Release Date: May 15, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Intermap Technologies Corp (ITMSF) reported a significant revenue increase of 153% year over year, reaching $4.3 million in Q1 2025.

• The company achieved a pro forma net income of $833,000, a substantial improvement from a net loss of $839,000 in Q1 2024.

• Intermap Technologies Corp (ITMSF) successfully raised $8.7 million in the first quarter, enhancing its liquidity profile.

• The company secured a new US DARPA program, highlighting its strong relationship and alignment with US government requirements.

• Intermap Technologies Corp (ITMSF) is expanding its commercial reach, introducing multi-payels analytics in North America and securing new contracts in space-based communications and leisure applications.

• Currency risks and hedging costs associated with overseas government contracts remain a concern, although mitigated by World Bank funding.

• The timing of follow-on awards, including those with approved World Bank funding, poses a risk to the company’s outlook.

• Intermap Technologies Corp (ITMSF) faces exposure to currency fluctuations globally, which it only partially hedges.

• The company is in a sensitive period regarding the Indonesian contract, limiting the information it can disclose about future phases.

• Intermap Technologies Corp (ITMSF) is still working towards a senior US exchange listing, which is a pull rather than a push, indicating potential delays or challenges.

Q: Can you update us on the progress towards securing the next phase of the Indonesian program? Do you still envision the next phase being larger than phase one and any sense you have on timing? A: We expect it to be larger because there’s a lot of work to get done. The first phase was only 10% of the country. They’re in a quiet period right now, and so are we. So we’re not saying much about it, but once they prioritize internally what they want completed first, we’ll price it and we’ll share it with the market. – Patrick Blott, CEO

Q: What are the goals that Indonesia is working to solve with your technology? A: Several goals, but the most important one is sovereignty. Indonesia has over 17,500 islands and needs precise mapping for sovereignty purposes. The mapping also supports disaster management, planning, and commercial applications like flood underwriting. – Patrick Blott, CEO

Q: Will Indonesia be a one-time contract or a series of follow-on contracts over the next few years? A: It’s going to be a series of follow-on contracts. Indonesia is working on a “one map” program, which is a legislative and Presidential directive supported by the World Bank. The objective is to create a high-resolution 3D terrain model of the entire country. – Patrick Blott, CEO