Intermap Technologies Corp Stock Price, News & Analysis

Intermap Technologies announced a contract to supply 3D digital elevation models (DEMs) to enhance agricultural efficiency in Indonesia. The country's agriculture sector is crucial, employing a third of its labor force and contributing around 14% to GDP. Intermap's data will aid in monitoring plantations across Sumatra and Borneo, ultimately improving yields and minimizing crop loss due to pests and diseases.

The company's innovative approach is expected to drive future growth, as it collaborates with various agricultural and natural resource entities in Southeast Asia. Intermap’s 3D elevation models provide detailed terrain information, enabling informed decision-making for sustainable agricultural practices.

Intermap Technologies (OTCQX: ITMSF) has secured a contract with a major telecom provider in Vietnam to deliver a suite of geospatial data products. This contract aims to enhance the geospatial infrastructure for network expansion across 70 cities, utilizing advanced data collection methods for accurate 3D terrain models.

These models will help telecom operators optimize cell tower placements, adjust antenna configurations, and identify coverage gaps, ultimately improving network efficiency. Intermap's use of patented technology and artificial intelligence promises to streamline the traditionally complex process of upgrading telecommunications networks. CEO Patrick Blott emphasizes that this technological advancement supports ongoing developments in global telecom, particularly as the industry shifts towards 5G.

Intermap Technologies (ITMSF) announced that an autonomous aircraft client has renewed its NEXTView® subscription as early-stage operations expand. Co-developed with Lufthansa Systems, NEXTView is certified by EASA and provides accurate elevation data for autonomous aircraft operations. Positioned as the only global certified elevation dataset for aviation, NEXTView supports essential systems for safe unmanned flights. The company emphasizes the importance of foundation data for navigating and executing safe flights as the unmanned aviation industry evolves. Intermap's technology encompasses a wide range of applications, including defense and disaster mitigation.

Intermap Technologies has reported a significant increase in its monthly recurring revenue (MRR), growing by 13% since the end of 2022. This growth was largely driven by a $1 million multi-year renewal of its InsitePro® insurance software subscription, marking a 130% increase in MRR compared to the previous contract. The company anticipates continued double-digit growth in 2023 subscription revenue, bolstered by rising demand for flood insurance analytics. InsitePro has maintained a net annual revenue retention rate exceeding 90% for eight consecutive quarters, showcasing its strong market presence and alignment with the growing U.S. private flood insurance market.

Intermap Technologies reported a 17% revenue growth year over year, reaching $6.8 million for 2022. The company saw a notable increase in recurring revenue, which now constitutes 57% of total sales, up 9% compared to 2021. Strong performance in government contracts included $813,000 in new GEOINT-related contracts, a 67% increase versus the prior year. The commercial business also thrived, generating $4.8 million in revenue, a 23% rise from 2021. The company secured a significant $3.1 million contract in Europe, solidifying 29% of its commercial revenue from that region.