Intermap Technologies Reports 2018 Second Quarter Financial Results

Posted by Intermap Technologies

Jul 24, 2018 2:34:05 PM

DENVER – July 24, 2018 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) reported financial results for the second quarter ended June 30, 2018.

For the second quarter of 2018, Intermap reported revenue of $4.5 million as it commenced work on the previously announced $6.2 million U.S. Government task order for the creation of digital elevation and bare earth terrain models. During the second quarter the Company also commenced production of its recently announced NEXTMap One™ terrain dataset, which it delivered to organizations in over 20 countries around the globe. NEXTMap One is produced using Intermap’s patented Intelligent Resolution Improvement System (IRIS™) and represents a technological advancement in global elevation data production, combining the best features from multiple sensors. The Company was also issued a patent for its high resolution global flood model, called FloodScopeTM.

Financial Review

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

For the second quarter of 2018, Intermap reported revenue of $4.5 million and operating income of $309 thousand, compared to revenue of $4.5 million and operating loss of $198 thousand for the second quarter of 2017, a $500 thousand improvement in operating performance.

Software and solutions revenue, which includes the Company’s commercial InsitePro insurance software, increased 114% to $650 thousand for the quarter, compared to the same period last year.

Second quarter and year-to-date adjusted EBITDA, a non-GAAP and non-IFRS financial measure, was positive $0.9 million and $1.3 million, respectively, compared to $0.3 million and a loss of $0.5 million, respectively, for the same periods last year, representing $0.6 million and $1.8 million improvements, respectively. 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 three-month and six-month periods ended June 30, 2018 as compared to 2017.

The Company finished the second quarter with $5.7 million of cash, accounts receivable and unbilled revenue, compared to $4.9 million at Q2 2017, and $6.9 million at December 31, 2017. Working capital improved to $0.8 million at the end of the second quarter, compared to a deficit of $0.3 million at year-end. Accounts payable and accrued liabilities improved 33%, down to $2.7 million from $4.0 million at year-end.

“The Company continues to strengthen its balance sheet organically and these results reflect stronger operating performance, a more sustainable revenue mix, greater profitability, and better return on capital employed”, commented Patrick Blott, Chairman & CEO of Intermap. “Sales of our InsitePro insurance software have more than doubled, while total commercial business has grown 41% year-over-year, now comprising 40% of total revenue for the first half of 2018”.

The Company’s consolidated financial statements and management’s discussion and analysis will be filed on SEDAR at: www.sedar.com. Important factors, including those discussed in the Company’s regulatory filings (www.sedar.com) could cause actual results to differ from the Company’s expectations and those differences may be material.

Non-IFRS Measures

Adjusted EBITDA is not a recognized performance measure under IFRS and does not have a standardized meaning prescribed by IFRS. The term EBITDA consists of net income (loss) and excludes interest, taxes, depreciation, and amortization. Adjusted EBITDA is included as a supplemental disclosure because management believes that such measurement provides a better assessment of the Company’s operations on a continuing basis by eliminating certain non-cash charges and charges that are nonrecurring. The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net loss.

Q2 Chart Press Release - Q2 Earnings-2

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Topics: Financial Results, 2018 Financials, finance, Annoucement

Intermap Technologies Introduces NEXTMap One™ 3D Geospatial Data at 1-Meter Resolution – Anywhere in the World

Posted by Intermap Technologies

Jul 20, 2018 1:37:24 PM

DENVER – July 20, 2018 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) today announced the official release of the NEXTMap One™ terrain dataset. NEXTMap One offers precision, 3D geospatial data at an unprecedented 1-m resolution anywhere in the world.

NEXTMapOne_3D

NEXTMap One, which is available as either digital surface models (DSM) or bare earth digital terrain models (DTM), is produced using Intermap’s patented Intelligent Resolution Improvement System (IRIS™) and represents a technological advancement in global elevation data production. By combining the best features from multiple sensors, IRIS generates a seamless global dataset that is both highly accurate and spatially rich. Intermap uses high resolution satellite imagery along with multi-band radar, LiDAR and other datasets to produce NEXTMap One. This blend of data produces very high vertical accuracy of up to 1m (LE90), enabling new applications at a very affordable price. NEXTMap One is designed for continuous and real-time updates, with planned yearly data updates.  Production of NEXTMap One began in the second quarter and full release of datasets for the entire continental United States will be released in August 2018. Earlier this year, Intermap began limited distribution of the product and has already delivered NEXTMap One to organizations in 20 countries around the world.

Patrick Blott, Intermap’s Chairman and CEO, said of the Company’s latest product release, “NEXTMap One represents the next generation in offerings from Intermap’s long history of innovative geospatial “big data” products. We believe that this product will enable advancements in GIS processing, visualization and analytics, and is also a perfect fit for those working with machine learning and artificial intelligence (AI) to extract specific features from the geo data. Ultimately, this leads to powerful new applications for clients in key vertical markets.”

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Topics: NEXTMap, NextMap One, geospatial solutions, 1meter resolution, precision

Intermap Technologies Reports Expanded U.S. Government Task Order, NGA contract selection, and Thailand Soccer Team Rescue Support

Posted by Intermap Technologies

Jul 12, 2018 8:26:15 AM

DENVER – July 12, 2018 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) announced today that it has been awarded two additional task orders totaling $2.5 million as expansion to its previously announced U.S. Government task orders for the creation of digital elevation and bare earth terrain models. The original task order for $1.8 million was announced on February 6, 2018 and previously extended to $3.7 million on February 22, 2018. Today’s expansion brings the total 2018 contracted value to $6.2 million.

Separately, Intermap announced today that it was selected by National Geospatial-Intelligence Agency’s (NGA) as a member of the CACI International Inc team (Team CACI) to develop, validate and integrate geospatial intelligence data, under a $920 million ceiling, multi-award, Janus Geography contract. The prime contract was awarded to CACI International as one of 10 prime contractors for indefinite delivery/indefinite quantity through 2028. The 10-year program will support the creation, validation, enrichment and integration of foundation geospatial intelligence data.

In addition, at the special request of the Thai government, Intermap provided our newest and highest quality global one meter digital elevation model, NEXTMap One, to the team leading the search effort for the thirteen members of the youth soccer team that went missing in a cave in Northern Thailand on June 23, 2018. The NEXTMap One DEM was used in connection with known cave patterns to assist in determining the best-available access points and drainage for drilling locations. A high-resolution terrain model was delivered for use in visualizing and navigating during rescue mission operations within hours of the government’s initial request on June 27, 2018. Three dimensional models based on NEXTMap One were prepared by Intermap, MappointAsia Thailand Public Co. Ltd. along with Chiang Mai University and disseminated to Department of National Parks, Wildlife and Plant Conservation officials, and used to help locate the missing children and plan for their eventual extraction from the cave.

“We’d like to congratulate the international rescue operation, the Thai Navy SEALs and the emergency responders in Thailand on their success in locating the boys and bringing them to safety.  We are saddened by the loss of former Thai Navy SEAL, Saman Kunont.  Intermap was pleased to assist Thai officials and searchers to gain a better understanding of where the missing boys might be and safely extract them from the cave.  It is a great example of how geospatial data and building awareness of its capabilities can bring about tremendous results.” commented Patrick Blott, Chairman & CEO of Intermap.

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Topics: NEXTMap, Rescue, Government, Contracts, NextMap One

Intermap Technologies Assists in Rescue of Thai Soccer Team, Congratulates Emergency Responders on recent progress

Posted by Intermap Technologies

Jul 8, 2018 9:00:56 PM

Recently-Released NEXTMap One™ Elevation Data Provided to Thai Officials in Support of Search and Rescue Efforts

DENVER, July 8, 2018 (TSX: IMP) (ITMSF:BB) - Intermap Technologies® (“Intermap” or the “Company”), a leading provider of geospatial intelligence solutions, congratulates first responders in their efforts to rescue the trapped Thai soccer team. The Company is saddened by the loss of retired Thai seal, Saman Gunan, during his mission to deliver oxygen to the boys. Our thoughts and prayers are with all the families and loved ones involved during this critical time.

In partnership with our local partners, Mappoint Asia Thailand Public Company, and Chiang Rai University, Intermap supplied its newly-released NEXTMap One, a 1-meter resolution elevation dataset, to the Thai Department of National Parks on June 27th. This high resolution elevation data was supplied within three hours, and used in conjunction with other sensors to identify elevation coordinates, prioritize potential drilling points, identify drainage paths, provide a detailed and inter-active 3D model of the area, and determine alternate routes into the caves to help rescue the boys. NEXTMap One, which was provided for free, is substantially more detailed than the existing elevation data available from commercial and government sources.

NEXTMap One is available worldwide as either digital surface models (DSM) or bare earth digital terrain models (DTM). It combines the best features from multiple sensors into a seamless global dataset, Intermap’s fourth generation global dataset, that is both highly accurate and spatially rich. In addition to the DSMs and DTMs, a number of associated analytic products are also available.

Elaborating on these tools, Patrick Blott, Intermap’s Chairman and CEO, said “Intermap was pleased to assist Thai officials in their search for the missing teens. We’d like to congratulate the international rescue operation, the Thai Navy SEALs and the emergency responders in Thailand on their success in locating the boys. We hope that our data and modeling efforts will help bring a fast resolution to this crisis without further loss of life. We are happy to be playing a role and using our analytics to help local University staff craft useful solutions in supporting the rescue efforts and wish for a speedy rescue and the group to return to friends and family as soon as possible.”

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Topics: Annoucement, NextMap One, NEXTMap, Rescue

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: Annoucement, finance, 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: Government, Annoucement

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: Government, Houston, Hurricane, InsitePro

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