Intermap Technologies Reports 2018 Third Quarter Financial Results

Posted by Intermap Technologies

Nov 14, 2018 3:30:00 PM

DENVER – November 14, 2018 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) reported financial results for the third quarter ended September 30, 2018.

For the third quarter of 2018, Intermap reported revenue of $3.7 million as it continued work on the previously announced $6.2 million U.S. Government task order for the creation of digital elevation and bare earth terrain models. The Company has also been awarded a U.S Government task order to help them assess the suitability of multiple current and near-future satellite technologies for creating high resolution elevation products.

Financial Review

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

For the third quarter of 2018, Intermap reported revenue of $3.7 million and operating loss of $474 thousand, compared to revenue of $6.3 million and operating income of $1.8 million for the third quarter of 2017. Acquisition services revenue during the third quarter of 2018 decreased $2.6 million from the same period in 2017 due to delays in contracting follow-on work following elections in southeast Asia.

Software and solutions revenue, which includes the Company’s commercial InsitePro insurance software, increased 28% to $521 thousand for the quarter, compared to the same period last year. The solution continues to experience a 100% renewal rate on all eligible renewals.

Third quarter and year-to-date adjusted EBITDA, a non-GAAP and non-IFRS financial measure, was positive $0.4 million and $1.7 million, respectively, compared to positive $2.1 million and $1.6 million, respectively, for the same periods last year. 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 nine-month periods ended September 30, 2018 as compared to 2017. The decrease in adjusted EBITDA for both periods is consistent with the decrease in acquisition services project work.

The Company finished the third quarter with $4.0 million of cash, amounts receivable and unbilled revenue, compared to $7.5 million at Q3 2017, and $6.9 million at December 31, 2017. Working capital improved to $0.4 million at the end of the third quarter, compared to $0.3 million at year-end. Accounts payable and accrued liabilities improved 48%, down to $2.1 million from $4.0 million at year-end. The reductions relate primarily to final payments on the radar system upgrade that was installed in 2017.

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.

3rd-Quarter-Financials

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Topics: Financial Results, 2018 Financials, finance, Annoucement

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 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

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