Intermap Technologies (IMP) Q1 2026 earnings summary

Executive summary

• Recurring subscription and data revenue reached 81% of Q1 2026 revenue, up from 31% in Q1 2025, reflecting expanding enterprise adoption of AI-enabled analytics and data-as-a-service platforms.

• Q1 revenue was $1.4 million, with large government programs contributing minimally due to procurement timing; the active, funded pipeline includes Indonesia and U.S. federal opportunities.

• Continued investment in infrastructure, personnel, AI tools and deployment readiness supports anticipated international programs and large-scale GEOINT production.

Financial highlights

• Q1 2026 revenue was CAD 1.4 million, down from CAD 4.3 million in Q1 2025, mainly due to timing delays in large government programs, particularly Indonesia.

• Solution software and solutions revenue was CAD 1.2 million versus CAD 1.4 million a year earlier; value-added data revenue was CAD 0.2 million versus CAD 0.5 million.

• Reported net loss was $3.0 million; underlying operations were near break-even excluding financing, security repurchase, FX and deferred-revenue timing effects.

• Quarter-end cash was 18.8 million and working capital was 16.3 million.

Outlook and guidance

• 2026 revenue guidance was reaffirmed at CAD 30–35 million, with most revenue expected in the latter part of the year as large government contracts convert.

• EBITDA margin guidance is 28%; greater use of cloud-based, as-a-service models is expected to support higher steady-state margins.

• Commercial ARR is approaching CAD 8 million, with guidance of CAD 10 million.

• Government opportunities remain funded and in contracting phases; Indonesia's procurement process is active.