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.