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 partnered with Lufthansa Systems to join the OneSky Future of Flight program aimed at enhancing flight safety through innovative technology integration. This collaboration will leverage Intermap's high-resolution terrain data, culminating in the development of NEXTView, the aviation industry's first aviation-certified terrain model. NEXTView combines Intermap's global surface models with Lufthansa's airport database, enabling superior data analytics for Unmanned Aerial Vehicle (UAV) operations. This initiative supports evolving safety standards in the UTM and AAM sectors.
Intermap Technologies (OTCQX: ITMSF) reported significant growth in Q2 2022, with revenues exceeding $2.4 million, more than doubling compared to the previous year. Government sales surged to $1.7 million, while commercial subscription revenue rose by 39%. The company's gross margin increased to 61%. Adjusted EBITDA turned positive at $1.0 million, and the working capital deficit improved significantly to negative $0.7 million. The firm continues investments in its unique airborne remote sensing platform, aiming to enhance its competitive edge in 3D geospatial data services.
On June 15, 2022, Intermap Technologies Corporation held its annual shareholders meeting in Calgary, Alberta. Approximately 10,960,199 Class A common shares, representing 32.79% of total outstanding shares, were represented. Shareholders voted favorably on all proposed items, including the election of directors and the reappointment of KPMG LLP as auditors. Notable votes included Patrick A. Blott (89.29%), Philippe Frappier (89.52%), and John Hild (89.77%) receiving substantial support. Detailed voting results are available in the company’s report on SEDAR.
Intermap Technologies (OTCQX: ITMSF) has secured two contracts exceeding $660,000 with Colombia's Instituto Geofráfico Agustín Codazzi to provide high-resolution digital terrain models (DTMs). The second phase is 2.7 times larger than the first phase, emphasizing Intermap's capability in delivering quality data swiftly. The DTMs will aid the Colombian government in managing natural resources, particularly in challenging terrains. Intermap's consistent precision across municipalities enhances Colombia's national spatial data infrastructure.
Intermap Technologies has secured a Multiple Award Schedule Contract with the GSA, enabling all Federal Civilian Agencies and the Department of Defense to procure its geospatial solutions efficiently. This contract enhances the accessibility of Intermap’s 3D elevation products and intelligence services, pivotal for government operations. In 2021, the U.S. government spent $39 billion through the GSA program, highlighting its significance. Intermap, operating in over 61 countries, aims to support various sectors, including defense and disaster mitigation, through this contract.
Intermap Technologies (OTCQX: ITMSF) reported a significant revenue increase of 135% year-over-year, reaching $2.0 million for the quarter ending March 31, 2022, compared to $0.9 million in Q1 2021. The company achieved break-even cash flow from operations and a 40% rise in subscription-based revenue. Acquisition services revenue rose to $0.6 million. Notably, defense-related revenue accounted for 27% of overall revenue, marking a strong recovery and increased demand in defense spending. Shareholders' equity per share increased 15% to $0.038.
Intermap Technologies announced the filing of a final short form base shelf prospectus, allowing it to raise up to CDN$20,000,000 in various securities over 25 months. This strategic move provides increased access to institutional investors and lowers the cost of capital, enhancing the company's ability to pursue growth opportunities. The company plans to use the proceeds for acquisitions and organic growth initiatives. However, there are no guarantees that securities will be sold under this prospectus.
Intermap Technologies (OTCQX: ITMSF) announced a new federal contract to provide high-resolution digital elevation terrain data for dam inundation studies in Arizona. This project aims to produce critical hydrologic and hydraulic reports to enhance emergency planning for potential dam failures. The company's proprietary digital terrain models will simulate flood scenarios and assess reservoir capacities. CEO Patrick A. Blott highlighted the importance of their data in emergency planning and response. This initiative underscores Intermap's growing role in supporting federal agencies with essential geospatial intelligence solutions.
Intermap Technologies (OTCQX: ITMSF) has announced a subscription from Flood Insurance Guru to its InsitePro® platform for enhanced flood risk analytics in the U.S. and Canada. This subscription aims to improve flood coverage by utilizing advanced 3D elevation data to assess property-specific flood risks. The private flood insurance market has been growing rapidly at a 20% CAGR since 2016, with InsitePro mirroring this growth, showcasing a 38% increase in monthly recurring revenue year-to-date through December 2021. Intermap's insurance business is experiencing strong growth in 2022.
Intermap Technologies (OTCQX: ITMSF) presented at the 2022 USGIF GEOINT Symposium in Denver on April 25, discussing foundational military intelligence solutions. The company aims to enhance geospatial intelligence for the US military, supporting initiatives like Agile Combat Employment and the USMC's Force 2030 restructuring. By leveraging extensive geospatial data archives, Intermap provides accurate military intelligence, vital during crises such as in Ukraine. The presentation included collaboration with partners like Oracle and FGS to optimize military operations through advanced data analytics and 3D technologies.