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 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.
Intermap Technologies (OTCQX: ITMSF) reported its annual financial statements for 2020, revealing a decline in revenue to $4.7 million from $10.1 million in 2019 due to COVID-19 disruptions. However, net income rose to $26.6 million, thanks to a $32.1 million gain from debt modification. Software subscriptions grew 4%, with renewals at higher rates, while the government project pipeline expanded by 429%. Intermap remains optimistic for 2021, anticipating revenue and adjusted EBITDA growth despite ongoing pandemic impacts.
Intermap Technologies (OTCQX: ITMSF) announced that INFRAWAY in Brazil is using its NEXTMap One™ digital terrain model for airport infrastructure planning. This collaboration supports the government’s development studies by providing high-quality elevation data necessary for expansion plans. Intermap also offers orthorectification services for satellite imagery, achieving accuracies of up to 1 meter for 200 airports. The aviation market is expected to grow at an 18.9% CAGR, surpassing $56 billion by 2027, positioning Intermap for growth through advanced geospatial solutions.
On March 18, 2021, Intermap Technologies announced the appointment of Ralph Hope as Chief Technology Officer, aiming to enhance its financial services business. Hope, previously associated with BlackRock, brings extensive experience in developing financial technology. The company is growing its global financial solutions by integrating predictive analytics and alternative data, serving new European banking clients. Intermap is committed to expanding its presence in the financial market and investing in technology to support real-time data services, particularly for natural hazard risk assessment.