recognised over time but had not been billed as at the reporting date,
subscriptions billed in arrears for partner accounts.
2025
$’000
2024
$’000
Projects
486
573
Subscriptions
267
95
Contract assets
753
668
9. Other assets
Prepayments relate to expenses that have either been paid or incurred (and therefore recognised in trade and other
payables) but the goods or services will be provided in a future period.
2025
$’000
2024
$’000
Prepayments
528
819
Total other assets
528
819
10. Non-current assets held for sale
Excess aviation assets were held for sale at 30 June 2025. They are presented as current assets in the consolidated statement
of financial position, as the sale is expected to be settled within 12 months of the reporting date. Measurement of the assets
is at fair value less costs to sell.
62
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
Land and
buildings -
right-of-use
$’000
Leasehold
improvements
$’000
Plant and
equipment
$’000
Plant and
equipment -
right-of-use
$’000
Capital
work in
progress
$’000
Total
$’000
As at 30 June 2024
Cost
2,389
388
26,671
16,132
261
45,841
Less accumulated depreciation
(964)
(127)
(14,580)
(271)
-
(15,942)
Carrying amount at the end of the year
1,425
261
12,091
15,861
261
29,899
Reconciliation of carrying amount at 30 June 2024
Carrying amount at the beginning of the year
1,749
290
12,920
-
938
15,897
Additions
65
35
427
16,132
1,043
17,702
Transfers between asset classes
-
1
1,719
-
(1,720)
-
Depreciation charged to profit or loss
(389)
(65)
(2,694)
(34)
-
(3,182)
Depreciation included in the cost of an asset
-
-
(280)
(237)
-
(517)
Disposals
-
-
(3)
-
-
(3)
Change in foreign exchange rates
-
-
2
-
-
2
Carrying amount at the end of the year
1,425
261
12,091
15,861
261
29,899
11. Property, plant and equipment
Land and
buildings -
right-of-use
$’000
Leasehold
improvements
$’000
Plant and
equipment
$’000
Plant and
equipment -
right-of-use
$’000
Capital
work in
progress
$’000
Total
$’000
As at 30 June 2025
Cost
2,419
395
23,621
32,582
-
59,017
Less accumulated depreciation
(1,369)
(203)
(14,640)
(3,594)
-
(19,806)
Carrying amount at the end of the year
1,050
192
8,981
28,988
-
39,211
Reconciliation of carrying amount at 30 June 2025
Carrying amount at the beginning of the year
1,425
261
12,091
15,861
261
29,899
Additions
29
7
399
16,450
388
17,273
Transfers between asset classes
-
-
364
-
(364)
-
Transfer to non-current assets held for sale
-
-
(114)
-
(136)
(250)
Depreciation charged to profit or loss
(404)
(76)
(2,616)
(798)
-
(3,894)
Depreciation included in the cost of an
asset
-
-
(72)
(2,525)
-
(2,597)
Impairment
-
-
(112)
-
-
(112)
Disposals
-
-
(959)
-
(149)
(1,108)
Carrying amount at the end of the year
1,050
192
8,981
28,988
-
39,211
Accounting policy - leased assets
Right-of-use assets
The Company recognises right-of-use assets at the commencement date of a lease (i.e. the date the underlying asset is
available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and
adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease
incentives received. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease
term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and
the lease term. Right-of-use assets are subject to impairment.
Non-cash movements in right-of-use assets are included in Note 29 Non-cash investing and financing activities.
Accounting policy - owned assets
Each class of property, plant and equipment is carried at historical cost or fair value, less, where applicable, any accumulated
depreciation and impairment losses. The historical cost includes any expenditure that is directly attributable to the acquisition
of the item.
Capital work in progress represents deposits or progress payments on the acquisition of plant and equipment. These assets
are transferred from capital work in progress to the appropriate asset class once the asset has been deployed or available to
be deployed into operational activities.
Depreciation is recognised on a straight-line basis to write-off the cost off the item less any estimated residual value over its
expected useful life. The following useful lives are applied:
Land:
As land does not have a finite life, related carrying amounts are not depreciated
Buildings:
40 years
IT equipment:
3-5 years
Leasehold improvements 3-7 years (shorter of useful life or remaining lease term)
Plant and equipment:
3-12 years
Material residual value estimates and estimates of useful life are updated as required, but at least annually.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the
Group. Gains or losses arising from the disposal of property, plant and equipment are determined as the difference between
the disposal proceeds and the carrying amount of the assets and are recognised in profit or loss within other income or other
expenses.
Any impairment charges are separately identified in the financial statements.
Critical accounting estimate - Useful lives of depreciable assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected use of
the assets. Uncertainties in these estimates relate to technical obsolescence that may change the effective life of technology
related equipment - IT, sensors.
64
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
12. Intangible assets
Accounting policy
Each class of intangible asset is carried at historical cost, less, where applicable, any accumulated amortisation and
impairment losses. The historical cost includes any expenditure that is directly attributable to the acquisition of the item.
Amortisation is recognised on a straight-line basis to write off the cost off the item less any estimated residual value over its
expected useful life. The following useful lives are applied:
Datasets:
2 years
Software:
1-3 years
An intangible item is derecognised upon disposal or when there is no future economic benefit to the Group. Gains or losses
arising on the disposal of intangibles are determined as the difference between the disposal proceeds and the carrying amount
of the assets and are recognised in profit or loss within other income or other expenses.
Any impairment charges are separately identified in the financial statements.
Datasets
$’000
Computer
software
$’000
Other
$’000
Goodwill
$’000
Datasets in
progress
$’000
Total
$’000
As at 30 June 2025
Cost
36,320
220
376
1,785
775
39,476
Less accumulated amortisation
(30,258)
(181)
(366)
-
- (30,805)
Carrying amount at the end of the year
6,062
39
10
1,785
775
8,671
Reconciliation of carrying amount at 30 June 2025
Carrying amount at the beginning of the year
5,686
92
12
1,785
924
8,499
Additions
5,437
6
-
-
775
6,218
Transfers between asset classes
924
-
-
-
(924)
-
Amortisation
(5,986)
(59)
(2)
-
-
(6,047)
Change in foreign exchange rates
1
-
-
-
-
1
Carrying amount at the end of the year
6,062
39
10
1,785
775
8,671
Datasets
$’000
Computer
software
$’000
Other
$’000
Goodwill
$’000
Datasets in
progress
$’000
Total
$’000
As at 30 June 2024
Cost
29,929
214
12
1,785
924
33,228
Less accumulated amortisation
(24,243)
(122)
-
-
-
(24,729)
Carrying amount at the end of the year
5,686
92
12
1,785
924
8,499
Reconciliation of carrying amount at 30 June 2024
Carrying amount at the beginning of the year
5,555
8
79
1,785
494
7,921
Additions
5,322
170
-
-
924
6,416
Transfers between asset classes
469
-
-
-
(469)
-
Amortisation
(5,663)
(86)
-
-
-
(5,749)
Impairment
-
-
(67)
-
-
(67)
Disposals
-
-
-
-
(25)
(25)
Change in foreign exchange rates
3
-
-
-
-
3
Carrying amount at the end of the year
5,686
92
12
1,785
924
8,499
Datasets
MetroMap and 3D datasets are capitalised to the statement of financial position and amortised on a straight line basis over an
effective life of two years. The capitalisation and amortisation commences from the date that the dataset is made available to
customers. The capitalised cost for the dataset includes the cost of capture being the aerial survey, an allocation of overhead
costs and employment costs directly attributable to the transformation of the data into its final form.
MetroMap and 3D datasets that are in the process of being completed but are not yet published are treated as capital work
in progress until such time that they are made available to customers. The calculation of capital work in progress figure is
consistent with the methodology used in the capitalisation of datasets. Capital work in progress is tested for impairment on
the same time frames as the capitalised datasets.
Critical accounting estimate – Datasets
Management reviews its estimate of the useful lives of capitalised datasets at each reporting date. Uncertainties in these
estimates relate to technical obsolescence that may change the use of datasets in future periods.
Research and development
Expenditure on research and development activities is expensed and recognised in the statement of profit or loss and other
comprehensive income as incurred. Development costs are capitalised when it is probable that the project will be a success
considering its commercial and technical feasibility, the consolidated entity is able to use or sell the asset, the consolidated
entity has sufficient resources and intent to complete the development, and its costs can be measured reliably. Capitalised
development costs are amortised on a straight-line basis over the period of their expected benefit.
Impairment of non-financial assets other than goodwill and other indefinite life intangible assets
The consolidated entity assesses impairment of non-financial assets other than goodwill and other indefinite life intangible
assets at each reporting date by evaluating conditions specific to the consolidated entity and to the particular asset that may
lead to impairment. If an impairment trigger exists, the recoverable amount of the asset is determined as the higher of fair
value less costs of disposal or value-in-use.
Goodwill
Goodwill represents the excess of purchase consideration over the fair value of net assets acquired in a business combination
and is measured at cost less, where applicable, any accumulated impairment losses.
Goodwill and other indefinite life intangible assets are not subject to amortisation but are tested for impairment annually, or
more frequently if events or changes in circumstances indicate there may be impairment. An impairment loss is recognised
when the carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value
less disposal costs or value in use. For the purposes of goodwill impairment testing, the cash generating unit (CGU) to
which goodwill has been allocated, generally the CGU(s) that is expected to benefit from synergies of the related business
combination and represent the lowest level within the Group at which management monitors goodwill, is compared against
the recoverable amount of the CGU to determine any impairment loss.
An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’s carrying amount exceeds
its recoverable amount, which is the higher of fair value less costs to sell and value-in-use. To determine the value-in-use,
management estimates expected future cash flows from each cash-generating unit and determines a discount rate in order to
calculate the present value of those cash flows.
Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash-generating
unit. Any remaining impairment loss is charged pro rata to the other assets in the cash-generating unit. With the exception of
goodwill, all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer
exist. A prior impairment charge is reversed if the cash-generating unit’s recoverable amount exceeds its carrying amount.
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
Australia CGU
The Group has assessed that the smallest group of assets that generate independent cash flows corresponds to the Australian
business unit, which comprises the entities incorporated in Australia. These entities control the property, aviation and IT
assets used in the generation of cashflows from project, off-the-shelf, and subscription customers. The goodwill arising from
business combinations within the Australian CGU are allocated to the carrying value of the CGU.
The Australia CGU includes the value of goodwill, datasets, and other intangible assets at 30 June 2025 totalling $8.7m (2024:
$8.4m), property, plant and equipment and non-current assets held for sale of $39.5m (2024: $29.9m), and working capital of
$0.9m (2024: $6.3m) giving rise to a total CGU value of $49.0m (2024: $44.6m).
The recoverable amount of the Australia CGU is determined based on a value-in-use calculation using cash flow projections
from financial budgets approved by senior management covering a five-year period. The discount rate applied to the cash flow
projections on a post-tax Weighted Average Cost of Capital (WACC) is 9.0% (2024: 11.1%). The growth rate used to extrapolate
the cash flows of the unit beyond the five-year period is 3% (2024: 3%).
These projections are based on company experience and external information sources of the available target market. In
preparing financial projections, the Group has considered the macroeconomic uncertainty in the current economic environment
and the likely impact on cash flows. As a result of the analysis, there is adequate headroom and management did not identify
an impairment for this CGU.
13. Trade and other payables
Due to their short term nature these liabilities are measured at amortised cost and not discounted. The amounts are unsecured
and normally settled within 30 days of recognition.
These amounts represent liabilities owing by the Group at the end of the reporting period where:
The goods or services had been provided to the Group prior to the end of the reporting period and had not been paid.
Goods or services that had not been provided to the Group by the end of the reporting period, but an obligation to pay
an amount had been incurred, are recognised within prepayments (other current assets).
2025
$’000
2024
$’000
Current
Trade payables
1,570
1,318
Other payables
1,672
1,413
Total trade and other payables
3,242
2,731
14. Contract liabilities
This should be read in conjunction with Note 4 Revenue and other income.
Contract liabilities relate to:
Projects – billed in advance of completion of the performance obligations identified in the contract.
Subscriptions – representing monies paid by subscribers to the MetroMap data service in advance of the service
being provided. These amounts are subsequently recognised in revenue over the subscription term, generally 1-3
years.
2025
$’000
2024
$’000
Current
Projects billed in advance
364
120
Subscriptions billed in advance
4,159
3,419
Total contract liabilities
4,523
3,539
15. Other financial liabilities
Chattel mortgages and commercial hire purchases
Under the terms of the current debt facility with Westpac, equipment that is financed is held under a commercial hire purchase
agreement.
The arrangements are classified as follows:
Current
Non-current
2025
$’000
2024
$’000
2025
$’000
2024
$’000
Carrying amount at amortised cost
Other bank borrowings:
Credit card facilities
83
70
-
-
Premium finance liabilities
-
334
-
-
Chattel mortgage liabilities
836
819
759
1,594
Business loans
301
-
-
-
Total
1,220
1,223
759
1,594
Chattel mortgages
2025
$’000
2024
$’000
Minimum payments
1,699
2,642
Less future charges
(104)
(229)
Present value of minimum payments
1,595
2,413
Current liability
836
819
Non-current liability
759
1,594
Total
1,595
2,413
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
Finance arrangements
Aerometrex has the following debt facilities available with Westpac. These debt facilities are:
1.
A business loan with a facility limit of $1.5m (2024: $2.6m) available for drawdown as required. This facility has a
reducing credit limit in line with a principal and interest loan. At the end of the reporting period the outstanding liability
was $0.3m (2024: $nil).
2.
Corporate credit card facility of $300k. Balance as at the end of the reporting period was $72k (2024: $70k). This
balance is cleared in full on a monthly basis.
The security for the debt facilities includes a general security agreement from Aerometrex over fixed and floating assets and a
guarantee and general security agreement from Atlass-Aerometrex Pty Ltd. There are no director guarantees associated with
the facilities. The facilities do not have any financial covenants.
Aerometrex Ltd (USA) had a credit card facility with First Interstate Bank in the prior period of $60k which was closed in the
current period. Balance at the end of the reporting period was $nil (2024: $nil). This facility was secured against a restricted
cash balance in the prior period of $60k, which was released on closure of the credit card facility.
16. Leases
Leasing Activities
The Group enters into leases for real property and equipment. Any short-term or low-value equipment leases are not included
in the measurement of right-of-use assets and lease liabilities.
Accounting Policy
Right-of-use assets
Details on right-of-use assets are included in Note 11 Property, plant and equipment - this includes accounting policy, additions,
depreciation charges, and carrying amount at the end of the reporting period.
Non-cash movements in right-of-use assets are included in Note 29 Non-cash investing and financing activities.
2025
$’000
2024
$’000
Expense relating to short-term leases
94
456
Expense relating to variable lease payments
(605)
178
Total cash outflow for leases1
3,924
1,387
Future cash outflows not included in the measurement of lease liabilities:
Future cash outflows relating to extension options
2,009
1,959
Future cash outflows relating to leases committed but not yet commenced
-
22,216
1 This includes the gross repayments on capitalised lease liabilities, as well as other payments not included in the measurement of lease liabilities (e.g. short-
term lease payments, low-value lease payments, and variable lease payments).
Balance of lease liabilities
2025
$’000
2024
$’000
Current
2,651
1,310
Non-current
29,035
16,179
Total
31,686
17,489
Lease liabilities
At the commencement date of a lease, the Company recognises lease liabilities measured at the present value of lease payments
to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any
lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under
residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be
exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising
the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as expense in the
period on which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease
commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the
amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition,
the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-
substance fixed lease payments or a change in the assessment to purchase the underlying asset.
Interest expense on lease liabilities is included in Note 20 Finance costs and finance Income.
Reconciliation of cash and non-cash movements in lease liabilities is included in Note 30 Changes in liabilities arising from
financing activities.
Note 26 Financial instrument risk splits out lease liabilities from other financial liabilities, to demonstrate the relevant
information for each risk as it relates to lease liabilities.
Short-term leases and leases of low-value assets
The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease
term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the low-value
asset recognition exemption to leases that are considered of low value. Lease payments on short-term leases and leases of
low-value assets are recognised as an expense on a straight-line basis over the lease term.
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
17. Employee benefits
Employee benefit liabilities
The liabilities recognised for employee benefits consist of the following amounts:
Short-term employee benefits
Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within 12
months after the end of the period in which the employees render the related service. Examples of such benefits include wages
and salaries, bonuses and incentives, non-monetary benefits and accumulating annual leave / vacation pay and long service
leave. Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the liabilities are
settled.
Bonuses and incentives provision is the amount expected to be paid out in relation to the sales team incentive program, based
on sales during the year against sales targets. No Key Management Personnel (KMP) were entitled to bonuses or incentives
under the sales incentive program.
The Group presents employee benefit obligations as current liabilities in the statement of financial position if the Group does
not have an unconditional right to defer settlement for at least 12 months after the reporting period, irrespective of when the
actual settlement is expected to take place.
Other long-term employee benefits
The Group’s liabilities for annual leave and long service leave are included in other long-term benefits where they are not
expected to be settled wholly within 12 months after the end of the period in which the employees render the related service.
They are measured at the present value of the expected future payments to be made to employees. The expected future
payments incorporate anticipated future wage and salary levels, experience of employee departures and periods of service,
and are discounted at rates determined by reference to market yields at the end of the reporting period on high quality corporate
bonds that have maturity dates that approximate the timing of the estimated future cash outflows.
Any re-measurements arising from experience adjustments and changes in assumptions are recognised in profit or loss in the
periods in which the changes occur.
2025
$’000
2024
$’000
Current
Leave provisions
1,415
1,544
Provisions for bonuses and incentives
41
157
Total current provisions
1,456
1,701
Non-current
Leave provisions
265
243
Total non-current provisions
265
243
Total employee provisions
1,721
1,944
18. Issued capital
Share capital represents the fair value of shares that have been issued. The share capital of the Company consists only of
fully paid ordinary shares. Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of
the company in proportion to the number of fully paid shares held. The fully paid ordinary shares have no par value and the
company does not have a limited amount of authorised capital. Any transaction costs associated with the issuing of shares
are deducted from share capital, net of any related income tax benefits.
Treasury shares are a separate category of issued capital representing holdings of the Group’s own shares in connection with
share-based payment arrangements. Treasury shares are not considered to be outstanding issued capital, so the value is
deducted from equity.
Treasury shares acquired in September 2022 relate to the treatment of limited-recourse loans to related parties (refer note
22 Related-party transactions) as an option to take up the shares at the end of the loan term (refer note 19 Share-based
payments), and an acquisition of the Group’s own shares.
2025
Shares
2024
Shares
2025
$’000
2024
$’000
Shares issued and fully paid:
Opening balance 1 July
94,990,639
94,821,759
33,130
33,071
Equity settled share based remuneration - conversion of
performance rights
-
168,880
-
59
Closing balance of share capital
94,990,639
94,990,639
33,130
33,130
2025
Shares
2024
Shares
2025
$’000
2024
$’000
Treasury shares:
Beginning of the year
119,048
119,048
(50)
(50)
Closing balance of treasury shares
119,048
119,048
(50)
(50)
72
73
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
19. Share based payments
Movements in the share based payments reserve are as follows:
Shares
No shares were issued in payment for goods or services in the current financial year (2024: only those that were issued on
conversion of performance rights).
Options
No options were granted during the current reporting period.
No options were on issue as at the reporting date.
Performance Rights
Key management personnel were granted performance rights as part of equity-settled share-based remuneration. Short term
incentive (STI) rights vest and converted to shares immediately.
Long term incentive (LTI) rights vest at a future date subject to continued employment and share price hurdles.
The number of rights is determined with reference to the volume weighted average share price for the 62 days preceding the
grant.
No STI rights were issued in the current period. In the prior period, 168,880 rights valued at $58,500 were issued and immediately
expensed. They converted immediately into ordinary shares, and the value was transferred from share-based payment reserve
to issued capital.
1,141,695 LTI rights (2024: 885,481) were issued, valued at $183,814 (2024: $95,080). In the current period, a benefit of
$116,941 was recognised in profit or loss, reflecting expense of $58,867 for key management personnel rights expected to
vest, and reversal of $175,808, being the cumulative expense related to 1,198,967 CEO rights and 195,824 key management
personnel rights no longer expected to vest (2024 expense: $126,759).
The LTI rights are valued using a Monte Carlo simulation.
The fair value of rights granted is recognised as an employee benefits expense with a corresponding increase in equity (share
based payments reserve). The fair value is measured at the grant date and is recognised over the period in which employees
become unconditionally entitled to the shares (vesting conditions are met). Where rights are converted to shares, grant date
fair value is transferred from the share based payments reserve into issued capital. Where the rights are forfeited or lapse, the
grant date fair value is transferred from the share based payments reserve into retained earnings.
The valuation methodology considers the current share price at grant date, risk free rate, volatility, expected dividend yield,
the risk free interest rate for the term, share price hurdles, and any restrictions that may apply. The fair valuation of the rights
granted excludes the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions
about the number of rights that are expected to vest. At each reporting date, the Company reviews and revises, if necessary,
its estimate of the number of rights that are expected to vest. The employee benefit expense recognised in each period takes
into account management’s latest estimate. The impact of a revision of the original estimate is recognised in the profit or loss
statement with a corresponding adjustment to equity (share based payments reserve). Once the vesting date has passed, the
cumulative expense represents the grant date fair value of the options that vested, and no further adjustment is recognised in
profit or loss on conversion, forfeiture, or expiry of the rights.
2025
$’000
2024
$’000
Opening balance
199
196
Current period expense (net)
(117)
186
Transferred to ordinary share capital on conversion of performance rights to ordinary shares
-
(59)
Options lapsed transferred to retained earnings
-
(124)
Balance at the end of period
82
199
Key details of the performance rights issued in the current period are as follows:
Limited-recourse loans
No new loans were issued in the current period.
In a comparative period, a limited-recourse loan of $50,000 was advanced to Steve Masters, Managing Director and Chief
Executive Officer, pursuant to terms of his employment agreement and associated loan agreement, to facilitate on-market
purchases of shares in the Group. The loan is interest bearing, secured over the shares acquired, and repayable on the 3rd
anniversary of the loan draw date, being 29 September 2025. Refer also note 22 Related-party transactions.
Due to the limited-recourse nature of the loan, and the option for Steve Masters to take up the shares on repayment of the loan
at the end of the term, the arrangement was treated as a share-based payment. As there are no vesting conditions, the share-
based payment expense was recognised immediately in a prior period.
The option to acquire 119,048 ordinary shares was recognised in a prior period. The grant date fair value of $22,262 remains in
the share based payments reserve at the end of the current period. On expiry or exercise of the option, the grant date fair value
of the option is transferred out of the share-based payment reserve.
LTI
FY25
Grant Date
18 Sep 24
Issue Date
11 Oct 24
Expiry / Vesting Date
30 Jun 27
Share price at grant date
$0.295
Share price target at vesting date1
$0.588 to $0.669
Forecast volatility2
74%
Time to expiration (years)
2.8
Number of units
1,141,695
Valuation (per right)
$0.161
Total valuation
$183,814
1 50% of the LTI rights will vest if lower target is met. 100% will vest if the higher target is met. Where the share price is between the targets on the vesting date, a
pro-rata amount will vest on a straight line basis.
2 forecast volatility is based on historical volatility for the 2 years to grant date.
74
75
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
20. Finance costs and finance income
20.1 Finance costs
20.2 Finance income
Finance income comprises interest income on cash and cash equivalents and short term deposits. Interest income is reported
on an accrual basis using the effective interest method.
2025
$’000
2024
$’000
Interest expenses on chattel mortgage arrangements
122
122
Interest expenses on lease liabilities
2,153
226
Interest expenses on other facilities
48
17
Total finance costs
2,323
365
2025
$’000
2024
$’000
Interest income from cash and cash equivalents
181
328
Total finance income
181
328
21. Earnings per share
Basic earnings per share (EPS) is calculated by dividing the net profit or loss after income tax attributable to equity holders
of the parent entity divided by the weighted average number of ordinary shares outstanding during the reporting period (not
including treasury shares).
Diluted EPS is calculated by dividing the net profit or loss after income tax attributable to equity holders of the parent entity
divided by the weighted average number of ordinary shares outstanding (not including treasury shares) during the reporting
period plus the weighted average number of ordinary shares that would be issued on conversion if all of the share options
were exercised and converted into ordinary shares. Weighted average number of potential ordinary shares is not used in the
calculation where the effect would be anti-dilutive.
The following table reflects the data used in the calculation of EPS:
2025
$’000
2024
$’000
(Loss) attributable to equity holders of the parent
(6,567)
(4,669)
2025
#
2024
#
Weighted average number of ordinary shares on issue used in the calculation of basic and
diluted earnings per share
94,871,591
94,798,687
2025
cents
2024
cents
Basic earnings per share
(6.9)
(4.9)
Diluted earnings per share1
(6.9)
(4.9)
1 The effect of potential ordinary shares is not included in the calculation of diluted earnings per share, as the effect would be anti-dilutive.
22. Related party transactions
The Group’s related parties include key management, post-employment benefit plans for the Group’s employees and others
as described below. Unless otherwise stated, none of the transactions incorporate special terms and conditions and no
guarantees were given or received. Outstanding balances are usually settled in cash, with the exception of share-based
remuneration, which is typically equity-settled.
Key management personnel remuneration
Key management personnel (KMP) of the Group are the members of Aerometrex’s Board of Directors and members of the
executive team. Key management personnel remuneration includes the following expenses (refer audited remuneration report
for detailed disclosures):
Equity instruments
Steve Masters – performance rights
No performance rights were granted to Steve Masters in the current period (2024: 919,457 granted, 168,880 vested immediately
and converted into ordinary shares).
Steve Masters departed the company during the financial year. 1,198,967 performance rights outstanding are no longer
expected to vest (2024: nil).
Executives – performance rights
An aggregate of 1,141,695 performance rights were issued to Executives as part of Long-Term Incentive (LTI) remuneration
during the current period (2024: 134,904).
Refer note 19 Share based payments for further information.
Loans receivable
Steve Masters – shares loan
Pursuant to the terms of his employment agreement with Aerometrex, a limited-recourse interest bearing loan of $50,000 was
advanced to Steve Masters on 29 September 2022 for the purpose of facilitating on-market purchases of ordinary shares in
Aerometrex.
The loan is secured against 119,048 ordinary shares held by Steve Masters, and is repayable on the 3rd anniversary of the draw
date, being 29 September 2025. Because the Group holds security over these shares, they are treated as treasury shares (refer
note 18 Issued capital).
The option for Steve Masters to take up the shares by repaying the loan at the end of the term is treated as a share-based
payment (refer note 19 Share-based payments).
2025
$
2024
$
Short term employee benefits:
Salaries including bonuses and annual leave
2,066,724
1,895,084
Total short-term employee benefits
2,066,724
1,895,084
Long service leave
22,314
31,531
Total other long-term benefits
22,314
31,531
Superannuation and other pension contributions
210,984
177,628
Total post employment benefits
210,984
177,628
Share based payments
(116,941)
185,259
Total remuneration
2,183,081
2,289,502
76
77
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
Transactions with director-related entities
Matthew White
During the reporting period, the Company used the accounting and taxation services of Matthew White and the accounting
firm over which he exercises significant influence. The amounts billed in relation to the provision of services during the period
totalled $12,963 (2024: $16,735). The amount outstanding at the end of the period was $2,159 (2024: $1,210).
Mark Lindh
Mark Lindh is a director of Adelaide Equity Partners. The Company has entered into individual mandate agreements to provide
various corporate advisory services in relation to merger and acquisition (M&A) advice, assessment and support and investor
relations. The amounts billed in relation to the provision of services during the period totalled $52,177 (2024: $77,849). The
amount outstanding at the end of the period with respect to these services was $45,638 (2024: $1,743).
AE Administrative Services Pty Ltd is a company controlled by a close family member of Mark Lindh. Mark is not involved in
the day-to-day management of AE Administrative Services Pty Ltd. The entity provided company secretarial services during
the reporting period. The total amount billed during the period was $49,500 (2024: $44,499). The amount outstanding at the
end of the period was $9,240 (2024: $4,752).
Transactions with other key management personnel
Other than employment benefits, there were no transactions with other key management personnel or related entities during
the reporting period.
23. Dividends and distributions
No dividends were paid or declared with respect to shareholders of the Group for the year ended 30 June 2025 (2024: $nil).
Dividend franking account
The above amount represents the balance of the franking account at the end of the reporting period, adjusted for:
Franking credits that will arise from the payment of any income tax payable at the end of the period;
Franking debits that are expected to arise from any refundable income tax amount where the initial payment had
given rise to a franking credit; and
Franking debits that will arise from the payment of any provided at the end of the period.
Accounting policy
Dividends represent a distribution of profits that holders of ordinary shares receive from time to time. Where a dividend has
been determined by the Board it is recognised with a corresponding reduction to the retained earnings when the dividend is
paid or declared.
2025
$’000
2024
$’000
Franking credits available for future financial periods (tax paid basis, 25.0% tax rate)
228
228
2025
$
2024
$
Audit or review of financial statements - Grant Thornton
Financial year 2024
-
131,224
Financial year 2025
106,330
-
Total auditor’s remuneration
106,330
131,224
24. Auditor’s remuneration
25. Commitments and contingencies
There are no commitments for purchase of property, plant and equipment at the reporting date (2024: $nil).
Progress payments made as at the reporting date have been included as ‘capital work in progress’ as outlined in Note 11
Property, plant and equipment.
Contingent liability of $38k relating to amounts levied by taxation authorities in the United States has not been recognised in
the statement of financial position as at 30 June 2025 (2024: $nil). The amounts are in dispute, and the company is pursuing
available recourse options. The company considers that it is not probable that an outflow of resources will be required.
26. Financial instrument risk
26.1 Financial risk management objectives
The Group’s activities expose it to various financial risks in relation to financial instruments. The main types of risks are market
risk, credit risk and liquidity risk. The Group’s Board of Directors monitors these risks on an on-going basis with the primary
focus on actively securing the Group’s short to medium-term cash flows by minimising the exposure to financial markets.
The Group’s financial assets include cash and cash equivalents, trade and other receivables.
The Group’s financial liabilities include trade and other payables, lease liabilities, and other interest-bearing liabilities.
The Group does not actively engage in the trading of financial assets for speculative purposes.
26.2 Market risk
Market risk comprises foreign currency risk, price risk and interest rate risk.
26.2.1 Foreign currency risk
The Group undertakes certain transactions in foreign currency and is exposed to foreign currency risk through foreign
exchange rate fluctuations. Foreign exchange risk arises from future commercial transactions and recognised financial assets
and financial liabilities denominated in a currency that is not the entity’s functional currency.
The carrying amount of the consolidated entity’s foreign currency denominated financial assets and financial liabilities at the
reporting date were as follows:
Assets
Liabilities
Value
2025
$’000
2024
$’000
2025
$’000
2024
$’000
USD
173
133
68
17
GBP
-
-
2
-
EUR
2
1
26
-
Total foreign currency
175
134
94
17
78
79
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
The Group has exposure to foreign currency risk upon consolidation of its foreign currency denominated entities (USD). The
currency impacted is US dollar. The impact on the Group’s total comprehensive income is due to changes in the fair value of
assets and liabilities. Movements in foreign currency exchange rates will result in gains or losses being recognised because of
the revaluation of balances. The Group’s exposure of foreign currency is immaterial for the current reporting year.
26.2.2 Price risk
The consolidated entity is not exposed to any significant price risk.
26.2.3 Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Group’s main interest rate risk arises from cash and cash equivalent assets and interest-bearing
liabilities.
The Group’s profit before tax is affected through the sensitivity to a reasonably possible change in interest rates on cash and
equivalents and that portion of interest-bearing liabilities affected.
2024
Notes
Variable
interest rate
$’000
Fixed
interest rate
$’000
Non-interest
bearing
$’000
Total
$’000
Financial assets
Cash and cash equivalents
6
8,311
-
-
8,311
Trade and other receivables
7
-
-
2,808
2,808
Total financial assets
8,311
-
2,808
11,119
Financial liabilities
Trade and other payables
13
-
-
2,731
2,731
Other financial liabilities
15
70
2,747
-
2,817
Lease liabilities
16
-
17,489
-
17,489
Total financial liabilities
70
20,236
2,731
23,037
2025
Notes
Variable
interest rate
$’000
Fixed
interest rate
$’000
Non-interest
bearing
$’000
Total
$’000
Financial assets
Cash and cash equivalents
6
3,879
-
-
3,879
Trade and other receivables
7
-
-
3,482
3,482
Total financial assets
3,879
-
3,482
7,361
Financial liabilities
Trade and other payables
13
-
-
3,242
3,242
Other financial liabilities
15
384
1,595
-
1,979
Lease liabilities
16
-
31,686
-
31,686
Total financial liabilities
384
33,281
3,242
36,907
26.3 Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.
The Group is exposed to credit risk from its operating activities primarily through trade receivables and deposits with banks.
Cash and cash equivalents are all maintained by banks with high credit ratings. The maximum exposure to credit risk at the
reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, as
disclosed in the statement of financial position and notes to the financial statements. The consolidated entity does not hold
any collateral.
The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss
allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. Trade
receivables are reviewed on a regular basis to assess whether there is any impairment risk of a balance not being recoverable
that would give rise to an expected credit loss. The assessment assumptions include recent sales experience and historical
collection rates.
2024
Current
30-60
Days
61-90
Days
90+
Days
Total
Expected loss rate
0.0%
0.0%
0.0%
48.6%
1.2%
Gross carrying amount
2,456
287
27
74
2,844
Expected credit loss
-
-
-
36
36
2025
Current
30-60
Days
61-90
Days
90+
Days
Total
Expected loss rate
0.0%
0.0%
0.0%
46.4%
2.9%
Gross carrying amount
3,169
97
96
224
3,586
Expected credit loss
-
-
-
104
104
2025
On demand
$’000
Less than
3 months
$’000
3 to 12
months
$’000
1 to 5
years
$’000
Greater than
5 years
$’000
Total
$’000
Financial liabilities
Trade and other payables
3,212
-
-
-
-
3,212
Other financial liabilities
83
529
686
786
-
2,084
Lease liabilities
-
1,156
3,507
18,574
18,862
42,099
Total financial liabilities
3,295
1,685
4,193
19,360
18,862
47,395
2024
On demand
$’000
Less than
3 months
$’000
3 to 12
months
$’000
1 to 5
years
$’000
Greater than
5 years
$’000
Total
$’000
Financial liabilities
Trade and other payables
2,731
-
-
-
-
2,731
Other financial liabilities
70
305
732
1,407
544
3,058
Lease liabilities
-
594
1,800
9,653
11,743
23,790
Total financial liabilities
2,801
899
2,532
11,060
12,287
29,579
26.4 Liquidity risk
Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash equivalents)
and available borrowing facilities to be able to pay debts as and when they become due and payable. The Group manages
liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously monitoring actual and
forecast cash flows and matching the maturity profiles of financial assets and liabilities.
The following outlines the estimated and undiscounted contractual obligations of the respective financial liabilities at the
reporting date, which may differ from the carrying values of the liabilities:
80
81
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements
Unused borrowing facilities
Note 15 Other financial liabilities includes details of unused borrowing facilities available at the reporting date.
Fair value measurement of financial instruments
The Group has assessed that the carrying amounts of financial instruments approximate their fair value.
27. Capital management
The Group’s objective when managing capital is to safeguard its ability to continue as a going concern, so that it can maximise
shareholder value. Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net
debt is calculated as total borrowings less cash and cash equivalents.
The Group is not subject to any debt covenant requirements (2024: nil).
The Group manages its capital structure and makes adjustments as required in light of changes in economic and market
conditions.
2025
$’000
2024
$’000
(Loss) for the year after income tax
(6,567)
(4,669)
Depreciation of property, plant and equipment
3,894
3,182
Impairment of property, plant and equipment
112
-
Gain on disposal of property, plant and equipment
(262)
-
Loss on disposal of property, plant and equipment
224
-
Amortisation of intangibles
6,047
5,749
Impairment of intangibles
-
67
Non-cash share based payments
(117)
186
Other non-cash items
2
5
Change in assets and liabilities attributable to investing and financing activities
Increase / (decrease) in other current assets funded by other financial liabilities
312
413
(Increase) / decrease in trade and other payables - purchase of property, plant and equipment
8
208
Change in operating assets and liabilities
(Increase) / decrease in trade and other receivables
(674)
3,304
(Increase) / decrease in contract assets
(85)
70
(Increase) / decrease in prepayments and other current assets
291
(196)
(Increase) / decrease in deferred tax assets
(2,174)
(1,491)
Increase / (decrease) in trade and other payables
511
(115)
Increase / (decrease) in contract liabilities
984
(189)
Increase / (decrease) in employee entitlements
(223)
(134)
Increase / (decrease) in current tax liabilities
(5)
(152)
Net cash flows from operating activities
2,278
6,238
28. Reconciliation of profit after income tax to net cash flow from operating activities
29. Non-cash investing and financing activities
2025
$’000
2024
$’000
Additions to right-of-use assets - financed through lease liabilities
16,479
16,197
Total for the year
16,479
16,197
30. Changes in liabilities arising from financing activities
31. Parent entity information
The accounting policies of the parent entity, which have been applied in determining the financial information shown below,
are the same as those applied in the consolidated financial statements except as set out below.
Information relating to Aerometrex Limited (the Parent Entity):
Guarantees entered into by the parent entity in relation to debts of its subsidiaries
As at 30 June 2025, Aerometrex Limited did not have any guarantees in relation to the debts of subsidiaries (2024: nil).
Contingent liabilities of the parent entity
There are no contingent liabilities relating to the parent entity.
Contractual commitments for the acquisition of property, plant and equipment
Contractual commitments detailed in Note 25 relate to the parent entity.
2025
$’000
2024
$’000
Statement of financial position
Current assets
8,713
12,468
Total assets
56,707
50,923
Current liabilities
13,086
10,493
Total liabilities
38,869
26,403
Net assets
17,838
24,520
Issued capital
33,080
33,080
Share based payments reserve
82
199
Retained earnings
(15,324)
(8,759)
Total equity
17,838
24,520
Statement of profit or loss and other comprehensive income
Profit / (loss) for the year after tax
(6,561)
(4,664)
Total comprehensive income
(6,561)
(4,664)
Other financial
liabilities
$’000
Lease
liabilities
$’000
Total
$’000
Balance at 1 July 2024
2,747
17,489
20,236
Net cash generated from / (used in) financing activities
(1,150)
(2,282)
(3,432)
Additions to leases
-
16,479
16,479
New finance contracts
312
-
312
Other changes
(13)
-
(13)
Balance at 30 June 2025
1,896
31,686
33,582
82
83
Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Notes to the Consolidated Financial Statements
Investments in subsidiaries
Investments in subsidiaries are accounted for at cost. Dividends received from subsidiaries are recognised in the profit or loss
when a right to receive the dividend is established, provided that it is probable that the economic benefits will flow to the Parent
and the amount of income can be reliably measured.
Tax consolidation legislation
Aerometrex Limited and its wholly owned Australian controlled entities are members of a tax-consolidated group under
Australian tax law. The Company is the head entity within the consolidated tax group. In addition to its own current and
deferred tax amounts, the Company also recognises the current tax liabilities and assets and deferred tax assets and liabilities
or tax credits of members of the consolidated tax group.
The head entity, Aerometrex Limited, and the controlled entities in the consolidated Group account for their own current and
deferred tax amounts. These amounts are measured as if each entity in the tax consolidated group continued to be a stand-
alone taxpayer in its own right.
The entities have entered into a tax funding agreement under which the wholly owned entities fully compensate Aerometrex
Limited for any current tax payable assumed and are compensated by Aerometrex Limited for any current tax receivable and
deferred tax assets relating to unused tax losses or unused tax credits that are transferred to Aerometrex Limited under the tax
consolidation legislation. The funding amounts are determined by reference to the amounts recognised in the wholly owned
entities’ financial statements.
The amounts receivable/payable under the tax funding agreement are due upon receipt of the funding advice from the head
entity, which is issued as soon as practicable after the end of each financial year. The head entity may also require payment of
interim funding amounts to assist with its obligations to pay tax instalments.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as current amounts
receivable from or payable to other entities in the Group.
Any difference between the amounts assumed and amounts receivable or payable under tax funding agreement are recognised
as a contribution to (or distribution from) wholly owned tax consolidation entities.
32. Subsidiary information
Composition of the consolidated entity at the end of the reporting period is as follows:
Name of the entity
Country of incorporation and
principal place of business
Proportion of ownership
interests held by the Group
2025
2024
Atlass- Aerometrex Pty Ltd
Australia
100%
100%
Aerometrex Ltd
USA
100%
100%
MetroMap Pty Ltd
Australia
100%
100%
Spookfish Australia Pty Ltd
Australia
100%
100%
33. Subsequent events
The Company announced the appointment of Robert Veitch as Managing Director and Chief Executive Officer on 21 August
2025. He has been acting in the role since 18 February 2025.
Stuart Wileman, General Manager – Strategic Projects (formerly General Manager - MetroMap) and a member of the Executive
Team, left the business on 13 August 2025.
To the best of the Directors’ knowledge, other than the above, there are no other matters or circumstances that have arisen
since the end of the reporting period that have significantly affected either:
The operations of the Group;
The results of those operations; or
The state of affairs of the Group in future financial years.
Basis of Preparation
This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001 and
includes required information for each entity that was part of the consolidated entity as at the end of the financial year.
Consolidated entity
This CEDS includes only those entities consolidated as at the end of the financial year in accordance with AASB 10 Consolidated
Financial Statements (AASB 10).
Determination of Tax Residency
Section 295 (3A) of the Corporations Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act
1997. The determination of tax residency involves judgment as there are currently several different interpretations that could
be adopted, and which could give rise to a different conclusion on residency.
In determining tax residency, the consolidated entity has applied the following interpretations:
Australian tax residency
The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner’s
public guidance.
Foreign tax residency
Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in its determination
of tax residency to ensure applicable foreign tax legislation has been complied with.
Consolidated Entity Disclosure
Statement
As at 30 June 2025
Name of the entity
Type of entity
Trustee,
partner, or
participant in
joint venture
Percentage of
share capital
held
Country of
incorporation
Australian or
foreign tax
residency
Foreign tax
jurisdiction(s) of
foreign residents
Aerometrex Ltd
Body corporate
n/a
n/a
Australia
Australia
n/a
Atlass- Aerometrex Pty Ltd
Body corporate
n/a
100%
Australia
Australia
n/a
Aerometrex Ltd
Body corporate
n/a
100%
USA
Foreign
USA
MetroMap Pty Ltd
Body corporate
n/a
100%
Australia
Australia
n/a
Spookfish Australia Pty Ltd
Body corporate
n/a
100%
Australia
Australia
n/a
84
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Directors’ Declaration
In accordance with a resolution of the Directors of Aerometrex Limited, we declare that:
1.
In the opinion of the Directors:
a)
the financial statements and notes of Aerometrex Limited for the financial year ended 30 June 2025 are in
accordance with the Corporations Act 2001, including:
i.
giving a true and fair view of the Group’s financial position as at 30 June 2025 and of its performance
for the year ended on that date; and
ii.
complying with Australian Accounting Standards and the Corporations Regulations 2001; and
b)
the financial statements and notes also comply with International Financial Reporting Standards as
disclosed in Note 2; and
c)
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
d)
The information contained in the consolidated entity disclosure statement is true and correct.
2.
This declaration has been made after receiving the declarations required to be made to the Directors by the Chief
Executive Officer and Chief Financial Officer in accordance with section 295A of the Corporations Act 2001 for the
financial year ended 30 June 2025. This declaration is signed in accordance with a resolution of the Directors made
pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the Directors
Mark Lindh
Robert Veitch
Chair of the Board
Managing Director and Chief Executive Officer
Adelaide
28 August 2025
MetroMap Aerial Imagery
Yarra River, Southbank
VIC, Australia
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Aerometrex Limited | 2025 Annual Report
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Aerometrex Limited | 2025 Annual Report
Independent Auditor’s Report
88
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Independent Auditor's Report
Independent Auditor's Report
90
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Independent Auditor's Report
MetroMap Aerial Imagery
Town centre, Naracoorte
SA, Australia
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Ordinary share capital
94,990,639 fully paid ordinary shares are held by 1,729 individual shareholders. All ordinary shares carry one vote per
share.
Range of Units as at 18 August 2025
Range
Total holders
Units
% Units
1 - 1,000
384
230,598
0.24
1,001 - 5,000
745
1,999,459
2.10
5,001 - 10,000
240
1,899,279
2.00
10,001 - 100,000
296
9,536,002
10.04
100,001 Over
64
81,325,301
85.61
Rounding
0.01
Total
1,729
94,990,639
100.00
Unmarketable Parcels
Minimum Parcel Size
Holders
Units
Minimum $ 500.00 parcel at $ 0.2050 per unit
2,440
718
796,214
Performance rights
Performance rights do not carry a right to vote.
Shareholder Information
Top 20 Shareholders as at 18 August 2025
The following table shows holdings of five percent or more of voting rights in Aerometrex Limited's shares as notified to
Aerometrex Limited under the Australian Corporations Act 2001, Section 671B.
2025
Holders
2024
Holders
2025
Performance
Rights
2024
Performance
Rights
Executive Directors
-
1
-
1,198,967
Other Key Management Personnel
5
2
924,289
134,904
Total performance rights on issue
5
3
924,289
1,333,871
Rank Name
Balance as at
18 August 2025
% Units
1
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
14,310,769
15.07
2
199 INVESTMENT PTY LTD <199 INVESTMENT A/C>
12,177,927
12.82
3
MR MARK JOHN DEUTER + MRS LYNETTE GWYNEDD DEUTER
9,175,269
9.66
4
DAIJ PTY LTD
6,780,982
7.14
5
MR SCOTT TOMLINSON
6,200,000
6.53
6
MRS MARGARET CAROLYN DARLEY
4,935,566
5.20
7
MRS BEATA MARIA SERAFIN + MR WOJCIECH MISIARA
4,000,000
4.21
8
H&G INVESTMENT MANAGEMENT LTD
2,100,000
2.21
9
SUPERDUNOW PTY LTD
1,475,000
1.55
10
HANCOCK & GORE LTD
1,405,503
1.48
11
ATATURK INVESTMENTS PTY LTD
1,279,010
1.35
12
TOMO’S SUPER PTY LTD
1,100,000
1.16
13
MR WARREN DARLEY + MARGARET DARLEY
1,083,427
1.14
14
PUNTERO PTY LTD
1,023,930
1.08
15
D & J BYRNE CO PTY LTD
977,272
1.03
16
WILLIAM LEAF PTY LTD
967,552
1.02
17
MR TODD ANTHONY DUNOW + MRS JANE REBECCA SWINTON DUNOW
925,000
0.97
18
NATHAN WILLIAM MICHAEL
649,388
0.68
19
CITICORP NOMINEES PTY LIMITED
587,299
0.62
20
KATALIN GARAMI + PETER PAP
568,088
0.60
Totals: Top 20 holders of ORDINARY FULLY PAID SHARES (Total)
71,721,982
75.50
Total Remaining Holders Balance
23,268,657
24.50
Name
Units held as at
18 August 2025
% Units
Perennial Value Management Limited
13,463,021
14.17
Matthew White
12,399,479
13.05
Mark Deuter
9,230,969
9.72
David Byrne
7,760,777
8.17
Scott Tomlinson
7,244,843
7.63
Margaret Darley
6,018,993
6.34
94
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited | 2025 Annual Report
Corporate Information
Company
Aerometrex Limited
Registered Office
51-53 Glynburn Road
GLYNDE SA 5070
+61 8362 9911
ABN
94 153 103 925
ACN
153 103 925
Internet Address
www.aerometrex.com.au
ASX Code
AMX
Directors
Mark Lindh
Independent Non-Executive Director, Chair
Robert Veitch
Managing Director and Chief Executive Officer
Peter Foster
Independent Non-Executive Director
Matthew White
Non-Executive Director
Company Secretary
Kaitlin Smith
Auditor
Grant Thornton Audit Pty Ltd
Share Registrar
Computershare Investor Services Pty Ltd
Level 5, 115 Grenfell Street
Adelaide SA 5000
GPO Box 2975
Melbourne VIC 3001
Telephone: 1300 556 161
MetroMap Aerial Imagery
Point Cook, Outer Melbourne
VIC, Australia
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Aerometrex Limited | 2025 Annual Report
Aerometrex Limited
ACN 153 103 925
51-53 Glynburn Road
GLYNDE SA 5070
AUSTRALIA
T: +61 8362 9911
www.aerometrex.com.au