diff --git a/src/Utils.cpp b/src/Utils.cpp
index f859eb6..48c600a 100644
--- a/src/Utils.cpp
+++ b/src/Utils.cpp
@@ -373,9 +373,13 @@
             }
             keyPair.value() = result;
 
-            // We probably just invalidated the pointer above, so set it to null
-            strPtr = nullptr;
-            break;
+            // We probably just invalidated the pointer abovei,
+            // reset and continue to handle multiple templates
+            strPtr = keyPair.value().get_ptr<std::string*>();
+            if (strPtr == nullptr)
+            {
+                break;
+            }
         }
     }
 
diff --git a/test/test_entity-manager.cpp b/test/test_entity-manager.cpp
index 1464774..deaf06c 100644
--- a/test/test_entity-manager.cpp
+++ b/test/test_entity-manager.cpp
@@ -178,6 +178,19 @@
     templateCharReplace(it, data, 0);
 
     nlohmann::json expected = "4 / 2 equals 2 bar";
+}
+
+TEST(TemplateCharReplace, twoReplacementsWithMath2)
+{
+    nlohmann::json j = {{"foo", "4 / 2 equals $ADDRESS / 2 $BAR"}};
+    auto it = j.begin();
+    boost::container::flat_map<std::string, BasicVariantType> data;
+    data["ADDRESS"] = 4;
+    data["BAR"] = std::string("bar");
+
+    templateCharReplace(it, data, 0);
+
+    nlohmann::json expected = "4 / 2 equals 2 bar";
     EXPECT_EQ(expected, j["foo"]);
 }