Nearmap slides as Macquarie cuts outlook, page-67

NEA's accounting system may be OK, but there is a difference between accounting and financial reporting, and I too dislike NEA's financial reporting. The Annual Report seems to be designed to obscure facts via three ways: a) hiding detail by consolidating accounting line items into aggregates; b) cluttering the story with marketing hype and juvenile pictorials; and c) the layout of the report and the font size makes it difficult to read online. It contains more wank than facts, but NEA is not alone in that respect.

One of my greatest fears was that Rob Newman would keep on expanding beyond North America, and do so in a similar manner. This would ensure, IMO, that NEA would take decades to become meaningfully profitable, and by then some fundamental change may have made NEA as irrelvant as Kodak. However, that fear has been allayed by Rob saying, in effect, that he is unlikely to go down the same path to get into Europe. I am fairly sure that he has commented on expanding to Europe in low-key style more than once.

My post 58819193 of 12/01/22 includes the following words:

... its growing client base could provide a springboard for a launch into Europe.“We do know that expanding into a new geography like Europe takes a fair amount of investment so the priority at the moment is still to grow that North American market,” Mr Newman said. “However, we do have a number of North American customers who are interested in European content.”