Ms. Jennifer Bakken reports

INTERMAP ANNOUNCES 46% INCREASE IN COMMERCIAL REVENUE DURING THE THIRD QUARTER

Intermap Technologies Corp. has released its 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.

Intermap recognized a 35% increase in subscription-based revenue year-over-year for the third quarter, driven by the expansion of its European insurance segment and growth in insurance software license values. Value-added data increased to $0.4 million in the third quarter of 2023, compared with $0.3 million in 2022. Due to timing effects, there was no government revenue recognized during the third quarter of 2023.

Intermap recognized a 46% increase in subscription revenue year-over-year. Software and solutions increased to $3.4 million for the first nine months, compared with $2.4 million in the same period in 2022. The Company remains focused on providing the world's best geospatial data in exploitation formats that fit growing commercial and government applications. The Company believes this model of building and selling useful points through data-as-a-service ensures that the best quality and currency of geospatial intelligence is available cost effectively to the broadest number of potential users. In the last year, customers using Intermap's tailored analytics called over 20 million data points characterizing peril risk to help them optimize their risk assessment and pricing. Notably, in the U.S., Intermap's InsitePro customers displayed remarkable performance following Tropical Storm Hilary, with some large California underwriters reporting no claims at all.

Reflecting the Company's positive operating leverage, loss for the third quarter improved to $(0.8) million, compared with $(1.9) million in 2022. Operating loss for the nine months ended September 30, 2023, improved to $(2.6) million, compared with $(3.8) million in 2022.

Adjusted EBITDA for the quarter was $(0.9) million, compared with $(1.6) million in 2022. 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. These include:

3D data exploitation agreement for space infrastructure with the leading private commercial space operator

New partnership with CAPE Analytics for property intelligence analytics

Contract with USGS to support NASA's moon landing simulations in preparation for the planned moon landing in 2024

Multiple InsitePro(TM) subscription upsells and early renewals with major insurance clients

Letter of intent with the Slovak Insurance Association to provide major Slovak insurers with a comprehensive flood risk solution

Contract to support a critical flood modeling project in Togo

Data contract for mining exploration in Ecuador

Intermap's insurance revenue continued to grow during the quarter with a major client renewing its subscription to InsitePro and another key customer increasing its multiyear subscription value by 36% to accommodate higher usage of the data and software.

"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. "Our commercial business continues to grow, particularly within our global insurance segment. We are anticipating an expansion of government programs as traditional funding priorities unfold following COVID."

The Company's consolidated financial statements for the quarter ended September 30, 2023, are available on SEDAR+ at www.sedarplus.ca. To learn more about Intermap, visit intermap.com/investors. Intermap Reader Advisory

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.

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