The Nearmap Ltd (ASX: NEA) share price is up 10% in early morning trade. It coincides with the aerial mapping technology company releasing its FY21 preliminary full-year results.
At the time of writing, the Nearmap share price is $2.19, up 10.33% on yesterday's close. However, it's still 6.4% lower than its price one year ago.
Let's review the latest announcement from the company.
Nearmap share price on the move
Surpassing upgrading guidance
Investors are jumping on Nearmap shares this morning following the release of its preliminary/unaudited results for FY21.
According to the company's release, the annual contract value (ACV) is expected to finish at $133.8 million on a constant currency basis for FY21. This would represent 26% growth compared to the prior corresponding period.
Additionally, this result surpasses the company's previously upgraded guidance of $128 million to $132 million. The growth in ACV has been underpinned by record performance in the United States.
While Australia and New Zealand is still Nearmap's largest market within its ACV portfolio, the US accounted for the majority of growth during FY21.
Moreover, Australia and New Zealand provide $69.1 million in ACV versus the US's US$44.5 million. However, growth in FY21 consisted of US$15.6 million from the US and $4.6 million locally.
Chief Executive Officer and Managing Director Dr Rob Newman said:
FY21 has been an unprecedented year with record performance delivered in a challenging economic environment. The strong growth from new and existing customers across our core industry verticals validates our refined go-to-market strategy in North America and gives us good momentum going into FY22. Given strong customer demand, we will expand our coverage footprint in the United States in FY22, delivering even more content and value for our customers
Meanwhile, the company's cash levels at the end of June were $123.4 million.
HyperCamera3 and court proceedings
Nearmap has also revealed it has completed the design of its next-generation proprietary camera system, HyperCamera3.
The company has successfully trialled the system through a test flight and processed the captured content. Importantly, Nearmap has filed patent applications for the system in national and international markets.
This leads to the company's update on patent infringement claims levelled by Eagle View Technologies Inc and Pictometry International Corp.
In the wake of the allegations, Nearmap has engaged patent litigators to represent the company against the claims. The Nearmap share price suffered a 16% fall when the allegations were first made known.
The company maintains the allegations are without merit and is well prepared to defend against the claims.
