Intermap Technologies (IMP) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue rose to $3.6M from $1.6M year-over-year, driven by a new Indonesian government contract and international market growth.

• Net income for Q2 2024 was $0.61M, a turnaround from a net loss of $1.05M in Q2 2023.

• EBITDA for Q2 2024 was $0.9M, with operating income of $0.6M.

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

• Airborne platform began data collection for the Indonesian mapping program, supporting digital infrastructure.

Financial highlights

• Q2 2024 revenue: $3.6M (Q2 2023: $1.6M); 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: $0.9M (Q2 2023: $(0.9)M); six-month Adjusted EBITDA: $1.3M (2023: $(0.4)M).

• Cash and accounts receivable at quarter-end totaled $1.1M; total assets: $6.03M; total liabilities: $9.33M.

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

Outlook and guidance

• 2024 revenue projected at $16–18M, with adjusted EBITDA margin of approximately 25%.

• Management expects to recognize about 60% of Indonesian contract revenue during Q2 and Q3 2024.

• Recurring commercial business expected to grow at a CAGR of over 20% in coming years.

• 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.