Intermap Announces 42% Revenue Growth in the First Quarter

Recurring revenue represented 51% of total revenue and 72% of commercial revenue

First payments have been received for the Indonesian mapping program

Affirming 2024 projections of $16-18 million in revenue with EBITDA margin of approximately 25%

DENVER, May 09, 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 42% revenue growth in the first quarter of 2024. For the period ending March 31, 2024, the Company reported revenue of $1.7 million, compared with $1.2 million for the fourth quarter of 2023. Additionally, deferred revenue increased by $2.6 million, driven primarily by the receipt of initial payments from the Indonesian government. Adjusted for upfront payments, which were invested to upgrade Intermap’s sensor, processing and airborne platforms, revenue and incremental deferred revenue of $2.6 million (totaling $4.3 million) was up 154% compared with the first quarter of 2023. For IFRS reporting, deferred revenue represents cash payments from customers that are recognized in the P&L over time as program costs are incurred.

Intermap will be building world-class geospatial foundation data for Indonesia, built to unprecedented specifications for country-scale mapping, including a 3D elevation model posted at 0.50 meters CE95, orthorectified ground-true imagery collected at up to 10 cm resolution, a seamless mosaic for the Island of Sulawesi, supported by high-resolution, bare-earth foundation data, collected through triple canopy jungle foliage with Intermap’s proprietary, Lear-jet mounted, IFSAR and FOPEN sensors and patented convergence models. Following a successful capital upgrade and certification of its sensor payload and airborne platform to meet stringent geospatial data specifications in Indonesia, total assets increased by $1.7 million to $6.2 million.

Cash and accounts receivable improved to $2.6 million. Intermap’s adjusted net working capital improved to $0.7 million from a deficit of $0.8 million at December 31, 2023, excluding longer-term, restructuring-related, non-operating liabilities. Cash milestone payments for Indonesia are heavily weighted towards finished product deliveries during the second half of 2024. The Company expects to recognize approximately 60% of its Indonesian revenue while its airborne platform is deployed to collect data, during the second and third quarters of 2024. Accordingly, Intermap expects to draw $1.9 million of incremental working capital to fund airborne and field operations and data processing. Liquidity will be provided through a combination of funds from operations, milestone acceleration, partner advances or equity issuance, as needed.