Intermap Technologies (IMP) Q2 2026 earnings summary

Executive summary

• Announced definitive agreement to acquire PCI Geomatics for CAD 11 million in cash, expanding geospatial intelligence capabilities and product breadth, with closing expected by end of September 2026.

• Value-added Data revenue more than doubled year-over-year to CAD 700,000, and Software and Solutions prepaid revenue grew 35%, driven by AI-powered products and adoption by eight specialty-line insurers.

• Commercial revenue outperformed expectations with double-digit growth guidance, while government revenue was impacted by delays in Indonesia's procurement process.

• No acquisition services revenue was recognized in Q2 due to ongoing tendering in Indonesia; all Q2 revenue came from software, solutions, and value-added data.

• Continued investment in personnel, technology, and infrastructure to support growth in government and commercial sectors.

Financial highlights

• Q2 2026 revenue was CAD 2 million, down from CAD 3 million in Q2 2025; six-month revenue was CAD 3.4 million, down from CAD 7.3 million year-over-year, mainly due to timing of Indonesia contracts.

• Net loss for Q2 was CAD 2.1 million (CAD 0.03/share), compared to CAD 800,000 (CAD 0.02/share) in the prior year.

• Adjusted EBITDA was CAD -1.4 million, compared to CAD -300,000 year-over-year, reflecting lower acquisition services revenue and continued investment.

• 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.

• Invested CAD 2.2 million in property and equipment in the first half, up from CAD 200,000 in the prior year.

Outlook and guidance

• Guidance for double-digit commercial revenue growth remains, supported by the PCI acquisition.

• FY 2026 revenue guidance of CAD 30 million is considered conservative if Indonesia awards are received this year; guidance will be updated based on Indonesia's outcome and PCI closing.

• Updated financial guidance will be provided after PCI acquisition closes and integration is underway.

• Underlying business outlook remains unchanged; timing of Indonesian opportunity is the main variable for 2026 results.

• Focus on integrating PCI, expanding recurring commercial revenue, and converting government opportunities into contracts.