Intermap Technologies Q4 2025 Earnings Report

Intermap Technologies EPS Results

• Actual EPS: -C$0.07
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Intermap Technologies Revenue Results

• Actual Revenue: $1.98 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Intermap Technologies Announcement Details

• Quarter: Q4 2025
• Date: 3/31/2026
• Time: After Market Closes
• Conference Call Date: Tuesday, March 31, 2026
• Conference Call Time: 5:00PM ET

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.

Intermap Technologies Q4 2025 Earnings Call Transcript

Key Takeaways

• Negative Sentiment: Revenue fell to $10.6M for 2025 (Q4 $1.6M) from $17.6M in 2024, and management attributes the decline primarily to timing delays in follow‑on Indonesia and U.S. government awards rather than contract losses.
• Positive Sentiment: Subscription and data revenue grew 29% to $5.2M (49% of total), driven by commercial adoption of AI-enabled products — notably the Risk Assistant, adopted by insurers representing >90% of the Czech multi‑peril market with expansion by Generali.
• Positive Sentiment: The company materially strengthened liquidity and governance, ending the year with $22.5M cash, shareholders' equity of $24.6M, a current ratio of 5.2x, an upgraded PCAOB audit, and an active roadmap toward a U.S. registration and Nasdaq uplist.
• Neutral Sentiment: Management reports a sizeable pipeline — down‑selected across all four Indonesia lots (a potential ~$200M opportunity) and near final contracting on funded U.S. programs — and affirmed guidance of $30–35M revenue with a 28% EBITDA margin despite timing uncertainty.

Presentation

[Sean Peasgood, President and CEO at Sophic Capital]

Before I pass the call to management, I wanna let everyone know you are in a listen-only mode. If you have a question, please enter them at any time in the question box at the bottom of the webinar, and we'll get to them at the end of the call. Certain information in this presentation constitutes forward-looking statements, including statements regarding revenue growth, conversion of government awards, timing of revenue recognition, expansion of recurring commercial revenue, capital deployment, and future operating performance. Forward-looking statements are identified by words such as anticipate, expect, project, estimate, forecast, continue, focus, will, and intend. These statements are based on current assumptions and involve risks and uncertainties, including availability of capital, revenue variability, timing and the structure of government contracts, customer concentration, economic conditions, competitive dynamics, technology risk, cybersecurity, and other factors described in Intermap's public filings.

[Sean Peasgood, President and CEO at Sophic Capital]

Actual results may differ materially. The company undertakes no obligation to update forward-looking statements except as required by law. With that out of the way, I'd like to pass the call to CEO Patrick Blott. Go ahead, Patrick.

[Patrick Blott, CEO at Intermap]

Thank you, Sean. Good afternoon, ladies and gentlemen, and welcome to Intermap's Financial Results Conference Call for the fourth quarter and full year 2025. I'm Patrick Blott, Chairman and CEO. Today, I'll provide highlights from the year, along with a business update and outlook. I'll then turn the call over to Jennifer to review our financial performance in more detail. Revenue was $10.6 million compared to $17.6 million in 2024. Fourth quarter revenue was $1.6 million compared to $7.4 million in the fourth quarter of 2024. As has been previously detailed, the decline in total revenue reflects delays with follow-on awards for Indonesia and U.S. government programs. Meanwhile, our commercial revenue grew strongly year-over-year, driven by customer adoption of our technology advances, including proprietary AI capabilities.

[Patrick Blott, CEO at Intermap]

In our Czech market, the beta introduction of the Risk Assistant saw eight leading insurers representing more than 90% market share of the multi-peril market adopt Intermap's AI-assisted risk platform, with major providers such as Generali already expanding their usage throughout Europe. Our precise object-level evaluation supports more informed underwriting and reinsurance decisions at scale and with automation. We estimate this to be a $1.2 billion addressable market globally, given the large protection gaps. Indonesia is progressing through a World Bank-sponsored procurement process, and we have been down-selected across all four remaining lots, representing a potential $200 million opportunity. Intermap has positioned itself through advances in its Commercial business and Technology as a leader in the technologies required to achieve data sovereignty, provenance, and custody objectives for governments as they increase focus on their national security. This is also happening in Indonesia.

[Patrick Blott, CEO at Intermap]

Governments around the world are worried about their sovereignty. They're worried about their data security. Intermap is one of a small number of contractors that has both past performance and an installed base where we can provide military-grade data with assurances. We are also in final contracting on several U.S. government programs that were delayed due to the federal budget process. These are funded programs where we have a strong visibility toward award. Similar to our proven commercial offerings, these data solutions offer assured position, navigation, and timing at scale with quality that is investment-grade and suitable for large-scale automated deployments. Together, these government delays account for essentially all of the year-over-year revenue decline. The business itself is stronger than ever. Subscription and data revenue grew 29% to $5.2 million and is now our largest revenue category.

[Patrick Blott, CEO at Intermap]

We invested significantly in the business with over $1.8 million in technology upgrades, people, fixed asset, and capacity expansion, and $3.9 million to reduce liabilities and improve our working capital position and credit profile, lowering our cost of capital. Excluding currency fluctuations, working capital, and the fixed asset investment, cash flow from operations improved 30% compared to last year. The business operated at cash flow break even while we invested in growth. We strengthened the balance sheet, ending the year with $22.5 million of cash and $24.6 million of shareholders' equity. We upgraded our audit to the more rigorous PCAOB standard and hired MNP to see Intermap through its roadmap towards an up-listing to the Nasdaq and a U.S. registration at the appropriate time.

[Patrick Blott, CEO at Intermap]

The underlying business is growing, scaling, and better positioned than any point in its history. We affirm our guidance of $30 million-$35 million revenue with a 28% EBITDA margin. With that, I'll turn the call over to Jennifer to walk through the financials in more detail. Jennifer?

[Jennifer Bakken, EVP of Finance and CFO at Intermap]

Thank you, Patrick. As a reminder, we report our financial results in U.S. dollars. As Patrick mentioned, revenue for 2025 was $10.6 million compared to $17.6 million in 2024. As we previously discussed, decline was entirely attributable to delays in the follow-on work on Indonesia and U.S. government programs rather than any loss of existing programs. Operating loss for the year was $6.9 million compared to operating income of $2.5 million in the prior year. Net loss was $6.7 million compared to net income of $2.5 million in 2024. The year-over-year change was primarily driven by lower revenue related to contract timing, along with increased fixed costs as we continue to invest in our infrastructure and capacity to support expected growth in 2026.

[Jennifer Bakken, EVP of Finance and CFO at Intermap]

Turning to the balance sheet, we ended the year with cash of $22.5 million, compared to $400,000 at the end of 2024. Shareholders' equity increased to $24.6 million, from $3.7 million over the same period. Our current ratio, which is defined as current assets divided by current liabilities, improved significantly to 5.2 times at year-end 2025, compared to approximately one time at the end of the prior year, reflecting the substantial strengthening of our balance sheet and capital structure. These improvements were driven by financings completed during the year as well as the timing of government program execution and related revenue recognition. Overall, we believe our improved liquidity and capital position provide a solid foundation to support our expected growth in 2026. I'll now turn the call back to Patrick.

[Patrick Blott, CEO at Intermap]

Thank you, Jennifer. We're on Slide five. The revenue mix shifted towards recurring and subscription data. Subscription and data revenue grew 29% to $5.2 million and represented 49% of total revenue. That growth was driven by expansion of our Insurance Analytic platform and broader enterprise adoption of our Subscription Offerings. While acquisition services declined due to the timing of large government programs, the overall business continues to shift towards recurring higher-margin subscription and data revenue. During the year, we made substantial progress across the business. We strengthened the balance sheet through financings completed in February and September. We advanced large government opportunities, including with Malaysia, Indonesia, and the U.S. government. We expanded our commercial insurance analytics platform. We deployed the AI-enabled Risk Assistant. We also completed infrastructure upgrades, including GPU capacity and security enhancements to support scalable delivery.

[Patrick Blott, CEO at Intermap]

In terms of priorities, we're focused on converting a large and growing government pipeline into contracted awards, particularly in Southeast Asia, starting with Indonesia and Malaysia. We're converting contracts into task orders for the U.S. Department of Defense and FedCiv customers, and we're expanding geographically into South America and Europe. We're scaling recurring subscription data and analytics revenue, leveraging the Risk Assistant framework to accelerate adoption, growing deeper into the market opportunity globally, expanding into additional vertical markets that leverage our military-grade technologies in autonomous navigation and telecommunications. We're allocating capital with discipline, both in partnership with previously announced DARPA programs that fund emerging dual-use geospatial technologies and while supporting key internal growth pursuits and product development with a focus on high-margin API-enabled recurring revenue. We're leveraging our strength and balance sheet to compete for larger, longer-duration programs.

[Patrick Blott, CEO at Intermap]

We're now ready to move to the Q&A section of the call, and I will pass the call back to Sean.

[Sean Peasgood, President and CEO at Sophic Capital]

Great. Thanks, Patrick. As a reminder, if you have a question, please put it in the Q&A tab at the bottom of your screen. First question. There are several questions on Indonesia. Do you have any color that you can share with respect to the drivers of the delays in the process? Looks like the technical component of the evaluation was completed last Thursday based on the publicly available schedule. How do you feel about the remaining milestones? Do you have any color on the competitors that cleared the technical component?

[Patrick Blott, CEO at Intermap]

Yeah. I've mostly shared as much as we can share, but I can say that, I mean, it's a big program for them and us, but it's a big program for them. It involves the World Bank, layers of decision-making and approvals, and a process that's new. It's, you know, that's the driver of the delays.

[Sean Peasgood, President and CEO at Sophic Capital]

Okay. You know, and then no comment on the competitive side of things at this point. You don't have that information or not able to comment?

[Patrick Blott, CEO at Intermap]

Yeah, yeah, we're not commenting on the competitive stuff.

[Sean Peasgood, President and CEO at Sophic Capital]

Okay. Yeah. If that's it on the Indonesia stuff, I think, you know, we really have limited things that we can talk about. On the Malaysia flood mapping contract, can you discuss if any revenue from Q4 was recognized from that contract? Any insight, further opportunities from that initial contract in Malaysia.

[Patrick Blott, CEO at Intermap]

Yeah, I mean, that is actually several awards under a program there, which we've announced, the award of one. That is 2026 revenue, all of it.

[Sean Peasgood, President and CEO at Sophic Capital]

Sorry, these questions are still coming in here. Can you speak about the uplist in the U.S.? Maybe just give everybody an update on that.

[Patrick Blott, CEO at Intermap]

Yeah, I've said before, I mean, it is a priority for the company. It is a strategic objective, and you know, and we're on a roadmap. There's a lot of things logistically that need to get done. A couple of big ones have occurred, including the foreign private issuer filings, the uplifted audit to the PCAOB standard. But the registrations and the up-listing, you know, are something that we're gonna get done. Valuation's a factor, so, you know, it's gonna get done at the appropriate time.

[Sean Peasgood, President and CEO at Sophic Capital]

Well, you can't talk about competitors. Do you still feel that Intermap is the only company in the world that meets the technical capability to take on the contract? I'm assuming the Indonesia one is what they're referencing.

[Patrick Blott, CEO at Intermap]

I believe that, and most certainly, that applies to the past performance.

[Sean Peasgood, President and CEO at Sophic Capital]

On the Commercial side, obviously there was a bunch of growth there. Can you talk about anything outside of Insurance? Are there other drivers other than Insurance in the commercial-

[Patrick Blott, CEO at Intermap]

Sure

[Sean Peasgood, President and CEO at Sophic Capital]

business that people should be looking at?

[Patrick Blott, CEO at Intermap]

Yeah, I mean, again, large scale data problems, right? We sell it similarly. The customers consume it in a very similar fashion, but they consume it for different use cases and but large scale data problems, particularly things like autonomous navigation, which is a big one, and also communications and signals monitoring, signals propagation, that's another big one. And so there's a variety of verticals that you know are benefiting greatly from the availability of what was once just you know high-side classified military data, and now it's being used to solve big problems and at scale. Where there's commercial big problems at scale, that's where our data may be a good fit.

[Sean Peasgood, President and CEO at Sophic Capital]

Next question. Given that AI companies seem to be eclipsing software companies these days, where and how do you characterize Intermap on the spectrum of software versus AI?

[Patrick Blott, CEO at Intermap]

Yeah, I mean, that's a good question. I was invited to a government-led conference for mostly a government audience just a couple of weeks ago, military and intelligence, where people are very focused on that and essentially leveraging the AI. Because from our perspective, where we use it, and we use it in about five different work streams at Intermap in terms of both product development and capability development, and then we market it. We have actually marketed and sold a product that is an agentic AI product. So we're pretty familiar with it. We've been working with machine learning and AI for a long time. We've had the GPUs in place for years now. 'Cause we have one of the largest commercial archives in the world, right?

[Patrick Blott, CEO at Intermap]

We have training data that's unmatched at global scale. This is a capability that isn't new to Intermap. But what's happening is it is making our people and our much more effective, and it's making our customers and the products that we sell them, you know, much more accurate. Speed and accuracy is where we focus, and AI's helping us move the football there. I mean, Intermap fundamentally is a data company, right? People are consuming points. The more points I sell, the more money we all make. People consume through various software, you know, features and if I can find ways to make points easier to consume, especially for non-expert users, I'm expanding my markets.

[Patrick Blott, CEO at Intermap]

AI for us is been a huge help in terms of adoption, especially with new data sets, as we try to get our customers to adopt more data and new data and integrate different data. AI has helped us do that. I think it's a good thing. That's where we, I mean, we do definitely have software coders, but the software coders are using it, and it's making them more effective and faster. We also have very strict, I mean, it's not a consumer, you know, quality AI. We're dealing with, again, mil-spec data and some government and strict requirements.

[Patrick Blott, CEO at Intermap]

Things are happening pursuant to rules, and they're happening in ways that are very closely monitored as well.

[Sean Peasgood, President and CEO at Sophic Capital]

Okay, great. I had a few people asking this, so just back to Indonesia. This question says, Indonesia had a fairly limited number of bidders to begin with, so what does down selection mean in this context? Maybe just, I don't know if you just described, you know, your term down selection, but I did have some other people ask me right after the news release went out.

[Patrick Blott, CEO at Intermap]

It's a great question 'cause it's a silly word. I mean, it means selection. How it became down-select, I'm not sure, but that's the universal term in government land, both in the U.S. and Canada and everywhere else. When you go through a process and you compete and you get selected, they call it down-selected.

[Sean Peasgood, President and CEO at Sophic Capital]

Right. Okay, great. Just on the pipeline, so on other national mapping programs, what does the pipeline look like? And are any of these opportunities looking like a 2026 contract timeline, or should we think about those in 2027?

[Patrick Blott, CEO at Intermap]

No, we didn't.

[Sean Peasgood, President and CEO at Sophic Capital]

How important is winning Indonesia to winning these further programs?

[Patrick Blott, CEO at Intermap]

They're separate. Not important at all, I would say, to the other programs. They are in Southeast Asia, but also in other areas of the world. There's a lot of activity going on. I think, you know, the answer to the question is yes, 2026, and they're correlated in the sense that past performance matters everywhere, right? Especially with larger programs. Nobody really wants to, especially in governments, which tend to be risk averse. They don't wanna take a flyer on providers that have never done it before when the dollars are large. They might take a flyer for small dollars, but for large dollars, they want past performance.

[Patrick Blott, CEO at Intermap]

Past performance matters and to that extent there's correlation there because the first phase of Indonesia extends Intermap's past performance at an extremely high specification that then you know a lot of people around the world look at. That's to that extent they're correlated, but otherwise they're not related at all.

[Sean Peasgood, President and CEO at Sophic Capital]

Okay, great. I do have a follow-up from the AI question. How likely are large AI companies to replicate Intermap's technology? What is your competitive advantage in this regard?

[Patrick Blott, CEO at Intermap]

Yeah. Again, I'll say it again, we're fundamentally a data company, so AI can't create data, and if it does create data, that's what we would call a synthetic. A synthetic data you know, you can't use for many things that our customers use data for. Like, you don't wanna fly an airplane with a synthetic data. It's not how we deliver and consume you know, we do try to make the consumption of our data as easy as possible, we use software to do that, and also we want to do it at scale, right? Think of 1,000 points of light. We want to be able to deliver data into automated systems. Our Insurance underwriters are pulling in excess of 5 million points a month. That's huge.

[Patrick Blott, CEO at Intermap]

No, a human can't do that, right? Like, a human can't look at a screen and underwrite risk at that scale. So, in order to consume the data, we take every advantage we can in terms of software, AI, whatever, that allows our customers to do their job in larger and larger ways. That also affects the military. You know, anybody can pick up the front page of any news recently and just see the evolution of targeting from looking for a bad dude in the war on terror, you know, 10 or 15 years ago to looking at literally hundreds concurrently in the current. It's all about scale, it's all about automation. We're right in the sweet spot of all of that. AI is our helper.

[Patrick Blott, CEO at Intermap]

It's not particularly a threat 'cause at the end of the day, we want people to consume as much data as possible.

[Sean Peasgood, President and CEO at Sophic Capital]

Great. Okay. Next couple questions on U.S. defense contracts. Have you got any traction on the key U.S. defense contracts? I know you mentioned it in your opening remarks, but any other comments there? Are you again on the pipeline there in the defense side, are there other opportunities that you haven't talked to that you're working on?

[Patrick Blott, CEO at Intermap]

We'll announce when we can. I mean, I can say this, we're in funded programs and we're in contracting, so you know, I have a pretty decent visibility and we'll announce as soon as we can, but it's gotta be inked.

[Sean Peasgood, President and CEO at Sophic Capital]

All right. This one on the World Bank. Does the World Bank have a timeline on when the allocated funds need to be spent?

[Patrick Blott, CEO at Intermap]

That is a very good question. It's above my pay grade. That is a government to government, Indonesia to World Bank.

[Sean Peasgood, President and CEO at Sophic Capital]

Right.

[Patrick Blott, CEO at Intermap]

It's not us.

[Sean Peasgood, President and CEO at Sophic Capital]

Okay. All right. I'm just looking here if there's anything else in here that we haven't hit on. Oh, how many aircraft are you currently operating, and how many do you have in your fleet?

[Patrick Blott, CEO at Intermap]

We're not disclosing that, but we have more than we need, and when it's not just aircraft.

[Sean Peasgood, President and CEO at Sophic Capital]

From the revenue guidance for 2026, can you talk to how much of Indonesia is reflected in that 2026 number?

[Patrick Blott, CEO at Intermap]

I mean, the way that we do it is we take a whole array of the pipeline, which is a factored pipeline, which is coming in from a whole bunch of different sales reps, focused on a whole bunch of different things. So it funnels through that and gets probability weighted and is basically a multi-pathway at the end of the day. Any one of, you know, Indonesia is published. It's a published budget. It's a published requirement. It's a published schedule. I don't have these numbers right in front of me, but 20%-30% up front of Indonesia is, you know, at least $40 million-$50 million the day the contract's signed.

[Patrick Blott, CEO at Intermap]

you know, like, pulling out any particular one is not the way that we do it, and I don't think it's the right way to do it.

[Sean Peasgood, President and CEO at Sophic Capital]

Assuming you won Indonesia would be conservative. Okay. I don't think there's any other questions, and if there are, people can email us if I've missed any. There are a lot in here, but a lot of them are just more on Indonesia, which we're not gonna comment on, or specific customers, which we're also not gonna comment on. I think with that, Patrick, I'm gonna pass it back to you for closing remarks.

Participants

Analysts

• Jennifer Bakken, EVP of Finance and CFO at Intermap
• Patrick Blott, CEO at Intermap
• Sean Peasgood, President and CEO at Sophic Capital