Intermap Technologies (IMP) Q3 2025 earnings summary

Executive summary

• Achieved significant operational milestones, including rapid delivery of a 1:5,000 scale basemap in Indonesia using AI-driven automation and advanced GPU technology, and advancing Phase 2 of Indonesia's $200M One Map Program.

• Commercial revenue increased 37% year-over-year, driven by adoption of the AI Risk Assistant platform, especially in Europe.

• Major government program bids and contract pursuits advanced, including significant tenders in Indonesia and NOAA contracts in the U.S., with two major NOAA contracts announced with a combined ceiling of over $500 million.

• Expanding multiyear pipeline in U.S. defense and national security, with growth in DOD, DARPA, and NOAA programs and no funding reductions.

• Operations focus on geospatial intelligence and digital mapping solutions for diverse industries.

Financial highlights

• Q3 2025 revenue was $1.7 million, down from $5 million in Q3 2024, due to timing of government programs and U.S. shutdown; year-to-date revenue reached $9 million, compared to $10.2 million for the same period in 2024.

• Adjusted EBITDA was negative $1 million for the quarter, versus positive $1.6 million last year.

• Net loss was $1.5 million, compared to net income of $1.1 million in Q3 2024; nine-month net loss was $3.5 million compared to net income of $854,000 year-over-year.

• Operating cash flow year-to-date was $2 million, with quarter cash flow improving to negative $1.7 million from negative $2.3 million last year; cash at September 30, 2025 was $26.3 million, up from $445,000 at December 31, 2024.

• Shareholders' equity increased to $27.2 million as of September 30, 2025, up from $3.7 million at year-end 2024, driven by equity raises.

Outlook and guidance

• Annual revenue guidance reaffirmed at $30–35 million with a 28% adjusted EBITDA margin for 2025.

• Expects continued growth in insurance segment, driven by Elevation as a Service and analytic subscriptions, and is positioned in high-growth sectors: national security, risk management, and data modernization.

• Ample identified contracting opportunities to support guidance once customer decisions are finalized; timing of government contracts may shift due to funding delays and complex tender processes.