In addition to other responses, it is worth noting that Pointerra's product is very niche.
Whilst the storage & viewer is first class imho (I've tried a few and most are pretty bad), this alone proved tough to sell as enertprise software and sales crept along until ~2019.
Around this time Pointerra started working closely with PrecisionHawk to service US electrical utilities including FPL.
Over the last few years they've developed a unique suite of industry specific analytics.
Poles & wires are classified and a number of checks can be performed (sag, clearances, vegetation encroachment etc).
This is extremely useful to electrical utilities because it saves a huge amount of manual processing.
This is why most of the ACV comes from power utilities.
Going forward, the plan is to leverage their first mover advantage.
Build out more analytics, increase the spend of utility customers and apply the electrical utilities playbook to other industries.
Transport is probably the most promising as DOTs and Railways have large datasets and similar problems to power grids.
Being very specific and integrated into workflows means that Pointerra can't easily be replaced.
It also means the TAM isn't huge, maybe a hundred million if they can replicate their utilities success in other industries.
Comparing Pointerra who are making a bunch of point cloud analytics with a group of maybe 8 devs ($1.5m spend on R&D) to Nvidia who are building a platform for the worlds AI ($5.3b spend on R&D) isn't really fair.
That said, it's not like FPL, PGE, Eversource etc are going to rip out Pointerra tomorrow. There aren't a lot of (any?) competitors at the moment for a lot of what they do and in some cases it's a cornerstone of their emergency response programs (storms and wildfire).
Like most microcaps, I don't think the moat here is enormous. Hopefully Pointerra can keep delighting their customers, maintain their leading position and healthy margins for a while to come.
The above is obviously very high level and contains quite a lot of subjective opinion. Hopefully a good starting point.
For more information about the product you might want to check out the support page:
https://help.pointerra.io/I also find the quarterly updates very informative.
