3D mapper Pointerra shares have gone up by 120 % after the company’s announcement about its secured two monthly subscriptions in order to manage data in the emerging autonomous car sector.
The joint monthly subscription of the two contacts is $US16,500 ($23,239) a month. The share price moved up by 6.2c by 3pm AEST. The yesterday’s closing price of the share was 2.8c.
Pointerra manages the huge amount of data contained in 3D files like maps using its cloud-based technology. The mapping datasets are super-detailed and does not requires any high-performance computing.
One of the unnamed clients was described as “one of North America’s leading mobile mapping companies, which provides production mapping software for the Autonomous Driving industry”.
Pointerra (ASX: 3DP) announces that it is for the first time that data technology has been sold for the driverless cars. The company also highlighted its investors that in agreement with the one of the North America’s leading mobile mapping companies Pointerra was able to successfully convert trial into an enterprise data-as-a-service.
In the initial phase the deal will start at $US9000 a month and it is expected that the estimate may get double in the coming 12 months.
The company have acquired new clients to manage engineering and architectural design. The clients are from architecture and construction space and surveying as well as a “global engineering firm”.
Over the period the company was able to gain a US drone company as customer and had expenditure of $7500 a month for the local utility.
In the September quarter, Pointerra sent out invoices worth $175,000. However, they received receipts worth $81,000. They spent cash worth $114,000 which was less than their expected amount. This was possible due to government tax rebate of half million dollar. At present the company has $1.3 million in the bank and they are planning to spend $600,000 in the quarter.
The performance of the company throughout its journey was -99.97%. The one year, 5 years and 10 years performance of the company was -30%, -91.95% and -99.97% respectively. For the quarter ending 30 September the net used in the operating activities worth A$0.114 million. The net cash used in investing activities is worth A$0.012 million. The cash and cash equivalent at the end of the quarter A$1.251 million. For the year ended 30 June 2018, the company made a net loss of $1,660,843. The company holds the total asset worth $2,138,302 and total liabilities worth $592,750. This indicates that the company has potential to meet its long-term obligations. The total current asset of the company is $2,023,907 and total current liabilities worth $592,750. This indicates that company is in a position to meet the working capital requirements as well as its short-term obligations. The total shareholders equity is worth $1,545,552. The cash and cash equivalent at the end of the year was $1,385,834.
The current market price of the share is A$0.084 (AEST 4pm) with market capitalization of A$14.82 million.
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