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."
Intermap Reader Advisory
Certain information provided in this news release 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
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