- Nearmap (NEA) shares drop despite the aerial technology company expecting a 12 to 19 per cent boost to its annual contract value (ACV) for the 2022 financial year
- The company is targeting an ACV of between $150 million and $160 million on a constant currency basis
- For the 2021 financial year, ACV was recorded at $133.8 million, a 26 per cent growth, with a 56 per cent growth in its North American business
- At the end of the financial year, Nearmap has a strong cash position of $123 million and no debt
- On the market today, Nearmap was down 10.2 per cent and is trading at $1.93 per share
Nearmap (NEA) shares drop today despite the aerial technology company expecting a 12 to 19 per cent boost to its annual contract value (ACV) for the 2022 financial year.
The company is targeting an ACV of between $150 million and $160 million on a constant currency basis.
For the 2021 financial year, ACV was recorded at $133.8 million, a 26 per cent growth. ACV in Nearmap’s North American business grew by 54 per cent.
Over FY21, the company surpassed $100 million in annual revenue and grew is team by almost 30 per cent over the course of the year.
Nearmap has continued to use capital raising funds to increase investment into the business and consume approximately $30 million in net cash this financial year.
Following a series of completed tests of customer designed components in aerial flight, Nearmap remains on track to manufacture and commence the roll-out of its next iteration of aerial camera systems, HyperCamera3, in FY22.
At the end of the financial year, Nearmap had a strong cash position of $123 million and no debt.
“The combination of a healthy balance sheet and strong FY21 incremental ACV growth means Nearmap remains fully funded for the foreseeable future,” the company said.
On the market today, Nearmap was down 10.2 per cent and is trading at $1.93 per share at 1:06 pm AEDT.