Cordel Group is an international technology company, listed on London’s AIM market, which is transforming rail infrastructure monitoring. Its end-to-end data platform captures, stores and intelligently analyses inspection data, streamlining the management of complex rail networks. Using proprietary lidar and machine vision hardware, Cordel collects vast datasets of point clouds and imagery. These are processed using advanced AI and big data tools to create a highly accurate ‘single source of truth’ for tracks, assets and surrounding environments. The platform does not just visualise, it identifies emerging issues, such as vegetation encroachment ballast movement and clearance risks. This enables safer, more efficient and more sustainable rail asset management.
There are five key reasons why Cordel represents a compelling investment case:
1. With a clear ambition to scale profitably across global networks, Cordel is rapidly expanding its presence across the global rail industry. Its customer base now includes major operators in the US, the UK, Mexico, the Middle East and the Asia-Pacific region. Contracts with leading operators (such as Amtrak, Genesee & Wyoming, Network Rail, Angel Trains, Tren Maya and TFL) demonstrate Cordel’s strong market traction. These deployments with tier-one reference customers position the company to compete effectively in a safety-critical, risk-averse industry.
2. Cordel is successfully executing a ‘land and expand’ strategy, starting with limited track segments and single use cases, then growing over time. In 2026, Cordel is projected to process over 26,000 miles of railway data, which is an increase of more than one hundred and 20 percent from the previous year. This growth reflects not only geographic expansion but also the development of new use cases, including vegetation management, ballast profiling, overhead line monitoring, and Positive Train Control (PTC) analytics.
3. Cordel is emerging as a key player in PTC, a federally mandated safety system designed to prevent train collisions, derailments and accidents caused by human error. The company recently secured a five-year contract with a major Class 1 freight railroad, including a $3.8m provision for its PTC asset management solution. Four of the six largest US railroads are now sharing data or in late-stage negotiations regarding PTC deployments with Cordel. Management estimates the total addressable US market for PTC to be $8–10m per year, with growing interest from international operators where similar safety mandates are being introduced.
4. Cordel’s business model is built for scalable growth. Clients transition from initial hardware and setup to long-term, high-margin recurring data-as-a-service (DaaS) revenue. While setup services offer solid margins, ongoing DaaS streams achieve gross margins of 80–90%. Cordel’s midterm goal is to reach over £10m in annual recurring DaaS revenue, supporting sustained, profitable growth by around FY27.
5. Cordel’s competitive edge lies in its integrated capabilities. From precision data capture hardware to proprietary cloud platforms and AI analytics. The company continues to deepen its competitive moat by developing new technologies, including multi-modal AI. This enables the platform to analyse composite lidar and camera imagery to accurately identify trackside assets, enhancing safety, compliance and operational insight. Initially developed for the company’s PTC solution, this capability may now open up asset management use case opportunities across the company’s target markets.
Cordel is not just monitoring railways; it is redefining how they are managed. With cutting-edge technology, a scalable business model and growing global traction, Cordel is an emerging leader in intelligent rail infrastructure.
Published 17 November 2025.
