Ann: Investor briefing - Full year results to 30 June 2018, page-52

Like you, I believe a lot of investors were getting caught up on interpreting the growth in expenditure as requiring a CR soon and this is exactly why we saw a large drop on the day of the 22nd Aug announcement (only to massively recover in the second half of the day), I too saw the larger than normal expenditure figures (more than double that of last year) & I too was disheartened about this, BUT that was before I read the finer details.

http://au.pressfrom.com/news/tech-a...s-of-aussie-cities-and-its-shares-are-flying/

“Nearmap on Wednesday reported a full-year loss of $11 million, more than doubling the $5.3 million loss from the previous year.

However Mr Maurer said the loss was due to significant investments in technology and sales teams. The investments were now in place and would be unlikely to scale to the same extent in the near future.”

The moment people realised this was said (along with a breakeven target of FY19), I believe this was what changed everyones’ minds and that was why we immediately saw the price retracement earlier in the morning halted & completely reversed in the afternoon trading session.