Intermap Technologies Corp (ITMSF) Q2 2025 Earnings Call Highlights: A Remarkable Turnaround ...

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Total Revenue: $4.3 million, a 153% increase year over year from $1.7 million in Q1 2024.
Pro Forma Adjusted EBITDA Margin: 28%, up from 25% in Q1 2024.
Pro Forma Net Income: $833,000 compared to a net loss of $839,000 in Q1 2024.
Total Assets: $19.2 million, up from $11.9 million as of December 31, 2024.
Cash, Unbilled Accounts Receivable: $13.9 million, up from $6.5 million as of December 31, 2024.
Acquisition Services Revenue: $2.4 million, a 402% increase from $478,000 in Q1 2024.
Value-Added Data Revenue: $510,000, a 96% increase from $255,000 in Q1 2024.
Software and Solutions Revenue: $1.3 million, a 43% increase from $942,000 in Q1 2024.
Equity Financing: Closed a deal for gross proceeds of CAD $12 million.
Warning! GuruFocus has detected 6 Warning Signs with ITMSF.
Release Date: August 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Intermap Technologies Corp (ITMSF) reported a significant increase in total revenue for Q1 2025, reaching $4.3 million, up from $1.7 million in Q1 2024.
The company achieved a pro forma net income of $833,000, compared to a net loss of $839,000 in the same quarter of the previous year.
Intermap Technologies Corp (ITMSF) has improved its liquidity profile, raising $8.7 million in the first quarter.
The company has been selected for a new US DARPA program, highlighting its strong relationship and alignment with government requirements.
Intermap Technologies Corp (ITMSF) is expanding its commercial reach, introducing multi-payels analytics in North America and securing new contracts in space-based communications and leisure applications.
Negative Points
Currency risks and hedging costs associated with overseas government contracts remain a concern, although mitigated by World Bank funding.
The timing of follow-on awards, including those with approved World Bank funding, poses a risk to the company's outlook.
Intermap Technologies Corp (ITMSF) faces exposure to currency fluctuations globally, which it partially hedges.
The company is in a sensitive period regarding the Indonesian contract, limiting the information it can disclose about the project's next phases.
Intermap Technologies Corp (ITMSF) is not affected by recent cross-border tariffs, but it remains exposed to other geopolitical risks.
Q & A Highlights
Q: Can you update us on the progress towards securing the next phase of the Indonesian program? Do you still envision the next phase being larger than phase one and any sense you have on timing? A: We expect it to be larger because there's a lot of work to get done. The first phase was only 10% of the country. They're in a quiet period right now, and so are we. Once they prioritize internally, what they want completed first, we'll price it and share it with the market. - Patrick Blott, Executive Chairman & CEO
Q: What are the goals that Indonesia is working to solve with your technology? A: Several goals, but the most important one is sovereignty. Indonesia has over 17,500 islands and needs precise mapping for sovereignty and disaster management. The data also has commercial applications, such as flood underwriting. - Patrick Blott, Executive Chairman & CEO
Q: Will Indonesia be a one-time contract or a series of follow-on contracts over the next few years? A: It's a series of follow-on contracts. Indonesia is working on a "one map" program, a legislative and Presidential directive supported by the World Bank, aiming to create a high-resolution 3D terrain model of the entire country. - Patrick Blott, Executive Chairman & CEO
Q: Can you talk about if any other countries are also looking to engage you for data acquisition/mapping similar to Indonesia? A: Yes, this is a market-leading specification with a lot of interest from other countries due to the value it creates. - Patrick Blott, Executive Chairman & CEO
Q: Does the company do any pilot studies to show government entities the value of using Intermap to provide geospatial technology? A: Yes, we have demonstrable economic benefits in our commercial business, which we can quantify and demonstrate, particularly in sectors like insurance. - Patrick Blott, Executive Chairman & CEO
Q: The NGA is an important customer, though it has been pressured to reduce costs. Have those pressures impacted demand or how they deal with you? A: No, the defense budget is increasing to over $1 trillion. Organizations like NGA are restructuring to provide authoritative data in a distributed fashion, aligning with Intermap's focus on automation, speed, and scale. - Patrick Blott, Executive Chairman & CEO
Q: Can you update us on the Luno A&B programs and your confidence in winning task orders there? A: The programs are upsizing, with $500 million allocated and funded. They are focused on getting more commercial sources and capabilities, which aligns well with Intermap's offerings. - Patrick Blott, Executive Chairman & CEO
Q: Are you still tracking towards a senior US exchange listing later this year? A: Yes, we filed registration with the SEC last quarter. This is driven by our growth and shareholder base, aiming to ensure proper setup for capital access and market liquidity. - Patrick Blott, Executive Chairman & CEO
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.