Intermap Technologies (TSE:IMP) reported lower second-quarter revenue as the timing of follow-on government contract awards in Indonesia left the company without acquisition services revenue during the period, while commercial software and data businesses showed growth.
Revenue totaled CAD 2 million in the second quarter of 2026, down from CAD 3 million a year earlier. First-half revenue was CAD 3.4 million, compared with CAD 7.3 million in the prior-year period. The company recorded a quarterly net loss of CAD 2.1 million, or CAD 0.03 per share, versus a net loss of CAD 800,000, or CAD 0.02 per share, a year earlier. Adjusted EBITDA was negative CAD 1.4 million, compared with negative CAD 300,000 in the prior-year quarter.
Indonesia Procurement Delays Weigh on Results
“The timing of Indonesia continues to be the principal variable affecting 2026 year-term results,” Blott said. He added that Intermap has personnel, aircraft, radar systems and processing capabilities in place for immediate deployment if it receives an award.
Blott said Indonesia’s process remains active and includes involvement from the World Bank, which is providing third-party institutional funding. He characterized the additional review as potentially supportive of the program’s long-term stability, while acknowledging that awards and revenue-recognition timing remain outside Intermap’s control.
The company said it remains in a binding tender agreement and has assets committed to the Indonesian opportunity. Blott said Intermap’s confidence in its prospects remains high, though he noted that no outcome is certain in a competitive procurement process.
Intermap maintained its expectation that, if Indonesia awards the work during 2026 and the company wins, its previously stated CAD 30 million revenue guidance could prove conservative. Management said it would update guidance if the procurement does not proceed on that timeline.
Commercial Revenue Mix Shifts Toward Software and Data
Despite the absence of acquisition services revenue, Intermap said commercial operations performed better than expected. Software and solutions and value-added data accounted for all second-quarter revenue, compared with about 53% of revenue in the prior-year quarter.
- Software and solutions revenue was CAD 1.3 million, unchanged from the prior-year period.
- Software prepaid contracts grew 35%.
- Value-added data revenue increased to CAD 700,000 from CAD 300,000 a year earlier.
- Acquisition services revenue was nil, compared with CAD 1.4 million in the prior-year quarter.
Blott attributed commercial momentum to organic growth and adoption of newer artificial intelligence-driven products, including insurance subscriptions offering an agentic AI risk assistant. The company continues to target insurance, telecommunications, autonomous navigation, defense, commercial space and critical-infrastructure markets.
Intermap also announced its third fast-track strategic technology research contract through a defense prime contractor supporting a U.S. Department of War research program. The program is focused on position, navigation and timing capabilities for GPS-denied environments, including military, aerospace and autonomous-system applications.
PCI Geomatics Deal Expected to Close in September
Following the quarter, Intermap announced a definitive agreement to acquire PCI Geomatics for CAD 11 million in cash. PCI provides satellite and aerial image-processing technology and supports more than 500 satellites and thousands of production workflows, according to Intermap.
Blott said the transaction would combine PCI’s image processing, cloud-native microservices, APIs and edge-processing capabilities with Intermap’s 3D terrain data, orthorectification and AI-powered analytics. The companies have worked together for decades, he said.
The transaction is expected to close by the end of September, subject to PCI shareholder approval and customary closing conditions. Intermap said the acquisition is expected to add material recurring subscription revenue and positive net cash flow, though management declined to provide further details about PCI’s revenue mix before the closing.
Blott said the combined capabilities are intended to help customers process data from multiple sensor types, support automated workflows and retain control over data sovereignty and provenance.
Cash Position and Capital Spending
CFO Jennifer Bakken said Intermap ended the quarter with CAD 16.2 million in cash, CAD 12.6 million in working capital and CAD 17.7 million in shareholders’ equity. The company expects the PCI transaction to use CAD 11 million of cash at closing during the third quarter.
For the first six months of 2026, Intermap invested CAD 2.2 million in property and equipment, up from CAD 200,000 in the prior-year period. Bakken said the spending supported platform sensors, the company’s data archive, processing capabilities and commercial delivery infrastructure.
Contract liabilities increased to CAD 3.5 million from CAD 2.6 million at Dec. 31. About 88% of that balance relates to software and solutions license revenue paid in advance that will be recognized over applicable license terms.
Management said it expects to provide updated financial guidance after the PCI acquisition closes, when it has more clarity on the combined company’s financial profile and the timing of Indonesia-related activity.
About Intermap Technologies (TSE:IMP)
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows.
