Nearmap just posted new 3D aerial maps of Aussie cities; and its shares are flying too
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Aerial photographer Nearmap has come good on a promise to capture big Australian cities in mesmerising 3D.
This week Nearmap (ASX:NEA) — which is trading at an all-time high — posted two videos to its Youtube page of fly-throughs of Melbourne and Perth in 3D.
Scroll down to watch the amazing videos.
In August last year the flying snapper vowed to survey Australia’s five biggest metro cities — Sydney, Melbourne, Brisbane, Perth and Adelaide.
The clips show in intricate detail how Melbourne and Perth are laid out, showcasing landmarks such as the Melbourne CBD, Parliament House, the MCG and Tullamarine Airport.
The company also makes software that stitches the footage together without the need for a person to do it manually.
Nearmap differs from Google Earth in that it uses aerial imagery, rather than satellites.
The business has imaged 88 per cent of the population in Australia, 68 per cent of the United States and 72 per cent of New Zealand.
Nearmap investor relations boss Dan Maurer told Stockhead the technology was “business facing”, rather than “consumer-facing” alternative Google Earth.
“It is much more powerful in that respect as it is up to two inches per pixel, which is an improvement of a factor of six on satellite imagery,” he said.
“This is what appeals to businesses — for example a solar panel roof fitter, who with aerial imagery thanks to the resolution can easily tell what an object on a roof is.”
Nearmap on Wednesday reported a full-year loss of $11 million, more than doubling the $5.3 million loss from the previous year.
However Mr Maurer said the loss was due to significant investments in technology and sales teams. The investments were now in place and would be unlikely to scale to the same extent in the near future.
He pointed to Nearmap’s annualised contract value — up 41 per cent to $66.2 million in the past 12 months — as evidence of its financial standing.
Traditionally, aerial imaging has been a ‘pay-to-play’ model, but Nearmap operates on a subscription model.
Total revenue rose 32 per cent to $54.1 million year-on-year.
The stock gained 7 per cent to a record high of $1.69 on Wednesday. It’s almost tripled over the past year — up from a 52-week low of 57c.
On Thursday it gained again to hit $1.80.