Strategic Progress and Financial Milestones
Intermap Technologies removed the going concern qualification from its financial statements, reflecting improved financial stability. They secured over $35 million in equity capital and demonstrated over $100 million in credit support. The company also completed a $21 million equity financing in September, increasing shareholder equity to over $27 million.
Commercial Revenue Growth
Commercial revenue grew 37% year-over-year, with the commercial segment tracking around $7 million annually.
Insurance Segment Expansion
The insurance segment showed promising growth, driven by the adoption of Elevation as a Service and analytics subscriptions. The risk assistant is being used by several hundred daily users, making over 5 million 3D data calls per month.
Large Contract Opportunities
Intermap announced two contracts on IDIQ vehicles with a combined ceiling of over $500 million, demonstrating significant potential for future revenue.
Global Expansion and Operational Efficiency
The company expanded its operations globally, with active pursuits on every continent and continued investment in technology and talent.