Intermap Technologies (IMP) Q1 2026 earnings summary

Executive summary

• Recurring subscription and data revenue exceeded 80% of total revenue in Q1 2026, reflecting strong enterprise adoption of AI-enabled data-as-a-service platforms and analytics products.

• The company is scaling capabilities in Southeast Asia and Europe, upgrading sensors, AI software, and secure cloud-native solutions for large government and enterprise contracts.

• Operational readiness and infrastructure are maintained to support rapid deployment for large international programs, with a focus on converting a robust government pipeline, including Indonesia and U.S. federal opportunities.

• Investments continued in personnel, infrastructure, and deployment readiness for international programs.

Financial highlights

• Q1 2026 total revenue was CAD 1.4 million (or $1.4 million), down from CAD 4.3 million in Q1 2025, mainly due to timing delays in large government programs, especially Indonesia.

• Solution software and solutions revenue was CAD 1.2 million (vs. CAD 1.4 million prior year); value-added data revenue was CAD 0.2 million (vs. CAD 0.5 million prior year), both impacted by timing and deferred revenue recognition.

• Over 80% of Q1 2026 revenue came from recurring sources.

• Operating results were near breakeven, excluding non-recurring items such as financing settlements, FX, deferred revenue, and repurchase of dilutive securities.

• Ended Q1 with approximately CAD 18.8 million in cash and CAD 16.3 million in positive working capital.

Outlook and guidance

• Guidance for 2026 is CAD 30–35 million (or $30–35 million) in revenue, with the majority expected in the latter part of the year due to the timing of large government contracts.

• Commercial business annual recurring revenue (ARR) is approaching CAD 8 million, with guidance for CAD 10 million.

• EBITDA margin guidance is 28%, with expectations for higher steady-state margins as more business shifts to cloud-based, as-a-service models.

• Management expects continued growth in recurring insurance analytics and conversion of government programs to support long-term strategy.