Intermap Announces 46% Increase in Commercial Revenue During the Third Quarter
Driven by subscription-based, as-a-service solutions adopted by major global insurance underwriters
Investing in readiness to meet pending foreign government awards
DENVER, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced third quarter results. For the period ending September 30, 2023, the Company reported revenue of $1.5 million, compared with $1.2 million for the third quarter of 2022 and $1.5 million in the second quarter of 2023.
Intermap recognized a 35% increase in subscription-based revenue year-over-year for the third quarter, driven by the expansion of its European insurance segment and growth in insurance software license values. Value-added data increased to $0.4 million in the third quarter of 2023, compared with $0.3 million in 2022. Due to timing effects, there was no government revenue recognized during the third quarter of 2023.
Intermap recognized a 46% increase in subscription revenue year-over-year. Software and solutions increased to $3.4 million for the first nine months, compared with $2.4 million in the same period in 2022. The Company remains focused on providing the world’s best geospatial data in exploitation formats that fit growing commercial and government applications. The Company believes this model of building and selling useful points through data-as-a-service ensures that the best quality and currency of geospatial intelligence is available cost effectively to the broadest number of potential users. In the last year, customers using Intermap’s tailored analytics called over 20 million data points characterizing peril risk to help them optimize their risk assessment and pricing. Notably, in the U.S., Intermap’s InsitePro customers displayed remarkable performance following Tropical Storm Hilary, with some large California underwriters reporting no claims at all.
Reflecting the Company’s positive operating leverage, loss for the third quarter improved to $(0.8) million, compared with $(1.9) million in 2022. Operating loss for the nine months ended September 30, 2023, improved to $(2.6) million, compared with $(3.8) million in 2022.
Since the end of the quarter, cash on the balance sheet has risen from $265 thousand to $332 thousand.
In the third quarter, Intermap won significant contracts across various markets. These include:
Intermap’s insurance revenue continued to grow during the quarter with a major client renewing its subscription to InsitePro and another key customer increasing its multiyear subscription value by 36% to accommodate higher usage of the data and software.
“Intermap is focused on prioritizing high-value opportunities for as-a-service revenue as well as successful execution of pending government contracts, which will drive revenue gains into the fourth quarter,” said Patrick A. Blott, Intermap Chairman and CEO. “Our commercial business continues to grow, particularly within our global insurance segment. We are anticipating an expansion of government programs as traditional funding priorities unfold following COVID.”
The Company’s consolidated financial statements for the quarter ended September 30, 2023, are available on SEDAR+ at www.sedarplus.ca.
To learn more about Intermap, visit intermap.com/investors.
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