Intermap Technologies (IMP) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was $10.6 million, down from $17.6 million in 2024, due to delays in Indonesia and U.S. government contracts.

• Commercial revenue and recurring revenue expanded, with subscription and data revenue growing 29% year-over-year and now representing 49% of total revenue.

• Beta launch of Risk Assistant in the Czech market and introduction of AI-enabled risk assistant supported growth in insurance analytics and recurring revenue.

• Down-selected for all four lots in Indonesia's World Bank ILASP Project, representing a $200 million opportunity.

• Strengthened balance sheet with year-end cash of $22.5 million, up from $0.4 million, and shareholders' equity rising to $24.6 million.

Financial highlights

• Fourth quarter revenue was $1.6 million, down from $7.4 million in Q4 2024.

• Operating loss for 2025 was $6.9 million, compared to operating income of $2.5 million in 2024.

• Net loss was $6.7 million, versus net income of $2.5 million in 2024.

• Cash at year-end was $22.5 million; total assets increased to $31.7 million; shareholders' equity rose to $24.6 million.

• Commercial recurring revenue represented 60% of total revenue, up from 32% in 2024.

Outlook and guidance

• Affirmed 2026 revenue guidance of $30 million–$35 million with a 28% EBITDA margin.

• Focused on converting a large government pipeline, especially in Southeast Asia, and expanding recurring commercial revenue.

• Malaysia flood mapping contract revenue expected in 2026.

• Management views government and commercial pipelines as strong, with improved liquidity and financial flexibility entering 2026.