Revenue in line with prior quarters and guidance related to COVID-19 impact
Company fortifies balance sheet with two successful private placements
Announces business wins in Europe and successful milestone completions in Asia
DENVER, Nov. 16, 2020 /PRNewswire/ - Intermap Technologies ("Intermap" or the "Company"), a global leader in geospatial intelligence solutions, today announced results for the third quarter and provided a business update.
For the quarter ending September 30, 2020, the Company reported revenue of $1.0 million, compared with $1.2 million for the second quarter of 2020. Revenue for the nine months ending September 30, 2020 was $3.8 million. During the third quarter, the Company announced a private placement raising over $1.5 million net and applied the proceeds to eliminate $33.9 million of term notes. Subsequent to the quarter, the Company completed a second private placement at CAD$1.03 per share, raising an additional CAD$3.8 million, bringing the total equity raised since the Settlement announcement to $5.5 million. The Company's cash balance at the quarter ending September 30, 2020 was approximately $0.7 million, compared with $0.6 million for the same period last year. Following the recent equity investment, the Company's cash balance at November 13, 2020 was approximately $3.1 million.
"Intermap's results in the third quarter were affected by the COVID-19 pandemic as previously discussed, which caused delays to government contracts and commercial spending," said Patrick A. Blott, Chairman and CEO of Intermap Technologies. "We have not seen cancellations that might negatively affect our near-term and long-term pipeline. Accordingly, we are reinforcing our balance sheet and making investments in production and infrastructure to accommodate anticipated pent-up demand."
The Company is expanding internationally in all regions. In Europe, Intermap today announced a collaboration with UP42, a subsidiary of Airbus SE, to efficiently expand its reach into adjacent commercial vertical markets in multiple areas, including infrastructure management, construction planning, geologic mapping, land cover classification, and forestry and resource conservation. This collaboration will enable pre-approved commercial analysts to build geospatial solutions for a range of use cases in growing markets. "We are excited to add NEXTMap elevation models to our offering. Our customers need this data for monitoring vital infrastructure projects, such as pipelines, powerlines and railway corridors," said UP42 CEO, Sean Wiid.
Today, Intermap also announced a new subscription contract with Allianz Technology SE for geocoding services. This contract represents Intermap's expansion beyond its traditional risk analytics market in the region and highlights its ability to sell new services to existing clients which leverage the Company's best-in-class proprietary data. In Asia, subsequent to the quarter, Intermap completed final milestones on the second phase of its program for the Malaysian National Mapping Agency, JUPEM. "Thanks to Intermap's cloud-penetrating mapping capability, flight efficiencies and geomatics expertise, our deliverables were completed flawlessly, during COVID restrictions. All final datasets have been delivered on time and within specifications. We look forward to working with Intermap as a partner on future government projects," said Dato' Sr. Nor Azman Baharum, CEO of Antaragrafik Systems Sdn Bhd. Antaragrafik has worked with Intermap for years on airborne IFSAR acquisition and other programs providing world-class 3D geospatial datasets to achieve government requirements.
Further, Intermap announced a patent-pending artificial intelligence image analysis algorithm used to determine first floor elevations ("FFE") for catastrophe management and flood insurance underwriting. This patent is the latest addition to Intermap's growing intellectual property portfolio. Coupled with best-in-class 3D elevation data, Intermap's patented FFE algorithm will deliver unprecedented levels of accuracy for flood risk assessment and pricing.
The Company's consolidated financial statements for the quarter ended September 30, 2020, along with management's discussion and analysis for the corresponding period and related management certifications are filed on SEDAR at www.sedar.com.
Intermap Reader Advisory
Certain information provided in this news release, including projected financial information and statements in relation to the Company's Q3 2020 results 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) (ITMSF: BB) is a global leader in geospatial intelligence solutions. The Company's proprietary NEXTMap® database and value-added geospatial data management, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data, including aviation, engineering, environmental planning, government markets, hydrology, insurance, land management, law enforcement and patrol, oil and gas, renewable energy, telecommunications, transportation and utilities. Intermap's commercial applications include location-based intelligence, risk assessment, geographic information systems, global positioning systems and 3D visualization. For more information, please visit www.intermap.com.
SOURCE Intermap Technologies Corporation