Intermap (OTCQB: ITMSF) swings to 2025 loss but targets $30–35M 2026 revenue
Rhea-AI Filing Summary
Intermap Technologies reported weaker 2025 results but highlighted a much stronger balance sheet and growing recurring revenue. Total revenue fell to $10.6 million from $17.6 million, and the company posted a net loss of $6.7 million, or $0.11 per share, versus $2.5 million of net income in 2024.
Cash increased sharply to $22.5 million at December 31, 2025, up from $0.4 million a year earlier, with shareholders’ equity rising to $24.6 million from $3.7 million after equity financings. Subscription and data revenue grew 29% to $5.2 million and reached 49% of total revenue, reflecting a shift toward high-margin recurring business.
Intermap has been down-selected for all four remaining lots of Indonesia’s ILASP Project, a potential $200 million opportunity, and reaffirmed 2026 guidance of $30–35 million in revenue with a 28% EBITDA margin. Separately, eight leading Czech insurers adopted its AI flood risk platform as a national underwriting standard, expanding European analytics demand.
Positive
- Balance sheet significantly strengthened: Cash rose to $22.5 million from $0.4 million and shareholders’ equity to $24.6 million from $3.7 million, giving Intermap more financial flexibility to pursue large, long-duration government programs.
- High-margin recurring revenue expanding: Subscription and data revenue grew 29% year over year to $5.2 million and reached 49% of total revenue, indicating a growing base of recurring, higher-margin business.
- Large pipeline and guidance: The company was down-selected for all four remaining lots of Indonesia’s ILASP Project, a potential $200 million opportunity, and reaffirmed 2026 guidance of $30–35 million in revenue with a 28% EBITDA margin.
- European insurance adoption: Eight leading Czech insurers, representing a majority of the Czech residential property insurance market, adopted Intermap’s AI flood risk platform, establishing a national underwriting standard and supporting recurring analytics growth in Europe.
Negative
- Sharp revenue decline and swing to loss: Total revenue fell to $10.6 million from $17.6 million, and results moved from $2.5 million of net income in 2024 to a net loss of $6.7 million in 2025, driven by delayed government awards and program timing.
- Quarterly volatility: Fourth quarter 2025 revenue dropped to $1.6 million from $7.4 million in the prior-year period, illustrating heavy dependence on the timing of large government contracts and Indonesia-related procurement.
- Operating loss despite investment: Operating loss was $6.9 million in 2025 as the company continued to invest in personnel, product development and commercial expansion while near-term revenue from key programs lagged.
Insights
Intermap trades near-term revenue pressure for balance sheet strength and recurring growth.
Intermap’s 2025 revenue dropped to $10.6 million from $17.6 million, driving a net loss of $6.7 million. Management attributes the decline to timing of Indonesia and U.S. government programs rather than lost demand, while commercial and subscription lines expanded.
The company ended 2025 with cash of $22.5 million and shareholders’ equity of $24.6 million, after equity financings. Recurring subscription and data revenue grew 29% to $5.2 million and now comprise 49% of revenue, which may support margin stability if government program timing normalizes.
Intermap reaffirmed 2026 guidance of $30–35 million revenue and a 28% EBITDA margin and was down-selected for all four remaining lots of Indonesia’s ILASP Project, a potential $200 million opportunity. In Europe, adoption of its AI flood risk platform by eight Czech insurers broadens recurring analytics exposure, though the filing does not quantify contract value.
Key Figures
Key Terms
recurring subscription and data revenue financial
Integrated Land Administration and Spatial Planning (ILASP) Project technical
EBITDA margin financial
AI-enabled risk assistant technical
catastrophe protection gap financial
multi-peril underwriting financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File Number: 000-56743
Intermap Technologies Corporation
(Translation of registrant’s name into English)
385 Inverness Parkway, Suite 105
Englewood, Colorado 80112
(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 | News Release reporting Fourth Quarter and Full Year 2025 Financial Results, dated March 31, 2026 | |
| 99.2 | New Release, dated April 1, 2026 |
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: April 6, 2026 | ||
| By: | /s/ Patrick A. Blott | |
| Name: | Patrick A. Blott | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
Intermap Reports Fourth Quarter and Full Year 2025 Results
Intermap has been down-selected for all four remaining lots of Indonesia’s ILASP Project
Subscription and data revenue grew 29% year over year
Strengthened balance sheet positions Company for large-scale government programs
AI-enabled risk assistant gaining traction and driving growth in recurring revenue
Company affirms guidance of $30–35 million in revenue with a 28% EBITDA margin
DENVER, March 31, 2026 - Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today reported its fourth quarter and full year 2025 financial results, highlighting a strengthened balance sheet and continued growth in recurring subscription and data revenue.
Intermap ended 2025 with a significantly strengthened balance sheet and continued growth in high-margin, recurring subscription and data revenue driven by innovative products and services. The strengthening of the balance sheet was driven by successful equity financings completed during the year, positioning the Company to pursue larger and longer-duration programs.
At December 31, 2025, cash totaled $22.5 million, compared with $0.4 million at December 31, 2024. Total assets increased to $31.7 million from $11.9 million, and shareholders’ equity increased to $24.6 million from $3.7 million.
Intermap has been notified by the Badan Informasi Geospasial tendering committee that the Company has been qualified and down-selected for all four remaining lots of the 1:5,000 scale Integrated Land Administration and Spatial Planning (ILASP) Project, representing a potential $200 million opportunity. The next phase of selection and negotiation will transpire over the coming months, during which Intermap will not make further comments pursuant to its confidentiality requirements.
Subscription and data revenue for the full year increased 29% to $5.2 million, compared with $4.0 million in 2024, representing 49% of total revenue. Subscription and data revenue is now the Company’s largest revenue category, reflecting continued growth in recurring, high-margin offerings. The decline in Value-added Data reflects delayed follow-on awards from the U.S. Department of Defense due to the federal government shutdown. These programs are fully funded and currently in contracting, and the declines are expected to reverse in the coming quarters.
Total revenue for 2025 was $10.6 million, compared with $17.6 million in 2024. Fourth quarter revenue was $1.6 million, compared with $7.4 million in the prior-year period, reflecting the timing of procurement and delayed Indonesia contracting.
Excluding Indonesia program timing, the Company’s commercial business grew meaningfully year over year, driven by expansion in insurance analytics and enterprise data solutions. Commercial revenue, which is recurring or repeating, represented 60% of total revenue, compared with 32% in 2024.
For full year 2025, operating loss was $6.9 million, reflecting lower revenue due to program timing and continued investment in personnel, product development and commercial expansion. Net loss was $6.7 million, or $0.11 per share, compared with net income of $2.5 million, or $0.05 per diluted share, in 2024.
Excluding the impact of currency fluctuations, changes in working capital, including prepaid and accrued, and new fixed asset investment, Intermap’s continuing business operated at approximately cash flow break-even as it competes for contracts with the potential to significantly expand its footprint in Southeast Asia.
“In 2025, we strengthened the foundation of the business and positioned Intermap for large-scale government programs,” said Patrick A. Blott, Chairman and CEO. “We improved the balance sheet, expanded our subscription and data offerings and introduced our AI risk assistant. While program timing affected reported revenue, underlying demand for government programs and recurring subscription solutions remains strong. We are growing a high-margin, recurring revenue base supported by innovative products and services.”
Government Programs and Commercial Recurring Revenue
During 2025, Intermap advanced key priorities across government and commercial markets. Revenue remains concentrated in enterprise programs, consistent with the Company’s focus on national-scale contracts.
| ● | Government programs: Progressed major follow-on opportunities in Indonesia and continued engagement in U.S. federal GEOINT programs, including Luno-related contract vehicles | |
| ● | Commercial markets: Introduced the AI-enabled risk assistant and expanded insurance analytics offerings, supporting growth in subscription-based revenue | |
| ● | Infrastructure: Completed upgrades to support larger-scale delivery, program execution and compliance requirements |
The Company is advancing follow-on opportunities in Indonesia under a large national basemap program and continues to pursue additional GEOINT program awards in the United States and with Allied partners.
Management views government and commercial pipelines as strong and continues to position the Company for larger, long-duration programs.
Outlook and Strategic Priorities
Intermap enters 2026 with improved liquidity and financial flexibility and remains focused on:
| ● | Converting large government opportunities into awarded and recognized revenue | |
| ● | Scaling recurring subscription, data and analytics revenue | |
| ● | Deploying capital with discipline while supporting key pursuits and product development | |
| ● | Leveraging a stronger balance sheet to compete for larger, longer-duration programs |
Intermap reaffirms its previously announced 2026 guidance of $30–35 million in revenue and a 28% EBITDA margin. While the timing of government awards and revenue recognition can vary, management believes the underlying demand environment remains strong. Growth in recurring insurance analytics revenue, combined with the conversion of government programs, supports the Company’s long-term strategy.
Annual Filings
The Company’s consolidated financial statements for the year ended December 31, 2025, together with management’s discussion and analysis and annual information form, will be filed on SEDAR+ and EDGAR.
Conference Call Details
Intermap’s CEO Patrick A. Blott and CFO Jennifer Bakken will host a live webinar on Tuesday, March 31, 2026 at 5:00 pm ET to review results and provide an update.
| DATE | March 31, 2026 |
| TIME | 5:00 pm ET |
| WEBCAST | Register |
A replay and supporting materials will be available on the Company’s investor relations website.
Intermap Reader Advisory
Certain information provided in this news release, including reference to revenue growth, constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast”, “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation.
For more information, please visit www.intermap.com or contact:
Jennifer Bakken
Executive Vice President and CFO
CFO@intermap.com
+1 (303) 708-0955
Sean Peasgood
Investor Relations
Sean@SophicCapital.com
+1 (647) 260-9266
###
Exhibit 99.2
Intermap’s AI Flood Risk Platform Adopted Across Czech Insurance Market
Deployment establishes national underwriting standard as Europe confronts widening protection gaps and structural underinsurance
DENVER, April 1, 2026 – Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced that eight leading insurers, representing a majority of the Czech residential property insurance market, have adopted Intermap’s AI flood risk platform, including its sixth-generation river flood maps and second-generation flash flood models, to support underwriting, property valuation and portfolio risk management nationwide.
The multi-year deployment, developed in coordination with the Czech Insurance Association and the Czech Hydrometeorological Institute, incorporates hydrological recalibrations following the severe flooding events of September 2024 and establishes a unified flood risk framework across the Czech insurance sector.
The 2024 floods underscored the broader structural catastrophe protection gap across Europe and the growing issue of property underinsurance. According to Swiss Re sigma research, 25–40% of natural catastrophe losses in Europe are insured, and in certain markets properties are insured for as little as 40% of their replacement value due to rapid price appreciation and outdated valuation methodologies. These structural gaps highlight the need for investment-grade geospatial intelligence embedded directly into underwriting, valuation and exposure management workflows.
The Czech deployment positions Intermap as the market standard for property-level flood risk assessment and valuation support, enabling insurers to more accurately quantify replacement cost, accumulation exposure and catastrophe risk.
Intermap’s 2026 flood models introduce material technical enhancements, including revised return-period classifications in impacted basins, integration of bridge capacity and bottleneck effects across more than 130 municipalities, and 20-centimeter digital elevation simulations to model urban flash flooding at building-level precision.
Central to the deployment is Intermap’s Risk Assistant, an AI-enabled analytics platform that automates complex geospatial risk evaluation at scale. Moving beyond static address lookups, the system integrates proprietary 3D elevation data, precision vector datasets and multi-peril hazard layers to deliver objective, property-specific risk assessments in real time. The platform also incorporates meteorological and geophysical datasets including hail, wind, lightning and seismic activity to support multi-peril underwriting and automated claims validation.
“The 2024 floods confirmed that high-quality, up-to-date data is essential for insurers,” said Jan Matoušek, Executive Director of the Czech Insurance Association. “This platform enables precise, object-level evaluation and supports more informed underwriting and reinsurance decisions across the market.”
“Our adoption across the Czech insurance sector demonstrates that advanced geospatial analytics are becoming core underwriting infrastructure across Europe, not supplemental tools,” said Patrick A. Blott, Chairman and CEO of Intermap. “By combining our proprietary 3D foundation data with AI-enabled automation, we deliver investment-grade geospatial intelligence with assured position, accuracy and timing — enabling a common operating picture across the industry. In an environment where underinsurance remains a systemic European challenge, our platform supports more accurate property valuation, exposure transparency and risk-based pricing while advancing our strategy to expand recurring analytics across Europe’s insurance markets.”
Learn more about Intermap’s European solutions here.
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements, including statements relating to revenue growth, EBITDA margin expansion, future contracting and expected benefits of the Czech deployment. The words “anticipate,” “expect,” “project,” “estimate,” “forecast,” “intend,” “will” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes these statements are based on current, reasonable assumptions, they are subject to known and unknown risks and uncertainties, including risks relating to available capital, revenue fluctuations, government contracting, economic conditions, customer retention, technology competition, cybersecurity, strategic partnerships and international operations, as well as those described in Intermap’s Annual Information Form and other securities filings. Actual results may differ materially from those expressed or implied. The forward-looking statements contained herein are made as of the date of this release and Intermap undertakes no obligation to update them except as required by applicable securities laws.
About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation.
For more information, please visit www.intermap.com or contact:
Jennifer Bakken
Executive Vice President and CFO
CFO@intermap.com
+1 (303) 708-0955
Sean Peasgood
Investor Relations
Sean@SophicCapital.com
+1 (647) 260-9266
###