Photomapping company Nearmap has swung into the red following its expansion into the United States.
Positioned as a high-quality contender to Google Maps, Nearmap offers high-resolution aerial imagery of metropolitan areas in Australia and the US to government and corporate clients.
The Sydney-based tech company recorded solid 21 per cent revenue growth in the six months to December 31.
Its fledgling US business pulled in $200,000 in revenue, but the cost of its big expansion into North America pushed the company into the red.
Funding the US expansion cost $2.7 million, and blew the company's net loss to $3.3 million, compared to the $300,000 profit made a year earlier.
Yet the company retains a strong balance sheet and zero debt.
Chief executive Rob Newman said the company was firmly in growth mode and plans to launch its next hi-tech camera within the next six months.
"We continue our revenue growth in Australia. We are building the foundations in the US and starting to deliver returns on our investments," he said.
Nearmap flies planes equipped with patented long-distance cameras to capture mapping imagery at 7cm per pixel, a resolution five times clearer than regular satellite imagery.
As well as offering more frequent updates of their maps, its subscription-based software also comes with a set of measurement and data tools that allow clients like insurance and construction companies to assess sites remotely.
Its Australian customers include Brookfield Rail, Coles, Boral, Westpac.
Shares in Nearmap closed 3.5 cents lower at 33 cents.
NEARMAP BLOWING UP IN REVENUE
* Half year net loss $3.295m vs $300,000 net profit
* Revenue up 21pct to $13.8m
* No dividend
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