Pointerra Ltd (ASX:3DP) provides a powerful cloud-based solution (Pointerra3D) for managing, visualising, analysing, using and sharing massive 3D point clouds and datasets. Pointerra3D is a proprietary digital twin Software-as-a-Service (SaaS) platform which delivers predictive digital insights and definitive answers to complex physical asset management questions. Pointerra has reported its best Q3 cash receipts in three years, with the $2.2m reported an increase of 214% over the previous corresponding period (pcp). Costs were also tightly contained, resulting in net cash outflows of $0.3m for the quarter, which was a material improvement over the $1.6m operating cash outflow reported in Q3 FY25. The cumulative cash outflow for the nine months to March 31 was $0.2m, putting the company to near cash break even. We have incorporated the result together with the H1 adjusted net loss of $2.1m, resulting in a 40% reduction in our FY26 and FY27 revenue forecasts. Our H2 FY26 estimates include our expectation that Pointerra will post an adjusted EBITDA profit of $0.52m and adjusted NPAT of $0.34m. Our base-case valuation has reduced to $0.18/share fully diluted (previously $0.25/share) representing potential capital upside of 500% on the current share price.
