Intermap Technologies (IMP) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was $10.6 million, down from $17.6 million in 2024, primarily due to delays and timing of milestone-based government contracts, not loss of existing business.

• Subscription and data revenue grew 29% to $5.2 million, now the largest revenue category at 49% of total revenue.

• Commercial recurring revenue expanded, now representing 60% of total revenue, up from 32% in 2024.

• Beta launch and adoption of AI-enabled Risk Assistant in insurance analytics, supporting growth in recurring revenue.

• Down-selected for all four lots in Indonesia’s World Bank-sponsored procurement, a potential $200 million opportunity.

Financial highlights

• Fourth quarter revenue was $1.6 million, down from $7.4 million in Q4 2024.

• Operating loss for 2025 was $6.9 million, compared to operating income of $2.5 million in 2024.

• Net loss was $6.7 million, versus net income of $2.5 million in 2024.

• Cash at year-end was $22.5 million, up from $400,000 in 2024; shareholders' equity rose to $24.6 million from $3.7 million.

• Current ratio improved to 5.2x at year-end 2025, from approximately 1x in 2024.

Outlook and guidance

• Reaffirmed 2026 guidance of $30–$35 million in revenue and a 28% EBITDA margin.

• Focused on converting a large government pipeline, especially in Southeast Asia, and expanding into new verticals and geographies.

• Malaysia flood mapping contract revenue expected in 2026.

• Management views government and commercial pipelines as strong, with improved liquidity and financial flexibility entering 2026.