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Intermap Technologies Q1 loss widens 89.8% YOY

Intermap Technologies Corp. said its first-quarter normalized net income amounted to a loss of 58 cents per share, compared with a loss of 33 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.8 million, compared with a loss of $3.1 million in the year-earlier period.

Total revenue grew 50.4% on an annual basis to $1.4 million from $956,000, and total operating expenses declined 15.6% year over year to $4.1 million from $4.9 million.

Reported net income totaled a loss of $9.3 million, or a loss of 93 cents per share, compared to a loss of $4.9 million, or a loss of 53 cents per share, in the prior-year period.