ASX-listed IMDEX continues to strengthen its position as a global mining and metals technology market consolidator with its FY2026 margin growth and plus-A$500 million (US$370 million) revenues coming on the back of significant recent acquisitions and rising organic “digital platform” sales.
As US-based mining-exposed tech firms raise hundreds of millions of private equity funding to establish a presence in an industry buying more software, sensors and automated machines, IMDEX says it is increasing tech sales to more than 1000 sites around the world already using its products as well as new ones.
The company has a circa-A$1.9 billion (US$1.34 billion) current market value.
CEO Paul House said this week a combination of favourable market conditions and “more growth levers than ever before” provided confidence in IMDEX’s ability to “continue growing above market in FY27” after it posted a 21% year-on-year increase in revenue to A$520 million and 38% rise in EBITDA to $179 million. Net profit was up from $55.2 million to $79.4 million yoy.
FY26 “platform revenue” of A$246 million (US$175m) was 47% of total revenue, which House said compared with 33% five years ago (when the group total was A$264 million), reflecting increased market “uptake of connected and digital solutions”.
“The FY27 year will benefit from a full year contribution from the five acquisitions that were completed in FY26,” he said.
IMDEX acquired control of Norway-based Earth Science Analytics, bought 100% of Advanced Logic Technology and its subsidiary Mount Sopris Instruments, and moved to outright ownership of Datarock and Krux Analytics in FY26. Datarock’s and Krux’s trading revenues were up 34% and 19%, respectively, in FY26, as more IMDEX sites adopted their products.
IMDEX supplies what it calls “physical technologies” – tools, sensors, fluids and on-site services – and digital technologies, including core logging, geophysics and geological modelling tools, that can all be connected to its cloud-based intelligence platform or hub. Its hub and software revenues constitute platform revenue, which is how the company is now reporting this part of its business.
CFO Linda Lim said this better reflected how customers were engaging with and buying IMDEX products.
She said the reported shift in platform business over the past five years was “a deliberate outcome of our fleet connectivity strategy over many years, which began with IMDEX HUB-IQ [acquired in 2012]”. She said software and platform advisory revenue was also “well positioned for growth, supported by the expanded capabilities acquired during FY26”.
Acquisitions contributed $17 million of the $89 million yoy revenue gain. “On a full-year equivalent basis those acquisitions represent approximately $51 million of annualised revenue,” she said. “As we enter FY27 we have both a stronger core business and a full-year contribution from high-quality additions to the platform.”
House said the company was well positioned to grow beyond its traditional mineral exploration market, where spending was up on higher commodity prices and exploration company financing. The sector was using technology more to get greater value from the dollars invested.
Operating mine and brownfield site subsurface data generation and analysis built on this theme.
“IMDEX is no longer solely levered to exploration activity,” House said.
“We have built multiple growth pathways being share of wallet, market share gains, market expansion and the structural shift towards new technology adoption within our market.
“What I find particularly encouraging is that all four pathways build on the same platform, the same customer relationships and the same technology capability. That means growth in one area often creates opportunities in another.
“This is something that our customers continue to define and drive and in turn will yield sustainable earnings growth for our shareholders.”
