Fully diluted Shareholders' Equity up 15%
Achieves Break-even Cash Flow from Operations
Subscription-based Revenue Increased 40%
DENVER, May 16, 2022 /PRNewswire/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader in geospatial content development and intelligence solutions, today announced filing of consolidated financial statements for the quarter ended March 31, 2022, along with management's discussion and analysis for the corresponding period and related management certifications for first quarter financial results. The documents are available on SEDAR at www.sedar.com.
For the quarter ending March 31, 2022, the Company reported revenue of $2.0 million, compared with $0.9 million for the first quarter and $2.3 million for the fourth quarter of 2021. Acquisition services revenue recovered to $0.6 million after a challenging year in 2021 because of COVID-19. Recurring value-added data services were up 66% due to increased defense spending. Recurring software and solutions were up 43% as the company continues to grow its commercial elevation data-as-a-service (EDaaS) offerings. Consistent with prior periods, Intermap experienced seasonal decline in revenue for the first quarter as government customers allocate the bulk of their contract dollars in the summer months to accommodate September and November year-end budget cycles. Government revenue represented 34% of total revenue for the quarter.
In spite of government customer payment delays caused by COVID-19 quarantines during the quarter, Intermap earned positive operating cash flow. On a fully diluted basis, Intermap revenue per share increased 93% to $0.065 per share, and Shareholders' Equity increased 11% to $0.038 per share, compared with the same period in 2021.
Intermap is engaged with the U.S. Department of Defense and other allied national government agencies on critical strategic initiatives. Defense-related revenue from all countries currently represents approximately 27% of total revenue for the quarter, up from nil in 2021. Some ongoing unclassified government work that has been previously announced includes:
- · Supporting Ukraine's Ministry of Defense with high-resolution, 3D data and analytic services
- · Working with the National Geospatial-Intelligence Agency (NGA) to supply low latency foundation data for high-priority national security areas of interest
- · Working on prime contract with the U.S. Air Force Research Laboratory (AFRL) to support its development of GPS-denied navigation solutions
Intermap's subscription-based revenue increased 40% over the first quarter of 2021. Year over year, the Company's insurance business increased 65% and key data contracts increased 28% with increases in the number and size of subscriptions. With the industry recovering from COVID-19, Intermap's aviation business began to recover. Some commercial highlights include:
- New InsitePro® subscription with a top-5 underwriter in the U.S., providing flood risk assessment and flood premium pricing
- First contract for rail solution with Class 1 North American railway company for flood and fire risk management
- New NEXTView™ contract to support automated aircraft landing in the U.S.
- New data subscription contract with leading European airline to provide elevation data as a service for flight planning operations
- Expanded European insurance subscription with Generali for its customized flood hazard maps and analytics
- Renewed flood risk web services subscription to support real estate transactions in the Czech Republic
"We are pleased to report strong year-over-year revenue growth for the first quarter and we are on track for 2022," said Patrick A. Blott, Intermap's Chairman and CEO. "Our government and commercial businesses are winning new customers under high-margin programmatic recurring contract awards and expanding existing relationships. We are confident in our pipeline and well-positioned to execute on our strategy of efficient resource allocation towards highly profitable, recurring revenue and scalable growth."