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, Annoucement, Orion Platform, Spatial Data Infrastructure, Contracts

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

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