Intermap Technologies (IMP) Q4 2024 earnings summary

Executive summary

• Achieved $17.6 million in 2024 revenue, up 185% year-over-year, with adjusted EBITDA of $4.1 million and net income of $2.5 million, marking a significant turnaround from prior losses.

• Q4 2024 revenue was $7.4 million, up over 500% year-over-year, with $5.5 million from Indonesia.

• Major growth driven by execution of a $20 million Indonesian mapping contract and expansion in insurance, defense, and space-based communications verticals.

• Over 60 global insurance firms and 60+ government agencies now use the company's data, with multi-year contracts ensuring future revenue stability.

• Secured new contracts with the U.S. Air Force, NGA, Pentagon, and a major space-launch provider, expanding presence in government and commercial sectors.

Financial highlights

• 2024 revenue reached $17.6 million, up from $6.2 million in 2023; Q4 revenue was $7.4 million, up from $1.2 million in Q4 2023.

• Adjusted EBITDA margin reached 27% in Q4 and 23% for the full year; net income margin was 14% for 2024.

• Value-added data revenue grew 60% year-over-year to $3.1 million; software and solutions revenue declined 7% due to one-time 2023 fees.

• Total assets rose to $12.0 million at year-end, with cash, AR, and unbilled revenue totaling $6.5 million.

• Market capitalization now exceeds $75 million, and the shareholder base expanded to over 2,000.

Outlook and guidance

• 2025 revenue guidance is $30–$35 million with a 28% adjusted EBITDA margin, reflecting continued growth in Indonesia and other regions.

• Ongoing expansion in Southeast Asia, North and South America, and new opportunities in Europe and Asia.

• Focus on sustainable growth and market leadership, leveraging recent financing and contract wins.

• Margin expansion expected as operating leverage increases and capacity utilization rises.