DENVER: Intermap Technologies, a renowned innovator in 3D geospatial products and intelligence solutions, has released its financial outcomes for 2023 and provided an optimistic forecast for 2024.
Despite a challenging year marked by pandemic-related delays in Southeast Asia and a U.S. federal budget impasse affecting government contracts, Intermap closed 2023 with a revenue of $6.2 million.
The company saw a significant growth in its software and solutions sector, which accounted for 67% of the total revenue, amounting to $4.2 million.
The delay in a major government contract and acquisition revenue decline did not deter the company’s progress, as it managed to improve its earnings per share to ($0.10), up from ($0.16) the previous year.
Looking ahead, Intermap is confident about its 2024 prospects, thanks to the commencement of a substantial contract with the Indonesian government to map the country over the next four years.
This project, along with other initiatives, has led the company to project bookings between $20 and $25 million, with expected revenue of $16 to $18 million and an adjusted EBITDA margin of around 25%.
Patrick A. Blott, Intermap’s Chairman and CEO, expressed enthusiasm about the company’s trajectory, citing recent government contracts and the expansion of their high-margin services model.
In 2023, Intermap’s commercial sector flourished, securing a $1 million multiyear renewal and boosting recurring subscriptions significantly.
The company also expanded its product offerings and market reach, notably partnering with Twinn by Royal HaskoningDHV and winning contracts in Europe worth over $1.3 million.
Government projects also saw success, with Intermap winning a water pollution monitoring project in Singapore, fulfilling task orders under the U.S. Defense Department’s JANUS contract, and contributing precision elevation data for NASA’s Artemis III moon landing simulations.
As Intermap Technologies strides into 2024, it stands poised to capitalize on its strategic wins and solidify its position in the global geospatial intelligence market.