Winning new, strategic contracts; strengthening the capital structure
35% sequential revenue growth over the first quarter
DENVER, Aug. 16, 2021 /CNW/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader in geospatial content development and intelligence solutions, today announced second quarter financial results and the closing of its Private Placement.
For the quarter ending June 30, 2021, the Company reported revenue of $1.2 million, compared with $0.9 million last quarter, and $1.2 million for the second quarter of 2020. While the impacts of the contracting delays caused by COVID-19 are reflected in the revenue results from the last twelve months, Intermap has been successful in repairing its capital structure and maintaining its position to win contract awards as the market improves. This is evidenced by several new, strategic contracts worth over $4.1 million, which Intermap has announced subsequent to the quarter end.
- Malaysia's federal mapping agency selected Intermap to map the island of Borneo, the largest island in Asia and the third largest in the world. The Company will use its proprietary sensor technology to collect airborne IFSAR imagery and create 3D digital elevation models and 3D-derivative feature products to build authoritative base maps for the island.
- Intermap received an Other Transactions Award from the National Geospatial-Intelligence Agency (NGA) to produce low-latency foundation data for high-priority national security areas of interest. The Company is partnering with the prime contractor, CACI, Inc. – Federal, to combine Intermap's patented IRIS™ processing suite with CACI's Feature Trace automated feature extraction software to create new elevation and feature datasets that are continually updated as the terrain and built environment evolve.
- Intermap entered into a multiyear joint development agreement with Garmin® to provide high-resolution NEXTMap® digital terrain data for integration into Garmin Golf™, a new subscription-based golf application. The Company's precise terrain data will allow users to visualize and simulate golf games from any location around the world.
- Intermap entered into a three-year contract with a global, industry-leading insurance provider to provide access to InsitePro®, a SaaS package that delivers property-specific risk analytics for underwriting flood insurance anywhere in the United States. Intermap's insurance industry presence is growing, with a 50% increase in services revenue and a 27% increase in clients over last year.
- Intermap expanded its software contract with Generali Group by adding Generali Serbia to the existing subscription. Generali Group uses Intermap's Aquarius RMA software solution for precise flood hazard maps and analytics. Generali is the second-largest insurance company in the Serbian insurance market, and it will also use Aquarius RMA in Serbia to grow their flood insurance premium.
Private Placement
Intermap recently completed its Private Placement, issuing subscriptions for 3,191,667 shares at CAD$0.90 per share, raising CAD$2.873 million. The Company also issued a total of 188,166 warrants to certain finders. Cormark Securities Inc. and Clarus Securities Inc. acted as advisers to the Company on the Private Placement.
The Company's consolidated financial statements for the quarter ended June 30, 2021, along with management's discussion and analysis for the corresponding period and related management certifications, are filed on SEDAR at www.sedar.com.
For more information about Intermap's geospatial solutions, visit intermap.com/investors to download a presentation.