Mr. Patrick Blott reports

INTERMAP ANNOUNCES 2023 RESULTS AND 2024 GUIDANCE

Intermap Technologies Corp. has released its 2023 financial results and 2024 guidance.

For the year ending Dec. 31, 2023, the company reported revenue of $6.2-million, compared with $6.8-million the previous year. Recurring and repeating software and solutions revenue grew to $4.2-million, 67 per cent of total revenue, compared with $3.4-million in 2022. A decline in acquisition revenue of $1.1-million was caused by a delay in the award of a significant government contract, which was subsequently announced in March, 2024, as well as the pandemic-related restrictions that remained across Southeast Asia until late 2023. U.S. government work was also delayed by the federal budget impasse. The company expects to begin collecting this revenue during 2024. Despite the contracting delays, Intermap's EPS (earnings per share) for 2023 improved to (10 cents) per share, compared with (16 cents) per share for the previous year.

Subsequent to year-end, Intermap announced the award of a material contract from the Indonesian government. This initial award includes an opportunity to repeat, with follow-on requirements to complete mapping the country during an additional four-year period. Work on this contract commenced in February, 2024. Including Indonesia, for the current year ending Dec. 31, 2024, the company projects total bookings in the range of $20-million to $25-million, with $16-million to $18-million in revenue and an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) margin of approximately 25 per cent.

"Our government and commercial businesses are off to a strong start in 2024," said Patrick A. Blott, Intermap chairman and chief executive officer. "We've recently announced major government wins, and we remain on track to extend our high-growth, high-margin services model to these large government accounts."

2023 notable commercial achievements include:

• Grew in core commercial market: won a $1-million multiyear renewal and increased multiple recurring subscriptions by 60 per cent to 350 per cent;
• Extended product offering: partnered with Twinn by Royal HaskoningDHV to provide additional natural hazard data for the global insurance industry;
• Expanded market reach: won multiyear contracts in Europe, exceeding $1.3-million, expanding software solution to incorporate risk, appraisal and pricing applications for global residential and commercial real estate;
• Entered new, fast-growing segments: won a new contract with a global spacecraft and communications operator to supply proprietary NEXTMap elevation data to improve simulation, regulatory compliance and global situational awareness. Revised a subscription with a leading autonomous aviation customer for NEXTView, the company's certified aviation specific elevation data set.

2023 notable government work includes:

• Won competitive government project in Singapore for water pollution monitoring;
• Secured and completed Intermap's first task orders under the U.S. Defense Department's Janus contract;
• Completed task orders for the Department of the Interior, Bureau of Indian Affairs dam inundations studies IDIQ (indefinite delivery, indefinite quantity) prime contract;
• Two-year subscription renewal by the State of California with an increase of 50 per cent for its NEXTMap elevation data;
• Contracted by the United States Geological Survey (USGS) to provide precision elevation data for NASA (National Aeronautics and Space Administration) moon landing simulations in preparation for the Artemis III mission;
• Showcased proprietary advanced AI/ML (artificial intelligence/machine learning) technology to the U.S. Department of Defense for next-generation, actionable, geo-precise co-ordinates.

Intermap's audited annual financial statements for the year ended Dec. 31, 2023, the annual management discussion and analysis for the corresponding period, related management certifications of annual filings, and its annual information form will be filed and available on SEDAR+ on April 2, 2024.

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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