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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 announced strong performance for its U.S. flood insurance risk assessment solution, InsitePro, with key client renewals and a new client acquisition in 2022. Notable metrics include an Annual Gross Retention (AGR) rate of 96% and an Annual Net Retention (ANR) rate of 114%. The U.S. flood insurance market presents over $5 billion in unwritten premium opportunities, indicating growth potential for InsitePro. The software enhances data access for underwriters, reducing reliance on GIS experts.
Intermap Technologies (OTCQX: ITMSF) announced the extension of its contract with Allianz Technology SE to provide advanced geocoding services for insurance underwriting in Europe. This new agreement enhances Allianz's risk assessment capabilities by incorporating additional parcel data geocoding and updated flood hazard maps, supporting consistent underwriting across multiple regions. Intermap's European cloud-based subscriptions have grown to represent 72% of its European revenue, with a 13% CAGR since 2019, highlighting the company's strong position in the geospatial intelligence market.
Intermap Technologies (OTCQX: ITMSF) has secured a two-year subscription for its NEXTMap® data as a service with a major U.S. clean energy company, enhancing the integration of geospatial intelligence for planning wind and solar projects. This partnership aims to streamline budgeting and permitting through high-quality elevation models, providing global coverage and improving project efficiency. The U.S. renewable energy sector continues to grow, with expectations for a 219 GW increase in capacity from 2021 to 2026, driven by the appeal of wind and solar energy.
Intermap Technologies (OTCQX: ITMSF) has expanded its relationship with Generali Group by adding Romania to its Aquarius flood risk subscription services. This marks Romania as the fourth Central Eastern European country included in the subscription, enhancing Generali's offerings with customized flood hazard maps. Additionally, MyNEMO has renewed its subscription for flood risk services in the Czech Republic. The company reported a 2.5x increase in European software subscription revenue since launching the cloud-based version of Aquarius in 2020, with a 10% boost in monthly recurring revenue from the Romania addition.
Intermap Technologies reported a 22% increase in annual revenue for 2021, totaling $5.8 million. The fourth quarter saw a remarkable 149% year-over-year revenue growth and a 69% sequential increase, attributed to new government contracts and recovering commercial business. The firm announced a private placement to bolster its capital position and support ongoing projects, including a new contract for the NEXTView aviation product, enhancing automated aircraft landing capabilities. Liquidity as of December 31, 2021, was $1.7 million.
Intermap Technologies has licensed its SaaS flood risk assessment product, InsitePro, to a top-5 U.S. insurer, expanding its market presence. This move targets the 85% of U.S. homes currently uninsured against floods, representing a significant growth potential of over $5 billion in unwritten premiums. InsitePro enhances precision in flood risk pricing, enabling insurers to assess individual property risks accurately. The U.S. private flood market has grown at a CAGR of 20% since 2016, and Intermap continues to capitalize on this trend.
Intermap Technologies has secured a new contract with a major European airline to provide elevation data as a service, enhancing route planning through an online subscription model. This service enables on-demand access to high-resolution NEXTMap® elevation datasets, improving operational efficiency and reducing costs associated with data acquisition. The airline industry is rebounding post-pandemic, with expectations of market growth reaching $591 billion in 2022. Intermap's services support critical analyses for safer flight operations, leveraging cloud-based solutions for updated terrain data.
Intermap Technologies (OTCQX: ITMSF) announced a contract with a Class 1 North American railway for flood and fire risk management using its NEXTWave Rail™ application. This solution leverages unique risk analytics for evaluating culvert and track vulnerabilities, aiming to prevent costly repairs following natural disasters. The approach combines the company's existing flood management technology, InsitePro®, to enhance safety and reduce expenses associated with track washouts and derailments. The new contract represents Intermap's strategic expansion into the railway sector, targeting infrastructure resilience.
Intermap Technologies has secured a new prime contract with the U.S. Air Force to assist the Air Force Research Laboratory in the development of navigation solutions for GPS-denied environments. This marks Intermap's eighth government contract in 2021, emphasizing its leadership in geospatial intelligence and navigation technology. The contract will enable the Air Force to utilize Intermap's extensive data and technology to improve positioning, navigation, and timing for military operations, enhancing multi-domain capabilities and ensuring mission success.
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