04:34 PM EST, 11/14/2024 (MT Newswires) -- Intermap Technologies ( ITMSF ) up 14% to a 52-week high on Thursday, after market close said its swung to a third-quarter profit as revenue more than tripled and re-affirmed 2024 guidance.

The mapping-technologies company said it earned US$1.1 million, or US$0.02 per share, in the period, compared with a loss of US$0.8 million, or US$0.02, in the year-prior quarter.

Revenue rose to US$5.0 million from US$1.5 million. Within that, Acquisition Services revenue grew to US$2.9 million from nil as the company accelerated data collection for the Indonesian mapping program.

Intermap ( ITMSF ) also re-affirmed 2024 guidance of US$16 million to US$18 million in revenue with near 25% adjusted EBITDA margin.

Intermap ( ITMSF ) said it continues to execute on its Indonesia mapping program, leveraging AI/ML and other advanced proprietary technology. It noted that with recent advances in production processing automation combined with unmatched expertise and experience in feature extraction and radar interpretation, it completed the first 5,900+ map sheets at 1:5,000-scale in fewer than 3.5 months from day one of data acquisition

"Intermap ( ITMSF ) is building long-term, sustainable value for shareholders and executing our business strategy," said chief executive Patrick Blott. "We're deployed in Indonesia where we're leveraging specialized sensors, proprietary processing and advanced AI/ML technology to deliver mission-critical, strategic geospatial solutions. We look forward to a long-term, multi-faceted partnership with Indonesia."

The company's shares closed up $0.17 to $1.35 on the Toronto Stock Exchange.