Intermap Announces 2023 Results and 2024 Guidance

Software and solutions revenue grew 25% in 2023

Company projects 2024 bookings of $20 – 25 million, revenue of $16 – 18 million and an adjusted EBITDA margin of approximately 25%

DENVER, April 02, 2024 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced 2023 financial results and 2024 guidance.

For the year ending December 31, 2023, the Company reported revenue of $6.2 million, compared with $6.8 million the previous year. Recurring and repeating software and solutions revenue grew to $4.2 million, 67% of total revenue, compared with $3.4 million in 2022. A decline in acquisition revenue of $1.1 million was caused by a delay in the award of a significant government contract, which was subsequently announced in March 2024, as well as the pandemic-related restrictions that remained across Southeast Asia until late 2023. U.S. government work was also delayed by the federal budget impasse. The Company expects to begin collecting this revenue during 2024. Despite the contracting delays, Intermap’s EPS for 2023 improved to ($0.10) per share, compared with ($0.16) per share for the previous year.

Subsequent to year end, Intermap announced the award of a material contract from the Indonesian government. This initial award includes an opportunity to repeat, with follow-on requirements to complete mapping the country during an additional 4-year period. Work on this contract commenced in February 2024. Including Indonesia, for the current year ending December 31, 2024, the Company projects total bookings in the range of $20-25 million, with $16-18 million in revenue and an adjusted EBITDA margin of approximately 25%.

“Our government and commercial businesses are off to a strong start in 2024,” said Patrick A. Blott, Intermap Chairman and CEO. “We’ve recently announced major government wins and we remain on track to extend our high-growth, high-margin services model to these large government accounts.”

2023 notable commercial achievements include:

• Grew in core commercial market: Won a $1 million multiyear renewal and increased multiple recurring subscriptions by 60-350%
• Extended product offering: Partnered with Twinn by Royal HaskoningDHV to provide additional natural hazard data for the global insurance industry
• Expanded market reach: Won multiyear contracts in Europe, exceeding $1.3 million, expanding software solution to incorporate risk, appraisal and pricing applications for global residential and commercial real estate
• Entered new, fast-growing segments: Won a new contract with a global spacecraft and communications operator to supply proprietary NEXTMap elevation data to improve simulation, regulatory compliance and global situational awareness. Revised a subscription with a leading autonomous aviation customer for NEXTView, the Company’s certified aviation specific elevation dataset