- Aerial imaging company Nearmap (NEA) reports record incremental annual contract value (IACV) growth for the 2021 financial year
- The company ended the year with a group ACV portfolio of $133.8 million which represents a 26 per cent year on year growth
- Over the 2021 financial year, Nearmap reduced its net loss from $36.7 million to $18.8 million
- CEO and Managing Director, Rob Newman, says he’s pleased to have ended FY21 with a strong cash balance of $123.4 million
- Nearmap ended the day trading steady at $2.06 per share
Nearmap (NEA) has reported record incremental annual contract value (IACV) growth for the 2021 financial year.
The aerial imaging company ended the year with a group ACV portfolio of $133.8 million, representing a 26 per cent year on year growth.
Positively, this growth exceeded the initial FY21 guidance of between $120 million to $128 million.
Further, Nearmap trimmed its net loss after tax from $36.7 million at the end of FY20 to $18.8 million at the end of FY21.
The company also celebrated an increase in subscription retention to 93.1 per cent compared to last year’s 90.1 per cent. This represents an ongoing focus on improving the customer experience.
CEO and Managing Director, Rob Newman, said the company has delivered a record despite the current unpredictable time.
“FY21 also represents our first year of monetising commercially available wide-scale artificial intelligence content, with tens of millions of attributes now on subscription,” Dr Newman said.
“And as we announced last month, we have tested a prototype of our next generation of world leading aerial camera systems, HyperCamera3, representing a significant technological breakthrough and further extending our technology leadership.”
At the end of June, Nearmap recorded a cash balance of $123.4 million.
“Our company has finished FY21 in a very strong position as we look forward to continuing to execute on our strategic objectives in FY22,” he added.
Nearmap ended the day trading steady at $2.06 per share.