Intermap Announces Third Quarter Revenue Grew 241% Year-Over-Year
Intermap Technologies reported strong Q3 2024 results with revenue of $5 million, up 241% from Q3 2023. The growth was driven by Acquisition Services revenue of $2.9 million from the Indonesian mapping program and Value-added Data revenue increasing to $1.1 million. The company achieved a 30% adjusted EBITDA margin and net income of $1.1 million. Intermap completed the first 5,900+ map sheets for Indonesia's mapping program, covering 25,000 square kilometers. The company affirmed its 2024 guidance with expected revenue of $16-18 million and ~25% adjusted EBITDA margin.
Intermap Technologies ha riportato risultati solidi per il terzo trimestre del 2024 con un fatturato di 5 milioni di dollari, in aumento del 241% rispetto al terzo trimestre 2023. La crescita è stata guidata dai ricavi dei Servizi di Acquisizione di 2,9 milioni di dollari provenienti dal programma di mappatura indonesiano e dai ricavi dei Dati a Valore Aggiunto che sono aumentati a 1,1 milioni di dollari. L'azienda ha raggiunto un margine EBITDA rettificato del 30% e un utile netto di 1,1 milioni di dollari. Intermap ha completato le prime oltre 5.900 schede cartografiche per il programma di mappatura dell'Indonesia, coprendo 25.000 chilometri quadrati. L'azienda ha confermato la sua guida per il 2024 con un fatturato previsto di 16-18 milioni di dollari e un margine EBITDA rettificato di circa il 25%.
Intermap Technologies informó sobre resultados sólidos para el tercer trimestre de 2024, con ingresos de 5 millones de dólares, un aumento del 241% en comparación con el tercer trimestre de 2023. El crecimiento fue impulsado por los ingresos por Servicios de Adquisición de 2,9 millones de dólares del programa de mapeo indonesio y los ingresos por Datos de Valor Agregado que aumentaron a 1,1 millones de dólares. La compañía logró un margen EBITDA ajustado del 30% y una ganancia neta de 1,1 millones de dólares. Intermap completó las primeras más de 5.900 hojas de mapas para el programa de mapeo de Indonesia, cubriendo 25.000 kilómetros cuadrados. La empresa reafirmó su proyección para 2024, con ingresos esperados de entre 16 y 18 millones de dólares y un margen EBITDA ajustado de aproximadamente el 25%.
인터맵 테크놀로지스는 2024년 3분기 실적이 강력하다고 보고하며, 매출이 500만 달러로 2023년 3분기 대비 241% 증가했다고 발표했습니다. 성장은 인도네시아 매핑 프로그램으로부터 인수 서비스 매출 290만 달러와 부가가치 데이터 매출이 110만 달러로 증가한 데 기인했습니다. 회사는 30%의 조정된 EBITDA 마진과 110만 달러의 순이익을 기록했습니다. 인터맵은 인도네시아 매핑 프로그램의 첫 번째 5,900개 이상의 지도 시트를 완료했으며, 이 지역은 25,000제곱킬로미터를 커버합니다. 회사는 2024년 매출 가이던스를 확인하며, 예상 매출은 1,600만에서 1,800만 달러, 조정된 EBITDA 마진은 약 25%로 설정했습니다.
Intermap Technologies a annoncé de solides résultats pour le troisième trimestre 2024, avec des revenus de 5 millions de dollars, en hausse de 241 % par rapport au troisième trimestre 2023. Cette croissance a été soutenue par des revenus des services d'acquisition de 2,9 millions de dollars provenant du programme de cartographie indonésien et des revenus de données à valeur ajoutée qui ont augmenté à 1,1 million de dollars. L'entreprise a atteint une marge EBITDA ajustée de 30 % et un bénéfice net de 1,1 million de dollars. Intermap a complété les 5 900 premières feuilles de carte pour le programme de cartographie indonésien, couvrant 25 000 kilomètres carrés. L'entreprise a confirmé ses prévisions pour 2024, avec des revenus attendus entre 16 et 18 millions de dollars et une marge EBITDA ajustée d'environ 25 %.
Intermap Technologies berichtete über starke Ergebnisse im dritten Quartal 2024 mit einem Umsatz von 5 Millionen Dollar, was einem Anstieg von 241 % im Vergleich zum dritten Quartal 2023 entspricht. Das Wachstum wurde durch Umsätze aus Akquisitionsdiensten in Höhe von 2,9 Millionen Dollar aus dem indonesischen Mapping-Programm und Umsätze aus Mehrwertdaten, die auf 1,1 Millionen Dollar anwuchsen, getragen. Das Unternehmen erreichte eine angepasste EBITDA-Marge von 30 % und einen Nettogewinn von 1,1 Millionen Dollar. Intermap hat die ersten 5.900+ Kartenblätter für das indonesische Mapping-Programm abgeschlossen und damit eine Fläche von 25.000 Quadratkilometern abgedeckt. Das Unternehmen bekräftigte seine Prognose für 2024 mit einem erwarteten Umsatz von 16 bis 18 Millionen Dollar und einer angepassten EBITDA-Marge von etwa 25 %.
- Revenue grew 241% year-over-year to $5 million
- Achieved net income of $1.1 million
- 30% adjusted EBITDA margin compared to loss in Q3 2023
- Acquisition Services revenue increased to $2.9 million from zero
- Value-added Data revenue grew to $1.1 million from $0.4 million
- Selected as vendor for NGA program worth up to $290 million over five years
- Won second phase U.S. Air Force contract at 5x the size of phase one
- Software and Solutions revenue slightly decreased to $1.0 million from $1.1 million
- Operating costs increased to $3.5 million from $2.1 million
- Issued 7.3 million shares at CAD $0.45 causing dilution
Company reported revenue of
Airborne platform accelerating data collection for Indonesian mapping program
Affirming 2024 guidance of
Conference call today at 4:30 pm EST to discuss results
DENVER, Nov. 14, 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 results for the third quarter of 2024.
Financial Highlights
- Revenue of
$5 million , up241% from$1.5 million in the third quarter of 2023 - Acquisition Services revenue grew to
$2.9 million from nil in the third quarter of 2023 as the Company accelerated data collection for the Indonesian mapping program - Value-added Data revenue increased to
$1.1 million , compared with$0.4 million in the third quarter of 2023 30% adjusted EBITDA margin, compared with a loss in the third quarter of 2023 as the Company benefited from operating leverage with higher revenue and attractive contribution margins
“Intermap is building long-term, sustainable value for shareholders and executing our business strategy,” said Patrick A. Blott, Intermap Chairman and CEO. “We’re deployed in Indonesia where we’re leveraging specialized sensors, proprietary processing and advanced AI/ML technology to deliver mission-critical, strategic geospatial solutions. We look forward to a long-term, multi-faceted partnership with Indonesia.”
“Our global perils and defense businesses are thriving because there is no substitute for Intermap’s exquisite global-scale, military quality location data,” Mr. Blott continued. “In a time of unprecedented natural catastrophes and conflict, Intermap provides clients around the world with precision elevation data that saves lives and property. As our customers see the value of this data in the wake of recent events, they are renewing and expanding their contracts.”
Intermap continues to execute on its Indonesia mapping program, leveraging AI/ML and other advanced proprietary technology. With recent advances in production processing automation combined with unmatched expertise and experience in feature extraction and radar interpretation, Intermap completed the first 5,900+ map sheets at 1:5,000-scale in fewer than 3.5 months from day one of data acquisition. This set of map sheets represents over 25,000 square kilometers of contiguous area coverage of elevation and multi-band, orthorectified radar imagery deliverables; it also includes an orthorectified, full-feature stack with land, feature and object classifications. The initial processing was accomplished in parallel with ongoing production of the remaining
Financial Results, Business Highlights and Business Outlook by Segment
Acquisition Services
- Financial Results
- Revenue for the quarter totaled
$2.9 million , compared with nil for the prior year quarter. The increase is due to acceleration of data collection for the Sulawesi contract. Last year, Intermap experienced a delay in the award of key government contracts, reducing its acquisition services revenue
- Revenue for the quarter totaled
- Business Highlights
- Acquired
15% of the data as part of the Company’s Sulawesi contract, which represents approximately10% of Indonesia’s land mass
- Acquired
- Business Outlook
- As Indonesia’s partner for phase one of Indonesia’s national topographic basemap program, Intermap is establishing the foundation for a multiyear Acquisition and Value-added Data partnership to support Indonesia’s One Map initiative through 2028
- One Map’s progress and World Bank’s recent approval for a
$653 million Integrated Land Administration and Spatial Planning project underscores the importance of precise 3D geospatial data to fulfill mission-critical strategic data infrastructure requirements - Intermap is well positioned to capitalize on this trend and anticipates further wins and the expansion of existing contracts throughout Southeast Asia
Value-added Data
- Financial Results
- Revenue increased to
$1.1 million for the quarter compared with$0.4 million for the prior year quarter. The increase was primarily due to the expansion of the U.S. Air Force contract
- Revenue increased to
- Business Highlights
- Selected with CACI, Inc. by the National Geospatial-Intelligence Agency as one of the qualified vendors for an important program, with a total project value of up to
$290 million over five years – 10x the size of the initial budget - Won a second phase in its prime contract with the U.S. Air Force to support its development of navigation solutions for GPS-denied environments. Revenue in this second phase is 5x the size of phase one
- Selected with CACI, Inc. by the National Geospatial-Intelligence Agency as one of the qualified vendors for an important program, with a total project value of up to
- Business Outlook
- Customers continue to renew and add capacity as their usage surpasses their expectations and contract limits. Further bolstering subscription revenue, customers are adding on Intermap’s innovative solutions
- Customers continue to renew and add capacity as their usage surpasses their expectations and contract limits. Further bolstering subscription revenue, customers are adding on Intermap’s innovative solutions
Software and Solutions
- Financial Results
- Revenue decreased slightly to
$1.0 million from$1.1 million for the third quarters of 2024 and 2023, respectively. While recurring subscription revenue increased3% , 2023 included$0.2 of one-time set up fees that were not duplicated in the third quarter of 2024 - Excluding one-time payments from two European accounts, Intermap’s continuing global customers grew subscription revenue
8% to$0.8 million in the third quarter compared with the same period a year ago - For the first nine months of 2024, Software and Solutions revenue represented
30% of total revenue
- Revenue decreased slightly to
- Business Highlights
- Expanded the multiyear subscription contract value with a Top-15 global insurance carrier by over
50%
- Expanded the multiyear subscription contract value with a Top-15 global insurance carrier by over
- Business Outlook
- The Company projects its insurance software subscription business to continue growing at a CAGR of approximately
20% over the next few years
- The Company projects its insurance software subscription business to continue growing at a CAGR of approximately
Operating Costs
- Increased to
$3.5 million , compared with$2.1 million for the prior year quarter, driven by an increase of$1.2 million in Purchased Services & Materials and$162 thousand in deployment travel - Both cost increases were related to increased activity, subcontractor and other project related costs for the data acquisition project that accelerated in the third quarter of 2024
Balance Sheet & Capital Expenditures
Cash and accounts receivable totaled
In the third quarter, the Company raised aggregate gross proceeds of approximately CAD
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
2024 Guidance
Intermap affirms its 2024 guidance for total bookings in the range of
Q3 2024 Conference Call today at 4:30pm EST
Intermap’s CEO Patrick A. Blott, CFO Jennifer Bakken and COO Jack Schneider will host a live webinar today, at 4:30 pm ET / 2:30 pm MT to review the results, provide Company updates and answer investor questions following the presentation.
Intermap invites shareholders, analysts, investors, media representatives and other stakeholders to attend the earnings webinar to discuss Q3 2024 results.
Webinar Details
| DATE: | Thursday, November 14, 2024 |
| TIME: | 4:30 pm ET / 2:30 pm MT |
| WEBINAR: | Register |
Investor Conferences
Intermap Chairman and CEO Patrick Blott presented on September 26, 2024 at Planet MicroCap Showcase: VANCOUVER 2024 and will continue to meet investors at industry conferences.
Quarterly Filing
The Company’s consolidated financial statements for the quarter ended September 30, 2024, along with management’s discussion and analysis for the corresponding period and related management certifications for third quarter financial results will be filed on SEDAR+ at www.sedarplus.ca on November 14, 2024.
Adjusted EBITDA is a non-GAAP measure. The term Earnings before interest, taxes, depreciation and amortization (EBITDA) consists of net loss and excludes interest (financing costs), taxes, and depreciation. Adjusted EBITDA also excludes share-based compensation, fair value adjustments and foreign currency translation.
See “Reconciliation of Non-GAAP Measures” in Company’s Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca.
Learn more about Intermap at intermap.com/investors.
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements, including reference to revenue, bookings and adjusted EBITDA projections or growth. 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.
For more information, please contact:
Jennifer Bakken
Executive Vice President and CFO
CFO@intermap.com
+1 (303) 708-0955
Sean Peasgood
Investor Relations
Sean@SophicCapital.com
+1 (647) 260-9266
FAQ
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