Intermap Technologies (TSE:IMP) executives said delays in follow-on awards tied to Indonesia and U.S. government programs drove a sharp year-over-year revenue decline in 2025, even as the company reported strong growth in recurring commercial revenue and continued investment in technology and capacity.
2025 results shaped by timing of government awards
Chairman and CEO Patrick Blott said 2025 revenue totaled $10.6 million, down from $17.6 million in 2024. Fourth-quarter revenue was $1.6 million compared to $7.4 million in the fourth quarter of 2024. Blott attributed “essentially all” of the year-over-year decline to delays in follow-on awards for Indonesia and U.S. government programs, rather than erosion in existing work.
Financially, the operator reported an operating loss of $6.9 million for 2025 versus operating income of $2.5 million in 2024. Net loss was $6.7 million compared with net income of $2.5 million the prior year, with the change driven by lower revenue due to contract timing and higher fixed costs as the company invested in infrastructure and capacity to support expected growth in 2026.
Commercial business shifts further toward recurring subscription and data
Despite the government-related timing issues, Blott emphasized growth in the company’s commercial business, citing customer adoption of Intermap’s technology advances, including proprietary AI capabilities. Subscription and data revenue grew 29% year over year to $5.2 million, and Blott said that category is now the company’s largest. He later added that subscription and data revenue represented 49% of total revenue in 2025.
Blott highlighted traction in the Czech insurance market, where the company introduced a beta version of its AI-enabled “Risk Assistant.” He said eight leading insurers—representing more than 90% market share of the multi-peril market—adopted the platform, and he noted that Generali was already expanding its usage “throughout Europe.” Blott said Intermap’s “object-level evaluation” supports underwriting and reinsurance decisions “at scale and with automation,” and he estimated a $1.2 billion global addressable market given protection gaps.
In response to a question about growth drivers beyond insurance, Blott pointed to “large scale data problems” in areas such as autonomous navigation and communications, including signals monitoring and propagation. He said the company’s data, once limited to “high-side classified military data,” is increasingly being used commercially to “solve big problems” at scale.
Indonesia and U.S. government programs remain central near-term catalysts
Blott said Indonesia is moving through a World Bank-sponsored procurement process and that Intermap has been “down-selected across all four remaining lots,” which he described as representing a potential $200 million opportunity. Asked about the drivers behind delays, Blott said it is a “big program” involving the World Bank and “layers of decision-making and approvals,” adding that the process is “new” and that these factors are the main causes of the timing shift. He declined to comment on competitors.
On how “down-selection” should be interpreted, Blott said it effectively means “selection,” describing it as a standard term used in government procurements.
Blott also said the company was in “final contracting on several U.S. government programs” that had been delayed due to the federal budget process, characterizing them as funded programs with “strong visibility toward award.” Later in the Q&A, he added that the company is “in funded programs and we’re in contracting,” but said Intermap would provide details when agreements are finalized: “it’s gotta be inked.”
On Malaysia, Blott said the previously announced flood mapping award is part of “several awards under a program,” and he clarified that revenue from that work is expected in 2026: “That is 2026 revenue, all of it.”
Asked whether Indonesia is critical to winning other national mapping programs, Blott said the opportunities are “separate” and “not important at all” in a direct sense, though he stressed that “past performance matters everywhere,” particularly for large government programs. He said the Indonesia work, if secured, would extend Intermap’s past performance at a high specification that other governments may consider, but otherwise the programs are “not related at all.”
Balance sheet strengthened; investments made in capacity and compliance
Management highlighted a markedly stronger liquidity position at year-end. The operator said Intermap ended 2025 with $22.5 million in cash, up from $400,000 at the end of 2024, while shareholders’ equity rose to $24.6 million from $3.7 million. The current ratio improved to 5.2 times from about one time a year earlier, which the operator attributed to financings completed during the year and the timing of government program execution and related revenue recognition.
Blott said the company invested more than $1.8 million in technology upgrades, people, fixed assets, and capacity expansion, and spent $3.9 million to reduce liabilities and improve working capital and its credit profile. He also said that excluding currency fluctuations, working capital, and the fixed asset investment, cash flow from operations improved 30% year over year, and he described the business as operating at cash flow break-even while investing for growth.
Blott said the company upgraded its audit to the PCAOB standard and hired MNP to support a roadmap toward a Nasdaq up-listing and U.S. registration “at the appropriate time.” In response to a question on timing, he reiterated that up-listing is a strategic priority, but said valuation is a factor and the company will complete the process when the timing is right.
Guidance reaffirmed; priorities centered on converting pipeline
Blott said the company reaffirmed its guidance for $30 million to $35 million in revenue with a 28% EBITDA margin. He outlined priorities for the coming period, including converting government pipeline in Southeast Asia—“starting with Indonesia and Malaysia”—and converting contracts into task orders for U.S. Department of Defense and federal civilian customers. He also pointed to geographic expansion into South America and Europe, scaling subscription data and analytics revenue, and expanding into additional vertical markets tied to autonomous navigation and telecommunications.
On capital deployment, Blott said the company is aiming to allocate capital with discipline, including in partnership with previously announced DARPA programs that fund “dual-use geospatial technologies,” while also supporting internal growth initiatives and product development with a focus on “high-margin API-enabled recurring revenue.”
During the Q&A, Blott also addressed how the company views AI within its business, emphasizing that Intermap is “fundamentally a data company” and arguing that AI is an enabler rather than a competitive threat because “AI can’t create data” suitable for many of the company’s uses. He said Intermap uses AI across multiple work streams, has marketed and sold an “agentic AI product,” and focuses on improving “speed and accuracy” and on making data easier to consume, especially for non-expert users.
About Intermap Technologies (TSE:IMP)
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.
