Intermap Announces 46% Increase in Commercial Revenue During the Third Quarter
DENVER, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced third quarter results. For the period ending September 30, 2023, the Company reported revenue of $1.5 million, compared with $1.2 million for the third quarter of 2022 and $1.5 million in the second quarter of 2023.
- The improvement in Adjusted EBITDA is primarily attributable to a greater mix of highly scalable, as-a-service revenue and decreased net loss for both periods.
- Since the end of the quarter, cash on the balance sheet has risen from $265 thousand to $332 thousand.
- In the third quarter, Intermap won significant contracts across various markets.
- “Intermap is focused on prioritizing high-value opportunities for as-a-service revenue as well as successful execution of pending government contracts, which will drive revenue gains into the fourth quarter,” said Patrick A. Blott, Intermap Chairman and CEO.