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.
On June 8, 2021, Intermap Technologies (OTCQX: ITMSF) announced the integration of its NEXTView™ platform with Aviatize's IDRONECT UTM for a medical delivery pilot in Africa. NEXTView is the world's first certified global surface data platform for commercial aviation, enhancing safety and efficiency in UAV operations by providing precise terrain and obstacle data. The partnership aims to establish a new transportation infrastructure, supporting beyond visual line of sight drone deliveries. The press release also highlights potential regulatory changes impacting UAS operations in the future.
Intermap Technologies has announced its expansion into Asian markets, securing its first commercial client in India and a new client in Saudi Arabia. The company has formed a strategic partnership with TATA Communications, which connects 80% of the world’s mobile subscribers, to support its 5G network expansion. Intermap's elevation data-as-a-service (EDaaS) solutions enhance network planning efficiency and have gained traction with over 80 customers. Additionally, they expect recovery in U.S. government sales by year-end. The Indian market offers significant growth potential.
Intermap Technologies (OTCQX: ITMSF) has announced its Q1 2021 financial results, reporting revenue of $0.9 million, unchanged from the previous quarter but down from $1.6 million in Q1 2020. The company faces ongoing challenges in government revenue due to COVID-19, although it anticipates revenue recognition from a contract with Colombia's national mapping agency. Loss per share improved to $0.04 from $0.10 year-over-year. A private placement raised $0.4 million on April 27, 2021. Intermap is also engaged in creating high-resolution elevation data for Colombia.
Intermap Technologies (OTCQX: ITMSF) has announced the availability of its NEXTView™ elevation data on cloudeo's market platform, enhancing safety and efficiency in UAV flights. NEXTView is the only high-resolution, global geospatial terrain dataset certified for aviation, integrating terrain and aerodrome data. This addition aims to address the growing demand in the UAS/UAV industry, with applications spanning telecommunications and urban planning. Cloudeo's platform offers various DaaS and SaaS products, enabling easy access to these datasets.
Intermap Technologies (OTCQX: ITMSF) announced a positive outlook in an interview with Proactive Investors, emphasizing the anticipated adoption of its software solutions and elevation data-as-a-service (EDaaS) by large commercial customers as the economy recovers. The company's CEO, Patrick A. Blott, noted a quick recovery in the aviation sector and an expected resurgence in government contracts post-pandemic, with U.S. and allied governments being their largest customer segment. This suggests potential growth in key sectors for Intermap.
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Intermap Technologies has successfully closed the first tranche of a private placement, raising approximately CAD$533,314 by issuing 613,005 Class A common shares at CAD$0.87 each. The funds will support general corporate purposes and growth. Additionally, 60,000 warrants were issued, each exercisable at USD$0.73 until April 27, 2023. The Toronto Stock Exchange has conditionally approved the transaction, with potential for additional shares to be issued before May 20, 2021. These securities remain subject to U.S. Securities Act restrictions.
Intermap Technologies (OTCQX: ITMSF) announces participation in a UAS proof of concept test in Dubai with DronSystems. This initiative integrates Intermap's NEXTView™, the first avionics-certified dataset, with DronSystems' DroNAV management platform, aiming to enhance commercial drone operations. The pilot demonstrates the capabilities of NEXTView in ensuring safe and efficient drone flights. The UTM market is projected to exceed $56 billion by 2027, with an 18.9% CAGR. This collaboration highlights Intermap’s positioning as a leader in the UAS market.
Intermap Technologies (OTCQX: ITMSF) will present live at VirtualInvestorConferences.com on April 15, 2021, at 12:00 PM ET. The event invites investors to engage with CEO Patrick A. Blott, asking questions in real-time. An archived webcast will be available for those who cannot attend live. Intermap specializes in geospatial intelligence solutions, operating in diverse markets, including government, drones, and telecommunications, with a market size of $552 billion. Recent advancements include partnerships for aviation datasets and wildfire modeling.
Intermap Technologies (OTCQX: ITMSF) reported a 10% increase in North American insurance monthly recurring revenue (MRR) since the end of 2020, driven by strong renewals of InsitePro subscriptions. The U.S. flood market presents over $5 billion in unwritten premium opportunities, with InsitePro assisting insurers in effective risk diversification. Additionally, the latest No-HARM wildfire model enhances flood and wildfire underwriting.
Despite COVID-19 challenges, Intermap's recurring revenue model continues to grow in both North America and Europe.