Generating 23% revenue growth
Winning significant government contracts and
commercial software subscriptions
Strengthening the balance sheet
DENVER, March 31,
2022 /CNW/ - Intermap Technologies (TSX: IMP) (OTCQX:
ITMSF) ("Intermap" or the "Company"), a global leader in geospatial
intelligence solutions, today filed its audited annual financial
statements for the year ended December 31,
2021, the annual management discussion and analysis for the
corresponding period, related management certifications of annual
filings and its annual information form. The documents are
available on SEDAR at www.sedar.com.
Consolidated revenue for the year ended December 31, 2021 totaled $5.8 million, compared with $4.7 million for 2020, as the Company began to
recover from the disruption related to the COVID-19 pandemic.
During 2021, the Company announced several government contract
awards, including:
- Won a contract to supply low latency foundation data to the
National Geospatial-Intelligence Agency (NGA)
- Awarded a contract with the U.S. Air Force Research Laboratory
(AFRL) to support GPS-denied navigation
- Selected to be on multiple teams for the U.S. Geological Survey
(USGS) GPSC4 program
- Awarded a contract to map Borneo for the government of Malaysia's federal mapping agency and
completed acquisition of project area
- Supported the Colombia National Mapping Program with
high-resolution digital terrain models over challenging
topography
During the fourth quarter of 2021, the Company commenced
operations on a continuing strategic data infrastructure contract
for the government of Malaysia.
Following initial contracting delays during the third quarter of
2021, the program was further delayed after Intermap deployment by
quarantine measures implemented by the government in response to
the Omicron COVID-19 variant, which extended project milestones,
revenue recognition, billings, and collections into 2022 that were
originally planned and budgeted to occur in December 2021. As a result, many of the larger
project costs, including purchased services, payroll, deployment
and mobilization expenses occurred in November and December of
2021, well in advance of the associated milestones, billings,
collections and revenue that were extended into 2022. These timing
effects, which resulted from the government's response to COVID-19,
caused a short-term reduction in the Company's 2021 operating cash
flow in the fourth quarter of 2021. Nonetheless, Intermap reported
a profitable quarter – its most profitable since 2019 – and its
eighth consecutive quarter of improving operating income and
adjusted EBITDA.
Software-based subscription revenue continues to grow
year-over-year, at a rate of 11% during 2021. Some highlights
include:
- Signed an InsitePro® subscription agreement with a top-5
insurance provider in the U.S.
- Signed a subscription agreement to integrate NEXTView™ aviation
surface data with Wingcopter
- Agreed to collaborate with DronSystems to integrate NEXTView
into its automated Unmanned Traffic Management platform (UTM)
- Signed a deal to integrate NEXTView data with Aviatize's
IDRONECT UTM to support medical delivery project in Africa
- Expanded insurance products and services across Europe with Generali Group and Allianz
Technology
- Partnered with Anchor Point to
support wildfire underwriting
- Partnered with Ambiental Risk Analytics for climate change and
natural hazard risk analytics
- Entered a strategic agreement with global telecom leader to
support 5G expansion in India
- Won a contract with Garmin to provide terrain data for
next-generation golf applications
- Won a contract with a Class-1 North American railway company
for flood and fire risk management
- Won a contract with a leading European airline for NEXTView
elevation data as a service
- Entered an agreement to provide orthorectification service to
support airport infrastructure planning in South America
Through a series of carefully sized private placements, Intermap
strengthened its balance sheet and working capital position. It
recognized a $1 million gain on a
minority investment held in a private geospatial software company
that targets the commercial space and satellite sector. Intermap's
investment has received bonafide acquisition proposals for cash
consideration from several qualified purchasers that are
publicly-traded.
Subsequent to the end of the year, at the request of vetted
allied government personnel, Intermap mobilized the delivery of the
world's best unclassified commercial elevation data to support
ground operations for the Ministry of Defense in Ukraine.
"2021 was an important recovery year for Intermap as we fought
through COVID's disruption, withstood continued delays, and
delivered actionable geospatial intelligence to clients on time and
under budget," said Patrick A.
Blott, Intermap's Chairman and CEO. "As a result of that
strong performance, we grew revenue, won multiple strategic
contracts to fuel our future growth, positioned ourselves to
monetize non-core financial assets, and extended our relationships
with key government agencies, as well as leading commercial
enterprises around the world."
Intermap Reader Advisory
Certain information
provided in this news release, including projected financial
information and statements in relation to the Company's
opportunities for growth and pipeline constitutes forward-looking
statements. The words "anticipate", "expect", "project",
"estimate", "forecast", "will be", "will consider", "intends" and
similar expressions are intended to identify such forward-looking
statements. Although Intermap believes that these statements are
based on information and assumptions which are current, reasonable
and complete, these statements are necessarily subject to a variety
of known and unknown risks and uncertainties. Intermap's
forward-looking statements are subject to risks and uncertainties
pertaining to, among other things, cash available to fund
operations, availability of capital, revenue fluctuations, nature
of government contracts, economic conditions, loss of key
customers, retention and availability of executive talent,
competing technologies, common share price volatility, loss of
proprietary information, software functionality, internet and
system infrastructure functionality, information technology
security, breakdown of strategic alliances, and international and
political considerations, as well as those risks and uncertainties
discussed Intermap's Annual Information Form and other securities
filings. While the Company makes these forward-looking statements
in good faith, should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary significantly from those expected.
Accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that the Company will
derive therefrom. All subsequent forward-looking statements,
whether written or oral, attributable to Intermap or persons acting
on its behalf are expressly qualified in their entirety by these
cautionary statements. The forward-looking statements contained in
this news release are made as at the date of this news release and
the Company does not undertake any obligation to update publicly or
to revise any of the forward-looking statements made herein,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities law.
About Intermap Technologies
Founded in 1997 and
headquartered in Denver, Colorado,
Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in geospatial
intelligence solutions. The Company's proprietary 3D NEXTMap®
elevation datasets and value-added geospatial collection,
processing, analytics, fusion and orthorectification software and
solutions are utilized across a range of industries that rely on
accurate, high-resolution elevation data. Intermap helps
governments build authoritative geospatial datasets and provides
solutions for base mapping, transportation, environmental
monitoring, topographic mapping, disaster mitigation, smart city
integration, public safety and defense. The Company's commercial
applications include aviation and UAV flight planning, flood and
wildfire insurance, environmental and renewable energy planning,
telecommunications, engineering, critical infrastructure
monitoring, hydrology, land management, oil and gas and
transportation. For more information, please visit
www.intermap.com.
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SOURCE Intermap Technologies Corporation