It’s been a rocky year for any business involved in aviation. But for aerial imaging company Nearmap Ltd [ASX:NEA], things are on the up.
The Nearmap share price is up 18.23% at time of writing. Soaring on the back of a revised and lifted guidance to their annualised contract value. A figure that is now in excess of $102 million.
Plus on top of that, they’re on the cusp of debuting their new AI capabilities.
Strength to strength
As Nearmap note, it’s been a challenging time for much of the global economy. So, the fact that their revenue base is still intact and growing is fantastic.
Granted, the company would obviously prefer to return to its pre-covid levels of growth.
Nevertheless, they are on the right track. And the fact that their cash flow is set to hit breakeven by the end of June is yet another win.
The cherry on top though, could be the launch of Nearmap AI.
This new product will provide advanced dataset packages to all of the company’s subscribers. Giving them algorithmic insights into the images captured by Nearmap.
More importantly, it will be officially launching in just four days, on 1 June.
No doubt this will be a cornerstone product. One that the company can continue to build upon and scale over time. As CEO Rob Newman comments:
‘The launch of Nearmap AI is yet another milestone in our Company’s history and re-affirms our position as a global leader in location intelligence technology.
‘As we approach FY21 we look forward to bringing new and innovative products to our growing customer base, which will further enhance our market leadership position in our key markets.’
All in all this stock is well and truly hitting its stride again. An outcome that will be very pleasing for shareholders.
Tech is ticking all the right boxes
It’s hard to deny that tech is dominating the ASX at the moment. And this update from Nearmap just reinforces that notion.
Digital systems and infrastructure have certainly come to the fore amidst this pandemic. Helping to ease the strain of the restrictive lockdowns that have been put in place.
For this reason, leveraging technology such as AI has been received well by investors.
As such, it’s hard to ignore the growing potential of this sector. One that the ASX isn’t particularly known for.
However, there are some amazing stocks out there if you know what to look for.
That’s why we’ve prepared a handy report to help you get started. Showcasing the best stocks the ASX has to offer in terms of AI and automation. You can get your copy, for free, right here.
For Money Morning