Mr. Patrick Blott reports

INTERMAP ANNOUNCES $1 MILLION SUBSCRIPTION BY MAJOR INSURANCE CLIENT

Intermap Technologies Corp. has received a $1-million cornerstone multiyear renewal of its InsitePro insurance software. The new subscription is InsitePro's largest single contract to date and delivers a 130-per-cent increase in monthly recurring revenue (MRR) over the previous subscription. This growth correlates with increasing market demand for reliable data and tools to accurately measure and monetize climate risk and the business growth InsitePro delivers for its clients.

InsitePro is a software-as-a-service package that delivers property-specific underwriting analytics for flood insurance anywhere in the United States and Canada. InsitePro's subscription revenue has grown at a 15-per-cent compound annual growth rate since 2018, which corresponds with the growth of the U.S. private flood insurance market it predominantly serves. InsitePro has achieved its highest booking total in the first quarter of this year, surpassing the fourth quarter results in 2022. Additionally, the company has maintained a net annual revenue retention rate greater than 90 per cent for the eighth consecutive quarter. This renewal has resulted in a 13-per-cent increase in InsitePro's MRR since the end of 2022, providing a strong foundation for sustainable growth in 2023 and beyond.

"InsitePro is continuing its strong start in 2023, driven by a combination of increasing uninsured flood losses across the U.S. and a hard market providing an opportunity for global insurers to grow premium," said Patrick A. Blott, Intermap chairman and chief executive officer. "InsitePro delivers the necessary geospatial analytics to enable new entries into flood insurance and reliable growth for market incumbents. The ability to underwrite flood effectively, including risk selection and pricing, unlocks enormous potential premium for insurers and helps them provide a critical component of society's resilience to climate risk."

About Intermap Technologies Corp.

Founded in 1997 and headquartered in Denver, Colo., Intermap is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3-D 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, multisource data sets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap's 3-D 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 multisensor global elevation data, the company's collection and processing capabilities provide multisource 3-D data sets 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 defence, aviation and UAV (unmanned aerial vehicle) 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.

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