06:29 AM EDT, 04/03/2024 (MT Newswires) -- Intermap Technologies ( ITMSF ) , a global player in 3D geospatial products and intelligence services, overnight Tuesday reported full-year 2023 basic and diluted loss per share of US$0.10, improving from a loss of $0.16 per share in 2022.

Full-year 2023 revenue was $6.2 million, down from $6.8 million a year ago. Recurring and repeating software and solutions revenue grew to $4.2 million, 67% 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

Subsequent to year end, Intermap ( ITMSF ) 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 4-year period. Work on this contract commenced in February 2024. Including Indonesia, for the year ending Dec. 31, 2024, the company projects total bookings of between $20 million and $25 million, with $16 million to $18 million in revenue and an adjusted EBITDA margin of about 25%.

"Our government and commercial businesses are off to a strong start in 2024," said Patrick Blott, Intermap ( ITMSF ) chairman and CEO. "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."