Australian exploration technology company SensOre continues to expand usage of its toolbox of discovery tools, growing FY23 customer receipts to A$4.2 million and total revenue and grants to $7.02m.
Combined with last year’s $5m acquisition, Intrepid Geophysics, SensOre generated $3.89m in FY22.
The company said FY23 Q4 revenue was $1.89m and the value of contracts on its books (total contract value, or TCV) grew in the period from $2.5m to $3.13m.
“Software and services significant milestones achieved commercial sales of new products Cauchy Downward Continuation, Simclust and AGLADS,” SensOre said. It was fielding “significant inbound interest coincident with positive global developments in artificial intelligence [and] advances in utilising natural language processing on continental-scale geological meta data”.
SensOre says its technology applies advances in AI and machine learning to large geoscience datasets to help accelerate and reduce the cost of exploration. Geographical expansion of the use of its products could give the company access to more than 4000 “potential mining clients” worldwide.
“Importantly for a high growth company we achieved positive operating cashflow this reporting period,” CEO Richard Taylor said.
“We continued to see strong demand from existing and new clients for our technology, with sales of key geochemistry and geophysics tools accelerating in the June quarter.
“Our lithium targeting with Deutsche Rohstoff is ramping up and we expect this to be a key focus area next year.”
Australian Securities Exchange-listed SensOre’s share price was down 3.8% today at A25c, capitalising the company at $19.71 million.