Mr. Patrick Blott reports

INTERMAP ANNOUNCES 67% REVENUE GROWTH IN THE FIRST QUARTER

Intermap Technologies Corp. had 67-per-cent revenue growth in the first quarter. For the period ending March 31, 2023, the company reported revenue of $2-million, compared with $1.2-million for the fourth quarter of 2022 and $2-million for the first quarter of 2022. Software and solutions represented 64 per cent of total revenue as the company continues to grow its commercial business with recurring subscriptions and high margins.

Intermap's advanced technology and automation are driving scale and operating leverage, resulting in rising margins as volume increases. Contribution margins increased by more than 10 points during the first quarter of 2023. Cash and accounts receivable at March 31, 2023, improved to $2.2-million and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) improved to $500,000 for the quarter. Intermap projects total annual revenue for 2023 to be in the range of $8-million to $10-million, largely realized late in the calendar year due to contracting cycles and timing uncertainties related to COVID delays and recovery. The forecast excludes any potential new revenue from international government contracts, which could provide upside to projections.

"We are pleased to announce strong revenue growth for the first quarter and remain on track for a successful 2023," said Patrick A. Blott, Intermap chairman and chief executive officer. "We are winning new customers in government and commercial sectors, and we are increasing the size and length of contracts. With more than half of our revenue derived from multiyear software subscriptions, we have established a solid foundation for sustainable growth with high margins. Our advanced AI/ML technology and processing infrastructure allow us to deliver high-value, repeatable contracts."

Government revenue represented 23 per cent of total revenue for the first quarter, compared with 7 per cent in the first quarter of 2022. Intermap is currently collaborating with the U.S. Department of Defense and other allied national government agencies on critical strategic initiatives. Some continuing unclassified government work includes:

• Received first task order for the U.S. Department of the Interior IDIQ (indefinite delivery/indefinite quantity) prime contract for dam inundation analysis;
• Completed first task order under the U.S. Department of Defense Janus contract;
• Continuing work on prime contract with the U.S. Air Force Research Laboratory (AFRL) to support its GPS-denied navigation solutions;
• Selected by the U.S. Defense Department to present advanced artificial intelligence/machine learning processing technology to support the government with actionable, geo-precise data for situational awareness and planning processes.

Intermap's commercial business grew 20 per cent year-over-year, with a three-year compound annual growth rate of 16 per cent. The company's recurring revenue now represents 74 per cent of its overall commercial business. Intermap's year-to-date European insurance business represents 60 per cent of its total insurance business, driven by market expansion and increased functionality of its European product suite. Subscription size continues to grow in Europe and North America, driven by increased customer adoption and price increases. Some commercial highlights include:

• Multiple InsitePro subscription renewals and upsells with major U.S. insurance underwriters;
• Renewal with leading automated aviation company for NEXTView to support expansion of autonomous aviation operations across the United States;
• Growing European insurance solution with a new $1.3-million contract in Slovakia for flood data and analytics;
• Expanding European insurance solution to the Czech Republic real estate market for property valuation and risk assessment analytics;
• New flood modelling initiative in Thailand to support urban development and expansion in Bangkok;
• New contract with EDF Hydro to supply data for hydro projects in South America;
• Added two patents to expand portfolio of intellectual property and innovative solutions;
• New telecom data subscription contract with major Vietnamese telecom provider;
• New data subscription contract supporting agriculture management in Indonesia.

The company's consolidated financial statements for the quarter ended March 31, 2023, along with management's discussion and analysis for the corresponding period and related management certifications for first quarter financial results will be filed on SEDAR before May 15, 2023.

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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