Nearmap will need to raise again - soon, page-8

Yes, but they are still a loss making company and we buy (and value) the company based on the expectation of generating a substantial amount of cash in 5 years time. The restaurant (now take away shop) on the end of my street still makes more profit than Nearmap, but not valued at $400-$500M. They have great fundamentals too.
Nearmap is selling the future. This is all good and well and I am a shareholder. Based on their valuation of $400-$500M they need to grow at 30% per year at a revenue line and maintain GM. They were travelling nicely and dropped the ball. Made some bad investment decisions and missed guidance. Unfortunately some of the trust factor is not there anymore and shows when the environment changed. I would like to see them affirm LTV & portfolio size expectations as at the end of June. They should be able to do that at this stage.

The environment they operate in is different 3 months ago. They might be a sure buy a bit later, but unfortunately they will miss their targets (that they clearly already low balled) in June & then miss it again in December.