Intermap Technologies (IMP) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $4.3 million, up 153% year-over-year, with 86% generated outside the U.S. and growth across all business areas.

• Pro forma net income was $833,000, reversing a net loss of $839,000 in Q1 2024; however, one report notes a net loss of $1.2 million due to higher costs and one-time charges.

• Secured over $1.1 million in new and renewed insurance contracts, expanded global partnerships, and executed key government contracts, notably in Indonesia.

• Closed major equity financings, raising $8.7 million (USD) and C$12 million to support working capital and contract execution.

• Registered as a foreign private issuer under the U.S. Securities and Exchange Act and progressed toward a senior U.S. exchange listing.

Financial highlights

• Revenue increased to $4.3 million from $1.7 million year-over-year, with acquisition services up 402% to $2.4 million.

• Software and data revenue grew 54% year-over-year; value-added data reached $510,000, and software/solutions $1.3–$1.4 million.

• Adjusted EBITDA margin was 28% pro forma, up from 25% in Q1 2024, but one report notes negative adjusted EBITDA due to one-time charges.

• Cash, unbilled AR, and receivables totaled $13.9 million, up from $6.5 million at December 31, 2024.

• Total assets rose to $19.2 million from $11.9 million at year-end 2024.

Outlook and guidance

• Reaffirmed 2025 guidance: revenue between $30 million and $35 million, with an adjusted EBITDA margin of ~28%.

• Strong growth prospects in Southeast Asia, North America, South America, and Europe, with focus on recurring revenue and global product expansion.

• Ongoing contract fulfillment and upsizing opportunities, especially in Indonesia.

• Management highlights material uncertainties about ability to continue as a going concern, dependent on new sales, contract execution, and/or additional financing.