Intermap Technologies Corporation reports developments in 3D geospatial products and intelligence solutions for insurance, government and commercial customers. Company updates include adoption of its AI-enabled Risk Assistant, property-level flood risk analytics, 3D elevation data, precision vector datasets and multi-peril hazard layers used in underwriting, property valuation, portfolio risk management and claims validation.
Recurring Intermap news also covers national mapping and flood-forecasting programs, government geospatial data infrastructure work, subscription and data revenue trends, quarterly and annual financial results, equity financing activity and securities registration matters. The company’s announcements connect operating performance to demand for elevation-as-a-service, risk modeling and large-scale geospatial programs.
Intermap Technologies (OTCQX: ITMSF) has secured a government contract in Malaysia to deliver 3D elevation data for pollution assessment in the Skudai River. This project is crucial for controlling pollution that affects the Johor River basin, which supplies about 40% of Singapore's fresh water. Intermap's advanced technology uniquely penetrates cloud cover, essential for effective environmental protection and climate resilience initiatives. The company aims to support various applications, including renewable energy planning and sustainable land management, leveraging its extensive geospatial data archive.
Intermap Technologies announces a significant increase in its InsitePro® insurance subscription revenue, expecting a 30% rise in full-year revenue for 2022 compared to 2021. The $1 million subscription is driven by a 50% growth in data utilization from key clients, including top U.S. insurers. InsitePro, which delivers risk analytics for flood and fire insurance, has shown its value during recent disasters, ensuring client loyalty and extended contracts. The U.S. flood market holds over $5 billion in unwritten premium annually, presenting a substantial growth opportunity.
Intermap Technologies (OTCQX: ITMSF) reported a remarkable 64% revenue growth for the nine months ending September 30, 2022, totaling $5.6 million. The latest quarter saw a 50% increase in subscription revenue, which now constitutes 46% of total revenue, underpinned by new pre-paid software subscriptions. Although the company affirmed its full year revenue growth guidance of 15% - 20%, quarterly revenue declined to $1.2 million due to booking delays from government transitions.
Intermap Technologies has announced a new contract with Skyroads AG and cloudeo AG, integrating its certified aviation terrain data, NEXTView™, into Skyroads' Automated Airspace Management and Vehicle Guidance System. This partnership aims to enhance safety and efficiency for autonomous vehicles navigating urban environments. NEXTView is the only aviation-certified terrain data on the market, ensuring safe UAV operations. The collaboration supports the growing demand for urban air mobility by providing critical technology for automated systems.
Intermap Technologies (OTCQX: ITMSF) announced multiyear contracts with members of the Czech Association of Insurers, valued at USD 3.1 million. The agreements include significant upfront payments and five-year recurring subscriptions for flood risk software, Aquarius RMA, and precision flood hazard maps. With the Czech insurance market valued at USD 7.9 billion and expected to grow at a CAGR of 6.5%, these contracts are projected to increase monthly recurring revenue by 21%. This move supports the industry's need for enhanced climate resilience amid increasing global flooding.
Intermap Technologies (OTCQX: ITMSF) announced it has joined the FGS LLC Team as a subcontractor for the U.S. Air Force's $950 million Advanced Battle Management System (ABMS) contract. This IDIQ contract has a five-year term and supports the development of Joint All Domain Command and Control (JADC2) systems. Additionally, Intermap delivered a favorable interim progress report under its U.S. Air Force Research Laboratory contract focused on GPS-independent navigation solutions. The ABMS program aims to enhance military connectivity and operational efficiency among various service branches.
Intermap Technologies (OTCQX: ITMSF) announced a partnership with Deloitte Advisory and Dataligence to offer a new solution for real estate price calculations aimed at insurance underwriting in the Czech market. This integration uses Intermap's Aquarius RMA service and Dataligence's Price Map Calculator to improve real estate data transparency. Generali Česká pojišťovna becomes the first subscriber to this service, which aims to simplify and accelerate insurance transactions. Intermap reports a 34% increase in monthly recurring revenue from insurance solutions in Europe in the first half of 2022.
Intermap Technologies (OTCQX: ITMSF) announced a 33% annual increase in its NEXTWave™ telecom analytics subscription from a major mobile phone and internet services provider. This client has significantly expanded its use of Intermap's RF link profile analytics by 191% since 2019, showcasing the growing demand for accurate data in 5G network planning. Intermap's chairman emphasized the company's capability to meet increasing telecom needs with reliable analytics.
Intermap Technologies has secured a new contract to provide NEXTMap® elevation data and analytics to a major solar energy company. This scalable service will aid in solar farm planning and site assessment, enhancing efficiency and minimizing costs. The global solar power market is projected to grow significantly, reaching $293.18 billion by 2028. Intermap's solutions assist renewable energy companies in prioritizing promising sites while reducing the need for expensive surveys. Recent contracts underscore the company's expansion into the renewable sector, generating recurring high-margin revenue.
Intermap Technologies (OTCQX: ITMSF) has partnered with Generali Romania to enhance flood risk assessment capabilities using Intermap's Aquarius RMA solution. This collaboration allows Generali to utilize comprehensive flood hazard maps created from high-resolution digital terrain and hydrology data, covering over 90,000 km along Romanian rivers. The initiative aims to optimize insurance processes, help clients with risk management, and adapt to increasing climate-related risks, including more frequent flooding events globally.