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 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.
Intermap Technologies (OTCQX: ITMSF) has partnered with NEMO Report to provide flood risk information to 2,000 real estate brokers in the Czech Republic. This collaboration aims to transform property valuation standards in the market where a significant number of properties are at flood risk. Intermap’s solution offers accurate flood hazard maps and analytics, enhancing transparency and efficiency in real estate transactions. The global real estate software market is expected to grow at a CAGR of 9.7%, indicating a favorable landscape for Intermap's entry into this sector. CEO Patrick A. Blott highlighted the potential for a dominant market presence through this partnership.
Intermap Technologies (OTCQX: ITMSF) announced an expansion of contracts with several European insurers, resulting in an additional aggregate value exceeding $1.3 million for its flood risk software and analytics. Of this, $700,000 has already been signed, while $600,000 is pending finalization. The company's Aquarius RMA software offers advanced flood risk assessment tools, utilizing AI-driven and high-resolution digital elevation models. The growth in demand for Intermap’s solutions across Europe is anticipated to continue, with potential for further geographic expansion.
Intermap Technologies (OTCQX: ITMSF) has announced the award of two new patents that enhance its flood risk assessment and terrain modeling capabilities. The first patent utilizes machine learning to accurately measure the first floor height of buildings, improving flood risk assessments. The second patent allows for the creation of bare-earth digital terrain models using airborne radar, particularly in dense forests. These innovations aim to bolster Intermap's market share in the U.S. and Europe, particularly in flood insurance and governmental mapping projects in tropical regions. CEO Patrick A. Blott emphasizes the company's commitment to innovation and competitive advantage.
Intermap Technologies (OTCQX: ITMSF) announced a contract with EDF Hydro to provide high-resolution NEXTMap® digital terrain models for hydro power projects in South America. These models will aid in feasibility studies and project planning, leveraging Intermap's AI-driven technology to navigate challenging terrain. Executives from both companies emphasized the importance of clean energy and the potential for hydro power growth. Intermap continues to expand its renewable energy solutions, supporting various projects worldwide.
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.