Q2 2026 Intermap Technologies Corp Earnings Call Transcript
Key Points
- Commercial revenue growth is strong, with Value-added Data revenue more than doubling year-over-year and Software Solutions/prepaid revenue growing 35%.
- The PCI Geomatics acquisition is expected to close by end of September, adding recurring subscription revenue and positive net cash flow, and enhancing the company's vertical integration in geospatial data processing.
- Intermap Technologies Corp (ITMSF) has secured a third Fast Track strategic technology research contract with a leading defense prime contractor for GPS-denied navigation, validating its defense and aerospace strategy.
- The company maintains a strong balance sheet with $16.2 million in cash and $12.6 million in working capital, and its liquidity plan for the PCI acquisition is underwritten without relying on near-term cash receipts from Indonesia.
- Intermap Technologies Corp (ITMSF) remains confident in winning the Indonesia follow-on contract, citing its unique capability to deliver country-scale 0.5-meter DEMs and its 30-year presence in the country, with the program supported by World Bank institutional funding.
- Total revenue for Q2 2026 declined to $2 million from $3 million in the prior year, and for the first six months, revenue dropped to $3.4 million from $7.3 million, primarily due to the absence of acquisition services revenue from Indonesia.
- The Indonesia follow-on contract award continues to face delays, with the company unable to control the timing, and revenue recognition remains uncertain, leading to a withdrawal of 2026 guidance pending the PCI acquisition.
- Net loss widened to $2.1 million in Q2 2026 from $800,000 in the prior year, and adjusted EBITDA turned more negative at -$1.4 million versus -$300,000, reflecting lower revenue and continued investment.
- The company's reliance on a single large government contract (Indonesia) creates significant revenue concentration risk, as evidenced by the zero acquisition services revenue in the quarter.
- The PCI Geomatics acquisition involves integration risks and uses CAD11 million in cash, which could strain liquidity if the Indonesia contract is further delayed or not awarded.
(technical difficulty) Will address your question at the end of this call.
Certain information in this presentation constitutes forward-looking statements, including statements regarding the proposed acquisition and integration of PCI Geomatics, anticipated transaction benefits, government contracting opportunities, procurement and revenue recognition timing, commercial growth and capital deployment, guidance and future operating performance.
Forward-looking statements are identified by words such as anticipate, believe, expect, plan, project, will and similar expressions. These statements are based on current assumptions and involve risks and uncertainties, including completion and integration of the PCI transaction, availability of capital, revenue variability, timing and structure of government contracts, customer concentration, economic conditions, competitive dynamics, technology risk, cybersecurity and other factors described in Intermap's public filings.
Actual results may differ materially. The company undertakes no
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