Trending...
- Green Office Partner Named #1 Best Place to Work in Chicago by Crain's for 2025 - 111
- "Leading From Day One: The Essential Guide for New Supervisors" Draws from 25+ Years of International Management Experience - 104
- Youth Take the Lead: Kopp Foundation for Diabetes Hosts "By Youth, For Youth, With T1D" Gala on October 8 at Blue Bell Country Club - 102
COVID-19 delayed but did not cancel aviation projects
Government pipeline is robust and will support future revenue
Software subscriptions renewed at higher prices for additional services
DENVER, March 31, 2021 /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, 2020, 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, 2020 totaled $4.7 million, compared to $10.1 million for 2019, reflecting the disruption from the COVID-19 pandemic. The decline was expected and due entirely to delayed government contracts given the economic environment resulting from the pandemic. Approximately 71% of consolidated revenue was generated outside the United States, compared to 41% for 2019.
Net income improved from a loss of $4.8 million to income of $26.6 million for the years ended December 31, 2020 and 2019, respectively, due to the gain on the modification of debt of $32.1 million, offset by the reduction in revenue discussed above.
In a year that was filled with global business disruption, Intermap achieved significant milestones necessary to grow the business. With the elimination of $33.9 million notes payable and the rebuilding of the government pipeline, the Company is well-positioned for growth. Intermap also welcomed sophisticated investors through fully subscribed issuer private placements while maintaining the value of its tax assets.
More on Colorado Desk
Software-based subscription revenue grew 4% during 2020, a year in which the insurance industry was especially challenged by COVID-19. At the same time, Intermap was successful in extending all customer contracts that were up for renewal during the year. The Company's software customers are renewing their subscriptions at higher rates, adding new services to their accounts and expanding the geographies and business lines where they're doing business with Intermap.
Intermap's acquisition services revenue was significantly affected by the onset of COVID-19. As various U.S. government agencies and contracting vehicles are primary users of Intermap's data and services, COVID-19 created new gaps in the previous three-year sales cycle.
In fiscal 2021, business is recovering and the pipeline of high-probability opportunities has grown 429%, compared with December 31, 2019. 44% of these opportunities represent repeat customers. Despite the ongoing impact of COVID-19, the pipeline is expected to support revenue and adjusted EBITDA growth in 2021 compared with the amounts achieved in 2020.
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.
More on Colorado Desk
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 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
Related Links
https://www.intermap.com/
Government pipeline is robust and will support future revenue
Software subscriptions renewed at higher prices for additional services
DENVER, March 31, 2021 /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, 2020, 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, 2020 totaled $4.7 million, compared to $10.1 million for 2019, reflecting the disruption from the COVID-19 pandemic. The decline was expected and due entirely to delayed government contracts given the economic environment resulting from the pandemic. Approximately 71% of consolidated revenue was generated outside the United States, compared to 41% for 2019.
Net income improved from a loss of $4.8 million to income of $26.6 million for the years ended December 31, 2020 and 2019, respectively, due to the gain on the modification of debt of $32.1 million, offset by the reduction in revenue discussed above.
In a year that was filled with global business disruption, Intermap achieved significant milestones necessary to grow the business. With the elimination of $33.9 million notes payable and the rebuilding of the government pipeline, the Company is well-positioned for growth. Intermap also welcomed sophisticated investors through fully subscribed issuer private placements while maintaining the value of its tax assets.
More on Colorado Desk
- Premieres of 10th Annual NY Dog Film Festival & 8th Annual NY Cat Film Festival on Sunday, October 26, 2025 to Benefit Animal Lighthouse Rescue
- $20 Price Target in Noble Capital Research Report as Deal is Signed for NFL Yearbook Advertising Across 25 Stadiums for AI Powered Sports Leader $SEGG
- 3E Launches First AI Agent Designed to Respond with Empathy for College Recruitment
- Lafayette Garage Door Repair and Installation: Primos Garage Doors Unveils Updated Local Resource
- Security Alert: TZNXG Warns Investors About "Fund Recovery" Scams
Software-based subscription revenue grew 4% during 2020, a year in which the insurance industry was especially challenged by COVID-19. At the same time, Intermap was successful in extending all customer contracts that were up for renewal during the year. The Company's software customers are renewing their subscriptions at higher rates, adding new services to their accounts and expanding the geographies and business lines where they're doing business with Intermap.
Intermap's acquisition services revenue was significantly affected by the onset of COVID-19. As various U.S. government agencies and contracting vehicles are primary users of Intermap's data and services, COVID-19 created new gaps in the previous three-year sales cycle.
In fiscal 2021, business is recovering and the pipeline of high-probability opportunities has grown 429%, compared with December 31, 2019. 44% of these opportunities represent repeat customers. Despite the ongoing impact of COVID-19, the pipeline is expected to support revenue and adjusted EBITDA growth in 2021 compared with the amounts achieved in 2020.
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.
More on Colorado Desk
- Assent Unveils Extended Producer Responsibility Packaging Solution to Simplify Compliance with Expanding Packaging Laws
- OtterBox Unveils New Sole Series: Where Rugged Protection Meets Street-Ready Style
- KatalisCoin: "Too Secure" for Bad Actors - Platform Embraces "Excessive Compliance" Criticism
- Keyanb Exchange Implements Enhanced Security Protocols Amid Industry-Wide Trust Challenges
- TSWHZC Platform Combines Automated Portfolio Management with Proof of Reserves for Brazil Market Entry
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 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
Related Links
https://www.intermap.com/
Filed Under: Business
0 Comments
Latest on Colorado Desk
- InventHelp Inventor Develops Portable Hybrid Grow System (DNV-640)
- Strategic Partnerships with Defiant Space Corp and Emtel Energy USA Powerfully Enhance Solar Tech Leader with NASA Agreements: Ascent Solar $ASTI
- 120% Revenue Surge with Four Straight Profitable Quarters Signal a Breakout in the Multi-Billion Dollar Homebuilding Market: Innovative Designs $IVDN
- Leading Venture Capital Firms Recognize Wzzph Exchange's Technical Architecture and Security Framework as Industry Benchmark
- DivX Unveils Major DivX Software Update: Seamless Video Sharing and Customizable Playback Now Available
- Nespolo Mechanical Helps New Mexico Families Save Thousands on Heating Costs This Fall
- Leading Digital Finance Platform YNQTL Launches Revolutionary Web3 Digital Asset Trading Platform
- IDCXS Addresses Crypto Trading Pain Points with 2 Million TPS Processing and Multi-Layer Security Architecture
- Bridging Traditional Finance and Web3 Innovation: BLFCW Announces Strategic Vision for Regulated Web3 Economy
- NKSCX Responds to "Coordinated Smear Campaign" as Anonymous Critics Emerge Following Regulatory Milestones
- Broadway Gala Honored Also an Italian
- $ONI Listed on MEXC as ONINO Powers Europe's Tokenization Engine Into Public Platform Launch
- AZETHIO Crypto Exchange Whitepaper Reveals MPC-Secured Infrastructure Processing 1.2 Million Transactions Per Second
- CELOXFI Platform Demonstrates Advanced Security Architecture and Regulatory Framework
- Work 365 Launches PV 3.0: The Keystone Power App for Microsoft CSPs
- Local consultant shows small businesses how to turn red tape into real money
- Mayor Yemi Mobolade honors Connie Benavidez with Spirit of Colorado Springs Award
- Tour Napa Like a Local: Vines of Napa Valley Wine Passport AKA Vine Pass Unlocks Hidden Gems
- Dental Surgical Center Accepts Sedation Patients with Medicaid for MD, WV, PA and DC
- Backed by Local Launches FREE City Hubs to Empower Small Businesses in Colorado, Washington, & Oreg