Welcome to our dedicated page for Intermap Technologies news (Ticker: ITMSF), a resource for investors and traders seeking the latest updates and insights on Intermap Technologies stock.
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), a leader in 3D geospatial products, reports significant growth in its North American insurance software business.
InsitePro® subscriptions saw a 61% increase in bookings for 2022, driven by renewals and upsells from top U.S. insurers. Recent multiyear renewals increased by 60% to 350%. Year-to-date bookings for 2023 are 32% above last year. CEO Patrick A. Blott attributes the growth to rising insurance losses due to catastrophic floods, emphasizing InsitePro's role in providing critical geospatial data essential for risk and pricing analytics.
Intermap Technologies (OTCQX: ITMSF) announced its first task order under a $450,000 IDIQ contract with the Department of the Interior, aimed at supporting the Safety of Dams program. This task order will provide critical digital terrain data for hazard classification studies across select states, including Montana, Arizona, New Mexico, and Utah. The terrain data is essential for flood risk management and emergency planning, aligning with climate change mitigation efforts. Intermap's advanced AI and machine learning capabilities enhance the quality and efficiency of its geospatial data, establishing a stronger partnership with government agencies.
Intermap Technologies (OTCQX: ITMSF) has been selected by the U.S. Department of Defense for the next stage in demonstrating advanced technology for Geospatial Temporal Incident Data. This selection follows a competitive assessment, allowing Intermap to showcase its AI/ML/NLP capabilities at the Thunderstorm 23-1 event in April 2023. The company’s technology integrates various data sources to enhance situational awareness and supports planning processes for military applications. Intermap's proprietary solutions aim to improve the visualization of threats and incidents, providing important insights for defense operations.
Intermap Technologies (OTCQX: ITMSF) announced its first task orders under the U.S. Defense Department's JANUS contract, completing the initial order within 48 hours. This contract, valued at up to $920 million, involves delivering geospatial intelligence using advanced AI/ML technology. The company aims to support the U.S. DOD's precision warfare initiatives with timely geospatial insights. Expected future task orders are anticipated through 2023, highlighting Intermap's strategic role and potential revenue growth in the defense sector.
Intermap Technologies announced a new flood modeling initiative in Thailand, focused on the greater Bangkok area. The project utilizes satellite imagery and radar data to create detailed flood maps and improved Digital Elevation Model (DEM) datasets. These tools aim to enhance urban planning and risk management in response to increasing flooding due to urban expansion.
The initiative incorporates historical rainfall data and predictive models to assess flood risks, aiding various sectors such as insurance and disaster response. Intermap's expertise in geospatial data positions it to deliver significant insights in this climate-affected region.
Intermap Technologies (OTCQX: ITMSF) has secured a government contract in Malaysia to deliver 3D elevation data for pollution assessment in the Skudai River. This project is crucial for controlling pollution that affects the Johor River basin, which supplies about 40% of Singapore's fresh water. Intermap's advanced technology uniquely penetrates cloud cover, essential for effective environmental protection and climate resilience initiatives. The company aims to support various applications, including renewable energy planning and sustainable land management, leveraging its extensive geospatial data archive.
Intermap Technologies announces a significant increase in its InsitePro® insurance subscription revenue, expecting a 30% rise in full-year revenue for 2022 compared to 2021. The $1 million subscription is driven by a 50% growth in data utilization from key clients, including top U.S. insurers. InsitePro, which delivers risk analytics for flood and fire insurance, has shown its value during recent disasters, ensuring client loyalty and extended contracts. The U.S. flood market holds over $5 billion in unwritten premium annually, presenting a substantial growth opportunity.
Intermap Technologies (OTCQX: ITMSF) reported a remarkable 64% revenue growth for the nine months ending September 30, 2022, totaling $5.6 million. The latest quarter saw a 50% increase in subscription revenue, which now constitutes 46% of total revenue, underpinned by new pre-paid software subscriptions. Although the company affirmed its full year revenue growth guidance of 15% - 20%, quarterly revenue declined to $1.2 million due to booking delays from government transitions.
Intermap Technologies has announced a new contract with Skyroads AG and cloudeo AG, integrating its certified aviation terrain data, NEXTView™, into Skyroads' Automated Airspace Management and Vehicle Guidance System. This partnership aims to enhance safety and efficiency for autonomous vehicles navigating urban environments. NEXTView is the only aviation-certified terrain data on the market, ensuring safe UAV operations. The collaboration supports the growing demand for urban air mobility by providing critical technology for automated systems.
Intermap Technologies (OTCQX: ITMSF) announced multiyear contracts with members of the Czech Association of Insurers, valued at USD 3.1 million. The agreements include significant upfront payments and five-year recurring subscriptions for flood risk software, Aquarius RMA, and precision flood hazard maps. With the Czech insurance market valued at USD 7.9 billion and expected to grow at a CAGR of 6.5%, these contracts are projected to increase monthly recurring revenue by 21%. This move supports the industry's need for enhanced climate resilience amid increasing global flooding.