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

Read More

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.”

Read More

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.

Read More

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.”

Read More

Topics: Annoucement, NextMap One, NEXTMap, Rescue

To receive Intermap news register here  with Canada Newswire

Media Coverage

Click here to view media coverage of Intermap.

Recent Releases

Releases by Month

see all