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First award from the leading private commercial spacecraft/launch/communications customer, supporting its LEO satellites
Endorsement of Intermap’s next-generation elevation data and 3D vectors to support high-growth digital twin and space vertical markets
Follows recent wins with USGS, National Geospatial-Intelligence Agency and U.S. Air Force to support defense and security verticals
Helping commercial and government customers improve situational awareness using highly precise 3D data as space infrastructure is upgraded for safety, suitability and new mission requirements
DENVER, Sept. 07, 2023 (GLOBE NEWSWIRE) — Following a successful competitive procurement, Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced a contract to supply its latest high-precision NEXTMap® elevation data to a global spacecraft/launch/communications operator to be used for simulation, regulatory compliance and global situational awareness, including ground station RF interference modeling. Intermap leverages its commercial archive of 3D geospatial data, the world’s largest, and proprietary AI/ML software and processing algorithms to empower its clients with critical as-a-service infrastructure they can easily use to solve various terrain, sub-surface and space-based applications.
The digital twin market for simulation modeling is expected to grow to US$110 billion by 2028, which is a 61% CAGR (source). Prior to this award, for the first half of the year, Intermap grew its monthly recurring revenue (MMR) by 12%, delivering its market leading 3D models through user-friendly, vertically focused data as-a-service solutions. Recurring revenue now accounts for approximately 80% of commercial revenue and 67% of total revenue, compared with Nil in 2017. The Company’s first and largest commercial vertical market, insurance, is experiencing rapid growth, supported by Intermap data, and driven by a 9.1% 2023 increase in rates, as natural catastrophes, climate change and war have led to insurers and re-insurers raising their written premiums.
Intermap’s seamless elevation models are increasingly needed by satellite operators around the world as terrestrial infrastructure and services are developed. Intermap’s NEXTMap digital elevation models, provisioned with market leading proprietary software and services, provide clients with consistent, uniform, accurate 3D information anywhere on Earth. For Intermap’s space industry customers, these new capabilities enable near real-time assessments of line of sight, field of view and RF transmission and interference for multiple prospective ground station locations.
“Not even rockets can launch today without precise 3D data. With this award, Intermap becomes a critical supplier for civil, defense and commercial customers in a rapidly expanding space and digital twin simulation industry,” said Patrick A. Blott, Intermap Chairman and CEO. “Our highly precise global 3D models and vertically targeted exploitation software will be instrumental in supporting the future of advanced insurance, communication, navigation and transportation.”
Intermap’s sensed elevation data is a non-synthetic 3D global product. The Company’s patented processing and seamless mosaics provide clients with key information that synthetic data fails to provide when creating precise digital twins for critical commercial, scientific and military applications. A rapid increase in Low Earth Orbit (LEO) satellites, especially those providing broadband internet connectivity, requires corresponding ground station infrastructure to control the satellites as well as relay the data being sent through them. Intermap’s models and supporting tools allow LEO constellation operators to quickly monitor, assess and report ground stations for performance, safety, suitability and regulatory compliance.
Intermap specializes in collecting, processing and delivering through software as-a-service, highly valuable and precise 3D elevation data, at scale, that is suitable for critical government and commercial purposes. High quality elevation data is becoming more critical with the number and frequency of satellites and spacecraft that are launched. The Company is currently supporting United States Geological Survey (facilitating NASA’s Artemis III moon landing simulations), National Geospatial-Intelligence Agency (facilitating low-latency 3D foundation data) and U.S. Air Force (facilitating PNT and alternative navigation). In 2018, Intermap’s elevation models, 3D vectors and exploitation tools were vital during the Thai soccer team cave rescue. The Company leveraged its archive to provide rapid situational awareness, connecting the terrain with below-ground cave patterns and identifying the best access points and drainage for drilling locations. As the space and digital twin industries grow, Intermap expects to continue facilitating modeling, simulation, signal propagation, site assessment, PNT, regulatory compliance and situational awareness for civil, defense and private sector customers as they upgrade their space infrastructure for safety, suitability and new mission requirements.
Intermap Reader Advisory
Certain information provided in this news release, including reference to revenue growth, 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; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation.