Intermap Technologies (IMP) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $3 million, down from $3.6 million in Q2 2024, mainly due to timing of payments in Indonesia and a commercial contract.

• Operating cash flow for Q2 2025 reached $2.1 million, reversing a $500K outflow in Q2 2024; first half 2025 operating cash flow up 22% year-over-year to $1.4 million.

• Liquidity improved to $8.6 million from $3.8 million in December, aided by a share issuance and settlement of non-recurring liabilities.

• The company is focused on a major upcoming Indonesia mapping program, expected to be 10x larger than current operations, with a draft RFP for 1.6M+ sq. km and favorable U.S.-Indonesia trade agreement.

• Commercial insurance business expanded, driven by AI/ML innovation and the launch of the Insurance Risk Assistant Subsystem (IRAS).

Financial highlights

• Total revenue for Q2 2025 was $3 million, with 84% generated outside the U.S.

• Operating cash flow for Q2 2025 was $2.1 million, compared to a $500K outflow in Q2 2024.

• Software and solutions revenue grew 6% year-over-year to $1.3 million, driven by insurance business expansion.

• Working capital improved to $3.6 million from a $600,000 deficit at year-end 2024.

• Total assets increased to $13.8 million from $11.9 million at year-end 2024.

Outlook and guidance

• 2025 revenue guidance reaffirmed at $30–35 million with an adjusted EBITDA margin of 28%.

• Guidance is supported by the draft RFP for Indonesia and ongoing U.S. government contract activity.

• Annual targets expected to be met, with risks tied to timing of government tenders and commercial adoption of new products.

• Anticipates increased U.S. government participation and potential new national mapping programs.

• Focused on delivering GEOINT products in mission-critical geographies and high-growth segments.