Intermap Technologies Corp - ITMSF STOCK NEWS

Intermap Technologies (ITMSF) announced that an autonomous aircraft client has renewed its NEXTView® subscription as early-stage operations expand. Co-developed with Lufthansa Systems, NEXTView is certified by EASA and provides accurate elevation data for autonomous aircraft operations. Positioned as the only global certified elevation dataset for aviation, NEXTView supports essential systems for safe unmanned flights. The company emphasizes the importance of foundation data for navigating and executing safe flights as the unmanned aviation industry evolves. Intermap's technology encompasses a wide range of applications, including defense and disaster mitigation.

Intermap Technologies has reported a significant increase in its monthly recurring revenue (MRR), growing by 13% since the end of 2022. This growth was largely driven by a $1 million multi-year renewal of its InsitePro® insurance software subscription, marking a 130% increase in MRR compared to the previous contract. The company anticipates continued double-digit growth in 2023 subscription revenue, bolstered by rising demand for flood insurance analytics. InsitePro has maintained a net annual revenue retention rate exceeding 90% for eight consecutive quarters, showcasing its strong market presence and alignment with the growing U.S. private flood insurance market.

Intermap Technologies reported a 17% revenue growth year over year, reaching $6.8 million for 2022. The company saw a notable increase in recurring revenue, which now constitutes 57% of total sales, up 9% compared to 2021. Strong performance in government contracts included $813,000 in new GEOINT-related contracts, a 67% increase versus the prior year. The commercial business also thrived, generating $4.8 million in revenue, a 23% rise from 2021. The company secured a significant $3.1 million contract in Europe, solidifying 29% of its commercial revenue from that region.

Intermap Technologies (OTCQX: ITMSF) has partnered with NEMO Report to provide flood risk information to 2,000 real estate brokers in the Czech Republic. This collaboration aims to transform property valuation standards in the market where a significant number of properties are at flood risk. Intermap’s solution offers accurate flood hazard maps and analytics, enhancing transparency and efficiency in real estate transactions. The global real estate software market is expected to grow at a CAGR of 9.7%, indicating a favorable landscape for Intermap's entry into this sector. CEO Patrick A. Blott highlighted the potential for a dominant market presence through this partnership.

Intermap Technologies (OTCQX: ITMSF) announced an expansion of contracts with several European insurers, resulting in an additional aggregate value exceeding $1.3 million for its flood risk software and analytics. Of this, $700,000 has already been signed, while $600,000 is pending finalization. The company's Aquarius RMA software offers advanced flood risk assessment tools, utilizing AI-driven and high-resolution digital elevation models. The growth in demand for Intermap’s solutions across Europe is anticipated to continue, with potential for further geographic expansion.

Intermap Technologies (OTCQX: ITMSF) has announced the award of two new patents that enhance its flood risk assessment and terrain modeling capabilities. The first patent utilizes machine learning to accurately measure the first floor height of buildings, improving flood risk assessments. The second patent allows for the creation of bare-earth digital terrain models using airborne radar, particularly in dense forests. These innovations aim to bolster Intermap's market share in the U.S. and Europe, particularly in flood insurance and governmental mapping projects in tropical regions. CEO Patrick A. Blott emphasizes the company's commitment to innovation and competitive advantage.

Intermap Technologies (OTCQX: ITMSF) announced a contract with EDF Hydro to provide high-resolution NEXTMap® digital terrain models for hydro power projects in South America. These models will aid in feasibility studies and project planning, leveraging Intermap's AI-driven technology to navigate challenging terrain. Executives from both companies emphasized the importance of clean energy and the potential for hydro power growth. Intermap continues to expand its renewable energy solutions, supporting various projects worldwide.

Intermap Technologies (OTCQX: ITMSF), a leader in 3D geospatial products, reports significant growth in its North American insurance software business.

InsitePro® subscriptions saw a 61% increase in bookings for 2022, driven by renewals and upsells from top U.S. insurers. Recent multiyear renewals increased by 60% to 350%. Year-to-date bookings for 2023 are 32% above last year. CEO Patrick A. Blott attributes the growth to rising insurance losses due to catastrophic floods, emphasizing InsitePro's role in providing critical geospatial data essential for risk and pricing analytics.

Intermap Technologies (OTCQX: ITMSF) announced its first task order under a $450,000 IDIQ contract with the Department of the Interior, aimed at supporting the Safety of Dams program. This task order will provide critical digital terrain data for hazard classification studies across select states, including Montana, Arizona, New Mexico, and Utah. The terrain data is essential for flood risk management and emergency planning, aligning with climate change mitigation efforts. Intermap's advanced AI and machine learning capabilities enhance the quality and efficiency of its geospatial data, establishing a stronger partnership with government agencies.