Fully diluted Shareholders' Equity up
15%
Achieves Break-even Cash Flow from
Operations
Subscription-based Revenue Increased
40%
DENVER, May 16, 2022
/CNW/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap"
or the "Company"), a global leader in geospatial content
development and intelligence solutions, today announced filing of
consolidated financial statements for the quarter ended
March 31, 2022, along with
management's discussion and analysis for the corresponding period
and related management certifications for first quarter financial
results. The documents are available on SEDAR at www.sedar.com.
For the quarter ending March 31,
2022, the Company reported revenue of $2.0 million, compared with $0.9 million for the first quarter and
$2.3 million for the fourth quarter
of 2021. Acquisition services revenue recovered to $0.6 million after a challenging year in 2021
because of COVID-19. Recurring value-added data services were up
66% due to increased defense spending. Recurring software and
solutions were up 43% as the company continues to grow its
commercial elevation data-as-a-service (EDaaS) offerings.
Consistent with prior periods, Intermap experienced seasonal
decline in revenue for the first quarter as government customers
allocate the bulk of their contract dollars in the summer months to
accommodate September and November year-end budget cycles.
Government revenue represented 34% of total revenue for the
quarter.
In spite of government customer payment delays caused by
COVID-19 quarantines during the quarter, Intermap earned positive
operating cash flow. On a fully diluted basis, Intermap revenue per
share increased 93% to $0.065 per
share, and Shareholders' Equity increased 11% to $0.038 per share, compared with the same period
in 2021.
Intermap is engaged with the U.S. Department of Defense and
other allied national government agencies on critical strategic
initiatives. Defense-related revenue from all countries currently
represents approximately 27% of total revenue for the quarter, up
from nil in 2021. Some ongoing unclassified government work that
has been previously announced includes:
- · Supporting Ukraine's Ministry of Defense with
high-resolution, 3D data and analytic services
- · Working with the National Geospatial-Intelligence Agency
(NGA) to supply low latency foundation data for high-priority
national security areas of interest
- · Working on prime contract with the U.S. Air Force Research
Laboratory (AFRL) to support its development of GPS-denied
navigation solutions
Intermap's subscription-based revenue increased 40% over the
first quarter of 2021. Year over year, the Company's insurance
business increased 65% and key data contracts increased 28% with
increases in the number and size of subscriptions. With the
industry recovering from COVID-19, Intermap's aviation business
began to recover. Some commercial highlights include:
- New InsitePro® subscription with a top-5 underwriter in the
U.S., providing flood risk assessment and flood premium
pricing
- First contract for rail solution with Class 1 North American
railway company for flood and fire risk management
- New NEXTView™ contract to support automated aircraft landing in
the U.S.
- New data subscription contract with leading European airline to
provide elevation data as a service for flight planning
operations
- Expanded European insurance subscription with Generali for its
customized flood hazard maps and analytics
- Renewed flood risk web services subscription to support real
estate transactions in the Czech
Republic
"We are pleased to report strong year-over-year revenue growth
for the first quarter and we are on track for 2022," said
Patrick A. Blott, Intermap's
Chairman and CEO. "Our government and commercial businesses are
winning new customers under high-margin programmatic recurring
contract awards and expanding existing relationships. We are
confident in our pipeline and well-positioned to execute on our
strategy of efficient resource allocation towards highly
profitable, recurring revenue and scalable growth."
Intermap Reader Advisory
Certain information
provided in this news release constitutes forward-looking
statements. The words "anticipate", "expect", "project",
"estimate", "forecast", "will be", "will consider", "intends" and
similar expressions are intended to identify such forward-looking
statements. Although Intermap believes that these statements are
based on information and assumptions which are current, reasonable
and complete, these statements are necessarily subject to a variety
of known and unknown risks and uncertainties. Intermap's
forward-looking statements are subject to risks and uncertainties
pertaining to, among other things, cash available to fund
operations, availability of capital, revenue fluctuations, nature
of government contracts, economic conditions, loss of key
customers, retention and availability of executive talent,
competing technologies, common share price volatility, loss of
proprietary information, software functionality, internet and
system infrastructure functionality, information technology
security, breakdown of strategic alliances, and international and
political considerations, as well as those risks and uncertainties
discussed Intermap's Annual Information Form and other securities
filings. While the Company makes these forward-looking statements
in good faith, should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary significantly from those expected.
Accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that the Company will
derive therefrom. All subsequent forward-looking statements,
whether written or oral, attributable to Intermap or persons acting
on its behalf are expressly qualified in their entirety by these
cautionary statements. The forward-looking statements contained in
this news release are made as at the date of this news release and
the Company does not undertake any obligation to update publicly or
to revise any of the forward-looking statements made herein,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities law.
About Intermap Technologies
Founded in 1997 and
headquartered in Denver, Colorado,
Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in geospatial
intelligence solutions. The Company's proprietary 3D NEXTMap®
elevation datasets and value-added geospatial collection,
processing, analytics, fusion and orthorectification software and
solutions are utilized across a range of industries that rely on
accurate, high-resolution elevation data. Intermap helps
governments build authoritative geospatial datasets and provides
solutions for base mapping, transportation, environmental
monitoring, topographic mapping, disaster mitigation, smart city
integration, public safety and defense. The Company's commercial
applications include aviation and UAV flight
planning, flood and wildfire
insurance, environmental and renewable
energy planning, telecommunications, engineering,
critical infrastructure monitoring, hydrology, land management, oil
and gas and transportation. For more information,
please visit www.intermap.com.
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SOURCE Intermap Technologies Corporation
