Intermap Technologies (ITMSF) revenue drops as it agrees C$11M PCI Geomatics acquisition
Rhea-AI Filing Summary
Intermap Technologies Corporation reported weaker results for the quarter and six months ended June 30, 2026. Q2 2026 revenue was $2.0 million, down from $3.0 million, and six‑month revenue was $3.4 million versus $7.3 million, primarily because Acquisition Services revenue from Indonesia fell to nil due to delayed follow‑on awards. Value‑added data revenue rose to $0.7 million in Q2 and $1.0 million year‑to‑date, while software and solutions revenue held around $1.3 million in Q2.
Operating loss widened to $2.0 million in Q2 and $4.8 million year‑to‑date, with net loss of $5.1 million for the first half and negative Adjusted EBITDA of $3.5 million, reflecting lower revenue, higher personnel costs and increased investment in aircraft, radar, processing and AI capabilities. Cash decreased to $16.2 million, total assets were $26.0 million, and shareholders’ equity was $17.6 million as the company repurchased share‑based awards and funded capex.
Intermap signed a definitive agreement to acquire PCI Geomatics, a privately held image‑processing company, for C$11 million in cash, expected to close by the end of Q3 2026, aiming to create a vertically integrated geospatial intelligence platform. The financial statements are prepared on a going concern basis, and management highlights a growing pipeline across government and commercial markets while acknowledging that timing of the Indonesia contract remains the key variable for 2026 results.
Positive
- Definitive agreement to acquire PCI Geomatics for C$11 million cash is expected to create a vertically integrated geospatial intelligence platform, expanding image processing, cloud-native microservices, APIs and edge-processing capabilities and broadening Intermap’s commercial offering.
- Value-added data revenue increased to $0.7 million in Q2 2026 from $0.3 million and to $1.0 million year-to-date from $0.8 million, reflecting stronger demand and timing of repeating data product deliveries.
- Software and solutions revenue and prepaid software revenue grew, with Q2 software and solutions revenue steady at $1.3 million and prepaid software revenue up 35%, supporting the company’s goal of expanding recurring commercial revenue.
Negative
- Total revenue declined sharply, from $3.0 million to $2.0 million in Q2 and from $7.3 million to $3.4 million year-to-date, driven by the complete absence of Acquisition Services revenue during the period.
- Losses and cash burn increased, with net loss widening to $5.1 million for the first half of 2026, Adjusted EBITDA at negative $3.5 million, and cash decreasing from $22.5 million to $16.2 million over six months.
- Heavy dependence on delayed Indonesia contract is impacting results, as the tendering delay reduced Acquisition Services revenue to nil and is cited as the principal variable affecting 2026 performance.
Filing Explained
At June 30, 2026, 73,781,696 shares were outstanding, alongside 1,238,787 RSUs and 604,918 warrants that could create further issuance.
As a Form 6-K interim report, this filing states that Intermap had
During the first six months,
The announced PCI Geomatics acquisition remained incomplete and subject to PCI shareholder approval and customary closing conditions; the filing presents completion as expected in the third quarter of 2026.
Key Figures
Key Terms
Adjusted EBITDA financial
contract asset financial
Level 3 fair value measurement financial
Omnibus Incentive Plan financial
going concern basis financial
Interferometric Synthetic Aperture Radar (IFSAR) technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Intermap Technologies (ITMSF) perform financially in Q2 2026?
What is driving the revenue decline at Intermap Technologies (ITMSF) in 2026?
What are the key details of Intermap Technologies’ acquisition of PCI Geomatics?
What is Intermap Technologies’ cash position and balance sheet strength as of June 30, 2026?
How are Intermap Technologies’ non-GAAP metrics like EBITDA and Adjusted EBITDA trending?
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Does Intermap Technologies mention any going concern issues in its 2026 interim report?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of August
Commission
File Number:
(Translation of registrant’s name into English)
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
DOCUMENTS FILED AS PART OF THIS FORM 6-K
| Exhibit | Description | |
| 99.1 | Condensed Consolidated Interim Financial Statements (unaudited) for the three and six months ended June 30, 2026 and 2025 | |
| 99.2 | Management’s Discussion and Analysis for the quarter ended June 30, 2026 | |
| 99.3 | Form 52-109F2 – Certification of Interim Filings (CEO) dated August 13, 2026 | |
| 99.4 | Form 52-109F2 – Certification of Interim Filings (CFO) dated August 13, 2026 | |
| 99.5 | New Release, dated August 13, 2026 | |
| 99.6 | Material Change Report, dated August 12, 2026 |
Exhibit 99.6 of this Report on Form 6-K is incorporated by reference into the registration statement on Form F-10 (File No. 333-290278) of the registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| INTERMAP TECHNOLOGIES CORP. | ||
| Date: August 13, 2026 | ||
| By: | /s/ Patrick A. Blott | |
| Name: | Patrick A. Blott | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
Condensed Consolidated Interim Financial Statements of
INTERMAP TECHNOLOGIES
CORPORATION
For the three and six months ended June 30, 2026 and 2025
(expressed in thousands of United States dollars, except for per share amounts)
(Unaudited)
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Financial Position
(In thousands of United States dollars)
(Unaudited)
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | $ | ||||||
| Amounts receivable (Note 17) | ||||||||
| Contract asset | ||||||||
| Prepaid expenses | ||||||||
| Prepaid expenses | ||||||||
| Property and equipment (Note 4) | ||||||||
| Intangible assets (Note 5) | ||||||||
| Right of use assets (Note 6) | ||||||||
| Investment (Note 7) | ||||||||
| Total assets | $ | $ | ||||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities (Note 8) | $ | $ | ||||||
| Loan payable (Note 9(a)) | ||||||||
| Lease obligations (Note 10) | ||||||||
| Contract liability | ||||||||
| Income taxes payable | ||||||||
| Defined benefit plan (Note 11) | ||||||||
| Long-term project financing (Note 9(b)) | ||||||||
| Loan payable (Note 9(a)) | ||||||||
| Contract liability | ||||||||
| Lease obligations (Note 10) | ||||||||
| Total liabilities | ||||||||
| Shareholders’ equity: | ||||||||
| Share capital (Note 14(a)) | ||||||||
| Warrants (Note 15) | ||||||||
| Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| Contributed surplus (Note 14(b)) | ||||||||
| Deficit | ( | ) | ( | ) | ||||
| Total shareholders’ equity | ||||||||
| Total liabilities and shareholders’ equity | $ | $ | ||||||
Subsequent event (Note 19)
See accompanying notes to condensed consolidated interim financial statements.
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Loss and Other Comprehensive Loss
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months | For the six months | |||||||||||||||
| ended June 30, | ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue (Note 12) | $ | $ | $ | $ | ||||||||||||
| Expenses: | ||||||||||||||||
| Operating costs (Note 13(a)) | ||||||||||||||||
| Depreciation of property and equipment (Note 4) | ||||||||||||||||
| Amortization of intangible assets (Note 5) | ||||||||||||||||
| Depreciation of right of use assets (Note 6) | ||||||||||||||||
| Operating loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Gain on derecognition of right of use assets | ||||||||||||||||
| Gain on extinguishment of debt (Note 9b) | ||||||||||||||||
| Gain on disposal of equipment | ( | ) | ( | ) | ||||||||||||
| Financing costs (Note 13(b)) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Financing income | ||||||||||||||||
| Loss on foreign currency | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Loss before income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net loss for the period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Other comprehensive income (loss): | ||||||||||||||||
| Items that are or may be reclassified subsequently to profit or loss: | ||||||||||||||||
| Foreign currency | ( | ) | ( | ) | ( | ) | ||||||||||
| Comprehensive loss for the period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Basic and diluted loss per share | $ | ) | $ | ) | $ | ) | $ | ) | ||||||||
| Weighted average number of Class A common shares - basic and diluted (Note 14(c)) | ||||||||||||||||
See accompanying notes to condensed consolidated interim financial statements.
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity
(In thousands of United States dollars)
(Unaudited)
| Share Capital | Warrants | Contributed Surplus | Accumulated Other Comprehensive Loss | Deficit | Total | |||||||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
| Comprehensive loss for the period | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||
| Private placement proceeds (Note 14(a)) | ||||||||||||||||||||||||
| Issuance costs | ( | ) | ( | ) | ||||||||||||||||||||
| Exercise of warrants | ( | ) | ||||||||||||||||||||||
| RSU and option cash surrender | ( | ) | ( | ) | ||||||||||||||||||||
| Balance at June 30, 2025 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
| Comprehensive income (loss) for the period | ( | ) | ( | ) | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||
| RSU settlement | ( | ) | ||||||||||||||||||||||
| Repurchase of share-based awards | ( | ) | ( | ) | ||||||||||||||||||||
| Value withheld for taxes on net settlement of RSUs | ( | ) | ( | ) | ||||||||||||||||||||
| Balance at June 30, 2026 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
See accompanying notes to condensed consolidated interim financial statements.
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Cash Flows
(In thousands of United States dollars)
(Unaudited)
| For the six months ended June 30, | 2026 | 2025 | ||||||
| Operating activities: | ||||||||
| Net loss for the period | $ | ( | ) | $ | ( | ) | ||
| Interest paid | ( | ) | ( | ) | ||||
| Income tax paid | ( | ) | ( | ) | ||||
| Adjustments for: | ||||||||
| Depreciation of property and equipment (Note 4) | ||||||||
| Amortization of intangible assets (Note 5) | ||||||||
| Depreciation of right of use assets (Note 6) | ||||||||
| Share-based compensation expense (Note 14(e)) | ||||||||
| Gain on derecognition of right of use assets | ( | ) | ( | ) | ||||
| Loss on disposal of equipment (Note 4) | ( | ) | ||||||
| Financing costs (Note 13(b)) | ||||||||
| Gain on extinguishment of debt | ( | ) | ||||||
| Unrealized loss (gain) on foreign currency translation | ( | ) | ||||||
| Change in defined benefit plan (Note 11) | ||||||||
| Changes in working capital: | ||||||||
| Amounts receivable | ||||||||
| Contract asset and prepaid expenses | ( | ) | ||||||
| Accounts payable and accrued liabilities | ( | ) | ( | ) | ||||
| Contract liability | ||||||||
| Cash flows (used in) provided by operating activities | ( | ) | ||||||
| Investing activities: | ||||||||
| Purchase of property and equipment | ( | ) | ( | ) | ||||
| Additions to intangible assets | ( | ) | ( | ) | ||||
| Cash flows used in investing activities | ( | ) | ( | ) | ||||
| Financing activities: | ||||||||
| Proceeds from private placement | ||||||||
| Issuance costs | ( | ) | ||||||
| Exercise of warrants | ||||||||
| Repurchase of share-based awards | ( | ) | ( | ) | ||||
| Payment of lease obligations | ( | ) | ( | ) | ||||
| Repayment of bank loan | ( | ) | ||||||
| Repayment of loan payable | ( | ) | ( | ) | ||||
| Repayment of government loans | ( | ) | ||||||
| Repayment of project financing | ( | ) | ||||||
| Cash flows (used in) provided by financing activities | ( | ) | ||||||
| Effect of foreign exchange on cash | ( | ) | ||||||
| (Decrease) Increase in cash | ( | ) | ||||||
| Cash, beginning of period | ||||||||
| Cash, end of period | $ | $ | ||||||
See accompanying notes to condensed consolidated interim financial statements.
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 1 |
| 1. | Reporting entity: |
Intermap Technologies ® Corporation (the “Company”) is incorporated under the laws of Alberta, Canada. The head office of Intermap is located at 385 Inverness Parkway, Suite 105, Englewood, Colorado, USA 80112. Its registered office is located at 734, 7th Avenue SW, Suite 604, Calgary, Alberta, Canada T2P 3P8.
Intermap is a global location-based geospatial intelligence company, creating a wide variety of geospatial solutions and analytics for its customers. Intermap’s geospatial solutions and analytics can be used in a wide range of applications including, but not limited to, location-based information, geospatial risk assessment, geographic information systems, engineering, utilities, global positioning systems maps, oil and gas, renewable energy, hydrology, environmental planning, wireless communications, transportation, advertising, and 3D visualization.
Intermap operationalizes artificial intelligence across its platform and workflows to improve speed, scale, accuracy assurance, processing efficiency and integration capabilities. The Company also produces AI within its proprietary framework to automate and accelerate geospatial workflows and support secure human-to-machine teaming across enterprise, government and defense applications. Intermap maintains strict control of proprietary and customer data within secure internal environments and does not use customer data within public large language models.
| 2. | Basis of preparation: |
| (a) | Statement of compliance: |
These condensed consolidated interim financial statements have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB) applicable to interim financial information, as outlined in International Accounting Standard (IAS) 34, “Interim Financial Reporting”.
The notes presented in these condensed consolidated interim financial statements include in general only significant changes and transactions occurring since the Company’s last year-end and are not fully inclusive of all disclosures required by IFRS® Accounting Standards as issued by the IASB for annual financial statements (IFRS Accounting Standards). These condensed consolidated interim financial statements should be read in conjunction with the annual audited consolidated financial statements, including the notes thereto, for the year ended December 31, 2025 (the “2025 Annual Consolidated Financial Statements”).
The policies applied in these condensed consolidated interim financial statements are based on IFRS Accounting Standards and effective as of August 13, 2026, the date the Board of Directors approved the issuance of the condensed consolidated interim financial statements.
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 2 |
| (b) | Measurement basis: |
The condensed consolidated interim financial statements have been prepared based on the historical cost, except for investment which is measured at fair value. Other measurement bases used are described in the applicable notes.
| (c) | Use of estimates and judgments: |
Preparing condensed consolidated interim financial statements in conformity with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the period. Actual results could differ from these estimates.
The significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those described in the 2025 Annual Consolidated Financial Statements.
| 3. | Summary of material accounting policies: |
These condensed consolidated interim financial statements have been prepared using the same accounting policies and methods that were used to prepare the Company’s 2025 Annual Consolidated Financial Statements.
Accounting Standards Issued But Not Yet Effective
A number of new standards, and amendments to standards and interpretations, are not yet effective for the three and six months ended June 30, 2026, and have not been early adopted in preparing these condensed consolidated interim financial statements.
In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements to improve reporting of financial performance. IFRS 18 replaces IAS 1 Presentation of Financial Statements. It carries forward many requirements from IAS 1. IFRS 18 applies to annual reporting periods beginning on or after January 1, 2027. Earlier application is permitted. The standard must be applied retrospectively with restatement of comparative information. The key new concepts introduced in IFRS 18 relate to: the structure of the statement of profit or loss; required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements; and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes. The Company is currently assessing the impact and efforts related to adopting IFRS 18. The Company expects the standard will primarily affect the presentation and disclosure of information within the condensed consolidated interim financial statements.
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 3 |
In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments. These amendments clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance targets); and update the disclosures for equity instruments designated at fair value through other comprehensive income. These amendments apply to annual reporting periods beginning on or after January 1, 2026. Earlier application is permitted and the amendments are to be applied retrospectively. The amendments had no material impact on the Company’s condensed consolidated interim financial statements.
Other accounting standards or amendments to existing accounting standards that have been issued but have future effective dates and are not expected to have a significant impact on the Company’s condensed consolidated interim financial statements.
| 4. | Property and equipment: |
| Aircraft and engines | Radar and mapping equipment | Furniture and fixtures | Leasehold improvements | Under construction | Total | |||||||||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Additions | ||||||||||||||||||||||||
| Depreciation | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Transfer | ( | ) | ||||||||||||||||||||||
| Balance at June 30, 2026 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Aircraft and engines | Radar and mapping equipment | Furniture and fixtures | Leasehold improvements | Under construction | Total | |||||||||||||||||||
| Cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Accumulated depreciation | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Accumulated depreciation | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Balance at June 30, 2026 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
During
the six months ended June 30, 2026, the Company purchased $
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 4 |
| 5. | Intangible assets: |
| Data library | ||||
| Balance at December 31, 2025 | $ | |||
| Additions | ||||
| Amortization | ( | ) | ||
| Balance at June 30, 2026 | $ | |||
| Data library | ||||
| Cost | ||||
| Accumulated amortization | ( | ) | ||
| Balance at December 31, 2025 | $ | |||
| Cost | ||||
| Accumulated amortization | ( | ) | ||
| Balance at June 30, 2026 | $ | |||
| 6. | Right of use assets: |
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Beginning Balance | $ | $ | ||||||
| Depreciation | ( | ) | ( | ) | ||||
| New leases | ||||||||
| Termination | ( | ) | ( | ) | ||||
| Ending Balance | $ | $ | ||||||
During
the six months ended June 30, 2026, the Company extended the current lease in the Colorado office by 38 months, terminated the lease
in Jakarta and extended it at a lower rate. The incremental borrowing rate used in the determination of the lease liability and the right
of use assets of the extended leases was
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 5 |
| 7. | Investment: |
The
Company has an investment in a privately held company over which the Company exercises no control or significant influence.
| 8. | Accounts payable and accrued liabilities: |
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Accounts payable | $ | $ | ||||||
| Accrued liablities | ||||||||
| VAT payable | ||||||||
| $ | $ | |||||||
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 6 |
| 9. | Financial liabilities: |
The following table provides a reconciliation of movements of liabilities to cash flows arising from financing activities and balances at June 30, 2026:
| Loan Payable | Project Financing | Lease Obligations (Note 10) | Total | |||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | $ | ||||||||||||
| Changes from financing activities: | ||||||||||||||||
| Repayment of loan payable | ( | ) | ( | ) | ||||||||||||
| Payment of lease obligations | ( | ) | ( | ) | ||||||||||||
| Payment of project financing | ( | ) | ( | ) | ||||||||||||
| Total changes from financing activities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Foreign exchange | ( | ) | ( | ) | ||||||||||||
| Other changes: | ||||||||||||||||
| Financing costs | ||||||||||||||||
| Interest paid | ( | ) | ( | ) | ( | ) | ||||||||||
| New loan | ||||||||||||||||
| Gain on extingusihment of debt | ( | ) | ( | ) | ||||||||||||
| New leases (Note 6) | ||||||||||||||||
| Adjustment (Note 6) | ( | ) | ( | ) | ||||||||||||
| Balance at June 30, 2026 | $ | $ | $ | $ | ||||||||||||
| Current | $ | $ | $ | |||||||||||||
| Long-term | $ | $ | $ | |||||||||||||
| (a) | Loan payable: |
During
2024, the Company executed two equipment financing loans to purchase $
| (b) | Project financing: |
Reimbursable
project development funds provided by a corporation designed to enable the development and commercialization of geomatics solutions in
Canada. The funding was repayable upon the completion of a specific development project and the first sale of any of the resulting product(s).
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 7 |
| 10. | Lease obligations: |
The following table presents the contractual undiscounted cash flows for lease obligations which require the following payments for each period ending June 30:
| 2027 | $ | |||
| 2028 | ||||
| 2029 | ||||
| 2030 | ||||
| 2031 | ||||
| $ |
The following table presents payments for lease obligations:
| For the three months | For the six months | |||||||||||||||
| ended June 30, | ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Principal payments | $ | $ | $ | $ | ||||||||||||
| Interest payments | ||||||||||||||||
| Short-term lease payments | ||||||||||||||||
| $ | $ | $ | $ | |||||||||||||
The
Company also has contractual undiscounted cash flows for short-term and low-value operating leases for equipment and maintenance that
are not on the statements of financial position which require payments of $
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 8 |
| 11. | Defined benefit plan: |
The
principal assumptions used in determining the defined benefit obligation for the year ended December 31, 2025 and June 30, 2026 are:
discount rate of
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Net benefit expense (recognized in profit or loss) | ||||||||
| Current service cost | $ | $ | ||||||
| Net interest on liabilities | ||||||||
| Net benefits expense | $ | $ | ||||||
| Changes in the present value of defined benefit obligations | ||||||||
| Defined benefit obligation beginning balance | $ | $ | ||||||
| Current service cost | ||||||||
| Net interest on liabilities | ||||||||
| Acturial loss | ||||||||
| Defined benefit obligation ending balance | $ | $ | ||||||
| 12. | Revenue: |
Details of revenue are as follows:
| For the three months | For the six months | |||||||||||||||
| ended June 30, | ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Acquisition services | $ | $ | $ | $ | ||||||||||||
| Value-added data | ||||||||||||||||
| Software and solutions | ||||||||||||||||
| $ | $ | $ | $ | |||||||||||||
| Primary geographical market | ||||||||||||||||
| United States | $ | $ | $ | $ | ||||||||||||
| Asia/Pacific | ||||||||||||||||
| Europe | ||||||||||||||||
| $ | $ | $ | $ | |||||||||||||
| Timing of revenue recognition | ||||||||||||||||
| Upon delivery | $ | $ | $ | $ | ||||||||||||
| Services overtime | ||||||||||||||||
| $ | $ | $ | $ | |||||||||||||
The
Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the expected benefit of those costs
is longer than one year. The Company determined that certain commissions paid to sales employees meet the requirement to be capitalized.
Total capitalized contract acquisition costs included in prepaid expenses and other assets to obtain contracts at June 30, 2026 was $
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 9 |
Changes in contract acquisition costs, included in prepaid expenses, are as follows:
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Contract acquisition costs, beginning of period | $ | $ | ||||||
| Additions | ||||||||
| Amortization | ( | ) | ( | ) | ||||
| Contract acquisition costs, end of period | $ | $ | ||||||
| 13. | Operating and non-operating costs: |
| (a) | Operating costs: |
| For the three months | For the six months | |||||||||||||||
| ended June 30, | ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Personnel | $ | $ | $ | $ | ||||||||||||
| Purchased services & materials(1) | ||||||||||||||||
| Travel | ||||||||||||||||
| Facilities and other expenses | ||||||||||||||||
| $ | $ | $ | $ | |||||||||||||
| (1) |
| (b) | Financing costs: |
| For the three months | For the six months | |||||||||||||||
| ended June 30, | ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Interest on loan payable | $ | $ | $ | $ | ||||||||||||
| Interest on lease obligations | ||||||||||||||||
| Interest on bank loan | ||||||||||||||||
| Interest on government loans | ||||||||||||||||
| Interest on accounts payable | ||||||||||||||||
| $ | $ | $ | $ | |||||||||||||
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 10 |
| 14. | Share capital: |
| (a) | Issued: |
| June 30, 2026 | December 31, 2025 | |||||||||||||||
| Number of | Number of | |||||||||||||||
| Class A common shares | Shares | Amount | Shares | Amount | ||||||||||||
| Balance, beginning of period: | $ | $ | ||||||||||||||
| Conversion of RSUs | ||||||||||||||||
| Private placement | ||||||||||||||||
| Issuance costs | ( | ) | ||||||||||||||
| Exercise of warrants | ||||||||||||||||
| Balance, end of period: | $ | $ | ||||||||||||||
During April 2026, the Company converted previously vested RSUs to Class A common shares. In connection with this conversion, RSUs were withheld and cancelled to satisfy withholding tax obligations.
During
the first quarter of 2026,
During
the fourth quarter of 2025, warrants were exercised for consideration of $
In
September 2025, the Company received gross proceeds of $ under the “bought deal” offering issuing a total of
Class A common shares at a price of C$. The Company recorded issuance costs of $, including
During
the third quarter of 2025, warrants were exercised for consideration of $
In
May 2025, warrants were exercised for consideration of $
In February 2025, the Company closed a “bought deal” Listed Issuer Financing Exemption offering and concurrent private placement issuing a total of Class A common shares at a price of C$ for aggregate gross proceeds of $. The Company recorded issuance costs of $, including warrants. The warrants were valued at $ using the Black-Scholes pricing model with the following main assumptions: share price - C$ - C$, volatility – %- %, risk free rate – %, dividend %.
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 11 |
| (b) | Contributed surplus: |
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Balance, beginning of period | $ | $ | ||||||
| Settlement of RSUs | ( | ) | ||||||
| Share-based compensation | ||||||||
| RSU and options surrenders | ( | ) | ( | ) | ||||
| RSUs withheld for tax payment | ( | ) | ||||||
| Balance, end of period | $ | $ | ||||||
| (c) | Earnings (loss) per share: |
The calculation of earnings (loss) per share is based on the weighted average number of Class A common shares outstanding. Where the impact of the exercise warrants is anti-dilutive, they are not included in the calculation of diluted loss per share. The Company has incurred a net loss for each period presented and the including of the outstanding warrants in the loss per share calculation are anti-dilutive and therefore not included in the calculation.
The underlying Class A common shares pertaining to restricted share units (RSUs), and outstanding warrants could potentially dilute earnings.
| (d) | Omnibus Incentive Plan: |
The Omnibus Incentive Plan (Omnibus Plan) was approved by the shareholders at the Annual General Meeting on March 15, 2018 and replaces the share option plan, the employee share compensation plan and the director’s share compensation plan, which provided for shares to be issued to employees and directors as compensation for services. The Omnibus Plan permits the issuance of options, stock appreciation rights, restricted share units and other share-based awards under one single plan.
The maximum number of common shares reserved under the Omnibus Plan was . Any common shares reserved under the predecessor share option plan related to awards that expire or forfeit will be rolled into the Omnibus Plan. At the Annual General Meeting on June 29, 2021, shareholders approved replenishment of Common Shares reserved for issuance under the Omnibus Plan. At the Annual General Meeting on June 29, 2023, shareholders approved replenishment of Common Shares reserved for issuance under the Omnibus Plan, for a total reserve of . As of June 30, 2026, share options (December 31, 2025 – ) and RSUs (December 31, 2025 – ) are issued and outstanding. In addition, Class A common shares were issued during 2018, Class A common shares were issued during 2020, shares were issued during 2021, and shares were issued during the first six months of 2026 under the plan, leaving awards remaining available for future issuance.
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 12 |
The following tables summarize information regarding RSUs outstanding:
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Number of | Number of | |||||||
| RSUs | RSUs | |||||||
| RSUs outstanding, beginning of year | ||||||||
| Issued | ||||||||
| Settled | ( | ) | ||||||
| Surrenders | ( | ) | ( | ) | ||||
| RSUs outstanding, end of period | ||||||||
During the six months ended June 30, 2026 and 2025, RSUs and , respectively, were issued. During the six months ended June 30, 2026, the Company recognized $ (six months ended June 30, 2025 – $) of non-cash compensation expense related to the RSUs.
During
the six months ended June 30, 2026, the Company surrendered vested RSUs through cash payments in lieu of issuing equity instruments
(June 30, 2025- ). The total cash paid to employees and directors for the surrender of vested awards during the six months ended
June 30, 2026 was $
| (e) | Share-based compensation expense: |
| For the three months | For the six months | |||||||||||||||
| ended June 30, | ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Employees | $ | $ | $ | $ | ||||||||||||
| Directors and advisors | ||||||||||||||||
| Non-cash compensation | $ | $ | $ | $ | ||||||||||||
| 15. | Class A common share purchase warrants: |
| Number of | Number of | |||||||||||||||||||||||||||||
| Warrants | Warrants | |||||||||||||||||||||||||||||
| Outstanding | Outstanding | |||||||||||||||||||||||||||||
| Exercise | December | June | ||||||||||||||||||||||||||||
| Grant Date | Expiry Date | Price | Granted | 31, 2025 | Issued | Expired | Exercised | 30, 2026 | ||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 13 |
| Non-Broker | Broker | Total | ||||||||||||||||||||||
| Number of | Number of | Number of | ||||||||||||||||||||||
| Warrants | Value | Warrants | Value | Warrants | Value | |||||||||||||||||||
| Balance at December 31, 2025 and June 30, 2026 | $ | $ | $ | |||||||||||||||||||||
Each warrant entitles its holder to purchase one Class A common share.
| 16. | Segmented information: |
The operations of the Company are in one industry segment: digital mapping and related services. Revenue by geographic segment is included in Note 12.
Property and equipment of the Company are located as follows:
| June 30, 2026 | December 31, 2025 | |||||||
| United States | $ | $ | ||||||
| Europe | ||||||||
| Asia/Pacific | ||||||||
| $ | $ | |||||||
A summary of sales to major customers that exceeded 10% of total sales during each period are as follows:
| For the three months | For the six months | |||||||||||||||
| ended June 30, | ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Customer A | $ | $ | $ | $ | ||||||||||||
| Customer B | ||||||||||||||||
| Customer C | ||||||||||||||||
| Customer D | ||||||||||||||||
| Customer E | ||||||||||||||||
| $ | $ | $ | $ | |||||||||||||
| 17. | Financial risk management: |
The Company has exposure to the following risks from its use of financial instruments: credit risk, market risk, liquidity risk, and capital risk. Management, the Board of Directors, and the Audit Committee monitor risk management activities and review the adequacy of such activities. There have been no significant changes to the Company’s risk management strategies since December 31, 2025.
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 14 |
Amounts receivable consist of:
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Trade receivables | $ | $ | ||||||
| Other miscellaneous receivables | ||||||||
| $ | $ | |||||||
Trade receivables by geography consist of:
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| United States | $ | $ | ||||||
| Europe | ||||||||
| Asia/Pacific | ||||||||
| $ | $ | |||||||
An aging of the Company’s trade receivables are as follows:
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Current | $ | $ | ||||||
| 31-60 days | ||||||||
| 61-90 days | ||||||||
| Over 91 days | ||||||||
| $ | $ | |||||||
The balance of the non-current amounts relates to recurring customers and are considered collectible.
| 18. | Fair values: |
Financial instruments recorded at fair value on the condensed consolidated interim statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
Level 1 – valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 – valuation techniques based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and;
Level 3 – valuation techniques using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
| INTERMAP TECHNOLOGIES CORPORATION Notes to Condensed Consolidated Interim Financial Statements (In thousands of United States dollars, except per share information) (Unaudited) For the three and six months ended June 30, 2026 and 2025 |
Page 15 |
The carrying values of cash, amounts receivable, accounts payable and accrued liabilities approximate fair values due to the short-term nature of these items. The Investment is a level 3 financial instrument as its fair value is estimated using unobservable inputs. During the reporting periods, there were no transfers between Level 1 and Level 2 fair value measurements.
| 19. | Subsequent Event: |
The
Company entered into a definitive arrangement agreement to acquire PCI Geomatics Group Inc. (PCI), a private company, subject to the
approval of PCI’s shareholders and the terms and conditions outlined in the arrangement agreement. Pursuant to the agreement, Intermap
will acquire all the issued and outstanding shares in the capital of PCI not already owned by Intermap by way of an arrangement under
the Canada Business Corporations Act. The Company will use C$
Exhibit 99.2
Management’s Discussion and Analysis
For the quarter ended June 30, 2026
For purposes of this discussion, “Intermap®” or the “Company” refers to Intermap Technologies® Corporation and its subsidiaries.
This management’s discussion and analysis (MD&A) is provided as of August 13, 2026 and should be read together with the Company’s unaudited Condensed Consolidated Interim Financial Statements and the accompanying notes for the three and six months ended June 30, 2026 and 2025 and the audited Consolidated Financial Statements as at December 31, 2025 and 2024, together with the accompanying notes. The results reported herein have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and, unless otherwise noted, are expressed in United States dollars.
The Condensed Consolidated Interim Financial Statements have been prepared on a going concern basis in accordance with IFRS as issued by the IASB. The going concern basis of presentation assumes the Company will continue to operate for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business.
The Condensed Consolidated Interim Financial Statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate. If the going concern basis were not appropriate for these financial statements, then adjustments would be necessary to the carrying amounts of assets and liabilities, the reported expenses and the classifications used in the statements of financial position.
Additional information relating to the Company, including the Company’s AIF, can be found on the Company’s website at www.intermap.com and on SEDAR+ at www.sedarplus.ca.
NON-GAAP MEASURES
This MD&A makes reference to certain non-GAAP measures such as “EBITDA” and “Adjusted EBITDA.” These non-GAAP measures are not recognized, defined or standardized measures under IFRS as issued by the IASB. The Company’s definition of EBITDA and Adjusted EBITDA will likely differ from that used by other companies and therefore comparability may be limited. EBITDA and Adjusted EBITDA should not be considered a substitute for or in isolation from measures prepared in accordance with GAAP. These non-GAAP measures should be read in conjunction with the Company’s audited Consolidated Financial Statements and the accompanying notes for the years ended December 31, 2025 and 2024. Readers should not place undue reliance on non-GAAP measures and should instead view them in conjunction with the most comparable GAAP financial measures. See the reconciliation of EBITDA and Adjusted EBITDA to the most comparable GAAP financial measure in the Reconciliation of Non-GAAP Measures section of this MD&A.
| 1 |
FORWARD-LOOKING STATEMENTS
In the interest of providing the shareholders and potential investors of Intermap Technologies® Corporation (“Intermap” or the “Company”) with information about the Company and its subsidiaries, including management’s assessment of Intermap’s and its subsidiaries’ future plans, operations and financing alternatives, certain statements and information provided in this MD&A constitute forward-looking statements or information (collectively, “forward-looking statements”). Forward-looking statements are typically identified by words such as “may”, “will”, “should”, “could”, “anticipate”, “expect”, “project”, “estimate”, “forecast”, “plan”, “intend”, “target”, “believe”, and similar expressions suggesting future outcomes, and includes statements that actions, events, or conditions “may,” “would,” “could,” or “will” be taken or occur in the future. These forward-looking statements may be based on assumptions that the Company believes to be reasonable based on the information available on the date such statements are made, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties, and other factors which may cause actual results, levels of activity, and achievements to differ materially from those expressed or implied by such statements. The forward-looking information contained in this MD&A is based on certain assumptions and analysis by management of the Company in light of its experience and perception of historical trends, current conditions and expected future development and other factors that it believes are appropriate.
Forward-looking information and statements in this MD&A include, but are not limited to the following:
| ● | increases in recurring revenue generated from multi-license contracts and software subscription renewal value increase; | |
| ● | based on historical experience, ongoing customer relationships, and current assessment of credit risk, management expects outstanding receivables to be collectable and continues to monitor receivables and applies credit loss methodologies in accordance with IFRS; | |
| ● | failure to achieve certain requirements could have a material adverse effect on the Company’s financial condition and/or results of operations. |
The material factors and assumptions used to develop the forward-looking statements herein include, but are not limited to, the following: (i) there will be adequate liquidity available to the Company to carry out its operations; (ii) payments on material contracts will occur within a reasonable period of time after contract completion; (iii) the continued sales success of Intermap’s products and services; (iv) the continued success of business development activities; (v) there will be no significant delays in the development and commercialization of the Company’s products; (vi) the Company will continue to maintain effective production and software development capabilities to compete on the attributes and cost of its products; (vii) there will be no significant reduction in the availability of qualified and cost-effective human resources; (viii) demand for geospatial related products and services will continue to grow in the foreseeable future; (ix) there will be no significant barriers to the integration of the Company’s products and services into customers’ applications; (x) the Company will be able to maintain compliance with applicable contractual and regulatory obligations and requirements, (xi) superior technologies/products do not develop that would render the Company’s current product offerings obsolete.
| 2 |
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, continued listing of its common shares on the Toronto Stock Exchange or equivalent exchange, 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, including but not limited to those risks and uncertainties discussed under the heading “Risk Factors” in the annual MD&A and the Company’s other filings with securities regulators.
The impact of any one risk, uncertainty, or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent, and the Company’s future course of action depends on Management’s assessment of all information available at the relevant time. Except to the extent required by law, the Company assumes no obligation to publicly update or revise any forward-looking statements made in this MD&A, whether as a result of new information, future events, or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on the Company’s behalf, are expressly qualified in their entirety by these cautionary statements.
BUSINESS OVERVIEW
Intermap is a global, dual-use geospatial intelligence company, creating a wide variety of solutions and analytics for its customers. Intermap is a premier worldwide provider of geospatial intelligence.
Intermap currently generates revenue from three primary business activities, composed of (i) data acquisition and collection, using proprietary radar sensor technologies to create proprietary datasets; (ii) value-added data products and services, which leverage the Company’s massive proprietary NEXTMap® database, together with proprietary software and fusion technologies, to create exquisite and proprietary data products; and (iii) commercial applications, including a web-store, software and solution sales, that integrate Intermap’s proprietary data products into solutions for targeted industries that rely on accurate high resolution geospatial intelligence.
These geospatial solutions are used in a wide range of applications including, but not limited to location-based information, thematic maps, risk assessment, geographic information systems (GIS), engineering, utilities, global positioning systems (GPS) navigation and timing, oil and gas, renewable energy, hydrology, environmental planning, land management, wireless communications, transportation, advertising, simulations, gaming, and 3D visualization.
Intermap has the ability to create its own digital 3D geospatial data using its proprietary multi-frequency radar mounted in Learjet aircraft and integrate that data with additional proprietary sources in its global library. Intermap’s radar-based technology allows it to collect data at any time of the day, including under conditions such as cloud and tree cover, or darkness, which are conditions that limit most competitive technologies. The Company’s various proprietary payloads also enable data to be collected over larger areas, at higher collection speeds, in an integrated and co-registered geolocated format, at accuracy levels that are difficult to achieve with competitive technologies or different platforms.
| 3 |
In addition to data collection, the Company is a world leader in data fusion, analytics, and orthorectification, and has decades of experience aggregating data derived from a number of different sensor technologies and data sources to create innovative GEOINT products. The Company processes raw digital elevation and image data from its own and other sources to create three high resolution geospatial data products that provide a ground-true foundation layer upon which accurate value-added products and services can be developed. The three high resolution data products include digital surface models (DSM), digital terrain models (DTM), and orthorectified radar images (ORI). These data products are further augmented with additional AI-enabled analysis and served to customers by web service as globally precise foundational layers in the creation of additional value-added products and solutions.
Unlike many geospatial companies, because of its unique acquisition and processing capability, Intermap retains exclusive ownership of its high resolution NEXTMap® commercial database, which covers the entire globe. Intermap’s NEXTMap database, together with third-party data and our in-house analytics team, provide a variety of applications and geospatial solutions for its customers. The NEXTMap database contains a fusion of proprietary multi-frequency radar imagery and data, including unique Interferometric Synthetic Aperture Radar (IFSAR)-derived data, proprietary data models, and purchased third-party data, collected from multiple commodity sensor technologies, such as light detection and ranging (LiDAR), photogrammetry, satellite, and other available sources. The NEXTMap database also includes proprietary information developed by our analytical teams such as 3D city models, census data, real-time traffic, 3D road vectors, outdoor advertising assets, various land classification and feature vectors, weather related hazards, points of interest and other attributes, cellular towers, flood models and wildfire models.
Intermap operationalizes artificial intelligence across its platform and workflows to improve speed, scale, accuracy assurance, processing efficiency and integration capabilities. The Company also productizes AI within its proprietary framework to automate and accelerate geospatial workflows and support secure human-to-machine teaming across enterprise, government and defense applications. Intermap maintains strict control of proprietary and customer data within secure internal environments and does not use customer data within public large language models.
The Company generates revenue by licensing its geospatial products using its proprietary data, analytics, and applications for specific industries.
| 4 |
FINANCIAL INFORMATION AND DISCUSSION OF OPERATIONS
The following table sets forth selected financial information for the periods indicated.
Selected Annual Information
| Three months ended | Six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| U.S. $ millions, except per share data | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenue: | ||||||||||||||||
| Acquisition services | $ | - | $ | 1.4 | $ | - | $ | 3.8 | ||||||||
| Value-added data | 0.7 | 0.3 | 1.0 | 0.8 | ||||||||||||
| Software and solutions | 1.3 | 1.3 | 2.4 | 2.7 | ||||||||||||
| Total revenue | $ | 2.0 | $ | 3.0 | $ | 3.4 | $ | 7.3 | ||||||||
| Operating loss | $ | (2.0 | ) | $ | (0.8 | ) | $ | (4.8 | ) | $ | (2.0 | ) | ||||
| Net loss | $ | (2.1 | ) | $ | (0.8 | ) | $ | (5.1 | ) | $ | (2.0 | ) | ||||
| EPS basic and diluted | $ | (0.03 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.04 | ) | ||||
| Adjusted EBITDA(1) | $ | (1.4 | ) | $ | (0.3 | ) | $ | (3.5 | ) | $ | (1.2 | ) | ||||
| Assets: | ||||||||||||||||
| Cash and amounts receivable | $ | 17.2 | $ | 8.6 | ||||||||||||
| Total assets | $ | 26.0 | $ | 13.8 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Long-term liabilities (including lease obligations) | $ | 2.8 | $ | 0.6 | ||||||||||||
| Total liabilities | $ | 8.3 | $ | 6.0 | ||||||||||||
Revenue
Quarterly Revenue
Consolidated revenue for the quarter ended June 30, 2026 was $2.0 million, compared to $3.0 million for 2025. Approximately 59% of consolidated revenue was generated outside the United States, compared to 84% for 2025.
Acquisition Services
Acquisition services revenue for the quarter ended June 30, 2026 totaled Nil, compared to $1.4 million for 2025. The decrease is due to the timing of percent complete revenue recognition and reflects delays in follow-on award contracting related to the Company’s performance on the acquisition services contract in Indonesia year over year.
Value-added Data
Value-added data revenue increased to $0.7 million for the quarter ended June 30, 2026 as compared to $0.3 million for 2025. The change relates to timing differences in the delivery of repeating data products.
Software and Solutions
Software and solutions revenue remained constant at $1.3 million for the quarters ended June 30, 2026 and 2025.
| 5 |
Year-to-date Revenue
On a year-to-date basis, consolidated revenue decreased to $3.4 million during the six months ended June 30, 2026 from $7.3 million for 2025. Approximately 66% of consolidated revenue was generated outside the United States, compared to 85% for 2025.
Acquisition Services
Acquisition services revenue for the six-month period ended June 30, 2026 totaled Nil, compared to $3.8 million for 2025. The decrease is due to the timing of percent complete revenue recognition and reflects delays in follow-on award contracting related to the Company’s performance on the acquisition services contract in Indonesia year over year.
Value-added Data
Value-added data revenue increased to $1.0 million for the six months ended June 30, 2026 as compared to $0.8 million for 2025. The change relates to timing differences in the delivery of repeating data products.
Software and Solutions
Software and solutions revenue decreased to $2.4 million from $2.7 million for the six months ended June 30, 2026 and 2025, respectively. The decrease was mainly due to the timing of overages.
Classification of Operating Costs
The composition of the operating costs on the Condensed Consolidated Interim Statements of Loss and Other Comprehensive Loss is as follows:
| For the three months | For the three months | |||||||||||||||
| ended June 30, | ended June 30, | |||||||||||||||
| U.S. $ millions | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Personnel | $ | 2.1 | $ | 1.8 | $ | 4.4 | $ | 4.1 | ||||||||
| Purchased services & materials | 1.1 | 1.2 | 2.3 | 3.8 | ||||||||||||
| Facilities and other expenses | 0.2 | 0.2 | 0.4 | 0.4 | ||||||||||||
| Travel | 0.1 | 0.2 | 0.2 | 0.3 | ||||||||||||
| $ | 3.5 | $ | 3.4 | $ | 7.3 | $ | 8.6 | |||||||||
Personnel
Personnel expense includes direct labor, employee compensation, employee benefits, and commissions. Personnel expense for the quarters ended June 30, 2026 and 2025 totaled $2.1 million and $1.8 million, respectively. For the six-month periods ended June 30, 2026 and 2025, personnel expense totaled $4.4 and $4.1 million, respectively. The increase is related primarily to a change in workforce mix for both periods.
Non-cash compensation expense is included in personnel costs and relates to the Company’s omnibus incentive plan and shares granted to employees and non-employees. Non-cash share-based compensation for the quarters ended June 30, 2026 and 2025, increased to $213 thousand from $29 thousand, respectively, due to the timing of award issuances. For the six-month period ended June 30, 2026 and 2025, non-cash compensation expense was $435 thousand and $72 thousand, respectively.
| 6 |
Purchased Services and Materials
Purchased services and materials (PS&M) includes (i) aircraft and radar related costs, including jet fuel; (ii) insurance, professional and consulting costs; (iii) third-party support services related to the collection, processing and editing of the Company’s airborne radar data collection activities; (iv) third-party data collection activities (i.e., LiDAR, satellite imagery, air photo, etc.); and (v) third-party software expenses (including maintenance and support).
For the quarters ended June 30, 2026, and 2025, PS&M expense was $1.1 million and $1.2 million, respectively. For the six-month periods ended June 30, 2026 and 2025, PS&M expense was $2.3 million and $3.8 million, respectively. The decrease is due to the timing of subcontractor and other project related costs for a data acquisition project in 2025, without a comparable project in 2026.
Facilities and Other Expenses
For the quarters ended June 30, 2026 and 2025, facilities and other expenses remained constant at $0.2 million for both periods. For the six-month period ended June 30, 2026 and 2025, facilities and other expenses remained consistent at $0.4 million.
Travel
For the quarters ended June 30, 2026, travel expense decreased to $0.1 million from $0.2 million for 2025. For the six-month period ended June 30, 2026 and 2025, travel expense was $0.2 million and $0.3 million, respectively. The decrease is mainly due to the timing of travel costs for a data acquisition project in 2025.
Net Loss
For the quarter ended June 30, 2026, net loss was $2.1 million compared to net loss of $0.8 million for the quarter ended June 30, 2025. The difference relates primarily to decreased revenue year-over-year from a contract delay and increased fixed costs in anticipation of growth. For the six-month period ending June 30, 2026, net loss was $5.1 million compared to $2.0 million in 2025. The change related mainly to headcount expansion, currency effects and additional start-up costs for purchased services in anticipation of growth related to Indonesia.
Reconciliation of Non-GAAP Measures
To supplement the Condensed Consolidated Interim Financial Statements, which are prepared and presented in accordance with GAAP, the Company provides the following non-GAAP financial measures: EBITDA and Adjusted EBITDA, as EBITDA and Adjusted EBITDA are included as a supplemental disclosure because Management believes that such measurement provides a additional information of the Company’s operations on a continuing basis by eliminating certain non-cash and non-operating charges.
The term Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) consists of net loss and excludes interest (financing costs), taxes, amortization and depreciation. Adjusted EBITDA also excludes share-based compensation and foreign currency translation.
The most directly comparable measure to EBITDA and Adjusted EBITDA calculated in accordance with IFRS as issued by the IASB is net loss. The following is a reconciliation of the Company’s net loss to Adjusted EBITDA.
| 7 |
| Three months ended | Six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| U.S. $ millions | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net loss | $ | (2.1 | ) | $ | (0.8 | ) | $ | (5.1 | ) | $ | (2.0 | ) | ||||
| Financing costs | - | 0.1 | - | 0.1 | ||||||||||||
| Interest income | (0.1 | ) | - | (0.2 | ) | - | ||||||||||
| Amortization of intangible assets | 0.1 | - | 0.2 | 0.1 | ||||||||||||
| Depreciation of property and equipment | 0.2 | 0.2 | 0.4 | 0.3 | ||||||||||||
| Depreciation of right of use assets | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
| EBITDA | $ | (1.8 | ) | $ | (0.4 | ) | $ | (4.5 | ) | $ | (1.3 | ) | ||||
| Share-based compensation | 0.2 | 0.1 | 0.4 | 0.1 | ||||||||||||
| Loss on foreign currency translation | 0.3 | - | 0.7 | - | ||||||||||||
| Gain on extinguishment of debt | (0.1 | ) | - | (0.1 | ) | - | ||||||||||
| Adjusted EBITDA | $ | (1.4 | ) | $ | (0.3 | ) | $ | (3.5 | ) | $ | (1.2 | ) | ||||
EBITDA for the quarter ended June 30, 2026 fell to negative $1.8 million (six-months ended June 30, 2026 – negative $4.5 million) compared to negative $0.4 million the prior year (six-months ended June 30, 2025 – negative $1.3 million) as the Company invested to expand its contracts in Southeast Asia. Adjusted EBITDA for the quarter ended June 30, 2026 was negative $1.4 million (six-months ended June 30, 2026 – negative $3.5 million), compared to negative $0.3 million for 2025 (six-months ended June 30, 2025 – negative $1.2 million). The decrease in both is related mainly to decreased revenue year-over-year from a contract delay and increased fixed costs in anticipation of growth.
Financing costs
Financing costs for the quarters and six-month periods ended June 30, 2026 and 2025 were Nil and $0.1 million, respectively.
Financing income
Interest income for the quarters ended June 30, 2026 and 2025 totaled $0.1 million and Nil, respectively. Interest income for the six-month period ended June 30, 2026 and 2025 totaled $0.2 million and Nil, respectively.
Amortization of Intangible Assets
Amortization expense of intangible assets for the quarters ended June 30, 2026 and 2025 was $0.1 million and Nil, respectively. For the six-month period ended June 30, 2026 and 2025, amortization expense of intangible assets increased to $0.2 million compared to $0.1 million.
Depreciation of Property and Equipment
Depreciation expense for property and equipment for the quarters ended June 30, 2026 and 2025 remained constant at $0.2 million. For the six-month period ended June 30, 2026 and 2025, depreciation expense was $0.4 million and $0.3 million, respectively. The increase was mainly due to placing $1.3 million of aircraft and radar equipment additions into service at the end of 2025 in anticipation of future contracts.
Depreciation of Right of Use Assets
Depreciation expense for right of use assets for the quarters ended June 30, 2026 and 2025 was consistent at $0.1 million. For the six months ended June 30, 2026 and 2025, depreciation of right of use assets was consistent at $0.2 million.
| 8 |
Loss on Foreign Currency Translation
Loss on foreign currency translation costs for the quarters ended June 30, 2026 and 2025 was $0.3 million and Nil, respectively. For the six months ended June 30, 2026 and 2025, loss on foreign currency translation costs was $0.7 million and Nil, respectively. The increase in the loss relates primarily to the strengthening of the United States dollar compared to the Canadian dollar.
Gain on Extinguishment of Debt
Gain on extinguishment of debt for the quarters and six-month periods ended June 30, 2026 and 2025 were $0.1 million and Nil, respectively. During April 2026, the Company entered into a settlement agreement with the lender of reimbursable project development funds to extinguish its project financing loan. Under the terms of the agreement, the Company paid a cash settlement of $44 thousand for the full and final settlement of the outstanding obligation of $175 thousand. The difference is the gain on the extinguishment of debt.
Amounts Receivable and Contract Asset
Work is performed on contracts that provide invoicing upon the completion of identified contract milestones. Revenue on certain of
these acquisition services contracts is recognized over time based on the ratio of costs incurred to date over the estimated total costs
to complete the contract. While an effort is made to align payments on contracts with work performed, the completion of milestones does
not always coincide with the costs incurred on a contract, resulting in revenue being recognized in excess of billings. These amounts
are recorded in the consolidated statements of financial position as contract asset.
Amounts receivable and contract asset decreased to $1.2 million at June 30, 2026 from $2.1 million at December 31, 2025. The Company reviews the amounts receivable aging monthly and monitors the payment status of each invoice to determine the collectability. At the statement of financial position date, Nil has been reserved as uncollectible as all trade receivable balances greater than 30 days are highly likely to be paid in full by the customer.
Property and Equipment
Property and equipment is a significant portion of the company’s total assets, including aircraft and engines, radar and mapping equipment, furniture and fixtures, leasehold improvements and assets under construction. For the six-months ended June 30, 2026, the Company purchased $1.7 million (June 30, 2025 - $0.2 million) in property and equipment, of which approximately $1.1 million was purchased for cash and $0.6 million was financed.
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities generally include trade payables, project-related accruals and personnel-related costs. Accounts payable and accrued liabilities decreased to $2.1 million at June 30, 2026 from $2.3 million at December 31, 2025.
| June 30, | December 31, | |||||||
| U.S. $ millions | 2026 | 2025 | ||||||
| Accounts payable | $ | 1.3 | $ | 1.5 | ||||
| Accrued liablities | 0.8 | 0.7 | ||||||
| VAT payable | - | 0.1 | ||||||
| $ | 2.1 | $ | 2.3 | |||||
| 9 |
Loan Payable
The loan payable balance increased to $1.7 million at June 30, 2026 from $1.2 million at December 31, 2025 due to a new loan of $0.6 million. The loan balance consists of four equipment financing loans with a technology financing company to purchase new computer equipment and maintenance support. Payments are $10 thousand per month for two will be paid in full by November 2027, $22 thousand per month that will be paid in full by October 2030, and $12 thousand per month that will be paid in full by June 2031.
Contract Liability
The contract liability balance at June 30, 2026 increased to $3.5 million from $2.6 million at December 31, 2025. This balance consists of payments received from customers for contracts that are in progress and have not yet fulfilled the necessary revenue recognition criteria. At June 30, 2026, 88% of the total balance is related to software and solutions license revenue (86% at December 31, 2025), in which the license fee is paid upfront for the term of the license. The balance relates to the collection of milestone billings on value added data contracts.
QUARTERLY FINANCIAL INFORMATION
Selected Quarterly Information
The following table sets forth selected quarterly financial information for Intermap’s eight most recent fiscal quarters. This
information is unaudited, but reflects all adjustments of a normal, recurring nature that are, in the opinion of management, necessary
to present a fair statement of Intermap’s consolidated results of operations for the periods presented. Quarter-to-quarter comparisons
of Intermap’s financial results are not necessarily meaningful and should not be relied on as an indication of future performance.
For much of the last eight quarters, the Company was severely undercapitalized and self-financed the advancement of high-growth opportunities in Southeast Asia, with the US government and throughout Europe.
| U.S. $ millions, except per | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||||||||||||||||||||||||
| share data | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2026 | 2026 | ||||||||||||||||||||||||
| Total revenue | $ | 5.0 | $ | 7.4 | $ | 4.3 | $ | 3.0 | $ | 1.7 | $ | 1.6 | $ | 1.4 | $ | 2.0 | ||||||||||||||||
| Depreciation | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | ||||||||||||||||
| Financing costs | $ | 0.1 | $ | - | $ | - | $ | 0.1 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
| Operating income (loss) | $ | 1.2 | $ | 1.5 | $ | (1.2 | ) | $ | (0.8 | ) | $ | (1.4 | ) | $ | (3.5 | ) | $ | (2.8 | ) | $ | (2.0 | ) | ||||||||||
| Net income (loss) | $ | 1.1 | $ | 1.5 | $ | (1.2 | ) | $ | (0.8 | ) | $ | (1.5 | ) | $ | (3.2 | ) | $ | (3.0 | ) | $ | (2.1 | ) | ||||||||||
| Net loss per share | ||||||||||||||||||||||||||||||||
| - basic | $ | 0.02 | $ | 0.04 | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.03 | ) | ||||||||||
| - diluted | $ | 0.02 | $ | 0.04 | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.03 | ) | ||||||||||
| Adjusted EBITDA(1) | $ | 1.6 | $ | 2.0 | $ | (0.9 | ) | $ | (0.3 | ) | $ | (1.0 | ) | $ | (3.1 | ) | $ | (2.1 | ) | $ | (1.4 | ) | ||||||||||
| (1) | Adjusted EBITDA is a non-GAAP measure. See “Reconciliation of Non-GAAP Measures” above. |
The revenue, operating income and net income declines are driven by the extended tendering period of the delay Indonesia contract and increased fixed costs in anticipation of growth.
| 10 |
LIQUIDITY AND CAPITAL RESOURCES
Management continually assesses liquidity in terms of the ability to generate sufficient cash flow to fund the business. Net cash flow is affected by the following items: (i) operating activities, including the level of trade receivables, contract asset, accounts payable, accrued liabilities and contract liability; (ii) investing activities, including the purchase of property and equipment; and (iii) financing activities, including debt financing and the issuance of capital stock.
Operating Activities
During the six-month ended June 30, 2026, cash used in operations was $1.6 million compared to cash provided by operations of $1.4 million during the same period in 2025. At June 30, 2026, the Company has shareholders’ equity of $17.7 million.
Investing Activities
Net cash used in investing activities totaled $1.5 million and $0.3 million for the six-month periods ended June 30, 2026 and 2025, respectively. For both periods, the balance related to the purchase of equipment to build the data archive, processing capabilities, sensor and platform development and software assets.
Financing Activities
Net cash used in financing activities totaled $2.6 million for the six-month period ended June 30, 2026, as compared to net cash provided by financing activities of $5.9 million during the same period in 2025. The net cash used during the six months ended June 30, 2026 resulted from purchase of share-based awards of $2.3 million, payments of lease obligations of $0.2 million, and repayment of loans $0.1 million. The net cash provided during the six months ended June 30, 2025 resulted from proceeds from a “bought deal” Listed Issuer Financing Exemption offering and concurrent private placement of $8.7 million and the exercise of warrants of $0.1 million, offset by cash paid for settlement of share-based awards of $1.8 million, issuance costs of $0.8 million, payments of lease obligations of $0.2 million, and repayment of loans $0.1 million.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Intermap’s material accounting policies are set out in Note 3 of the Condensed Consolidated Interim Financial Statements. The Condensed Consolidated Interim Financial Statements have been prepared in accordance with International Accounting Standard 34 as issued by the International Accounting Standards Board. Certain of these accounting policies, as well as estimates made by management in applying such policies, are recognized as critical because they require management to make subjective or complex judgements about matters that are inherently uncertain. As detailed in Intermap’s Annual MD&A, these critical accounting estimates relate to: depreciation and amortization rates, accounts receivables, share-based compensation, government loans, revenue and impairment. For additional details, see Note 2 of the Condensed Consolidated Interim Financial Statements.
| 11 |
Revenue Recognition
Revenue is recognized when a customer obtains control of the goods or services. Determining the timing of the transfer of control, at a point in time or over time, requires judgement.
Acquisition Service Contracts
Revenue from acquisition service contracts is recognized over time based on the ratio of costs incurred to estimated total contract costs. The use of this method of measuring progress towards complete satisfaction of the performance obligations requires estimates to determine the cost to complete each contract. These estimates are reviewed monthly and adjusted as necessary. Provisions for estimated losses, if any, are recognized in the period in which the loss is determined. Invoices are issued according to contractual terms and are usually payable within 30 days. Revenue recognized in advance of billings are presented as contract assets.
Data Licenses
Revenue from the sale of data licenses in the ordinary course of business is measured at the fair value of the consideration received or receivable. Customers obtain control of data products upon receipt of a physical hard drive or download of the data from a web link provided. Invoices are generated, and revenue is recognized at that point in time. Invoices are generally paid within 30 days.
Software Subscriptions
Software subscriptions are paid at the beginning of the license term. Revenue is recognized over time, and payments for future months of service are recognized in contract liability. While the license agreements are for a fixed term, some agreements also contain a limited number of clicks or uses. If the limit is reached prior to the end of the term, the license ends early.
OFF-BALANCE SHEET ARRANGEMENTS
As at August 13, 2026 and June 30, 2026, the Company has no material undisclosed off-balance sheet arrangements that have or are reasonably likely to have, a current or future effect on our results of operations, financial condition, revenues or expenses, liquidity, capital expenditures or capital resources.
OUTSTANDING SHARE DATA
The Company’s authorized capital consists of an unlimited number of Class A common shares without par value and an unlimited number of Class A participating preferred shares without par value. At the close of business on August 13, 2026, 73,781,696 Class A common shares were issued and outstanding. There are currently no Class A participating preferred shares issued and outstanding.
As of August 13, 2026, potential dilutive securities include (i) 1,238,787 restricted share units, and (ii) 604,918 warrants outstanding with a weighted average exercise price of US$2.16. Each option and warrant entitles the holder to purchase one Class A common share. The following warrants expire on the dates listed below:
| ● | 18,000 warrants expire on February 20, 2027; |
| 12 |
| ● | 11,872 warrants expire on March 7, 2027; and |
| ● | 575,046 warrants expire on September 29, 2027. |
Other than as listed above, the Company does not currently have any material financial instruments which can be converted into additional common shares.
INTERNAL CONTROLS AND DISCLOSURE CONTROLS AND PROCEDURES
Internal Control Over Financial Reporting
The Company’s Chairman and Chief Executive Officer and the Company’s Chief Financial Officer have designed, or have caused
to be designed under their supervision, internal control over financial reporting as defined under National Instrument 52-109 –
Certification of Disclosure in Issuer’s Annual and Interim Filings, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.
Changes in Internal Control Over Financial Reporting
There have been no significant changes in the design of internal control over financial reporting that occurred during the period beginning January 1, 2026 and ending on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
Disclosure Controls and Procedures
The Company’s Chairman and Chief Executive Officer and the Company’s Chief Financial Officer have designed, or have caused
to be designed under their supervision, disclosure controls and procedures to provide reasonable assurance that material information
relating to the Company has been made known to them and that information required to be disclosed in the Company’s annual filings,
interim filings or other reports filed by it or submitted by it under securities legislation is recorded, processed, summarized and reported
within the time periods specified by applicable securities legislation.
RISKS AND UNCERTAINTIES
The risks and uncertainties relating to the business and affairs of the Company are described in the Company’s 2025 Annual Report and the Annual Information Form.
Additional Information
Additional risk factors may be detailed in the Company’s Annual Information Form, which can be found on the Company’s website at www.intermap.com and on SEDAR+ at www.sedarplus.ca.
| 13 |
Exhibit 99.3
FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATE
I, Patrick A. Blott, Chairman and Chief Executive Officer of Intermap Technologies Corporation, certify the following:
1. Review: I have reviewed the interim financial statements and interim MD&A (together, the “interim filings”) of Intermap Technologies Corporation (the “issuer”) for the interim period ended June 30, 2026.
2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
| a. | designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that |
| i. | material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and |
| ii. | information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| b. | designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. |
5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework (COSO Framework) published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
5.2 N/A
5.3 N/A
6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
| Date: August 13, 2026 | |
| (signed) “Patrick A. Blott” | |
| Patrick A. Blott | |
| Chairman and Chief Executive Officer |
Exhibit 99.4
FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATE
I, Jennifer S. Bakken, Executive Vice President Finance and Chief Financial Officer of Intermap Technologies Corporation, certify the following:
1. Review: I have reviewed the interim financial statements and interim MD&A (together, the “interim filings”) of Intermap Technologies Corporation (the “issuer”) for the interim period ended June 30, 2026.
2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
| a. | designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that |
| i. | material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and |
| ii. | information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| b. | designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. |
5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework (COSO Framework) published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
5.2 N/A
5.3 N/A
6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
| Date: August 13, 2026 | |
| (signed) “Jennifer S. Bakken” | |
| Jennifer S. Bakken | |
| Executive Vice President Finance | |
| and Chief Financial Officer |
Exhibit 99.5
Intermap Reports Second Quarter 2026 Results
Announced definitive agreement to acquire PCI Geomatics, creating a vertically integrated geospatial intelligence platform, scheduled to close in Q3 2026
Value-added Data revenue more than doubled while Software and Solutions prepaid revenue grew 35%
Conference call today at 5:00 pm ET to discuss results and provide a business update
DENVER, August 13, 2026 – Intermap Technologies, (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”) a global leader in geospatial intelligence powered by proprietary 3D data and AI-driven analytics, today reported second quarter 2026 financial results and continued execution of its long-term growth strategy, including the acquisition of PCI Geomatics.
Following the quarter, Intermap announced a definitive agreement to acquire PCI Geomatics, a global leader in satellite and aerial image processing technology. The acquisition expands Intermap’s geospatial intelligence platform, with industry-leading image processing, cloud-native micro services, APIs and edge-processing capabilities that support more than 500 satellites and thousands of production workflows. The transaction is expected to close by the end of September 2026, subject to PCI shareholder approval and customary closing conditions.
“During the second quarter, Intermap took an important strategic step with the announcement of our acquisition of PCI Geomatics,” said Patrick A. Blott, Chairman and Chief Executive Officer of Intermap Technologies. “The transaction combines commercial leaders in elevation and image processing, leveraging our data and AI platform in the commercial space segment, while expanding product breadth with distributed edge-enabled micro services.”
“We continued investing in our people, technology and infrastructure to support government and commercial growth,” Mr. Blott continued. “Acquisition Services revenue reflected timing of follow-on contract awards in Indonesia, which remain delayed, impacting year on year comparisons. However, Intermap confirmed to the Indonesian government its ongoing commitment to a successful program and international tendering process, which enjoys active support and engagement from the World Bank.”
Business Highlights
● Announced a definitive agreement to acquire PCI Geomatics, creating a vertically integrated geospatial intelligence platform spanning data collection, image processing, orthorectification, 3D DEM terrain intelligence and AI-powered analytics
● Expanded Intermap’s commercial offering with PCI’s satellite and aerial image processing technologies, cloud-native microservices, APIs and edge-processing capabilities
● Grew commercial risk business with the addition of property valuation and multi-peril analytics, adopted by eight specialty line insurers within the Czech insurance association
● Continued investing in personnel, aircraft, radar systems and processing capabilities to support national-scale government programs and commercial growth
● Advanced government opportunities across Southeast Asia, North America, South America and the Middle East, while supporting follow-on opportunities in Indonesia
● Continued expanding commercial applications built on Intermap’s proprietary 3D data foundation, including AI-powered insurance analytics, automated orthorectification and enterprise geospatial intelligence solutions
Financial Highlights
Revenue for the second quarter was $2.0 million compared with $3.0 million in the second quarter of 2025. Revenue for the first six months of 2026 was $3.4 million compared with $7.3 million during the same period last year. The expected declines reflect the absence of Acquisition Services revenue during the period due to the timing of follow-on contract awards in Indonesia.
Value-added Data revenue increased to $0.7 million during the quarter from $0.3 million in the prior year. Software and Solutions revenue remained steady at $1.3 million, while software prepaid revenue grew 35%.
Net loss for the second quarter was $2.1 million, or $0.03 per share, compared with a net loss of $0.8 million, or $0.02 per share, in the second quarter of 2025. Adjusted EBITDA was negative $1.4 million compared with negative $0.3 million in the prior-year period. Results reflect the absence of Acquisition Services revenue while Intermap participates in the Indonesian tendering process and continued investment in personnel and infrastructure to support growth.
The Company invested approximately $2.2 million year-to-date to upgrade its platform, including airborne, sensor, processing and AI technologies.
Outlook
Intermap’s underlying business outlook remains unchanged, with the timing of the Indonesia opportunity continuing to be the principal variable affecting 2026 results. The Company remains confident in its long-term growth prospects and the strength of its government and commercial opportunities. Intermap expects to provide updated financial guidance following the closing of the PCI transaction, reflecting the financial profile and outlook of the combined company.
Intermap is focused on completing the acquisition of PCI Geomatics, expanding its vertically integrated geospatial intelligence platform, integrating PCI’s technologies and commercial capabilities, converting government opportunities into awarded contracts and expanding recurring commercial revenue. The Company’s pipeline continues to grow, while it maintains deployment readiness for Indonesia, pursuant to its binding commitments there, and advances AI-powered applications across its defense, insurance, commercial space and infrastructure markets.
Intermap believes its strengthened balance sheet, proprietary technology platform and expanded commercial capabilities position the Company to pursue larger opportunities and create long-term shareholder value.
Quarterly Filing
The Company’s condensed consolidated interim financial statements for the three and six months ended June 30, 2026, together with Management’s Discussion and Analysis and related management certifications, will be filed on SEDAR+ at https://www.sedarplus.ca and on the SEC’s EDGAR website at https://www.sec.gov.
Adjusted EBITDA is a non-GAAP measure. EBITDA consists of net loss and excludes financing costs, financing income, taxes, depreciation and amortization. Adjusted EBITDA also excludes share-based compensation and foreign currency translation. See “Reconciliation of Non-GAAP Measures” in the Company’s Management’s Discussion and Analysis filed on SEDAR+ and EDGAR.
Conference Call Details
Intermap’s Chairman and Chief Executive Officer Patrick A. Blott and Executive Vice President and Chief Financial Officer Jennifer Bakken will host a live webinar today to review the results, provide a business update and answer investor questions.
Intermap invites shareholders, analysts, investors, media representatives and other stakeholders to attend.
| DATE | Thursday, August 13, 2026 |
| TIME | 5:00 pm ET |
| WEBCAST | Register |
Learn more about Intermap here.
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements regarding the proposed acquisition of PCI Geomatics, the expected timing and completion of the transaction, the anticipated benefits of the acquisition, integration plans, the Company’s growth strategy, government contracting opportunities, commercial adoption of its products and services, customer relationships, strategic initiatives and business outlook. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “plan,” “project,” “will” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are based on management’s current expectations, estimates and assumptions and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ from those expressed or implied by such statements. These risks and uncertainties include the Company’s ability to complete the acquisition of PCI Geomatics and satisfy applicable closing conditions, integrate PCI’s operations and technologies, realize anticipated benefits from the acquisition, secure and execute government contracts, manage the timing of procurement and revenue recognition, expand commercial adoption of its products and services, obtain financing on acceptable terms, retain key personnel and respond to competitive, economic, geopolitical and regulatory developments. Additional risks include cash available to fund operations, availability of capital, revenue fluctuations, the 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, application and platform functionality, information technology security, breakdown of strategic alliances and international and political considerations, as well as the risks described in Intermap’s Annual Information Form and other filings with Canadian securities regulators. No assurance can be given that the PCI transaction will be completed on the terms or within the timeframe contemplated, that anticipated benefits will be realized or that government opportunities will result in awarded contracts or recognized revenue. Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company undertakes no obligation to update or revise them except as required by applicable securities laws.
About Intermap Technologies
Intermap Technologies is a global leader in geospatial intelligence powered by proprietary 3D data and AI-driven analytics. The Company delivers actionable intelligence to government and commercial customers through a portfolio of applications, platforms and solutions that support risk management, infrastructure planning, operational readiness and mission-critical decision-making. Intermap’s proprietary 3D data foundation spans more than 300 million square kilometers across over 150 countries and powers intelligence solutions for government, insurance, aviation, telecommunications, transportation, renewable energy, agriculture, natural resources and space markets. Through advanced analytics, automated processing and enterprise-scale data delivery, Intermap helps organizations transform complex geospatial information into decision-ready intelligence.
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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Exhibit 99.6
FORM 51-102F3
MATERIAL CHANGE REPORT
| Item 1 | Name and Address of Company |
Intermap Technologies Corporation (“Intermap” or the “Company”)
385 Inverness Pkwy, Suite 105
Englewood, CO 80112
USA
| Item 2 | Date of Material Change |
August 5, 2026
| Item 3 | News Release |
A news release disclosing the material change was issued by Intermap on August 11, 2026 and disseminated through the services of GlobeNewswire. A copy of the news release was filed on SEDAR+ with the securities regulatory authorities in each of the provinces of Canada.
| Item 4 | Summary of Material Change |
On August 5, 2026, Intermap appointed J. Michael Rolland to its Board of Directors.
| Item 5.1. | Full Description of Material Change |
On August 5, 2026, Intermap appointed J. Michael Rolland to its Board of Directors as an independent member of the Board of Directors of the Company and a member of the Audit Committee of the Company.
Mr. Rolland brings decades of experience financing strategically important infrastructure for a variety of programs around the world. Mr. Rolland was previously CEO of the Ontario Municipal Employees Sponsors Corporation (“OMERS”), one of the two governing bodies of a $145 billion AUM pension fund. His investment experience spans a broad range of infrastructure, including telecommunications, satellite systems, aviation and other government regulated and strategically important sectors. Mr. Rolland was the first Chief Investment Officer of OMERS Private Markets, President and Chief Operating Officer of OMERS Asia Pacific, and CEO of Borealis Infrastructure (today known as OMERS Infrastructure), OMERS wholly-owned, global infrastructure investing arm. He has opened investment programs and established relationships with governments and companies throughout North America, the UK, Europe and Southeast Asia.
| Item 5.2. | Disclosure for Restructuring Transactions |
Not applicable.
| Item 6 | Reliance on Subsection 7.1(2) of National Instrument 51-102 |
Not applicable.
| Item 7 | Omitted Information |
Not applicable.
| Item 8 | Executive Officer |
Jennifer Bakken
Executive Vice President and CFO
CFO@intermap.com
+1 (303) 708-0955
| Item 9 | Date of Report |
August