Intermap Technologies Corp Stock Price, News & Analysis

On June 15, 2022, Intermap Technologies Corporation held its annual shareholders meeting in Calgary, Alberta. Approximately 10,960,199 Class A common shares, representing 32.79% of total outstanding shares, were represented. Shareholders voted favorably on all proposed items, including the election of directors and the reappointment of KPMG LLP as auditors. Notable votes included Patrick A. Blott (89.29%), Philippe Frappier (89.52%), and John Hild (89.77%) receiving substantial support. Detailed voting results are available in the company’s report on SEDAR.

Intermap Technologies (OTCQX: ITMSF) has secured two contracts exceeding $660,000 with Colombia's Instituto Geofráfico Agustín Codazzi to provide high-resolution digital terrain models (DTMs). The second phase is 2.7 times larger than the first phase, emphasizing Intermap's capability in delivering quality data swiftly. The DTMs will aid the Colombian government in managing natural resources, particularly in challenging terrains. Intermap's consistent precision across municipalities enhances Colombia's national spatial data infrastructure.

Intermap Technologies has secured a Multiple Award Schedule Contract with the GSA, enabling all Federal Civilian Agencies and the Department of Defense to procure its geospatial solutions efficiently. This contract enhances the accessibility of Intermap’s 3D elevation products and intelligence services, pivotal for government operations. In 2021, the U.S. government spent $39 billion through the GSA program, highlighting its significance. Intermap, operating in over 61 countries, aims to support various sectors, including defense and disaster mitigation, through this contract.

Intermap Technologies (OTCQX: ITMSF) reported a significant revenue increase of 135% year-over-year, reaching $2.0 million for the quarter ending March 31, 2022, compared to $0.9 million in Q1 2021. The company achieved break-even cash flow from operations and a 40% rise in subscription-based revenue. Acquisition services revenue rose to $0.6 million. Notably, defense-related revenue accounted for 27% of overall revenue, marking a strong recovery and increased demand in defense spending. Shareholders' equity per share increased 15% to $0.038.

Intermap Technologies announced the filing of a final short form base shelf prospectus, allowing it to raise up to CDN$20,000,000 in various securities over 25 months. This strategic move provides increased access to institutional investors and lowers the cost of capital, enhancing the company's ability to pursue growth opportunities. The company plans to use the proceeds for acquisitions and organic growth initiatives. However, there are no guarantees that securities will be sold under this prospectus.

Intermap Technologies (OTCQX: ITMSF) announced a new federal contract to provide high-resolution digital elevation terrain data for dam inundation studies in Arizona. This project aims to produce critical hydrologic and hydraulic reports to enhance emergency planning for potential dam failures. The company's proprietary digital terrain models will simulate flood scenarios and assess reservoir capacities. CEO Patrick A. Blott highlighted the importance of their data in emergency planning and response. This initiative underscores Intermap's growing role in supporting federal agencies with essential geospatial intelligence solutions.

Intermap Technologies (OTCQX: ITMSF) has announced a subscription from Flood Insurance Guru to its InsitePro^® platform for enhanced flood risk analytics in the U.S. and Canada. This subscription aims to improve flood coverage by utilizing advanced 3D elevation data to assess property-specific flood risks. The private flood insurance market has been growing rapidly at a 20% CAGR since 2016, with InsitePro mirroring this growth, showcasing a 38% increase in monthly recurring revenue year-to-date through December 2021. Intermap's insurance business is experiencing strong growth in 2022.

Intermap Technologies (OTCQX: ITMSF) presented at the 2022 USGIF GEOINT Symposium in Denver on April 25, discussing foundational military intelligence solutions. The company aims to enhance geospatial intelligence for the US military, supporting initiatives like Agile Combat Employment and the USMC's Force 2030 restructuring. By leveraging extensive geospatial data archives, Intermap provides accurate military intelligence, vital during crises such as in Ukraine. The presentation included collaboration with partners like Oracle and FGS to optimize military operations through advanced data analytics and 3D technologies.

Intermap Technologies (OTCQX: ITMSF) has secured a three-year subscription from a second top-10 U.S. insurer for its InsitePro® SaaS platform, which specializes in flood insurance risk analytics. This subscription aligns with the growing private flood market, which has seen a CAGR of 20% since 2016. Intermap's monthly recurring revenue (MRR) rose by 9.8% from year-end 2021, reflecting robust market demand. The private flood insurance segment represents over $5 billion in unwritten premiums, and Intermap's innovative analytics are expected to aid insurers in capturing this market opportunity.