The Aerometrex Ltd (ASX: AMX) share price is treading lower today despite the company announcing a new product solution. Here’s the details.
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The Aerometrex Ltd (ASX: AMX) share price is trading relatively flat today despite the company announcing the online opening of its MetroMap Store. At the time of writing, the aerial mapping company’s shares are up 0.45% to $1.105.
Let’s take a closer look and see what Aerometrex updated the ASX market with.
New product solution
The Aerometrex share price is faltering today as investors appear unfazed by the company’s positive update.
According to this morning’s release, Aerometrex advised that it has launched its online MetroMap 3D Store. Targeted to small-to-medium sized businesses (SME), the new offering allows customers to access Aerometrex’s off-the-shelf 3D modeled data. This presents an attractive opportunity for the company as it had not previously addressed the lucrative SME market.
Prior to the opening of the MetroMap 3D Store online, customers could only access 2D imagery and 3D model data. This occurred through a subscription. However, users are now able to define geographical locations and select their preferred data format when purchasing the 3D datasets. This is then quickly sent electronically helping the customer make informed decisions.
Aerometrex stated that its clients will have access to the most recent data on file. Additionally, they will be notified when new updates are available.
What did the managing director say?
Aerometrex managing director Mark Deuter commented:
This new product solution by Aerometrex meets the requirements of the Company’s customers at their time and point of need and supports us to truly penetrate the large SME market opportunity with a no-touch sales approach. The launch of our MetroMap 3D Store builds on the release of our MetroMap LiDAR data which is also available for purchase on-line.
We see further avenues to enhance our product offering, with a development path to offer Digital Terrain Model and Digital Surface Model data on the same online store, as well as Artificial Intelligence-derived analytics.
Aerometrex share price snapshot
The Aerometrex share price has fallen heavily in the past 12 months, losing close to 40% of its value. The company’s shares hit an all-time low of 70 cents in March 2020 before rebounding to $1.84 in May. However, since then, its shares have continued to trend lower, reflecting concerns about its current operating environment caused by COVID-19.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.