Intermap Technologies (ITMSF) Q1 2026 revenue falls, loss widens on project delays
Rhea-AI Filing Summary
Intermap Technologies reported a weak first quarter of 2026, with revenue falling sharply and losses widening. Revenue dropped to $1.4 million from $4.3 million a year earlier, mainly because acquisition services revenue fell to nil after delays in follow-on awards on an Indonesia contract. Software and solutions contributed $1.2 million and value-added data $0.2 million.
Operating loss increased to $2.8 million, and net loss reached $3.0 million, versus $1.2 million in 2025. Adjusted EBITDA deteriorated to negative $2.1 million from negative $0.9 million, reflecting lower revenue and higher fixed costs in anticipation of growth. Cash was $18.8 million and total assets $27.9 million, with shareholders’ equity of $20.2 million. Contract liabilities rose to $3.2 million, largely from upfront software and solutions license fees, indicating revenue to be recognized over future periods.
Positive
- None.
Negative
- Sharp deterioration in profitability: Q1 2026 revenue fell to $1.4M from $4.3M, while net loss widened to $3.0M and Adjusted EBITDA declined to negative $2.1M, driven by contract delays and higher fixed costs.
Insights
Q1 2026 shows steep revenue decline, heavier losses, and reliance on delayed contracts.
Intermap Technologies saw Q1 2026 revenue drop to $1.4M from $4.3M, as acquisition services fell to nil following delays on an Indonesia contract. The business leaned on software and solutions at $1.2M and value-added data at $0.2M.
Operating loss widened to $2.8M and net loss to $3.0M, with Adjusted EBITDA deteriorating to negative $2.1M from negative $0.9M. Management attributes this to lower project revenue and higher fixed costs ahead of anticipated growth, which increases execution risk if new work ramps more slowly.
On the balance sheet, cash and receivables totaled $20.8M and shareholders’ equity was $20.2M as of March 31, 2026. Contract liabilities rose to $3.2M, mostly prepaid software and solutions licenses, supporting future revenue recognition but not offsetting the near-term earnings pressure from contract timing.
Key Figures
Key Terms
Adjusted EBITDA financial
contract asset financial
contract liability financial
Omnibus Incentive Plan financial
Level 3 fair value measurement financial
going concern basis financial
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 May
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 months ended March 31, 2026 | |
| 99.2 | Management’s Discussion and Analysis for the three months ended March 31, 2026 | |
| 99.3 | Form 52-109F2 - Certification of Interim Filings (CEO) dated May 13, 2026 | |
| 99.4 | Form 52-109F2 - Certification of Interim Filings (CFO) dated May 13, 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 CORPORATION | ||
| Date: May 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 months ended March 31, 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)
| March 31, | 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 ended March 31, | 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 | ||||||||
| 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 | ( | ) | ( | ) | ||||||||||||||||||||
| Balance at March 31, 2025 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
| Comprehensive income (loss) for the period | ( | ) | ( | ) | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||
| RSU settlement | ( | ) | ||||||||||||||||||||||
| Repurchase of share-based awards | ( | ) | ( | ) | ||||||||||||||||||||
| Balance at March 31, 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 three months ended March 31, | 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 | ( | ) | ||||||
| Financing costs (Note 13(b)) | ||||||||
| 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 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 | ( | ) | ||||||
| Repurchase of share-based awards | ( | ) | ||||||
| Payment of lease obligations | ( | ) | ( | ) | ||||
| Repayment of bank loan | ( | ) | ||||||
| Repayment of loan payable | ( | ) | ( | ) | ||||
| Repayment of government loans | ( | ) | ||||||
| Cash flows (used in) provided by financing activities | ( | ) | ||||||
| Effect of foreign exchange on cash | ( | ) | ||||||
| Increase (decrease) 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 months ended March 31, 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 May 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 months ended March 31, 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 months ended March 31, 2026, and have not been early adopted in preparing these 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 months ended March 31, 2026 and 2025 | Page 3 |
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.
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 March 31, 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 March 31, 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 months ended March 31, 2026 and 2025 | Page 4 |
| 5. | Intangible assets: |
| Data library | ||||
| Balance at December 31, 2025 | $ | |||
| Additions | ||||
| Amortization | ( | ) | ||
| Balance at March 31, 2026 | $ | |||
| Data library | ||||
| Cost | ||||
| Accumulated amortization | ( | ) | ||
| Balance at December 31, 2025 | $ | |||
| Cost | ||||
| Accumulated amortization | ( | ) | ||
| Balance at March 31, 2026 | $ | |||
| 6. | Right of use assets: |
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Beginning Balance | $ | $ | ||||||
| Depreciation | ( | ) | ( | ) | ||||
| New leases | ||||||||
| Termination | ( | ) | ||||||
| Ending Balance | $ | $ | ||||||
| 7. | Investment: |
The
Company has an investment in a privately held company over which the Company exercises no control or significant influence.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 5 |
| 8. | Accounts payable and accrued liabilities: |
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Accounts payable | $ | $ | ||||||
| Accrued liablities | ||||||||
| VAT payable | ||||||||
| $ | $ | |||||||
| 9. | Financial liabilities: |
The following table provides a reconciliation of movements of liabilities to cash flows arising from financing activities and balances at March 31, 2026:
| Loan | Project | Lease Obligations | ||||||||||||||
| Payable | Financing | (Note 10) | Total | |||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | $ | ||||||||||||
| Changes from financing activities: | ||||||||||||||||
| Repayment of loan payable | ( | ) | ( | ) | ||||||||||||
| Payment of lease obligations | ( | ) | ( | ) | ||||||||||||
| Total changes from financing activities | ( | ) | ( | ) | ( | ) | ||||||||||
| Foreign exchange | ( | ) | ( | ) | ( | ) | ||||||||||
| Other changes: | ||||||||||||||||
| Financing costs | ||||||||||||||||
| Interest paid | ( | ) | ( | ) | ( | ) | ||||||||||
| Balance at March 31, 2026 | $ | $ | $ | $ | ||||||||||||
| Current | $ | $ | $ | |||||||||||||
| Long-term | $ | $ | $ | |||||||||||||
| (a) | Loan payable: |
During
2024, the Company executed two equipment financing loans to purchase $
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 6 |
| (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 is repayable upon the completion of a specific development project and the first sale of any of the resulting product(s).
| 10. | Lease obligations: |
The following table presents the contractual undiscounted cash flows for lease obligations which require the following payments for each period ending March 31:
| 2027 | $ | |||
| 2028 | ||||
| 2029 | ||||
| 2030 | ||||
| 2031 | ||||
| $ |
The following table presents payments for lease obligations:
| March 31, | March 31, | |||||||
| 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 $
| 11. | Defined benefit plan: |
The
principal assumptions used in determining the defined benefit obligation for the year ended December 31, 2025 and March 31, 2026 are:
discount rate 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 months ended March 31, 2026 and 2025 | Page 7 |
| March 31, | 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 ended March 31, | 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 March 31, 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 months ended March 31, 2026 and 2025 | Page 8 |
Changes in contract acquisition costs, included in prepaid expenses, are as follows:
| March 31, | 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 ended March 31, | 2026 | 2025 | ||||||
| Personnel | $ | $ | ||||||
| Purchased services & materials(1) | ||||||||
| Travel | ||||||||
| Facilities and other expenses | ||||||||
| $ | $ | |||||||
| (1) |
| (b) | Financing costs: |
| For the three months ended March 31, | 2026 | 2025 | ||||||
| Interest on loan payable | $ | $ | ||||||
| Interest on lease obligations | ||||||||
| Interest on bank loan | ||||||||
| Interest on government loans | ||||||||
| Interest on accounts payable | ||||||||
| $ | $ | |||||||
| 14. | Share capital: |
| (a) | Issued: |
| March 31, 2026 | December 31, 2025 | |||||||||||||||
| Number of | Number of | |||||||||||||||
| Class A common shares | Shares | Amount | Shares | Amount | ||||||||||||
| Balance, beginning of period: | $ | $ | ||||||||||||||
| Settlement of RSUs | ||||||||||||||||
| Private placement | ||||||||||||||||
| Issuance costs | ( | ) | ||||||||||||||
| Exercise of warrants | ||||||||||||||||
| Balance, end of period: | $ | $ | ||||||||||||||
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 9 |
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 %.
| (b) | Contributed surplus: |
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Balance, beginning of period | $ | $ | ||||||
| Settlement of RSUs | ( | ) | ||||||
| Share-based compensation | ||||||||
| RSU and options surrenders | ( | ) | ( | ) | ||||
| 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.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 10 |
| (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 March 31, 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 quarter of 2026 under the plan, leaving awards remaining available for future issuance.
The following tables summarize information regarding RSUs outstanding:
| March 31, | 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 three months ended March 31, 2026 and 2025, RSUs and , respectively, were issued. During the three months ended March 31,
2026, the Company recognized $(three months ended March 31, 2025 – $) of non-cash compensation expense related to the RSUs.
During three months ended March 31, 2026, the Company settled vested RSUs through cash payments in lieu of issuing equity instruments
(March 31, 2025- ). The total cash paid to employees and directors for the surrender of vested awards was $
| (e) | Share-based compensation expense: |
| For the three months ended March 31, | 2026 | 2025 | ||||||
| Employees | $ | $ | ||||||
| Directors and advisors | ||||||||
| Non-cash compensation | $ | $ | ||||||
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 11 |
| 15. | Class A common share purchase warrants: |
| Number of | Number of | |||||||||||||||||||||||||||||
| Warrants | Warrants | |||||||||||||||||||||||||||||
| Outstanding | Outstanding | |||||||||||||||||||||||||||||
| Exercise | December | March | ||||||||||||||||||||||||||||
| Grant Date | Expiry Date | Price | Granted | 31, 2025 | Issued | Expired | Exercised | 31, 2026 | ||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| Non-Broker | Broker | Total | ||||||||||||||||||||||
| Number of | Number of | Number of | ||||||||||||||||||||||
| Warrants | Value | Warrants | Value | Warrants | Value | |||||||||||||||||||
| Balance at December 31, 2025 and March 31, 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:
March 31, 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:
| Three months ended March 31, | 2026 | 2025 | ||||||
| Customer A | $ | $ | ||||||
| Customer B | ||||||||
| Customer C | ||||||||
| $ | $ | |||||||
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 12 |
| 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.
Amounts receivable consist of:
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Trade receivables | $ | $ | ||||||
| Other miscellaneous receivables | ||||||||
| $ | $ | |||||||
Trade receivables by geography consist of:
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| United States | $ | $ | ||||||
| Europe | ||||||||
| $ | $ | |||||||
An aging of the Company’s trade receivables are as follows:
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Current | $ | $ | ||||||
| 31-60 days | ||||||||
| 61-90 days | ||||||||
| Over 91 days | ||||||||
| $ | $ | |||||||
The balance of the past due 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);
Level 3 – valuation techniques using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
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: |
During April 2026, the Company settled RSUs through the issuances of Class A common shares. In connection with this settlement, RSUs were withheld and cancelled to satisfy withholding tax obligations.
Also,
during April 2026, the Company entered into a settlement agreement with the lender to extinguish its project financing loan. Under the
terms of the agreement, the Company paid a cash settlement of CDN$
Exhibit 99.2
Management’s Discussion and Analysis
For the quarter ended March 31, 2025
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 May 13, 2026 and should be read together with the Company’s unaudited Condensed Consolidated Interim Financial Statements and the accompanying notes for the three months ended March 31, 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
| March 31, | March 31, | |||||||
| U.S. $ millions, except per share data | 2026 | 2025 | ||||||
| Revenue: | ||||||||
| Acquisition services | $ | - | $ | 2.4 | ||||
| Value-added data | 0.2 | 0.5 | ||||||
| Software and solutions | 1.2 | 1.4 | ||||||
| Total revenue | $ | 1.4 | $ | 4.3 | ||||
| Operating loss | $ | (2.8 | ) | $ | (1.2 | ) | ||
| Net loss | $ | (3.0 | ) | $ | (1.2 | ) | ||
| EPS basic and diluted | $ | (0.04 | ) | $ | (0.02 | ) | ||
| Adjusted EBITDA(1) | $ | (2.1 | ) | $ | (0.9 | ) | ||
| Assets: | ||||||||
| Cash and amounts receivable | $ | 20.8 | $ | 13.9 | ||||
| Total assets | $ | 27.9 | $ | 19.2 | ||||
| Liabilities: | ||||||||
| Long-term liabilities (including lease obligations) | $ | 2.0 | $ | 0.7 | ||||
| Total liabilities | $ | 7.7 | $ | 8.8 | ||||
Revenue
Consolidated revenue for the quarter ended March 31, 2026 was $1.4 million, compared to $4.3 million for 2025. Approximately 75% of consolidated revenue was generated outside the United States, compared to 86% for 2025.
Acquisition Services
Acquisition services revenue for the quarter ended March 31, 2026 totaled Nil, compared to $2.4 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 decreased to $0.2 million for the quarter ended March 31, 2026 as compared to $0.5 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 $1.2 million from $1.4 million for the quarters ended March 31, 2026 and 2025, respectively. The decrease was mainly due to the timing of overages.
| 5 |
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 | ||||||||
| ended March 31, | ||||||||
| U.S. $ millions | 2026 | 2025 | ||||||
| Personnel | $ | 2.3 | $ | 2.3 | ||||
| Purchased services & materials | 1.3 | 2.6 | ||||||
| Facilities and other expenses | 0.2 | 0.1 | ||||||
| Travel | - | 0.2 | ||||||
| $ | 3.8 | $ | 5.2 | |||||
Personnel
Personnel expense includes direct labor, employee compensation, employee benefits, and commissions. Personnel expense for the quarters ended March 31, 2026 and 2025 totaled $2.3 million 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 March 31, 2026 and 2025, increased to $222 thousand from $43 thousand, respectively, due to the timing of award issuances.
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 March 31, 2026, and 2025, PS&M expense was $1.3 million and $2.6 million, respectively. The decrease is due to the timing of subcontractor and other project related costs for a data acquisition project.
Facilities and Other Expenses
For the quarters ended March 31, 2026 and 2025, facilities and other expenses increased slightly to $0.2 million from $0.1 million for 2025. The majority of the increase was due to investments made to support anticipated growth.
Travel
For the quarters ended March 31, 2026, travel expense decreased to Nil from $0.2 million for 2025. The decrease is mainly due to the timing of travel costs for a data acquisition project.
Net Loss
For the quarter ended March 31, 2026, net loss was $3.0 million compared to net loss of $1.2 million for the quarter ended March 31, 2025. The difference relates primarily to decreased revenue year-over-year from a contract delay and increased fixed costs in anticipation of growth.
| 6 |
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.
| Three months ended | ||||||||
| March 31, | ||||||||
| U.S. $ millions | 2026 | 2025 | ||||||
| Net loss | $ | (3.0 | ) | $ | (1.2 | ) | ||
| Interest income | (0.1 | ) | - | |||||
| Amortization of intangible assets | 0.1 | 0.1 | ||||||
| Depreciation of property and equipment | 0.2 | 0.1 | ||||||
| Depreciation of right of use assets | 0.1 | 0.1 | ||||||
| EBITDA | $ | (2.7 | ) | $ | (0.9 | ) | ||
| Share-based compensation | 0.2 | - | ||||||
| Loss on foreign currency translation | 0.4 | - | ||||||
| Adjusted EBITDA | $ | (2.1 | ) | $ | (0.9 | ) | ||
EBITDA for the quarter ended March 31, 2026 fell to negative $2.7 million compared to negative $0.9 million the prior year as the Company invested to expand its contracts in Southeast Asia. Adjusted EBITDA for the quarter ended March 31, 2026 was negative $2.1 million, compared to negative $0.9 million for 2025. 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.
Interest income
Interest income for the quarters ended March 31, 2026 and 2025 totaled $0.1 million and Nil, respectively.
Amortization of Intangible Assets
Amortization expense of intangible assets for the quarters ended March 31, 2026 and 2025 was constant at $0.1 million.
Depreciation of Property and Equipment
Depreciation expense for property and equipment for the quarters ended March 31, 2026 and 2025 increased slightly to $0.2 million from $0.1 million. 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.
| 7 |
Depreciation of Right of Use Assets
Depreciation expense for right of use assets for the quarters ended March 31, 2026 and 2025 was consistent at $0.1 million.
Loss on Foreign Currency Translation
Loss on foreign currency translation costs for the quarters ended March 31, 2026 and 2025 was $0.4 million and Nil, respectively. The increase relates primarily to the strengthening of the United States dollar compared to the Canadian dollar.
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 slightly to $2.0 million at March 31, 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 quarter ended March 31, 2025, the Company purchased $0.1 million (March 31, 2025 - $0.2 million) in property and equipment.
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 increased to $2.3 million at March 31, 2026 from $2.3 million at December 31, 2025.
| March 31, | December 31, | |||||||
| U.S. $ millions | 2026 | 2025 | ||||||
| Accounts payable | $ | 1.4 | $ | 1.5 | ||||
| Accrued liablities | 0.7 | 0.7 | ||||||
| VAT payable | 0.2 | 0.1 | ||||||
| $ | 2.3 | $ | 2.3 | |||||
Loan Payable
The loan payable balance remained consistent at $1.2 million at March 31, 2026 from December 31, 2025. The loan balance consists of three equipment financing loans with a technology financing company to purchase new computer equipment and maintenance support. Payments are $10 thousand per month and two will be paid in full by November 2027 and $22 thousand per month for another that will be paid in full by October 2030.
| 8 |
Contract Liability
The contract liability balance at March 31, 2026 increased to $3.2 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 March 31, 2026, 89% 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 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||||||||||||||||||||||
| share data | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2026 | ||||||||||||||||||||||||
| Total revenue | $ | 3.5 | $ | 5.0 | $ | 7.4 | $ | 4.3 | $ | 3.0 | $ | 1.7 | $ | 1.6 | $ | 1.4 | ||||||||||||||||
| Depreciation | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | ||||||||||||||||
| Financing costs | $ | - | $ | 0.1 | $ | - | $ | - | $ | 0.1 | $ | - | $ | - | $ | - | ||||||||||||||||
| Operating income (loss) | $ | 0.6 | $ | 1.2 | $ | 1.5 | $ | (1.2 | ) | $ | (0.8 | ) | $ | (1.4 | ) | $ | (3.5 | ) | $ | (2.8 | ) | |||||||||||
| Net income (loss) | $ | 0.6 | $ | 1.1 | $ | 1.5 | $ | (1.2 | ) | $ | (0.8 | ) | $ | (1.5 | ) | $ | (3.2 | ) | $ | (3.0 | ) | |||||||||||
| Net loss per share | ||||||||||||||||||||||||||||||||
| - basic | $ | 0.01 | $ | 0.02 | $ | 0.04 | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.04 | ) | |||||||||||
| - diluted | $ | 0.01 | $ | 0.02 | $ | 0.04 | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.04 | ) | |||||||||||
| Adjusted EBITDA(1) | $ | 1.0 | $ | 1.6 | $ | 2.0 | $ | (0.9 | ) | $ | (0.3 | ) | $ | (1.0 | ) | $ | (3.1 | ) | $ | (2.1 | ) | |||||||||||
(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.
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.
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Operating Activities
During the three months ended March 31, 2026, cash used in operations was $1.5 million compared to cash used in operations of $0.6 million during the same period in 2025. At March 31, 2026, the Company has a shareholders’ equity of $20.2 million.
Investing Activities
Net cash used in investing activities totaled $0.3 million and $0.2 million for the quarters ended March 31, 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 $1.8 million for the quarter ended March 31, 2026, as compared to net cash provided by financing activities of $7.7 million during the same period in 2025. The net cash used during the quarter ended March 31, 2026 resulted from purchase of share-based awards of $1.6 million, payments of lease obligations of $0.1 million, and repayment of loans $0.1 million. The net cash provided during the quarter ended March 31, 2025 resulted from proceeds from a “bought deal” Listed Issuer Financing Exemption offering and concurrent private placement of $8.7 million, offset by issuance costs of $0.8 million, payments of lease obligations of $0.1 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.
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.
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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 May 13, 2026 and March 31, 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 May 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 May 13, 2026, potential dilutive securities include (i) 523,158 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; | |
| ● | 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.
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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 March 31, 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.
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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 March 31, 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 January 1, 2026 and ended on March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
| Date: May 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 March 31, 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 January 1, 2026 and ended on March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
| Date: May 13, 2026 | |
| (signed) “Jennifer S. Bakken” | |
| Jennifer S. Bakken | |
Executive Vice President Finance and Chief Financial Officer |