Intermap Reports Third Quarter 2025 Results

Executive Summary

• Intermap Technologies reported Q3 2025 results, highlighting a 37% YoY increase in commercial software revenue driven by AI Risk Assistant adoption in Europe and the U.S.
• The company completed a bought‑deal public offering and concurrent private placement, raising $21 million of gross proceeds, boosting shareholders’ equity to $27.2 million and removing its going‑concern qualification.
• Intermap reaffirmed 2025 guidance of $30–35 million revenue with a target 28% EBITDA margin, despite lower total revenue year‑over‑year.

Key Details

• Financing: Bought‑deal public offering + private placement; gross proceeds $21 M; equity increased to $27.2 M.
• Revenue: Q3 2025 revenue $1.7 M vs. $5.0 M in Q3 2024; YTD revenue $9.0 M vs. $10.2 M prior year.
• Commercial Software Revenue: Up 37% YoY, primarily from Europe after launch of the AI‑enabled Risk Assistant platform.
• Operating Cash Flow (YTD): $2.0 M (excluding $2.1 M working‑capital investment) vs. negative $1.4 M last year; quarter cash flow improved to –$1.7 M (ex‑WC).
• Working Capital: End‑quarter balance $23.3 M, enabling removal of going‑concern qualification and audit uplift to PCAOB standards.
• Adjusted EBITDA: –$1.0 M for the quarter vs. +$1.6 M in Q3 2024.
• Net Loss: $1.5 M versus net income of $1.1 M a year earlier.
• Government Contract Activity: Submitted bids for all four lots of Indonesia’s $200 M Integrated Land Administration project; proposals under review for NOAA’s $250 M Coastal Geospatial Services Contract 5 and NGS Shoreline Mapping Support Services IDIQ ($250 M). Ongoing DOD meetings despite U.S. shutdown.
• Outlook: Reaffirms 2025 revenue guidance of $30–35 M and 28% EBITDA margin; notes timing risk for government contract awards but expects acceleration as funding resumes.
• Conference Call: CEO Patrick A. Blott and CFO Jennifer Bakken to host a webcast on Thursday, Nov 13, 2025 at 5:00 pm ET; recording will be posted on the investor‑relations site.

Notable Quotes

“Our AI‑enabled Risk Assistant is delivering strong commercial traction in Europe, underscoring the value of our high‑precision 3D geospatial data for insurance underwriting,” – Patrick A. Blott, CEO.

“The $21 M financing strengthens our balance sheet, removes the going‑concern qualification and positions us to win larger multiyear government contracts,” – Jennifer Bakken, CFO.