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 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.
Intermap Technologies has made significant strides in the aviation and drone markets with its NEXTView™ solution, the world's only government-certified aviation-specific geospatial intelligence system. Recently, Wingcopter GmbH subscribed to NEXTView™, highlighting the growing demand for drone applications. The drone market is expected to grow at an 18.9% CAGR, surpassing $56 billion by 2027. The U.S. Department of Defense is investing over $6 billion in ISR operations, reflecting this upward trend. Intermap's partnership with Wingcopter positions the company favorably in this expanding market.
Intermap Technologies Corp. (OTCQX: ITMSF) has begun trading on the OTCQX Best Market, enhancing liquidity and transparency for U.S. investors. This upgrade reflects the company's compliance with high financial standards and corporate governance. Intermap, a leader in 3D data solutions, aims to capitalize on the rising demand for elevation data-as-a-service (EDaaS) in various sectors. The transition is expected to attract more investors, increase visibility, and improve liquidity, aligning with Intermap's growth strategy, which includes significant debt reduction and new partnerships in 2020.
Intermap Technologies has appointed Jordan N. Tongalson as an Independent Director and Jack Schneider as Chief Operating Officer. This leadership enhancement comes after a successful Private Placement that raised approximately $37 million for the Company. The new appointments aim to leverage financial and operational expertise to drive long-term growth. Intermap also announced a virtual Annual General Meeting on October 30, 2020, after adjusting its initial plans due to the COVID-19 pandemic. Furthermore, software subscriptions have been renewed at higher annual amounts, indicating strong client demand.
Intermap Technologies Corporation announced the closure of the second tranche of its private placement, issuing 4,317,118 Class A common shares at CAD$0.56 per share, raising CAD$328,543.60. Proceeds were used to settle US$33.9 million in debt with PenderFund, paying US$1 million under an amended agreement. The company filed its Q2 financial results, and its chairman expressed optimism about growth potential post-debt clearance. Furthermore, 19,718 warrants were issued, exercisable at USD$0.423. The private placement is subject to final approval by the Toronto Stock Exchange.