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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 (OTCQX: ITMSF) reported a strong 19% sequential revenue growth in Q3 2021, achieving $1.4 million in revenue, up from $1.2 million last quarter and $0.9 million in Q1 2021. Software subscription revenue surged by 137%, reaching $0.4 million. The company is on track for deployment in Southeast Asia and was selected for the USGS GPSC4 contract, valued at $850 million. Liquidity stands at $2.7 million. The CEO expressed optimism for continued momentum through the end of 2021 and beyond.
Intermap Technologies (OTCQX: ITMSF) announced an expansion of its contract with TATA Communications to enhance wireless telecommunications in major Indian cities. The deal is projected to generate at least $3 million in recurring revenue over the next 24 months. Intermap's proprietary IRIS technology will provide high-resolution geospatial data to facilitate network expansion while addressing unique challenges in India’s terrain. The global GIS telecom market is expected to grow significantly, presenting additional opportunities for Intermap's elevation data as a service solutions.
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Intermap Technologies announced the integration of its 3D geospatial analytics and processing algorithms on the UP42 platform, enhancing geospatial solutions for users. This collaboration enables UP42 customers to leverage tools like NEXTWave and RF Viewshed for applications in various sectors, including agriculture, infrastructure, and space. The integration aims to make high-quality 3D data accessible to non-experts, thereby expanding Intermap's market reach. UP42 CEO underscored the significance of these analytics for managing critical infrastructure.
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.