Intermap Reports Second Quarter 2025 Results

Executive Summary

• Intermap Technologies reported financial results for the second quarter ended June 30, 2025, highlighting a decline in quarterly revenue but significant growth in operating cash flow.
• The company reaffirmed its full-year 2025 revenue guidance of $30–35 million and a 28% EBITDA margin, citing timing effects in government contracts and commercial adoption as primary risks.
• Key operational updates include the launch of the AI-driven Insurance Risk Assistant Subsystem (IRAS) and continued pipeline growth in global government business, particularly in Southeast Asia and North America.

Key Details

• Q2 2025 Revenue: $3.0 million, a year-over-year decline from $3.6 million in Q2 2024, attributed to timing effects from Indonesia and a specific commercial contract.
• Operating Cash Flow: Generated $2.1 million in Q2 2025, compared to a use of $500 thousand in Q2 2024.
• H1 2025 Cash Flow: Operating cash flow for the six months ended June 30, 2025, was $1.4 million, representing a 22% increase over the same period in 2024.
• EPS and Working Capital: Adjusted earnings per share were $0.01 (flat). Working capital improved to $3.6 million.
• Liquidity and Liabilities: Liquidity increased to $8.6 million from $3.8 million at December 31, 2024. The company settled $1.2 million in non-recurring accrued liabilities and payables following the issuance of 5.3 million shares for C$2.25 per share in February 2025.
• Dilution: Dilutive shares were reduced by 1,309,308.
• Acquisition Services (Indonesia): Results included demobilization and pursuit costs for the ILASP initiative. Indonesia completed a World Bank funding agreement and released a Draft RFP.
• Government Contracts: The company added to its global government business pipeline across Southeast Asia, North America, South America, and the Middle East. U.S. Department of Defense (DOD) contracts experienced timing adjustments due to budget changes but no reduction in funding ceilings.
• Commercial Insurance Business: Implementation began for the Insurance Risk Assistant Subsystem (IRAS), an agentic AI-driven SaaS solution. The product aims to reduce underwriting errors and improve claim predictability by up to 30% while meeting GDPR requirements.
• 2025 Outlook: Reaffirmed projected revenue of $30–35 million and 28% EBITDA margin. No quarterly guidance provided.

Notable Quotes

• Note: No direct quotes from the CEO or President were included in the provided text.