Nearmap has a strong and profitable Australian business. The expansion into USA has been funded by a combination of a capital raise (at 70c) and cash flow from the Australian business. Further capital raise (at $1.60) will fund further growth in USA and other markets. Canada will be captured initially the northern spring/summer 2019. The company has no debt and cash in the bank.

The USA expansion is experiencing growth and quickly heading to profitability. 

My company subscribes to Nearmap. It is a great tool. Every year when the account is due, my boss grumbles that the fee has gone up, then pays it anyway. The only other similar products are google maps and six maps in NSW. Nearmap is so much better.

As time goes on, Nearmaps historic air photos become more valuable. It is great to have not just recent air photos (typically every few months in Sydney) but images going back every few months to 2009. This is an asset that grows with time, and gives me confidence in the future of the USA business, Canada business, and future other market opportunities. The product keeps getting better in this respect. 

tl;dr

great product, growth, no debt, sticky customers.

The capital raise (@$1.60) earlier this year was a smart move to raise funds while the share price was high (overvalued?). The capital raise was completed successfully and quickly.

The recent pull back to $1.30ish gives a good entry point to anyone thinking about this stock but concerned on the valuation.
 

Nearmap is a growing company, and raised funds to accelerate growth. Increasing profits in Australia and growing fast in the USA. Already expanded to NZ. Speculation that the next market will be Canada. (Canada expansion now confirmed for capture and first sales in 2019)

This is an exciting company to own.