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.
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.