Intermap Technologies Announces 2018 First Quarter Financial Results

Posted by Intermap Technologies

May 14, 2018 5:25:54 PM

DENVER – May 14, 2018 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) reported financial results for the first quarter ended March 31, 2018.

Financial Review

All amounts in this news release are in United States dollars, unless otherwise noted.

For the first quarter of 2018, Intermap reported revenue of $3.4 million, a 32% increase compared to the same period last year. The Company also reported $21 thousand of operating income for the quarter, compared to a $1.5 million loss for the same period last year.

Commercial subscription revenue increased 148% for the quarter, compared to the same period last year.

First quarter adjusted EBITDA, a non-GAAP and non-IFRS financial measure, was positive $0.4 million, compared to a $0.8 million loss for the same period last year, a $1.2 million improvement. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, and excludes non-recurring and non-cash payments. Adjusted EBITDA is not a recognized performance measure under IFRS. The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net loss. See Non-IFRS Measures below for a reconciliation of the Company’s net loss to adjusted EBITDA for the first quarter of 2018 as compared to 2017.

The Company finished the first quarter with $5.9 million of cash, accounts receivable and unbilled revenue, compared to $6.9 at December 31, 2017. Working capital improved to $0.4 million at the end of the first quarter, compared to a deficit of $0.4 million at yearend. Accounts payable and accrued liabilities improved 40%, down to $2.4 million from $4.0 million at yearend.

For the three-month period, personnel expense, the largest component of the Company’s cost structure, increased slightly to $2.0 million, compared to $1.9 million last year, representing investment in key talent required to support continuous growth.

“The Company is advancing its transition towards predictable and profitable high growth revenue. Our commercial subscription business, which includes recurring sales of software and value-added data products, primarily from the US market, increased more than 170%. We expect commercial growth to continue because our partners value Intermap’s ability to make complex, multi-sourced geospatial data simple and usable. At the same time, for our government clients, we have augmented our core radar collection capability and bundled multi-sensor integration, processing and solutions, to deliver valuable answers, rather than merely data. We will be making further announcements shortly about our newest generation solution called NextMap One, a global one-meter resolution digital elevation model”, commented Patrick Blott, Chairman & CEO of Intermap.

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Topics: finance, Annoucement, 2018 Financials, First Quarter

Intermap Technologies Announces Voting Results from Annual and Special Meeting of Shareholders

Posted by Intermap Technologies

Mar 16, 2018 4:01:38 PM

CALGARY, March 16, 2018 (TSX: IMP), (ITMSF:BB) - Intermap Technologies Corporation (“Intermap” or the “Company”) held its annual shareholders meeting (the “Meeting”) on March 15, 2018, at the Fairmont Palliser Hotel in Calgary, Alberta. A total of 11,135,754 common shares, representing 67.92% of the common shares outstanding, were represented in person or by proxy at the Meeting.

Intermap’s shareholders voted in favour of all items of business put forward at the Meeting, including the election of all nominated directors, the approval of the Company’s Omnibus Incentive Plan, the approval of an amendment to the Company’s articles to consolidate the issued and outstanding common shares of the Company, the approval of an amendment to the expiry date of 546,456 outstanding warrants of the Company, the approval of Intermap’s Amended and Restated By-Law No. 1, and the re-appointment of KPMG LLP as the auditors of the Company.

The votes in respect of the election of directors are as follows:

Chart - IMP Mar 16 2018 AGM Voting Results.jpg

More detailed results of the other matters that were voted on by shareholders have been filed under the Company’s profile on SEDAR at: www.sedar.com.

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Topics: Annoucement, shareholders, Voting Results

Intermap Technologies Reports 2017 Financial Results and New Task Order

Posted by Intermap Technologies

Feb 22, 2018 6:58:49 PM

DENVER – February 22, 2018 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) reported a 174% increase in 2017 revenue and a $11.6 million improvement in cash from operations, compared to 2016. In addition, it reported positive net income for the fourth quarter.

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Topics: Financial Results, Annoucement

Intermap Technologies Reports Task Orders, Additional Sales Leadership

Posted by Intermap Technologies

Feb 6, 2018 4:56:31 PM

DENVER – February 6, 2018 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) announced today that it has been awarded $1.8m in government task orders to provide foundation geointelligence.

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Topics: Annoucement, Government

Intermap Technologies Reports 2017 Third Quarter Financial Results and Share Consolidation

Posted by Intermap Technologies

Nov 15, 2017 9:22:00 AM

DENVER – November 15, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) reported financial results for the third quarter ended September 30, 2017.

All amounts in this news release are in United States dollars, unless otherwise noted.

For the third quarter of 2017, Intermap reported net income of $1.1 million, compared to a net loss of $2.0 million for the same period last year. Total revenue for the quarter increased 91% to $6.3 million, compared to $3.3 million last year. Operating Income for the quarter was $1.7 million, compared to a $1.9 million loss for the same period last year. Third quarter adjusted EBITDA, a non-GAAP and non-IFRS financial measure, was $2.1 million, compared to a $0.8 million loss for the same period last year.

The Company also announced today that it will proceed with its previously approved share consolidation on a 10 for 1 basis, adopted at the Annual General and Special Meeting of Shareholders, held on May 16, 2017, subject to fulfilling the requirements of the Toronto Stock Exchange.

The Company finished the third quarter with $5.3 million of cash and negative working capital of $0.8 million, compared to cash of $2.4 million and a working capital deficit of $30.9 million last year. For the nine-month period, personnel expense, the largest component of the Company’s cost structure, declined to $6.2 million, compared to $7.7 million last year, a 20% improvement. Investments in sensor upgrades and processing technology totaled $3.6 million for the nine-month period, compared to $100 thousand for the comparable period last year. Total assets, which exclude the NEXTMap® database and internally developed software applications, increased to $12.4 million, up from $5.8 million last year.

The Company recently completed a large government task order, providing high resolution multi-frequency imagery and elevation data and services including change detection, sensor fusion and technology transfer. The cost effective and timely fulfillment of this contract was enabled by Intermap's proprietary multi-sensor acquisition platform. The new foundational datasets will be used to support applications, including flood analytics, security monitoring, transportation and pattern-of-life algorithms, agriculture crop analysis, urban development and modernization, and energy infrastructure development. The Company’s sensors successfully captured error and void-free high resolution spatial content through heavy cloud-cover and tree canopies. The contract was delivered on time and on budget, while realizing a 25% increase in data processing speed and data volume throughput.

“These results reflect significant year-over-year improvement in the Company’s solution offerings to its customers, top and bottom-line financial performance, cost structure, liquidity position, and operational capabilities”, commented Patrick Blott, Intermap’s Chairman and CEO. “Intermap is winning customers all over the world, including major global insurance companies and governments, by consistently providing actionable geospatial answers that are timely, relevant, and accurate. We have invested in cutting edge processing, application development, and sensor technology. Our customers do not require deep geospatial expertise to access scalable, cloud native, and web-based tools which help them to discover, filter and assess the information that is most relevant to their needs, derived from multi-sensor spatial data that is 100% cloud-free, every time, without gaps or voids.”

As a reminder, last fall the Company adopted a no further guidance disclosure policy until it is profitable and its debt burden has been reduced.

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Topics: Financial Results

Intermap Technologies Reports Expanded Task Order, Hurricane Response

Posted by Intermap Technologies

Sep 27, 2017 9:14:59 AM

DENVER – September 27, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) announced today the Company has been awarded a further $800,000 expansion to its original 2017 U.S. Government task order for geospatial infrastructure services, providing the Company’s radar foundation data including void-free first return and bald-Earth 5m elevation models (DSM, DTM) and high resolution orthorectified radar imagery (0.625m ORI). The task order was originally announced on May 25, 2017 and previously extended on September 11, 2017.

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Topics: InsitePro, Hurricane, Houston, Government

Intermap Technologies Reports Expanded U.S. Government Task Order

Posted by Intermap Technologies

Sep 11, 2017 12:04:46 PM

DENVER – September 11, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) announced today that the Company has been awarded a $3.3 million expansion to its original 2017 task order for geospatial infrastructure services, previously announced on May 25, 2017. The customers’ 3-D digital elevation model (DEM) will be upgraded with new void-free collection, provisioning, and editing of elevation and image layers into a contiguous, wide area, high resolution geospatial foundation.

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Topics: Financial Results, geospatial solutions, Contracts, Government

Intermap Technologies Provides an Update on its Previously Announced Orion Platform® Spatial Data Infrastructure Contract

Posted by Intermap Technologies

Aug 30, 2017 6:00:00 AM

DENVER – August 30, 2017 (TSX: IMP) (ITMSF:BB) – On February 5, 2016 Intermap Technologies Corporation (“Intermap” or the “Company”) announced that it had entered into definitive agreements pertaining to a previously announced letter of award (see June 22, 2015, September 29, 2015 and December 31, 2015 press releases) for the creation, operation and maintenance of a national spatial data infrastructure (“SDI”) program (the “Project”), valued at US$175 million. These arrangements contemplated that the Company would provide products and services pursuant to an engineering, procurement and construction agreement (“EPC Agreement”) to a client, Air-Map SARL (“Air-MAP”), who had in turn entered into an agreement with the Ministry of Planning of the Democratic Republic of Congo (“DRC”) to complete the Project for the DRC. In the Company’s prior press releases (see February 5, 2016 and July 5, 2016) the Company advised that the commencement of its EPC Agreement was subject to the finalization of the Project’s financing facility which was the obligation of its client (Air-Map) and, in July 2016, the Air-Map advised that the financing process was in its final phase with a leading multilateral financial institution.

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Topics: Financial Results, Orion Platform, Spatial Data Infrastructure, Contracts, Annoucement

Intermap Technologies Reports 2017 Second Quarter Financial Results

Posted by Intermap Technologies

Aug 10, 2017 6:18:19 PM

DENVER – August 10, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the second quarter ended June 30, 2017. 

All amounts in this news release are in United States dollars, unless otherwise noted.

For the second quarter of 2017, Intermap reported total revenue of $4.5 million, compared to $0.9 million last year. Approximately 84% of consolidated revenue came from growing markets outside the United States, compared to 57% for the same period in 2016. A large portion of the increase was generated by customers utilizing Intermap’s upgraded multi-frequency radar system. The mix of value-added revenue also improved, reflecting demand for our advanced data processing, software, and analytics. On a year-over-year basis, revenue for the second quarter derived from value-added data services, and software and solutions, increased by 123%, and 24%, respectively. Net operating loss for the second quarter decreased 94% to $0.2 million from $3.5 million in 2016. Second quarter adjusted EBITDA, a non-GAAP and non-IFRS financial measure, was positive $0.3 million, compared with negative $3.3 million for the same period last year.

“Intermap’s gradual return to profitability extends our runway as we balance growth between government and commercial, recurring and project, international and domestic revenue sources”, commented Patrick Blott, Intermap’s Chairman and CEO. “In particular, healthy trends in contract renewals, project extensions, new bookings, and growth market penetration demonstrate customer confidence in Intermap's unique capabilities and execution.”

As a reminder, last fall the Company adopted a no further guidance disclosure policy until it is profitable and its debt burden has been reduced.

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Topics: Financial Results

Intermap Technologies Reports Acquisition Services Task Order

Posted by Intermap Technologies

May 26, 2017 9:43:57 AM

DENVER – May 25, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) announced the Company was awarded a $3.1 million task order for airborne radar mapping services.

Intermap is using its proprietary airborne sensor technology to collect orthorectified radar imagery and high resolution elevation data to enhance the customer’s existing geospatial map database. This new dataset will be used for improved disaster planning, resource management, security interests, and infrastructure planning. This foundation data may be used to support:  photogrammetric mapping; aero triangulation; orthophotography; thematic mapping; geographic information systems development; surveying and control acquisition; image manipulation, analysis, and interpretation; map digitizing; data manipulations; ancillary data acquisition; metadata production and revision; and the production or revision of geospatial products.The project will commence in June 2017.

“This award reinforces Intermap’s leadership in wide-area data acquisition solutions,” commented Patrick Blott, Chairman and Chief Executive Officer. “Our customers return to Intermap for their largest geospatial projects. In addition to our world class sensor technology, we deliver high quality data on time and more cost effectively than alternatives.”

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Topics: Management, Changes, Executive

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