Intermap Technologies Corp Stock Price, News & Analysis

Intermap Technologies (OTCQX: ITMSF) announced a three-year subscription deal for its InsitePro® service with a top-5 U.S. insurer, marking its entry into the admitted insurance market. InsitePro® provides risk analytics for underwriting flood insurance across the U.S. and Canada, leveraging proprietary 3D elevation data. The U.S. private flood insurance market is growing rapidly, with over $5 billion in unwritten premium available. Intermap's total contracted software revenue has risen by 22% to approximately $4.0 million, with no churn, indicating solid demand for its analytics solutions.

Intermap Technologies (OTCQX: ITMSF) reported second-quarter revenues of $1.2 million, a 35% sequential growth from the first quarter. The company successfully secured strategic contracts worth over $4.1 million following a closure of a Private Placement, raising CAD$2.873 million at CAD$0.90 per share. Recent contracts include projects with Malaysia for mapping Borneo and a partnership with Garmin. Intermap has also seen a 50% services revenue increase in the insurance sector. Financial statements are available on SEDAR.

Intermap Technologies has announced a multiyear joint development agreement with Garmin to integrate its 3D high-resolution NEXTMap Digital Terrain Model into Garmin Golf, a new subscription golf application. This partnership will utilize Intermap's precise terrain data for over 42,000 golf courses globally, enhancing user experience with real-time terrain information and advanced game metrics. Intermap will earn royalties per subscriber, capitalizing on its advanced geospatial data services. This collaboration signals Intermap's expansion into consumer applications, leveraging its proprietary technology for diverse uses.

Intermap Technologies (OTCQX: ITMSF) announced significant growth in its European operations, expanding insurance and reinsurance products and services. The firm increased its software subscription with Generali Serbia, enhancing flood risk analytics, leading to a 42% rise in European subscription bookings for the first half of 2021 compared to 2020. Intermap's solutions support primary insurers and reinsurers across Central and Eastern Europe, focusing on various natural hazards. CEO Patrick A. Blott highlighted rapid market expansion and the need for understanding flood risk.

Intermap Technologies (OTCQX: ITMSF) has secured a significant contract with Malaysia's federal mapping agency to conduct an aerial mapping project on Borneo, Asia's largest island. This initiative will utilize Intermap's proprietary IFSAR technology, enabling the creation of high-resolution 3D elevation models to support national planning and infrastructure development. This contract marks Intermap's third government award since mid-2021, aiming to increase revenue per employee by 65% over 2020. The project emphasizes advanced geospatial data collection in challenging environments, facilitating regional economic growth and sovereignty.

Intermap Technologies (OTCQX: ITMSF) reported a robust growth in its InsitePro® solution, with a 22% increase in monthly recurring revenue since 2020. Key metrics show 100% customer renewal and a 50% rise in services revenue. The U.S. flood insurance market, a significant growth area, holds over $5 billion in unwritten premiums. Intermap has maintained a 90% Annual Gross Retention and a 105% Annual Net Retention. The growing demand for geospatial data in underwriting flood insurance positions Intermap favorably for ongoing expansion.

Intermap Technologies Corporation held its annual shareholder meeting on June 29, 2021, virtually due to COVID-19 precautions. A total of 17,207,184 Class A common shares, representing 66.66% of the shares, were represented. Shareholders approved all business items, including the election of directors and the reappointment of KPMG LLP as auditors. Notably, directors Patrick A. Blott, Philippe Frappier, John Hild, and Jordan Tongalson were elected with votes exceeding 91% in favor. For detailed voting results, visit the Company’s SEDAR profile.

On June 29, 2021, Intermap Technologies (OTCQX: ITMSF) announced negotiations for a senior secured convertible debenture private placement. The initial investment is set at USD$1 million, with a potential total of USD$3 million upon mutual agreement. The debentures will feature an 18-month maturity and can be converted into common shares at a 135% premium based on the 5-day VWAP. The completion of this placement is contingent upon due diligence by the investor and approval from the Toronto Stock Exchange.

Intermap Technologies (OTCQX: ITMSF) announced its virtual Annual General Meeting (AGM) scheduled for June 29, 2021, at 12:00 pm MT. Chairman and CEO Patrick A. Blott will discuss the company's business and strategic direction. In response to the COVID-19 pandemic, this format allows shareholders from any location to participate safely. The meeting will be accessible via live audio webcast, ensuring equal opportunities for all attendees to engage and ask questions. For more details, shareholders can visit the provided link.