ASX tech share Nearmap Ltd (ASX: NEA) is cashed up and ready to rumble in 2022.
The company – which boasts a market capitalisation of around $574 million according to the ASX – had approximately $110 million in its coffers at the end of the first half.
Let’s take a closer look at the latest on Nearmap’s cash position.
How much cash does Nearmap hold?
Nearmap rejoiced in its growth through the first half of financial year 2022, bolstering its cash position. The company’s CEO and managing director Rob Newman commented on its “very strong balance sheet” back in February.
As of 31 December 2021, Nearmap held $109.8 million cash and no debt.
That’s despite spending $13.6 million over the course of the first half – $4.5 million of which went towards litigation costs.
The legal action was brought by US companies Eagle View Technologies and Pictometry International Corp. They have taken Nearmap to court in the US, alleging patent infringement. Nearmap has vowed to “vigorously defend” against the claims.
The other $9 million went towards research and development initiatives, the company said.
Nearmap has also recently celebrated a number of annual contract value (ACV) milestones.
In March, it announced it had achieved $150 million of ACV across its group portfolio.
Additionally, after announcing its North American business’ ACV had surpassed US$50 million in December, the company announced its North American government sector generated US$2 million in ACV over the third quarter alone.
Nearmap share price snapshot
At the time of writing, the Nearmap share price is $1.075, 6.52% lower than its previous close.
For context, the broader market is also in the red today following Wall Street’s poor performance overnight.
The company’s shares have also slipped 31% since the start of 2022 and 41% since this time last year.