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 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 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 U.S. Government Task Order

Posted by Intermap Technologies

Sep 11, 2017 12:04:46 PM

DENVER – September 11, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) announced today that the Company has been awarded a $3.3 million expansion to its original 2017 task order for geospatial infrastructure services, previously announced on May 25, 2017. The customers’ 3-D digital elevation model (DEM) will be upgraded with new void-free collection, provisioning, and editing of elevation and image layers into a contiguous, wide area, high resolution geospatial foundation.

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Topics: Contracts, Financial Results, Government, geospatial solutions

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

Intermap Technologies Reports 2017 First Quarter Financial Results and Management Update

Posted by Intermap Technologies

Apr 27, 2017 1:17:10 PM

DENVER – April 27, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the first quarter ended March 31, 2017.

For the first quarter of 2017, Intermap reported total revenue of $2.6 million, compared to $1.4 million last year. For the first quarter 2017 and 2016, personnel expense was $1.9 million and $2.7 million, respectively. First quarter adjusted EBITDA, a non-GAAP and non-IFRS financial measure, was negative $0.8 million, compared with negative $2.3 million last year.

In addition, the Company announced members of its new senior management team.

Jennifer Bakken, a nine year veteran of Intermap, has been appointed Executive Vice President Finance and Chief Financial Officer. Keith Tennant, a 30-year veteran of Intermap, has been appointed Executive Vice President Government Solutions and Chief Operating Officer. Ivan Maddox, a 17-year veteran of Intermap, has been appointed Executive Vice President Commercial Solutions; and Stephen Griffiths, an 18-year veteran of Intermap, has been appointed Executive Vice President Value-Added Data Solutions and Chief Technology Officer.

“Our gradually improving financial position reflects progress in our strategy to achieve long term profitable growth within Intermap’s core business,” commented Patrick Blott, Chairman and CEO of Intermap. “We are executing from a unique position of strength with a fresh leadership team that contributes 75 years of combined experience delivering geospatial solutions. This new organization is driven, customer focused, and pointed in the right strategic direction.”

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: Changes, Executive, Financial Results, Management

Intermap Announces Completion of Equity Rights Offering and Filing of Annual Disclosure Documents

Posted by Intermap Technologies

Mar 31, 2017 3:12:22 PM

DENVER, March 31, 2017 - Intermap (TSX: IMP), (ITMSF:BB), a leading geospatial intelligence
corporation, announced today that it has completed its previously announced equity rights offering (the “Rights Offering”), raising total gross proceeds of US$2,889,581.42. Following the Rights Offering, there are presently 161,457,307 common shares issued and outstanding.

The gross proceeds of the Rights Offering were used to reduce indebtedness pursuant to a December 2016 bridge loan for US$6 million (“Bridge Loan”), provided by Vertex One Asset Management Inc., in its capacity as portfolio manager of the Vertex Fund (“Vertex”). No proceeds of the Rights Offering were retained by the Company. The Bridge Loan was used to fund the Company’s working capital requirements. After applying the proceeds from the Rights Offering, the remaining $3.1 million due under the Bridge Loan has been converted into a non-interest bearing term loan, due September 1, 2020.

“We are pleased that over 60% of the Rights issued to eligible holders were exercised, minimizing dilution from our recent working capital financing, and representing a strong endorsement by our shareholders in the Company’s prospects,” commented Patrick Blott, Chairman and CEO of Intermap. “Furthermore, the Rights Offering was a deleveraging transaction, demonstrating our commitment to achieve return on capital and profitable growth.”

Pursuant to the Rights Offering, an aggregate of 60,112,725 common shares were issued, including 41,056,894 common shares that were issued to Vertex, representing 35% of the current issued and outstanding common shares of the Corporation.

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Topics: Changes, Executive, Financial Results, Rights Offering

Intermap Technologies Reports 2016 Fourth Quarter and Year-End Financial Results

Posted by Intermap Technologies

Mar 23, 2017 3:28:40 PM

DENVER – March 23, 2017 (TSX: IMP) (ITMSF:BB) – Intermap Technologies Corporation (“Intermap” or the “Company”) today reported financial results for the fourth quarter and year ended December 31, 2016.

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

During the second half of 2016, the Company undertook a number of measures to stabilize its operations, restructure its financial obligations, and return to profitable growth.

The Company announced changes to the Board of Directors, which resulted in a new composition of the full Board. Additionally, the Company announced changes in senior management and organizational restructuring necessary to align the Company’s resources with the on-going revenue opportunities.

In December 2016, the Company announced the restructuring of its outstanding debt agreements with Vertex One Asset Management Inc. The restructuring included a Bridge Loan for $6.0 million, to be repaid with the proceeds of a Rights Offering during the first quarter of 2017, the extension of the maturity date of all current promissory notes to September 1, 2020 and the elimination of interest, the cash sweep and the royalty payment obligations.

“These organizational changes and refinancing steps provided the liquidity to execute the Company’s business plan, and return to its core strategic focus towards data acquisition, value added data processing, and related application solutions and services,” commented Patrick Blott, Chairman and CEO of Intermap. In addition, the Company continued to invest in its core risk management business, where it has seen increased demand for risk management software and services related to flood underwriting. The Company is seeking to become a large participant in underwriting private flood risk, which is a growing market segment where many large surplus and admitted carriers have recognized the Company's unique products and have recently become customers.”

Moving into 2017, the Company announced major steps forward in its new strategic direction. It announced a comprehensive upgrade of its radar system, making it the most advanced commercial multi-frequency data acquisition platform available. It announced a task order to deploy its new system in Southeast Asia in 2017. And it added employees to its processing operation to absorb increased demand for services associated with these initiatives.

On February 24, 2017, the Company announced its plans to proceed with the previously announced Rights Offering. The Rights Offering Notice was mailed on March 2, 2017 to all shareholders of record as of March 1, 2017. Pursuant to the Rights Offering, one right was issued for each common share of the Company held and each right entitles the holder to subscribe for one common share of the Company upon the payment of the subscription price of C$0.06 or US$0.05 per common share. An aggregate of 101,344,582 rights were issued pursuant to the Rights Offering and, if fully subscribed and the subscription price is paid in US dollars, would result in gross proceeds of approximately US$5.0 million. The rights expire at 4:00 p.m. (Calgary time) on March 27, 2017. All proceeds received in connection with the Rights Offering will be used to repay the Bridge Loan referenced above and no proceeds will be retained by the Company. Details of the Rights Offering are available on the Company’s profile at www.sedar.com.

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Topics: Changes, Executive, Financial Results, Rights Offering

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