There doesn’t seem to be much current interest on SM regarding this company, which seems a little odd.

On the back of the FY25 results, I took a position in IMD, viewing it as a true “picks and shovels” of the entire mining sector, regardless of the commodity mined. IMD reported this morning, and through the day, the SP got a nice kick on of 2.6% on the result., and FWIW, from @Jimmy's report from Dow Newswires, Citi analyst William Park gave IMD a solid tick. Over the past year, the SP is up 31%.

For those not familiar with IMD, the company is in the drilling optimization, downhole intelligence, and AI-enabled geoscience interpretation technologies. To let their presentation do the talking:

I found what the slide above says of Exploration Budgets interesting, in terms of insight into the overall mining sector.

As for the actual financials, top line numbers are:

IMD have steadily grown over the years via strategic acquisitions, and so far, they seem to have integrated these into the ever-expanding business well. That said, there’s always risk when an originally small company is growing via multiple and frequent acquisitions - for example, they have recently completed the acquisition of Earth Science Analytics, have acquired Datarock, and just announced the acquisitions of Advanced Logic Technology and the associated Mount Sopris Instruments, and are finalizing the integration of previously acquired Krux Analytics. All the above acquisitions make good corporate and strategic sense, and the debt is still well-contained. In terms of capital allocation, I’m not sure anyone could fault them, but still, there’s a lot of M&A here. 

Seems to me that IMD has solid potential, but is not for the faint hearted.

Held IRL.