For older investors, it may still seem like yesterday when “Google Maps” went from being a science fiction concept to a science-fact reality.
Today, we take this technology for granted and use it routinely in applications like GPS. However, for one public company, personal navigation was just the tip of the iceberg in terms of the potential commercial applications for this emerging technology.
Meet Intermap Technologies Corporation (TSX:IMP/OTC:ITMSF). Intermap’s aircraft, with patented dual-use sensors and processing technology, collect and fuse massive and disparate raw datasets into its commercial 3D geospatial library, called NEXTMap®.
Readers of The Market Herald may already be familiar with Intermap Technologies via it being featured in a recent November 2022 Issue of the Market Herald Thematica Report.
Intermap collects, processes and analyzes 3D terrain data from a wide range of sources, including radar, LiDAR and satellite imagery.
Intermap’s foundation maps have a lengthy list of applications for both government and commercial clients. The company’s latest success in commercializing its proprietary tech was just announced.
On January 30, 2023, Intermap released news of being awarded task orders from the U.S. Department of Defense, under a US$920 million defence spending initiative, part of the DoD’s JANUS Geography IDIQ contract.
JANUS is the primary vehicle to fund the creation and integration of geospatial intelligence for authoritative, seamless, worldwide datasets using traditional and non-traditional sources.
Intermap’s proprietary geospatial data processing technology would seem to be a custom fit for this role. The Company noted in the release that JANUS is structured as an IDIQ.
For investors not familiar with that acronym, it refers to indefinite delivery, indefinite quantity contracts, in other words, open-ended. With US$920 million of DoD funding in place, that’s a large target – and opportunity — for Intermap.
Patrick Blott, Chairman and CEO of Intermap, connected the dots for investors.
“Supporting the DOD’s mission to advance integrated precision warfare with rapid and precise intelligence is a privilege and strategic imperative for Intermap. These awards, and more like them, will drive our business forward by incorporating proprietary, commercial AI/ML capabilities that deliver timely GEOINT decision-making at a worldwide scale, on-demand, at the operating tempo of U.S. government intelligence agencies.”
Given the Company’s good ‘fit’ with the JANUS program, it may not surprise investors to learn that Intermap completed its first task order within 48 hours.
This will certainly encourage the DoD to award additional JANUS task orders to Intermap. Intermap noted in the release that task orders are expected to continue through 2023.
As previously noted, Intermap’s NEXTMap® elevation data is designed as a solution for numerous government and commercial applications.
In just the last 6 weeks, Intermap has announced additional contracts, including:
- A new flood-modelling initiative in Thailand (January 18, 2023)
- Assisting the government of Malaysia to help assess the causes of pollution in the Skudai River (January 4, 2023)
- A $1 million insurance subscription to provide risk analytics for flood and fire insurance, using Intermap’s proprietary InsitePro® analytics (December 22, 2022)
Just a week prior to that, Intermap announced a second contract with a leading Unmanned Traffic Management (UTM) provider to integrate NEXTView™ data, its aviation-specific elevation dataset, with an urban air mobility platform.
What industries/agencies can benefit from such high-resolution imagery combined with next-generation analytics?
Additional Intermap clients include:
- Colombian National Mapping Agency
- U.S. Geological Survey: Alaska Program
- U.S. National Geospatial-Intelligence Agency
- U.S. Air Force
- Multiple top-10 U.S. insurers
For investors worried about current market and economic conditions, Intermap Technologies is an attractive option. The (literal) “Big Picture” analytics that Intermap provides for its clients involves IT requirements that are generally totally independent of the business cycle.
Investors will also like the fact that many of Intermap’s applications have a SaaS structure. Translation: recurring revenue streams.
The Power of 3D.
Using Intermap’s proprietary dual-use sensors and data processing technology, the Company is positioned as a leading analytics provider for a large-and-growing list of government and commercial clients.
A glimpse of this growth potential was seen in Intermap’s Q3 2023 results. Year-to-date revenues increased by 64% from CAD$3.4 million to CAD$5.6 million.
In commercial sales, there was a 50% increase in subscription-based revenue, and the number of unique software subscribers increased by 14% y-o-y.
For tech investors looking for an investment with broad applications and strong growth potential, Intermap Technologies Corporation will be hard to resist.
DISCLOSURE: This is a paid article by The Market Herald.