Intermap Technologies (IMP) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 rose to $3.55M from $1.58M year-over-year, driven by a new Indonesian government contract and growth in international markets.

• Net income for Q2 2024 was $0.61M, a turnaround from a net loss of $1.05M in Q2 2023; six-month net loss improved to $0.23M from $1.86M.

• 80% of Q2 revenue was generated outside the US, up from 69% in the prior year.

• The company remains undercapitalized with a shareholders' deficit of $3.3M and negative working capital of $7.0M as of June 30, 2024.

Financial highlights

• Q2 2024 revenue: $3.55M (Q2 2023: $1.58M); six-month revenue: $5.23M (2023: $3.54M).

• Q2 2024 net income: $0.61M (Q2 2023: net loss $1.05M); six-month net loss: $0.23M (2023: $1.86M).

• Adjusted EBITDA for Q2 2024: $(0.9)M (Q2 2023: $(0.9)M); six-month Adjusted EBITDA: $1.3M (2023: $(0.4)M).

• Operating costs for Q2 2024: $2.71M (Q2 2023: $2.29M); six-month operating costs: $4.96M (2023: $4.72M).

• Cash at June 30, 2024: $0.53M (Dec 31, 2023: $0.68M); total assets: $6.03M; total liabilities: $9.33M.

Outlook and guidance

• Management expects to recognize about 60% of Indonesian contract revenue during Q2 and Q3 2024 as airborne data collection continues.

• The company anticipates meeting obligations through operations, contract milestone acceleration, partner advances, or equity issuance.

• Subsequent to Q2, a LIFE offering raised C$3.3M to support liquidity.