Intermap Files 2021 Annual Results
Intermap Technologies reported a 23% increase in revenue, totaling $5.8 million for 2021, recovering from COVID-19 disruptions. The company secured significant contracts with various government agencies, boosting its operational capabilities. Despite challenges, including project delays due to COVID-19 restrictions, Intermap achieved its most profitable quarter since 2019, marking eight consecutive quarters of improved operating income. Software subscription revenue grew by 11%. The balance sheet strengthened through private placements and a $1 million gain from a minority investment.
- 23% revenue growth to $5.8 million in 2021.
- Secured multiple significant government contracts to enhance future growth.
- Achieved the most profitable quarter since 2019 and eight consecutive quarters of improved operating income.
- Software-based subscription revenue grew by 11% year-over-year.
- Project delays affected revenue recognition and cash flow in Q4 2021.
- Operational costs were incurred before corresponding revenue due to extended project milestones caused by COVID-19.
Generating
Winning significant government contracts and commercial software subscriptions
Strengthening the balance sheet
DENVER, March 31, 2022 /PRNewswire/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader in geospatial intelligence solutions, today filed its audited annual financial statements for the year ended December 31, 2021, the annual management discussion and analysis for the corresponding period, related management certifications of annual filings and its annual information form. The documents are available on SEDAR at www.sedar.com.
Consolidated revenue for the year ended December 31, 2021 totaled
- Won a contract to supply low latency foundation data to the National Geospatial-Intelligence Agency (NGA)
- Awarded a contract with the U.S. Air Force Research Laboratory (AFRL) to support GPS-denied navigation
- Selected to be on multiple teams for the U.S. Geological Survey (USGS) GPSC4 program
- Awarded a contract to map Borneo for the government of Malaysia's federal mapping agency and completed acquisition of project area
- Supported the Colombia National Mapping Program with high-resolution digital terrain models over challenging topography
During the fourth quarter of 2021, the Company commenced operations on a continuing strategic data infrastructure contract for the government of Malaysia. Following initial contracting delays during the third quarter of 2021, the program was further delayed after Intermap deployment by quarantine measures implemented by the government in response to the Omicron COVID-19 variant, which extended project milestones, revenue recognition, billings, and collections into 2022 that were originally planned and budgeted to occur in December 2021. As a result, many of the larger project costs, including purchased services, payroll, deployment and mobilization expenses occurred in November and December of 2021, well in advance of the associated milestones, billings, collections and revenue that were extended into 2022. These timing effects, which resulted from the government's response to COVID-19, caused a short-term reduction in the Company's 2021 operating cash flow in the fourth quarter of 2021. Nonetheless, Intermap reported a profitable quarter – its most profitable since 2019 – and its eighth consecutive quarter of improving operating income and adjusted EBITDA.
Software-based subscription revenue continues to grow year-over-year, at a rate of
- Signed an InsitePro® subscription agreement with a top-5 insurance provider in the U.S.
- Signed a subscription agreement to integrate NEXTView™ aviation surface data with Wingcopter
- Agreed to collaborate with DronSystems to integrate NEXTView into its automated Unmanned Traffic Management platform (UTM)
- Signed a deal to integrate NEXTView data with Aviatize's IDRONECT UTM to support medical delivery project in Africa
- Expanded insurance products and services across Europe with Generali Group and Allianz Technology
- Partnered with Anchor Point to support wildfire underwriting
- Partnered with Ambiental Risk Analytics for climate change and natural hazard risk analytics
- Entered a strategic agreement with global telecom leader to support 5G expansion in India
- Won a contract with Garmin to provide terrain data for next-generation golf applications
- Won a contract with a Class-1 North American railway company for flood and fire risk management
- Won a contract with a leading European airline for NEXTView elevation data as a service
- Entered an agreement to provide orthorectification service to support airport infrastructure planning in South America
Through a series of carefully sized private placements, Intermap strengthened its balance sheet and working capital position. It recognized a
Subsequent to the end of the year, at the request of vetted allied government personnel, Intermap mobilized the delivery of the world's best unclassified commercial elevation data to support ground operations for the Ministry of Defense in Ukraine.
"2021 was an important recovery year for Intermap as we fought through COVID's disruption, withstood continued delays, and delivered actionable geospatial intelligence to clients on time and under budget," said Patrick A. Blott, Intermap's Chairman and CEO. "As a result of that strong performance, we grew revenue, won multiple strategic contracts to fuel our future growth, positioned ourselves to monetize non-core financial assets, and extended our relationships with key government agencies, as well as leading commercial enterprises around the world."
Intermap Reader Advisory
Certain information provided in this news release, including projected financial information and statements in relation to the Company's opportunities for growth and pipeline 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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