Aeeris secures R&D Tax Incentive to boost flagship risk reporting tech
This online article originally appeared on Stockhead, 28 February 2024
- Tax incentive will be used to hone the company’s flagship Climatics platform
- Aeeris reported a record quarterly result for Q2
- Confirmed a solid sales pipeline to see upward trajectory continue into Q3
Special Report: Cash reserves at risk-reporting tech firm Aeeris have been boosted by the receipt of its Research and Development (R&D) tax incentive for the fiscal year 2023, totaling $360,124.
Aeeris (ASX:AER) specialises in severe weather and natural hazard risk assessment. Its wholly-owned subsidiary, the Early Warning Network, operates a cutting-edge early warning and notification system, supported by proprietary technology that analyses data from numerous data sources.
This system is designed to detect and issue alerts on natural severe weather threats including extreme heat, rainfall, hail and flooding.
The company claims to have the most granular ‘real world’ climate modelling tech in the country and counts local councils and big insurers among its major customers.
A significant portion of the R&D tax incentive is attributed to ongoing research and development endeavours centred around the enhancement of the company’s flagship Climatics platform, a leading provider of climate risk reporting.
The tech leverages spatially distributed historical weather and natural hazard data to provide comprehensive assessments of asset vulnerability across diverse locations.
It can project trends and probabilities for the next five to ten years enabling users to identify vulnerable assets, evaluate investment opportunities, understand how specific hazards are changing, and make informed decisions about insurance premiums and liability exposure.
2023 Tailwinds
Aeeris reported robust results for the second quarter of FY24, propelled by new services and products alongside a notable uptick in sales and marketing traction as regulatory reporting requirements, along with increased risk awareness, boosted demand for the company’s solutions.
The quarter was Aeeris’s most successful to date with a 40% surge in cash flow and customer receipts compared to the corresponding period last year.
Customer receipts soared to $931,581, driven by a surge in new customer engagements and increased receipts from existing accounts.
A significant portion of Aeeris’s new revenue, nearly 50%, stemmed from its Hail product suite, which saw heightened demand spurred by an early hail season and substantial hail events in December – a record month for hail alerts.