Intermap Awarded Malaysian Flood Mapping Program; Indonesia ILASPP Phase 2 Evaluation Period Extended

Executive Summary

• Intermap announced a new contract to supply high‑resolution DEM data for Malaysia’s State of Sabah flood forecasting program, with delivery slated for Q1 2026.
• The World Bank‑funded Indonesian ILASPP tender timeline was extended into 2026, but the program’s size and scope remain unchanged.
• Intermap removed its 2025 revenue guidance and issued initial 2026 guidance of $30‑$35 million in revenue with a 28% EBITDA margin.

Key Details

• Indonesia Update: Decision date for the next phase of the ILASPP tender extended by two weeks; program now expected to run into 2026 with no change to size or scope.
• Malaysia Contract: Awarded project to provide high‑resolution DEM data and related services to the Department of Irrigation and Drainage (DID) under PETRA for Sabah’s National Flood Forecasting and Warning Program.
• Project supports seven‑day flood forecasts and extends warning lead times from hours to days.
• Data delivery scheduled for Q1 2026.
• Local partner: Antaragrafik Systems Sdn Bhd.
• Previous Work: Builds on Phase I work in West Malaysia (river basins of Terengganu, Kelantan, Pahang) that supplied elevation data for national flood modelling and hydrological ICT infrastructure.
• Global Insurance Business: Continued strong demand; recent upsell of $2.25 million to a leading U.S. insurer; AI risk agent adoption expanding across Europe and the United States.
• Guidance Revision: 2025 guidance removed; new 2026 outlook: revenue $30‑$35 million, EBITDA margin ~28%. Timing of some government contracts may shift due to funding delays, but management expects mitigation through multiple concurrent pursuits.
• Risks Highlighted: Uncertainties around subscription renewals, future contract awards, and timing of revenue recognition for upcoming awards.

Notable Quotes

• “National geospatial data infrastructure provides critical insight for multiple departments… the program remains on track although its timing has now extended into 2026.” – Patrick A. Blott, Chairman & CEO
• “Our extensive experience in hydrological and hydraulic modeling positions us to supply the best‑available DEM product for flood forecasting in Southeast Asia and around the globe.” – Patrick A. Blott, Chairman & CEO