Intermap Announces First Quarter 2025 Results
Intermap Technologies (ITMSF) reported strong Q1 2025 financial results with total revenue of $4.3 million, representing a 153% growth compared to Q1 2024. The company achieved a 28% pro-forma adjusted EBITDA margin and pro-forma net income of $833,000. Key revenue segments included Acquisition Services ($2.4M), Value-added Data ($514K), and Software and Solutions ($1.3M).
Notable achievements include selection for NGA's $200M Luno B IDIQ contract, progress in Indonesia's national mapping initiative, and new commercial partnerships. The company secured over $1.1M in insurance contracts and expanded partnerships with a global space infrastructure operator and a GPS-enabled golf technology provider. Intermap raised C$12M in February 2025 and confirmed its 2025 guidance of $30-35 million in revenue with a 28% EBITDA margin.
Intermap Technologies (ITMSF) ha riportato solidi risultati finanziari del primo trimestre 2025 con un fatturato totale di 4,3 milioni di dollari, segnando una crescita del 153% rispetto al primo trimestre 2024. L'azienda ha raggiunto un margine EBITDA rettificato pro-forma del 28% e un utile netto pro-forma di 833.000 dollari. I segmenti di ricavo principali sono stati i Servizi di Acquisizione (2,4 milioni di dollari), i Dati a Valore Aggiunto (514.000 dollari) e Software e Soluzioni (1,3 milioni di dollari).
Tra i risultati più rilevanti si annoverano la selezione per il contratto IDIQ Luno B da 200 milioni di dollari con la NGA, i progressi nell'iniziativa nazionale di mappatura in Indonesia e nuove partnership commerciali. L’azienda ha ottenuto contratti assicurativi per oltre 1,1 milioni di dollari e ha ampliato le collaborazioni con un operatore globale di infrastrutture spaziali e un fornitore di tecnologie golf con GPS. Intermap ha raccolto 12 milioni di dollari canadesi a febbraio 2025 e ha confermato la guidance 2025 con un fatturato previsto tra 30 e 35 milioni di dollari e un margine EBITDA del 28%.
Intermap Technologies (ITMSF) reportó sólidos resultados financieros del primer trimestre de 2025 con ingresos totales de 4,3 millones de dólares, lo que representa un crecimiento del 153% en comparación con el primer trimestre de 2024. La compañía logró un margen EBITDA ajustado proforma del 28% y un ingreso neto proforma de 833.000 dólares. Los segmentos clave de ingresos incluyeron Servicios de Adquisición (2,4 millones de dólares), Datos de Valor Añadido (514.000 dólares) y Software y Soluciones (1,3 millones de dólares).
Logros destacados incluyen la selección para el contrato IDIQ Luno B de 200 millones de dólares con NGA, avances en la iniciativa nacional de mapeo en Indonesia y nuevas alianzas comerciales. La empresa aseguró más de 1,1 millones de dólares en contratos de seguros y amplió asociaciones con un operador global de infraestructura espacial y un proveedor de tecnología de golf con GPS. Intermap recaudó 12 millones de dólares canadienses en febrero de 2025 y confirmó su guía para 2025 con ingresos entre 30 y 35 millones de dólares y un margen EBITDA del 28%.
Intermap Technologies(ITMSF)는 2025년 1분기 재무 실적에서 총 매출 430만 달러를 기록하며 2024년 1분기 대비 153% 성장을 달성했습니다. 회사는 프로포마 조정 EBITDA 마진 28%과 프로포마 순이익 83만 3천 달러를 기록했습니다. 주요 매출 부문은 인수 서비스(240만 달러), 부가가치 데이터(51만 4천 달러), 소프트웨어 및 솔루션(130만 달러)입니다.
주요 성과로는 NGA의 2억 달러 규모 Luno B IDIQ 계약 선정, 인도네시아 국가 지도 제작 사업 진전, 신규 상업적 파트너십 체결 등이 있습니다. 회사는 110만 달러 이상의 보험 계약을 확보하고, 글로벌 우주 인프라 운영자 및 GPS 기반 골프 기술 제공업체와의 파트너십을 확대했습니다. Intermap은 2025년 2월에 1,200만 캐나다 달러를 조달했으며 2025년 매출 3,000만~3,500만 달러, EBITDA 마진 28% 목표를 확인했습니다.
Intermap Technologies (ITMSF) a annoncé de solides résultats financiers pour le premier trimestre 2025 avec un chiffre d'affaires total de 4,3 millions de dollars, soit une croissance de 153% par rapport au premier trimestre 2024. La société a atteint une marge EBITDA ajustée pro-forma de 28% et un bénéfice net pro-forma de 833 000 dollars. Les principaux segments de revenus comprenaient les Services d’Acquisition (2,4 M$), les Données à Valeur Ajoutée (514 000 $) et les Logiciels et Solutions (1,3 M$).
Parmi les réalisations notables figurent la sélection pour le contrat IDIQ Luno B de 200 millions de dollars avec la NGA, les progrès dans l’initiative nationale de cartographie en Indonésie et de nouveaux partenariats commerciaux. La société a obtenu plus de 1,1 million de dollars en contrats d’assurance et a élargi ses partenariats avec un opérateur mondial d’infrastructures spatiales et un fournisseur de technologies de golf GPS. Intermap a levé 12 millions de dollars canadiens en février 2025 et a confirmé ses prévisions 2025 avec un chiffre d’affaires compris entre 30 et 35 millions de dollars et une marge EBITDA de 28%.
Intermap Technologies (ITMSF) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Gesamtumsatz von 4,3 Millionen US-Dollar, was einem Wachstum von 153% gegenüber dem ersten Quartal 2024 entspricht. Das Unternehmen erzielte eine pro-forma bereinigte EBITDA-Marge von 28% und einen pro-forma Nettogewinn von 833.000 US-Dollar. Wichtige Umsatzsegmente waren Acquisition Services (2,4 Mio. USD), Value-added Data (514.000 USD) und Software und Lösungen (1,3 Mio. USD).
Zu den bemerkenswerten Erfolgen zählen die Auswahl für den 200-Millionen-Dollar-Luno-B-IDIQ-Vertrag der NGA, Fortschritte bei der nationalen Kartierungsinitiative Indonesiens und neue kommerzielle Partnerschaften. Das Unternehmen sicherte sich über 1,1 Millionen US-Dollar an Versicherungsverträgen und erweiterte Partnerschaften mit einem globalen Betreiber von Weltrauminfrastrukturen sowie einem GPS-basierten Golftechnologieanbieter. Intermap sammelte im Februar 2025 12 Millionen kanadische Dollar ein und bestätigte seine Prognose für 2025 mit einem Umsatz von 30 bis 35 Millionen US-Dollar und einer EBITDA-Marge von 28%.
- 153% year-over-year revenue growth to $4.3M in Q1 2025
- Improved profitability with pro-forma net income of $833K vs $839K loss in Q1 2024
- Selected for NGA's $200M Luno B IDIQ contract, expanding total addressable opportunity to $500M
- Secured C$12M financing to support growth
- Strong cash position with $13.9M in cash, unbilled and A/R
- Confirmed positive 2025 guidance of $30-35M revenue with 28% EBITDA margin
- Incurred additional costs for permitting and currency adjustments in Indonesian operations
- Exposure to foreign currency risks in international operations
- Significant working capital investment required for government milestone payments
Company reports first quarter 2025 revenue growth of
Confirms projected 2025 revenue of
Conference call today at 5:00 pm ET to discuss results
DENVER, May 15, 2025 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial services and intelligence solutions, today announced first quarter 2025 results and affirmed 2025 guidance.
For the first quarter ending March 31, 2025
- Total revenue of
$4.3 million , compared with$1.7 million in the first quarter of 2024 - Acquisition Services revenue of
$2.4 million versus$478 thousand in the year-ago quarter - Value-added Data revenue of
$514 thousand versus$266 thousand in the year-ago quarter - Software and Solutions revenue of
$1.3 million , compared with$942 thousand in the first quarter of 2024 28% pro-forma adjusted EBITDA margin versus25% in the first quarter of 2024- Intermap invested to support permitting and pursuit costs on behalf of its partners for follow-on awards
- Pro-forma net income of
$833 thousand , compared with a net loss of$839 thousand in the first quarter of 2024 - Total assets of
$19.2 million versus$11.9 million on December 31, 2024 - Cash, unbilled and A/R totaled
$13.9 million versus$6.5 million on December 31, 2024
“We’re seeing strong momentum across our government and commercial segments,” said Patrick A. Blott, Intermap Chairman and CEO. “With multiyear partnerships, federal contracts and a strengthened balance sheet, we’re benefiting from growing customer confidence and positioning the Company for recurring revenue with long-term growth. We are pleased to affirm our 2025 guidance.”
Q1 Government Milestones
In the government sector, Intermap’s team, led by CACI, was selected as a vendor for the National Geospatial-Intelligence Agency’s
Intermap continued to execute Phase 1 of Indonesia’s national mapping initiative, delivering high-resolution 3D elevation and feature data exceeding specifications in a shorter timeframe than planned. The Company is pursuing follow-on awards under Phase 2 of the
As part of the Indonesian mapping program during the quarter, Intermap incurred charges for permitting, currency adjustment and working capital investment to support large government milestone payments, which were subsequently collected in April 2025, after the quarter end. In addition, Intermap incurred pursuit costs related to upcoming contracts. When the partner-related charges and pursuit costs are added back, pro-forma Adjusted EBITDA and earnings for the first quarter were
During the quarter, Intermap was down-selected after a competitive process for a new U.S. Defense Advanced Research Project (DARPA) program to support priority DARPA investments targeted to leverage Intermap’s unique commercial capabilities, commercialization expertise, proprietary internal research and development and growth capital support. This program extends Intermap’s own upgrade efforts and capital with sponsored access to additional government-funded, cutting-edge applied geospatial technologies, advanced research and development, next-generation geospatial products and emerging dual-use companies on contract with DARPA. The Company is currently working with multiple customers using Intermap data and technology for real-time terrain matching to power long-range autonomous systems. More information about this important award will follow as contracting is finalized.
Q1 Commercial Achievements
Intermap began 2025 with strong performance in its insurance business, securing over
During the first quarter, the Company significantly expanded its partnership with a major global space infrastructure operator, which has increased its investment in the Company’s high-precision 3D elevation data with Intermap’s NEXTMap® solution. This expansion supports the operator’s use of the data for radio frequency interference modeling and optimizing site selection across diverse geographies. In 2024, the operator acquired 10 times as many projects as the previous year, driving a 6.4x increase in revenue. Early 2025 projects are nearly three times larger than the average size in 2024, with points of presence growing rapidly, reflecting the growing scale of the initiative. This rapid expansion demonstrates the operator's growing reliance on Intermap's best-in-class data.
The Company also renewed its subscription partnership with a leading provider of GPS-enabled golf technology. Now entering its fourth year, the collaboration utilizes Intermap’s high-resolution 3D elevation data to map more than 40,000 golf courses globally, delivering immersive, real-time virtual experiences for golfers. This data powers advanced features such as swing metrics, ball flight analytics and detailed course visualizations—accessible from homes, backyards and practice ranges. Driven by strong user growth, the partnership is expanding to include a new generation of golf products built on Intermap’s proprietary terrain models, where Intermap is compensated alongside the customer for growing user data consumption. With
Q1 Financing
To fund growth, Intermap raised C
Outlook
Intermap confirms projected 2025 revenue of
Intermap does not provide quarterly guidance. The Company has tremendous installed capacity, providing a competitive advantage for speed of execution. Intermap’s customers are large global institutions and governments with long procurement and decision-making cycles. Intermap has the proven ability and track record to increase operational efficiency and tempo once under contract to meet aggressive timelines consistent with customer requirements.
Intermap will continue building recurring revenue by enabling customers to consume the world’s most precise GEOINT terrain data products at global scale, as-a-service, provisioned within seconds, consuming only the points they need, when and where they need them. While penetrating deeper into its targeted markets, Intermap is also enabling new users and new use-cases, and its financial results highlight the persistent recurring revenue and high growth embedded in this attractive business model.
Quarterly Filing
The Company’s consolidated financial statements for the quarter ended March 31, 2025, along with management’s discussion and analysis for the corresponding period and related management certifications for the first quarter financial results, will be filed on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at SEC.gov on May 15, 2025.
Adjusted EBITDA is a non-GAAP measure. The term earnings before interest, taxes, depreciation and amortization (EBITDA) consists of net loss and excludes interest (financing costs), taxes, and depreciation. Adjusted EBITDA also excludes share-based compensation, fair value adjustments and foreign currency translation. See “Reconciliation of Non-GAAP Measures” in Company’s Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at SEC.gov.
Conference Call Details
Intermap’s CEO Patrick A. Blott and CFO Jennifer Bakken will host a live webinar today, at 5:00 pm ET to review the results, provide Company updates and answer investor questions following the presentation.
Intermap invites shareholders, analysts, investors, media representatives and other stakeholders to attend the earnings webinar to discuss the first quarter of 2025 results.
| DATE | Thursday, May 15, 2025 |
| TIME | 5:00 pm ET |
| WEBCAST | Register |
Learn more about Intermap here.
Intermap Reader Advisory
Certain information provided in this news release, including reference to revenue growth, EBITDA margin, future contracting, constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast", “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation.
For more information, please visit www.intermap.com or contact:
Jennifer Bakken
Executive Vice President and CFO
CFO@intermap.com
+1 (303) 708-0955
Sean Peasgood
Investor Relations
Sean@SophicCapital.com
+1 (647) 260-9266
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