Operations near break-even excluding timing and financing related items
Enterprise adoption of data-as-a-service platform expands globally, driven by Agentic AI Risk Assistant
Government pipeline remains active, funded and positioned for conversion
Company affirms guidance of $30-35 million in revenue with a 28% EBITDA margin
DENVER, May 13, 2026 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX:IMP, OTCQB:ITMSF) ("Intermap" or the "Company"), a global leader in 3D geospatial products and intelligence solutions, today reported its financial results for the first quarter ended March 31, 2026.
Intermap continued to scale its recurring subscription and data revenue in the first quarter, which represented more than 80% of total revenue. The quarter highlights growing enterprise adoption of Intermap's proprietary data and AI-enabled as-a-service models, led by its agentic AI Risk Assistant. Adoption of the AI-enabled Risk Assistant continues to grow, supporting underwriting and risk management across global markets.
Total revenue for the first quarter was $1.4 million. The absence of revenue from large government programs reflects the timing of procurement and contracting cycles rather than changes in demand or any procurement decisions. Recurring subscription and data revenue was driven by continued growth in data consumption by insurance and enterprise customers, supported by growing adoption of Intermap's value-added analytics platforms.
The Company's pipeline of large government opportunities, including Indonesia and U.S. federal opportunities, is expected to convert into revenue as procurement and contracting processes advance.
For the first quarter, operating results were affected by the repurchase of dilutive securities, foreign currency and deferred revenue effects. Excluding these items, the Company operated near break-even during the quarter.
The Company continued to invest in personnel, infrastructure and deployment readiness in support of its tendering commitments under international programs, including Indonesia's World Bank funded program. Intermap ended the quarter with cash of approximately $18.8 million and working capital of approximately $16.3 million.
"In the first quarter, we continued to scale our recurring subscription and data business while advancing our government pipeline," said ...
