Intermap Technologies Corp 6-K, filed May 21, 2025
Intermap Technologies Corp (ITMSF)
About this 6-K
Intermap Technologies Corp filed this 6-K on May 21, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of May,
Commission
File Number:
(Translation of registrant’s name into English)
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
DOCUMENTS FILED AS PART OF THIS FORM 6-K
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| INTERMAP TECHNOLOGIES CORP. | ||
| Date: May 20, 2025 | ||
| By: | /s/ Patrick A. Blott | |
| Name: | Patrick A. Blott | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
Consolidated Interim Financial Statements of
INTERMAP TECHNOLOGIES
CORPORATION
First quarter ended March 31, 2025
NOTICE: The condensed consolidated interim financial statements and notes thereto for the three months ended March 31, 2025 have not been reviewed by the Company’s external auditors.
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Financial Position
(In thousands of United States dollars)
(Unaudited)
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | $ | ||||||
| Amounts receivable (Note 16) | ||||||||
| Unbilled revenue | ||||||||
| Prepaid expenses (Note 11) | ||||||||
| Current assets | ||||||||
| Prepaid expenses | ||||||||
| Property and equipment (Note 4) | ||||||||
| Intangible assets (Note 5) | ||||||||
| Right of use assets (Note 6) | ||||||||
| Investment (Note 7) | ||||||||
| Total assets | $ | $ | ||||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities (Note 8) | $ | $ | ||||||
| Bank loan (Note 9(a)) | ||||||||
| Current portion of government loans (Note 9(d)) | ||||||||
| Loan payable (Note 9(b)) | ||||||||
| Lease obligations (Note 9) | ||||||||
| Unearned revenue | ||||||||
| Income taxes payable | ||||||||
| Current liabilities | ||||||||
| Long-term project financing (Note 9(c)) | ||||||||
| Long-term government loans (Note 9(d)) | ||||||||
| Loan payable (Note 9(b)) | ||||||||
| Unearned revenue | ||||||||
| Lease obligations (Note 9) | ||||||||
| Total liabilities | ||||||||
| Shareholders’ equity (deficiency): | ||||||||
| Share capital (Note 13(a)) | ||||||||
| Warrants (Note 14) | ||||||||
| Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| Contributed surplus (Note 13(b)) | ||||||||
| Deficit | ( | ) | ( | ) | ||||
| Total shareholders’ equity | ||||||||
| Going concern (Note 2(a)) | ||||||||
| Total liabilities and shareholders’ equity | $ | $ | ||||||
See accompanying notes to condensed consolidated interim financial statements.
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Loss and Other Comprehensive Loss
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, | 2025 | 2024 | ||||||
| Revenue (Note 11) | $ | $ | ||||||
| Expenses: | ||||||||
| Operating costs (Note 12(a)) | ||||||||
| Depreciation of property and equipment (Note 4) | ||||||||
| Amortization of intangible assets (Note 5) | ||||||||
| Depreciation of right of use assets (Note 6) | ||||||||
| Gain on derecognition of right of use assets (Note 6) | ( | ) | ||||||
| Expenses | ||||||||
| Operating loss | ( | ) | ( | ) | ||||
| Financing costs (Note 12(b)) | ( | ) | ( | ) | ||||
| (Loss) gain on foreign currency translation | ( | ) | ||||||
| Loss before income taxes | ( | ) | ( | ) | ||||
| Income tax expense: | ||||||||
| Current | ||||||||
| Income tax expense | ||||||||
| Loss for the period | $ | ( | ) | $ | ( | ) | ||
| Other comprehensive loss: | ||||||||
| Items that are or may be reclassified subsequently to profit or loss: | ||||||||
| Foreign currency translation differences | ( | ) | ||||||
| Comprehensive loss for the period | $ | ( | ) | $ | ( | ) | ||
| Basic and diluted loss per share | $ | ) | $ | ) | ||||
| Weighted average number of Class A common shares - basic and diluted (Note 13(c)) | ||||||||
See accompanying notes to condensed consolidated interim financial statements.
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity (Deficiency)
(In thousands of United States dollars)
(Unaudited)
| Accumulated Other | ||||||||||||||||||||||||
| Share Capital | Warrants | Contributed Surplus | Comprehensive Loss | Deficit | Total | |||||||||||||||||||
| Balance at December 31, 2023 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||||||
| Comprehensive loss for the period | ( | ) | ( | ) | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||
| Private placement proceeds (Note 13(a)) | ||||||||||||||||||||||||
| Issuance costs | ( | ) | ( | ) | ||||||||||||||||||||
| Expiry of warrants | ( | ) | ||||||||||||||||||||||
| Balance at March 31, 2024 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
| Balance | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
| Comprehensive income for the period | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||
| Private placement proceeds (Note 13(a)) | ||||||||||||||||||||||||
| Issuance costs | ( | ) | ( | ) | ||||||||||||||||||||
| Balance at March 31, 2025 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
See accompanying notes to condensed consolidated interim financial statements.
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Cash Flows
(In thousands of United States dollars)
(Unaudited)
| For the three months ended March 31, | 2025 | 2024 | ||||||
| Operating activities: | ||||||||
| Net loss for the period | $ | ( | ) | $ | ( | ) | ||
| Interest paid | ( | ) | ( | ) | ||||
| Income tax paid | ( | ) | ( | ) | ||||
| Adjustments for: | ||||||||
| Depreciation of property and equipment | ||||||||
| Amortization of intangible assets | ||||||||
| Depreciation of right of use assets | ||||||||
| Share-based compensation expense | ||||||||
| Gain on derecognition of right of use assets | ( | ) | ||||||
| Financing costs | ||||||||
| Changes in working capital: | ||||||||
| Amounts receivable | ( | ) | ( | ) | ||||
| Unbilled revenue and prepaid expenses | ( | ) | ||||||
| Accounts payable and accrued liabilities | ( | ) | ( | ) | ||||
| Unearned revenue | ||||||||
| Gain on foreign currency translation | ( | ) | ( | ) | ||||
| Cash flows (used by) provided in operating activities | ( | ) | ||||||
| Investing activities: | ||||||||
| Purchase of property and equipment | ( | ) | ( | ) | ||||
| Additions to intangible assets | ( | ) | ( | ) | ||||
| Cash flows used in investing activities | ( | ) | ( | ) | ||||
| Financing activities: | ||||||||
| Proceeds from private placement | ||||||||
| Issuance costs | ( | ) | ( | ) | ||||
| Exercise of warrants | ||||||||
| Payment of lease obligations | ( | ) | ( | ) | ||||
| Repayment of bank loan | ( | ) | ( | ) | ||||
| Repayment of loan payable | ( | ) | ||||||
| Repayment of government loans | ( | ) | ( | ) | ||||
| Cash flows provided by financing activities | ||||||||
| Effect of foreign exchange on cash | ( | ) | ||||||
| Increase in cash | ||||||||
| Cash, beginning of period | ||||||||
| Cash, end of period | $ | $ | ||||||
See accompanying notes to condensed consolidated interim financial statements.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 1 |
| 1. | Reporting entity: |
Intermap Technologies ® Corporation (the Company) is incorporated under the laws of Alberta, Canada. The head office of Intermap is located at 385 Inverness Parkway, Suite 105, Englewood, Colorado, USA 80112. Its registered office is located at 400, 3rd Avenue SW, Suite 3700, Calgary, Alberta, Canada T2P 4H2.
Intermap is a global location-based geospatial intelligence company, creating a wide variety of geospatial solutions and analytics for its customers. Intermap’s geospatial solutions and analytics can be used in a wide range of applications including, but not limited to, location-based information, geospatial risk assessment, geographic information systems, engineering, utilities, global positioning systems maps, oil and gas, renewable energy, hydrology, environmental planning, wireless communications, transportation, advertising, and 3D visualization.
| 2. | Basis of preparation: |
| (a) | Going concern: |
These condensed consolidated interim financial
statements have been prepared assuming the Company will continue as a going concern. The going concern basis of presentation assumes the
Company will continue in operation for the foreseeable future and can realize its assets and discharge its liabilities and commitments
in the normal course of business. During the three months ended March 31, 2025, the Company reported net loss of $
The above factors in the aggregate indicate there are material uncertainties which cast substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on management’s ability to successfully secure sales with upfront payments, execute on the new foreign government contract award and / or obtain additional financing. There can be no assurance that such plans will be achieved. Failure to achieve one or more of these requirements could have a materially adverse effect on the Company’s financial condition and / or results of operations. The Board of Directors and management continue to take actions to address these issues including completing an issuer private placement during the first quarter, raising gross proceeds of C$. The Company intends to use the funds for working capital and execution of government contracts.
The condensed consolidated interim financial statements do not reflect adjustments that would be necessary if the going concern assumption was not appropriate. If the going concern basis was not appropriate for these condensed consolidated interim financial statements, then adjustments would be necessary to the carrying value of assets and liabilities, the reported revenues and expenses, and the statement of financial position classifications used.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 2 |
| (b) | Statement of compliance: |
These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 as issued by the International Accounting Standards Board (IASB).
The notes presented in these unaudited condensed consolidated interim financial statements include in general only significant changes and transactions occurring since the Company’s last year-end and are not fully inclusive of all disclosures required by International Financial Reporting Standards (IFRS) as issued by the IASB for annual financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the annual audited consolidated financial statements, including the notes thereto, for the year ended December 31, 2024 (the “2024 Annual Consolidated Financial Statements”).
The policies applied in these condensed consolidated interim financial statements are based on IFRS as issued by the IASB and effective as of May 14, 2025, the date the Board of Directors approved the condensed consolidated interim financial statements.
| (c) | Measurement basis: |
The consolidated interim financial statements have been prepared mainly on the historical cost basis. Other measurement bases used are described in the applicable notes.
| (d) | Use of estimates: |
Preparing condensed consolidated interim financial statements in conformity with IFRS as issued by the IASB requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the period. Actual results could differ from these estimates.
The significant judgements made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 3 |
| 3. | Summary of material accounting policies: |
These condensed consolidated interim financial statements have been prepared using the same accounting policies and methods that were used to prepare the Company’s 2024 Annual Consolidated Financial Statements
| 4. | Property and equipment: |
Schedule of property and equipment
| Aircraft and engines | Radar and mapping equipment | Furniture and fixtures | Leasehold improvements | Under construction | Total | |||||||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Additions | ||||||||||||||||||||||||
| Depreciation | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Balance at March 31, 2025 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Aircraft and engines | Radar and mapping equipment | Furniture and fixtures | Leasehold improvements | Under construction | Total | |||||||||||||||||||
| Cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Accumulated depreciation | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Property and equipment, beginning balance | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Accumulated depreciation | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Balance at March 31, 2025 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Property and equipment, ending balance | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 4 |
| 5. | Intangible assets: |
Schedule of intangible assets
| Data library | Data library not yet available for use | Total | ||||||||||
| Balance at December 31, 2024 | $ | $ | $ | |||||||||
| Additions | ||||||||||||
| Amortization | ( | ) | ( | ) | ||||||||
| Balance at March 31, 2025 | $ | $ | $ | |||||||||
| Data library | Data library not yet available for use | Total | ||||||||||
| Cost | $ | |||||||||||
| Accumulated amortization | ( | ) | ( | ) | ||||||||
| Balance at December 31, 2024 | $ | $ | $ | |||||||||
| Intangible assets, beginning balance | $ | $ | $ | |||||||||
| Cost | ||||||||||||
| Accumulated amortization | ( | ) | ( | ) | ||||||||
| Balance at March 31, 2025 | $ | $ | $ | |||||||||
| Intangible assets, ending balance | $ | $ | $ | |||||||||
| 6. | Right of use assets: |
Schedule of right of use assets
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Beginning Balance | $ | $ | ||||||
| Depreciation | ( | ) | ( | ) | ||||
| New leases | ||||||||
| Adjustment | ( | ) | ||||||
| Ending Balance | $ | $ | ||||||
During the three months ended March
31, 2025, the Company entered into a new five-year facility
lease in Calgary. The previous lease was terminated early, resulting in a net gain of $
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 5 |
| 7. | Investment: |
The Company has an investment in a privately held company
over which the Company exercises no control or significant influence. The fair value of the investment at March 31, 2025 was estimated
using a market-based approach with primarily unobservable inputs, including the comparable enterprise value to revenue multiples discounted
for considerations such as the lack of marketability and other differences between the comparable peer group and the privately held company.
Revenue multiples were selected from comparable public companies based on, industry, size, target markets, and other factors that the
Company considers to be reasonable. The comparable enterprise value to revenue multiple was applied to the trailing twelve months actual
revenues of the privately held company to determine the enterprise value of the privately held company. Once the enterprise value of the
privately held company was determined the net debt was removed (total debt less cash) and the remaining equity value was allocated to
the capital of the privately held company in order of ranking (e.g., preferred shares, common shares). At March 31, 2025, the fair value
was estimated to be $
| 8. | Accounts payable and accrued liabilities: |
Schedule of accounts payable and accrued liabilities
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Accounts payable | $ | $ | ||||||
| Accrued liablities | ||||||||
| VAT payable | ||||||||
| Total | $ | $ | ||||||
During the third quarter of 2024, the Company executed a
supplier financing arrangement with a financing company in Canada to finance vendor invoices. Interest accrues at
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 6 |
| 9. | Financial liabilities: |
The following table provides a reconciliation of movements of liabilities to cash flows arising from financing activities and balances at March 31, 2025:
Schedule of reconciliation of liabilities
| Bank Loan | Loan Payable | Project Financing | Government Loans | Lease Obligations (Note 10) | Total | |||||||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Changes from financing activities: | ||||||||||||||||||||||||
| Repayment of bank loan | ( | ) | ( | ) | ||||||||||||||||||||
| Repayment of loan payable | ( | ) | ( | ) | ||||||||||||||||||||
| Payment of lease obligations | ( | ) | ( | ) | ||||||||||||||||||||
| Repayment of government loans | ( | ) | ( | ) | ||||||||||||||||||||
| Total changes from financing activities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Foreign exchange | ( | ) | ||||||||||||||||||||||
| Other changes: | ||||||||||||||||||||||||
| Financing costs | ||||||||||||||||||||||||
| Interest paid | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| New leases (Note 6) | ||||||||||||||||||||||||
| Adjustment (Note 6) | ( | ) | ( | ) | ||||||||||||||||||||
| Balance at March 31, 2025 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| (a) | Bank loan: |
On August 8, 2022, the Company executed a bank loan in the
Czech Republic to finance the purchase of foundation data for
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 7 |
| (b) | Loan payable: |
During 2024, the Company executed two equipment financing
loans to purchase $
Schedule of loan payable
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Loan payable | $ | $ | ||||||
| Total | ||||||||
| Less current portion | ( | ) | ( | ) | ||||
| Long-term portion of loan payable | $ | $ | ||||||
| (c) | Project financing: |
Reimbursable project development funds provided by a corporation
designed to enable the development and commercialization of geomatics solutions in Canada. The funding is repayable upon the completion
of a specific development project and the first sale of any of the resulting product(s).
| (d) | Government loans: |
Schedule of government loans
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| SBA loan | $ | $ | ||||||
| Western Development Canada loan | ||||||||
| Total | ||||||||
| Less current portion | ( | ) | ( | ) | ||||
| Long-term portion of government loans | $ | $ | ||||||
| i. | SBA loan: |
On July 17, 2020, the Company received a $
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 8 |
| ii. | Western Development Canada loan: |
On December 29, 2020, the Company received a $
| 10. | Lease obligations: |
The following table presents the contractual undiscounted cash flows for lease obligations which require the following payments for each period ending March 31:
Schedule of lease obligations
| 2026 | ||||
| 2027 | ||||
| 2028 | ||||
| 2029 | ||||
| 2030 | ||||
| Lease obligations | $ |
The following table presents payments for lease obligations:
Schedule of payments for lease obligations
| March 31, | March 31, | |||||||
| 2025 | 2024 | |||||||
| Principal payments | $ | $ | ||||||
| Interest payments | ||||||||
| Short-term lease payments | ||||||||
| Payments for lease obligations | $ | $ | ||||||
The Company also has contractual undiscounted cash flows
for short-term and low-value operating leases for equipment and maintenance that are not on the statements of financial position which
require the payments of $
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 9 |
| 11. | Revenue: |
Details of revenue are as follows:
Schedule of revenue
| For the three months ended March 31, | 2025 | 2024 | ||||||
| Acquisition services | $ | $ | ||||||
| Value-added data | ||||||||
| Software and solutions | ||||||||
| Revenue | $ | $ | ||||||
| Primary geographical market | ||||||||
| United States | $ | $ | ||||||
| Asia/Pacific | ||||||||
| Europe | ||||||||
| Revenue | $ | $ | ||||||
| Timing of revenue recognition | ||||||||
| Upon delivery | $ | $ | ||||||
| Services overtime | ||||||||
| Revenue | $ | $ | ||||||
The Company recognizes an asset for the incremental costs
of obtaining a contract with a customer if the expected benefit of those costs is longer than one year. The Company determined that certain
commissions paid to sales employees meet the requirement to be capitalized. Total capitalized contract acquisition costs included in prepaid
expenses and other assets to obtain contracts at March 31, 2025 was $
Changes in contract acquisition costs are as follows:
Schedule of changes in contract acquisition costs
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Contract acquisition costs, beginning of period | $ | $ | ||||||
| Additions | ||||||||
| Amortization | ( | ) | ( | ) | ||||
| Contract acquisition costs, end of period | $ | $ | ||||||
| 12. | Operating and non-operating costs: |
| (a) | Operating costs: |
Schedule of operating costs
| For the three months ended March 31, | 2025 | 2024 | ||||||
| Personnel | $ | $ | ||||||
| Purchased services & materials(1) | ||||||||
| Travel | ||||||||
| Facilities and other expenses | ||||||||
| Total operating costs | $ | $ | ||||||
| (1) |
| (b) | Financing costs: |
Schedule of financing costs
| For the three months ended March 31, | 2025 | 2024 | ||||||
| Interest on bank loan | $ | $ | ||||||
| Interest on government loans | ||||||||
| Interest on lease obligations | ||||||||
| Interest on loan payable | ||||||||
| Interest on accounts payable | ||||||||
| Total financing costs | $ | $ | ||||||
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 10 |
| 13. | Share capital: |
| (a) | Issued: |
| December 31, 2024 | December 31, 2024 | |||||||||||||||
| Number of | Number of | |||||||||||||||
| Class A common shares | Shares | Amount | Shares | Amount | ||||||||||||
| Balance, beginning of period: | $ | $ | ||||||||||||||
| Private placement | ||||||||||||||||
| Issuance costs | ( | ) | ( | ) | ||||||||||||
| Exercise of warrants | ||||||||||||||||
| Balance, end of period: | $ | $ | ||||||||||||||
In February 2025, the Company closed a “bought deal” Listed Issuer Financing Exemption offering and concurrent private placement issuing a total of Class A common shares at a price of C$ for aggregate gross proceeds of $. The Company recorded issuance costs of $, including warrants and compensation options.
During the fourth quarter of 2024, warrants were
exercised for consideration of $
During the third quarter of 2024, the Company completed
a private placement resulting in the issuance of Class A common shares at a price of C$ per common share for aggregate gross
proceeds of $. The Company recorded issuance costs of $, including Class A common shares issued as finders fees. Also,
warrants were exercised for consideration of $
During the first quarter of 2024, warrants were
exercised for consideration of $
On January 4, 2024, the Company completed a private placement resulting in the issuance of Units for aggregate consideration of $. Each Unit had a purchase price of C$ and consisted of one Class A common share of the Corporation and one Class A common share purchase warrant. Each warrant entitles the holder to purchase one Class A common share at a purchase price of US$ per share for a period of two years from the issue date. The total consideration received was allocated to Share Capital and Warrants on a relative fair value basis. The fair value of the warrants was determined using the Black Scholes pricing model based on the risk-free rate of %, average expected warrant life of years, share price estimated volatility of % and expected dividend payments of . The Company recorded non-cash issuance costs related to this award based on the fair value of the award at the date of the closing of $, bringing the total costs of the issuance to $.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 11 |
| (b) | Contributed surplus: |
Schedule of contributed surplus
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Balance, beginning of period | $ | $ | ||||||
| Share-based compensation | ||||||||
| Issuance costs | ||||||||
| Exercise of warrants | ||||||||
| Balance, end of period | $ | $ | ||||||
| (c) | Earnings (loss) per share: |
The calculation of earnings (loss) per share is based on the weighted average number of Class A common shares outstanding. Where the impact of the exercise of options or warrants is anti-dilutive, they are not included in the calculation of diluted loss per share. The Company has incurred a net loss for each period presented and the including of the outstanding options and warrants in the loss per share calculation are anti-dilutive and therefore not included in the calculation.
The underlying Class A common shares pertaining to outstanding share options, restricted share units (RSUs), and outstanding warrants could potentially dilute earnings.
| (d) | Share option plan: |
The Company established a share option plan to provide long-term incentives to attract, motivate, and retain certain key employees, officers, directors, and consultants providing services to the Company. The plan permitted granting options to purchase up to 10% of the outstanding Class A common shares of the Company. The share option plan was replaced by the Omnibus Incentive Plan at the Annual General Meeting on March 15, 2018 (see Note 13(e)), and all options issued and outstanding at that time will remain until such time they are exercised, expired, or forfeited. As of March 31, 2025, share options are issued and outstanding. No additional options will be issued under this plan.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 12 |
Schedule of share options outstanding
| March 31, 2025 | December 31, 2024 | |||||||||||||||
| Weighted | Weighted | |||||||||||||||
| Number of | average | Number of | average | |||||||||||||
| shares | exercise | shares | exercise | |||||||||||||
| under option | price (CDN) | under option | price (CDN) | |||||||||||||
| Options outstanding, beginning of period | $ | $ | ||||||||||||||
| Expired | ( | ) | ||||||||||||||
| Options outstanding, end of period | $ | $ | ||||||||||||||
| Options exercisable, end of period | $ | $ | ||||||||||||||
| Exercise | Weighted average | |||||||||||
| Price | Options | remaining | Options | |||||||||
| (CDN$) | outstanding | contractual life | exercisable | |||||||||
| years | ||||||||||||
| years | ||||||||||||
| | ||||||||||||
During the three months ended March 31, 2025 and 2024, the Company recognized $ of non-cash compensation expense related to the share option plan.
| (e) | Omnibus Incentive Plan: |
The Omnibus Incentive Plan (Omnibus plan) was approved by the shareholders at the Annual General Meeting on March 15, 2018 and replaces the share option plan, the employee share compensation plan and the director’s share compensation plan, which provided for shares to be issued to employees and directors as compensation for services. The omnibus plan permits the issuance of options, stock appreciation rights, restricted share units and other share-based awards under one single plan.
The maximum number of common shares reserved under the omnibus plan was . Any common shares reserved under the predecessor share option plan related to awards that expire or forfeit will be rolled into the omnibus plan. At the Annual General Meeting on June 29, 2021, shareholders approved replenishment of Common Shares reserved for issuance under the omnibus plan. At the Annual General Meeting on June 29, 2023, shareholders approved replenishment of Common Shares reserved for issuance under the omnibus plan, for a total reserve of . As of March 31, 2024, share options (December 31, 2024 – ) and RSUs (December 31, 2024 – ) are issued and outstanding. In addition, Class A common shares were issued during 2018, Class A common shares were issued during 2020, and shares were issued during 2021 under the plan, leaving awards remain available for future issuance.
The following tables summarize information regarding RSUs outstanding:
Schedule of RSUs outstanding
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Number of | Number of | |||||||
| RSUs | RSUs | |||||||
| RSUs outstanding, beginning of period | ||||||||
| Issued | ||||||||
| Forfeitures | ( | ) | ||||||
| RSUs outstanding, end of period | ||||||||
During the three months ended March 31, 2025 and 2024, no RSUs were issued. During the three months ended March 31, 2025, the Company recognized $ (three months ended March 31, 2024 – $) of non-cash compensation expense related to the RSUs.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 13 |
| (f) | Share-based compensation expense: |
Schedule of share based compensation
| For the three months ended March 31, | 2025 | 2024 | ||||||
| Employees | $ | $ | ||||||
| Directors and advisors | ||||||||
| Non-cash compensation | $ | $ | ||||||
| 14. | Class A common share purchase warrants: |
Schedule of number of class A common share purchase warrants outstanding
| Number of | Number of | |||||||||||||||||||||||||||||
| Warrants | Warrants | |||||||||||||||||||||||||||||
| Outstanding | Outstanding | |||||||||||||||||||||||||||||
| Exercise | December | March | ||||||||||||||||||||||||||||
| Grant Date | Expiry Date | Price | Granted | 31, 2024 | Issued | Expired | Exercised | 31, 2025 | ||||||||||||||||||||||
| US$ | ||||||||||||||||||||||||||||||
| US$ | ||||||||||||||||||||||||||||||
| US$ | ||||||||||||||||||||||||||||||
| US$ | ||||||||||||||||||||||||||||||
| US$ | ||||||||||||||||||||||||||||||
| US$ | ||||||||||||||||||||||||||||||
| US$ | ||||||||||||||||||||||||||||||
| US$ | ||||||||||||||||||||||||||||||
| US$ | ||||||||||||||||||||||||||||||
| US$ | ||||||||||||||||||||||||||||||
Schedule of value of the broker and non-broker class A common share purchase warrants outstanding
| Non-Broker | Broker | Total | ||||||||||||||||||||||
| Number of | Number of | Number of | ||||||||||||||||||||||
| Warrants | Value | Warrants | Value | Warrants | Value | |||||||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | |||||||||||||||||||||
| Issued | ||||||||||||||||||||||||
| Exercised | ||||||||||||||||||||||||
| Balance at March 31, 2025 | $ | $ | $ | |||||||||||||||||||||
Each warrant entitles its holder to purchase one Class A common share.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 14 |
| 15. | Segmented information: |
The operations of the Company are in one industry segment: digital mapping and related services. Revenue by geographic segment is included in Note 11.
Property and equipment of the Company are located as follows:
Schedule of property and equipment by geographic segment
| March 31, 2025 | December 31, 2024 | |||||||
| United States | $ | $ | ||||||
| Europe | ||||||||
| Asia/Pacific | ||||||||
| Property and equipment | $ | $ | ||||||
A summary of sales to major customers that exceeded 10% of total sales during each period are as follows:
Schedule of sales to major customers
| Three months ended March 31, | 2025 | 2024 | ||||||
| Customer A | $ | $ | ||||||
| Customer B | ||||||||
| Sales | $ | $ | ||||||
| 16. | Financial risk management: |
The Company has exposure to the following risks from its use of financial instruments: credit risk, market risk, liquidity risk, and capital risk. Management, the Board of Directors, and the Audit Committee monitor risk management activities and review the adequacy of such activities. There have been no significant changes to the Company’s risk management strategies since December 31, 2024.
Amounts receivables consist of:
Schedule of amount receivable
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Trade receivables | $ | $ | ||||||
| Other miscellaneous receivables | ||||||||
| Amount receivables | $ | $ | ||||||
Trade receivables by geography consist of:
Schedule of trade receivables by geography
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| United States | $ | $ | ||||||
| Europe | ||||||||
| Asia/Pacific | ||||||||
| Trade receivables | $ | $ | ||||||
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2025 and 2024 | Page 15 |
An aging of the Company’s trade receivables are as follows:
Schedule of aging of company’s trade receivables
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Current | $ | $ | ||||||
| 31-60 days | ||||||||
| 61-90 days | ||||||||
| Over 91 days | ||||||||
| Trade receivables | $ | $ | ||||||
The balance of the past due amounts relates to reoccurring customers and are considered collectible.
| 17. | Fair values: |
The fair values of the financial assets and liabilities are determined at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
| ● | Cash, amounts receivable, accounts payable and accrued liabilities and provisions approximate their carrying amounts largely due to the short-term maturities of these instruments. |
| ● | The fair value of the project financing, bank loan, government loans, and loan payable were calculated based on the present value of expected payments, discounted using a risk-adjusted discount rate. |
Exhibit 99.2
Management’s Discussion and Analysis
For the quarter ended March 31, 2025
For purposes of this discussion, “Intermap®” or the “Company” refers to Intermap Technologies® Corporation and its subsidiaries.
This management’s discussion and analysis (MD&A) is provided as of May 14, 2025 and should be read together with the Company’s unaudited Condensed Consolidated Interim Financial Statements and the accompanying notes for the three months ended March 31, 2025 and the audited Consolidated Financial Statements as at December 31, 2024 and 2023, together with the accompanying notes. The results reported herein have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and, unless otherwise noted, are expressed in United States dollars.
The Condensed Consolidated Interim Financial Statements have been prepared on a going concern basis in accordance with IFRS as issued by the IASB. The going concern basis of presentation assumes the Company will continue to operate for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business.
The Condensed Consolidated Interim Financial Statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate. If the going concern basis were not appropriate for these financial statements, then adjustments would be necessary to the carrying amounts of assets and liabilities, the reported expenses and the classifications used in the statements of financial position.
Additional information relating to the Company, including the Company’s AIF, can be found on the Company’s website at www.intermap.com and on SEDAR+ at www.sedarplus.ca.
NON-GAAP MEASURES
This MD&A makes reference to certain non-GAAP measures such “EBITDA” and “Adjusted EBITDA”. These non-GAAP measures are not recognized, defined or standardized measures under IFRS as issued by the IASB. The Company’s definition of EBITDA and Adjusted EBITDA will likely differ from that used by other companies and therefore comparability may be limited. EBITDA and Adjusted EBITDA should not be considered a substitute for or in isolation from measures prepared in accordance with GAAP. These non-GAAP measures should be read in conjunction with the Company’s audited Consolidated Financial Statements and the accompanying notes for the years ended December 31, 2024 and 2023. Readers should not place undue reliance on non-GAAP measures and should instead view them in conjunction with the most comparable GAAP financial measures. See the reconciliation of EBITDA and Adjusted EBITDA to the most comparable GAAP financial measure in the Reconciliation of Non-GAAP Measures section of this MD&A.
| 1 |
FORWARD-LOOKING STATEMENTS
In the interest of providing the shareholders and potential investors of Intermap Technologies® Corporation (“Intermap” or the “Company”) with information about the Company and its subsidiaries, including management’s assessment of Intermap’s and its subsidiaries’ future plans, operations and financing alternatives, certain statements and information provided in this MD&A constitute forward-looking statements or information (collectively, “forward-looking statements”). Forward-looking statements are typically identified by words such as “may”, “will”, “should”, “could”, “anticipate”, “expect”, “project”, “estimate”, “forecast”, “plan”, “intend”, “target”, “believe”, and similar expressions suggesting future outcomes, and includes statements that actions, events, or conditions “may,” “would,” “could,” or “will” be taken or occur in the future. These forward-looking statements may be based on assumptions that the Company believes to be reasonable based on the information available on the date such statements are made, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties, and other factors which may cause actual results, levels of activity, and achievements to differ materially from those expressed or implied by such statements. The forward-looking information contained in this MD&A is based on certain assumptions and analysis by management of the Company in light of its experience and perception of historical trends, current conditions and expected future development and other factors that it believes are appropriate.
Forward-looking information and statements in this MD&A include, but are not limited to the following:
| ● | increases in recurring revenue generated from multi-license contracts in Europe and software subscription renewal value increase; | |
| ● | all trade receivable balances are highly likely to be paid in full by the customer; | |
| ● | the factors noted under “Liquidity and Capital Resources” in the aggregate indicate there are material uncertainties which cast substantial doubt about the Company’s ability to continue as a going concern; | |
| ● | failure to achieve certain requirements could have a material adverse effect on the Company’s financial condition and/or results of operations. |
The material factors and assumptions used to develop the forward-looking statements herein include, but are not limited to, the following: (i) there will be adequate liquidity available to the Company to carry out its operations; (ii) payments on material contracts will occur within a reasonable period of time after contract completion; (iii) the continued sales success of Intermap’s products and services; (iv) the continued success of business development activities; (v) there will be no significant delays in the development and commercialization of the Company’s products; (vi) the Company will continue to maintain sufficient and effective production and software development capabilities to compete on the attributes and cost of its products; (vii) there will be no significant reduction in the availability of qualified and cost-effective human resources; (viii) the continued existence and productivity of subsidiary operations; (ix) demand for geospatial related products and services will continue to grow in the foreseeable future; (x) there will be no significant barriers to the integration of the Company’s products and services into customers’ applications; (xi) the Company will be able to maintain compliance with applicable contractual and regulatory obligations and requirements, (xii) superior technologies/products do not develop that would render the Company’s current product offerings obsolete, and (xiii) impact of a potential future pandemic on the Company’s future operations and performance.
| 2 |
Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, continued listing of its common shares on the Toronto Stock Exchange or equivalent exchange, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, including but not limited to those risks and uncertainties discussed under the heading “Risk Factors” in the annual MD&A and the Company’s other filings with securities regulators.
The impact of any one risk, uncertainty, or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent, and the Company’s future course of action depends on Management’s assessment of all information available at the relevant time. Except to the extent required by law, the Company assumes no obligation to publicly update or revise any forward-looking statements made in this MD&A, whether as a result of new information, future events, or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on the Company’s behalf, are expressly qualified in their entirety by these cautionary statements.
BUSINESS OVERVIEW
Intermap is a global geospatial intelligence company, creating a wide variety of geospatial solutions and analytics for its customers. Intermap is a premier worldwide provider of geospatial data solutions.
Intermap currently generates revenue from three primary business activities, composed of (i) data acquisition and collection, using proprietary radar sensor technologies; (ii) value-added data products and services, which leverage the Company’s proprietary NEXTMap® database, together with proprietary software and fusion technologies; and (iii) commercial applications and solutions, including a webstore and software sales targeting selected industry verticals that rely on accurate high resolution elevation data.
These geospatial solutions are used in a wide range of applications including, but not limited to, location-based information, risk assessment, geographic information systems (GIS), engineering, utilities, global positioning systems (GPS) maps, oil and gas, renewable energy, hydrology, environmental planning, land management, wireless communications, transportation, advertising, and 3D visualization.
Intermap has the ability to create its own digital 3D geospatial data using its proprietary multi-frequency radar mounted in Learjet aircraft. Intermap’s radar-based technology allows it to collect data at any time of the day, including under conditions such as cloud and tree cover, or darkness, which are conditions that limit most competitive technologies. The Company’s proprietary radar also enables data to be collected over larger areas, at higher collection speeds, and at accuracy levels that are difficult to achieve with competitive technologies.
| 3 |
In addition to data collection, the Company is a world leader in data fusion, analytics, and orthorectification, and has decades of experience aggregating data derived from a number of different sensor technologies and data sources. The Company processes raw digital elevation and image data from its own and other sources to create three high resolution geospatial datasets that provide a ground-true foundation layer upon which accurate value-added products and services can be developed. The three high resolution data sets include digital surface models (DSM), digital terrain models (DTM), and orthorectified radar images (ORI). These datasets are further augmented with additional elevation and resolution data layers and served to customers by web service to create other value-added products, such as viewsheds, line of sight maps, and orthorectified mosaic tiles.
Unlike many geospatial companies, because of its unique acquisition and processing capability, Intermap retains exclusive ownership of its high resolution NEXTMap® database, which covers the entire globe. Intermap’s NEXTMap database, together with third party data and our in-house analytics team, provide a variety of applications and geospatial solutions for its customers. The NEXTMap database contains a fusion of proprietary multi-frequency radar imagery and data, including unique Interferometric Synthetic Aperture Radar (IFSAR)-derived data, proprietary data models, and purchased third-party data, collected from multiple commodity sensor technologies, such as light detection and ranging (LiDAR), photogrammetry, satellite, and other available sources. The NEXTMap database also includes proprietary information developed by our analytical teams such as 3D city models, census data, real-time traffic, 3D road vectors, outdoor advertising assets, weather related hazards, points of interest, cellular towers, flood models and wildfire models.
The Company generates revenue by licensing its geospatial products using its proprietary data, analytics, and applications for specific industries.
| 4 |
FINANCIAL INFORMATION AND DISCUSSION OF OPERATIONS
The following table sets forth selected financial information for the periods indicated.
Selected Annual Information
| March 31, | March 31, | |||||||
| U.S. $ millions, except per share data | 2025 | 2024 | ||||||
| Revenue: | ||||||||
| Acquisition services | $ | 2.4 | $ | 0.5 | ||||
| Value-added data | 0.5 | 0.3 | ||||||
| Software and solutions | 1.4 | 0.9 | ||||||
| Total revenue | $ | 4.3 | $ | 1.7 | ||||
| Operating loss | $ | (1.2 | ) | $ | (0.8 | ) | ||
| Net loss | $ | (1.2 | ) | $ | (0.8 | ) | ||
| EPS basic and diluted | $ | (0.02 | ) | $ | (0.02 | ) | ||
| Adjusted EBITDA(1) | $ | (0.9 | ) | $ | (0.5 | ) | ||
| Assets: | ||||||||
| Cash and amounts receivable | $ | 13.9 | $ | 2.6 | ||||
| Total assets | $ | 19.2 | $ | 6.2 | ||||
| Liabilities: | ||||||||
| Long-term liabilities (including lease obligations) | $ | 0.7 | $ | 0.6 | ||||
| Total liabilities | $ | 8.8 | $ | 10.3 | ||||
(1)Adjusted EBITDA is a non-GAAP measure. See “Reconciliation of Non-GAAP Measures” below.
Revenue
Consolidated revenue for the quarter ended March 31, 2025 was $4.3 million, compared to $1.7 million for 2024. Approximately 86% of consolidated revenue was generated outside the United States, compared to 77% for 2024.
Acquisition Services
Acquisition services revenue for the quarter ended March 31, 2024 totaled $2.4 million, compared to $0.5 million for 2024. The increase is due to the timing of percent complete revenue recognition on Company performing on its material acquisition services contract in Indonesia year over year.
Value-added Data
Value-added data revenue increased to $0.5 million for the quarter ended March 31, 2025 as compared to $0.3 million for 2024. The change relates to timing differences in the delivery of repeating data products.
Software and Solutions
Software and solutions revenue increased to $1.4 million from $0.9 million for the first quarter of 2025 and 2024, respectively, mainly due to increased sales in Europe.
| 5 |
Classification of Operating Costs
The composition of the operating costs on the Consolidated Statements of Loss and Other Comprehensive Loss is as follows:
| For the three months | ||||||||
| ended March 31, | ||||||||
| U.S. $ millions | 2025 | 2024 | ||||||
| Personnel | $ | 2.3 | $ | 1.4 | ||||
| Purchased services & materials | 2.6 | 0.6 | ||||||
| Facilities and other expenses | 0.1 | 0.2 | ||||||
| Travel | 0.2 | - | ||||||
| $ | 5.2 | $ | 2.2 | |||||
Personnel
Personnel expense includes direct labor, employee compensation, employee benefits, and commissions. Personnel expense for the quarters ended March 31, 2025 and 2024 totaled $2.3 million and $1.4 million, respectively, due to increased headcount year over year.
Non-cash compensation expense is included in operating costs and relates to the Company’s omnibus incentive plan and shares granted to employees and non-employees. Non-cash share-based compensation for the quarters ended March 31, 2025 and 2024, decreased to $43 thousand from $126 thousand, respectively, due to the timing of award issuances.
Purchased Services and Materials
Purchased services and materials (PS&M) includes (i) aircraft and radar related costs, including jet fuel; (ii) insurance, professional and consulting costs; (iii) third-party support services related to the collection, processing and editing of the Company’s airborne radar data collection activities; (iv) third-party data collection activities (i.e., LiDAR, satellite imagery, air photo, etc.); and (v) third-party software expenses (including maintenance and support).
For the quarters ended March 31, 2025, and 2024, PS&M expense increased to $2.6 million from $0.6 million. The increase is due to subcontractor and other project related costs for the data acquisition project that started in the first quarter of 2024.
Facilities and Other Expenses
For the quarters ended March 31, 2025 and 2024, facilities and other expenses decreased slightly to $0.1 million from $0.2 million.
Travel
For the quarters ended March 31, 2025, travel expense increased to $0.2 million from $Nil for 2024. The increases are also due to the data acquisition project in Indonesia.
Net Loss
For the quarter ended March 31, 2025, net income worsened to $1.4 million from a net loss of $0.8 million in 2024. The change was mainly due to one-time charges for partner-related permit delays and currency costs on the acquisition services contract in Indonesia.
| 6 |
Reconciliation of Non-GAAP Measures
To supplement the Condensed Consolidated Interim Financial Statements, which are prepared and presented in accordance with GAAP, the Company provides the following non-GAAP financial measures: EBITDA and Adjusted EBITDA, as EBITDA and Adjusted EBITDA are included as a supplemental disclosure because Management believes that such measurement provides a better assessment of the Company’s operations on a continuing basis by eliminating certain non-cash and non-operating charges.
The term Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) consists of net loss and excludes interest (financing costs), taxes, amortization and depreciation. Adjusted EBITDA also excludes share-based compensation.
The most directly comparable measure to EBITDA and Adjusted EBITDA calculated in accordance with IFRS as issued by the IASB is net loss. The following is a reconciliation of the Company’s net loss to Adjusted EBITDA.
| Three months ended March 31, | ||||||||
| U.S. $ millions | 2025 | 2024 | ||||||
| Net loss | $ | (1.2 | ) | $ | (0.8 | ) | ||
| Amortization of intangible assets | 0.1 | 0.1 | ||||||
| Depreciation of property and equipment | 0.1 | 0.1 | ||||||
| Depreciation of right of use assets | 0.1 | - | ||||||
| EBITDA | $ | (0.9 | ) | $ | (0.6 | ) | ||
| Share-based compensation | - | 0.1 | ||||||
| Adjusted EBITDA | $ | (0.9 | ) | $ | (0.5 | ) | ||
EBITDA for the quarter ended March 31, 2025 worsened $0.3 million compared to the prior year. Adjusted EBITDA for the quarter ended March 31, 2025 was negative $0.9 million, compared to negative $0.5 million for 2024. The decrease is due to one-time charges for partner-related permit delays and currency costs on the acquisition services contract in Indonesia in 2025 compared to 2024.
Amortization of Intangible Assets
Amortization expense of intangible assets for the quarters ended March 31, 2025 and 2024 was unchanged at $0.1 million.
Depreciation of Property and Equipment
Depreciation expense for property and equipment for the quarters ended March 31, 2025 and 2024 was consistent at $0.1 million.
Depreciation of Right of Use Assets
Depreciation expense for right of use assets for the quarters ended March 31, 2025 and 2024 was $0.1 million and $Nil, respectively.
Amounts Receivable and Unbilled Revenue
Work is performed on contracts that provide invoicing upon the completion of identified contract milestones. Revenue on certain of these acquisition services contracts is recognized over time based on the ratio of costs incurred to date over the estimated total costs to complete the contract. While an effort is made to align payments on contracts with work performed, the completion of milestones does not always coincide with the costs incurred on a contract, resulting in revenue being recognized in excess of billings. These amounts are recorded in the consolidated statements of financial position as unbilled revenue.
| 7 |
Amounts receivable and unbilled revenue increased to $6.5 million at March 31, 2025 from $6.0 million at December 31, 2024. The Company reviews the amounts receivable aging monthly and monitors the payment status of each invoice to determine the collectability. At the statement of financial position date, $Nil has been reserved as uncollectible as all trade receivable balances greater than 30 days are highly likely to be paid in full by the customer.
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities generally include trade payables, project-related accruals and personnel-related costs. Accounts payable and accrued liabilities decreased to $3.9 million at March 31, 2025 from $4.8 million from December 31, 2024. The Company executed a supplier financing arrangement with a financing company in Canada to finance vendor invoices with payment due in the second quarter of 2025. The amount owed at March 31, 2025 was $0.2 million and is included in accounts payable.
| March 31, | December 31, | |||||||
| U.S. $ millions | 2025 | 2024 | ||||||
| Accounts payable | $ | 2.1 | $ | 2.6 | ||||
| Accrued liablities | 1.8 | 2.2 | ||||||
| $ | 3.9 | $ | 4.8 | |||||
Government Loans
The government loans balance decreased to $0.2 million at March 31, 2025 due to normal monthly payments from $0.3 million at December 31, 2024. The loans were available to help off-set the impacts of the COVID-19 pandemic and will be repaid.
Loan Payable
The loan payable balance decreased to $0.2 million at March 31, 2025 due to scheduled monthly payments from $0.3 million at December 31, 2024. The loans were for two equipment financing loans with a technology financing company to purchase new computer equipment. Payments are $10 thousand per month and will be paid in full by November 2027.
Unearned Revenue
The unearned revenue balance at March 31, 2025 increased to $3.9 million from $2.2 million at December 31, 2024. This balance consists of payments received from customers for contracts that are in progress and have not yet fulfilled the necessary revenue recognition criteria. At December 31, 2024, 52% of the total balance is related to software and solutions license revenue (84% at December 31, 2024), in which the license fee is paid upfront for the term of the license. The balance relates to the collection of milestone billings on value-added data and acquisition services contracts.
QUARTERLY FINANCIAL INFORMATION
Selected Quarterly Information
The following table sets forth selected quarterly financial information for Intermap’s eight most recent fiscal quarters. This information is unaudited, but reflects all adjustments of a normal, recurring nature that are, in the opinion of management, necessary to present a fair statement of Intermap’s consolidated results of operations for the periods presented. Quarter-to-quarter comparisons of Intermap’s financial results are not necessarily meaningful and should not be relied on as an indication of future performance.
| 8 |
For the last eight quarters, the Company has been severely undercapitalized and self-financed the advancement of high-growth opportunities in Southeast Asia and Europe.
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |||||||||||||||||||||||||
| U.S. $ millions, except per share data | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | ||||||||||||||||||||||||
| Total revenue | $ | 1.5 | $ | 1.5 | $ | 1.2 | $ | 1.7 | $ | 3.5 | $ | 5.0 | $ | 7.4 | $ | 4.3 | ||||||||||||||||
| Depreciation | $ | 0.1 | $ | 0.2 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||||||
| Financing costs | $ | - | $ | - | $ | 0.1 | $ | - | $ | - | $ | 0.1 | $ | - | $ | - | ||||||||||||||||
| Operating income (loss) | $ | (1.0 | ) | $ | (0.8 | ) | $ | (0.7 | ) | $ | (0.8 | ) | $ | 0.6 | $ | 1.2 | $ | 1.5 | $ | (1.2 | ) | |||||||||||
| Net income (loss) | $ | (1.1 | ) | $ | (0.8 | ) | $ | (1.0 | ) | $ | (0.8 | ) | $ | 0.6 | $ | 1.1 | $ | 1.5 | $ | (1.2 | ) | |||||||||||
| Net loss per share | ||||||||||||||||||||||||||||||||
| - basic | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.03 | ) | $ | (0.02 | ) | $ | 0.01 | $ | 0.02 | $ | 0.04 | $ | (0.02 | ) | |||||||||||
| - diluted | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.03 | ) | $ | (0.02 | ) | $ | 0.01 | $ | 0.02 | $ | 0.04 | $ | (0.02 | ) | |||||||||||
| Adjusted EBITDA(1) | $ | (0.6 | ) | $ | (0.6 | ) | $ | (0.2 | ) | $ | (0.5 | ) | $ | 1.0 | $ | 1.6 | $ | 2.0 | $ | (0.9 | ) | |||||||||||
(1) Adjusted EBITDA is a non-GAAP measure. See “Reconciliation of Non-GAAP Measures” above.
LIQUIDITY AND CAPITAL RESOURCES
Management continually assesses liquidity in terms of the ability to generate sufficient cash flow to fund the business. Net cash flow is affected by the following items: (i) operating activities, including the level of trade receivables, unbilled receivables, accounts payable, accrued liabilities and unearned revenue; (ii) investing activities, including the purchase of property and equipment; and (iii) financing activities, including debt financing and the issuance of capital stock.
Operating Activities
During the quarter ended March 31, 2025, the Company generated an operating loss of $1.2 million and incurred negative Adjusted EBITDA1 of $0.9 million. Revenue for the quarter ended March 31, 2025 was $4.3 million, which is a $2.6 million increase as compared to the same period in 2024. At March 31, 2025, the Company has a shareholders’ equity of $10.4 million.
Cash used in operations during the quarter ended March 31, 2025 totaled $0.6 million, largely offset by a receivable of $2.9 million at March 31, 2025, that was collected in April. Had the collection incurred in March, cash provided by operations would have been $2.3 million compared to cash provided by operations of $1.7 million during the same period in 2024, which included a deposit payment on the acquisition services project that was executed throughout 2024 and the first quarter of 2025.
Investing Activities
Net cash used in investing activities totaled $0.2 million and $0.3 million for the quarters ended March 31, 2025 and 2024, respectively. For both periods, the balance related to the purchase of computer related equipment and the capitalization of labor and materials to build the data archive, processing capabilities, and software assets.
1 Adjusted EBITDA is a non-GAAP measure. See “Reconciliation of Non-GAAP Measures above”
| 9 |
Financing Activities
Net cash provided by financing activities totaled $7.7 million for the quarter ended March 31, 2025, as compared to $Nil million during the same period in 2024. The net cash provided during the quarter ended March 31, 2025 resulted from proceeds from a “bought deal” Listed Issuer Financing Exemption offering and concurrent private placement of $8.7 million, offset by issuance costs of $0.8 million, payments of lease obligations of $0.1 million, and repayment of loans $0.1 million. The net cash provided during the quarter ended March 31, 2024 resulted from proceeds from a private placement and exercise of warrants of $0.2 million, offset by private placement issuance costs, payment of lease obligations and repayment of loans of $0.2 million.
The Company is dependent upon its cash flow from operations to fund its business as it currently has no credit facility in place.
The Company’s ability to continue as a going concern is dependent on management’s ability to successfully secure sales with upfront payments, execute on contract awards, and/or draw incremental working capital to fund airborne and field operations and data processing. Liquidity will be provided through a combination of funds from operations, contract billing milestone acceleration or equity issuance, as needed. There can be no assurance that such plans will be achieved. Failure to achieve these requirements could have a materially adverse effect on the Company’s financial condition and / or results of operations. The Board of Directors and management continue to take actions to address these issues including the completion of a “bought deal” Listed Issuer Financing Exemption offering and concurrent private placement resulting in aggregate gross proceeds of C$11.9 million during the first quarter of 2025.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Intermap’s significant accounting policies are set out in Note 3 of the Condensed Consolidated Interim Financial Statements. The Condensed Consolidated Interim Financial Statements have been prepared in accordance with International Accounting Standard 34 as issued by the International Accounting Standards Board. Certain of these accounting policies, as well as estimates made by management in applying such policies, are recognized as critical because they require management to make subjective or complex judgements about matters that are inherently uncertain. As detailed in Intermap’s Annual MD&A, these critical accounting estimates relate to: depreciation and amortization rates, accounts receivables, share-based compensation, government loans, revenue and impairment. For additional details, see Note 2 of the Condensed Consolidated Interim Financial Statements.
Revenue Recognition
Revenue is recognized when a customer obtains control of the good or services. Determining the timing of the transfer of control, at a point in time or overtime, requires judgement.
| 10 |
Acquisition Service Contracts
Revenue from acquisition service contracts is recognized over time based on the ratio of costs incurred to estimated total contract costs. The use of this method of measuring progress towards complete satisfaction of the performance obligations requires estimates to determine the cost to complete each contract. These estimates are reviewed monthly and adjusted as necessary. Provisions for estimated losses, if any, are recognized in the period in which the loss is determined. Invoices are issued according to contractual terms and are usually payable within 30 days. Revenue recognized in advance of billings are presented as unbilled revenue.
Data Licenses
Revenue from the sale of data licenses in the ordinary course of business is measured at the fair value of the consideration received or receivable. Customers obtain control of data products upon receipt of a physical hard drive or download of the data from a web link provided. Invoices are generated, and revenue is recognized at that point in time. Invoices are generally paid within 30 days.
Software Subscriptions
Software subscriptions are paid at the beginning of the license term. Revenue is recognized overtime, and payments for future months of service are recognized in unearned revenue. While the license agreements are for a fixed term, some agreements also contain a limited number of clicks or uses. If the limit is reached prior to the end of the term, the license ends early.
OFF-BALANCE SHEET ARRANGEMENTS
As at May 14, 2025 and March 31, 2025, the Company has no material undisclosed off-balance sheet arrangements that have or are reasonably likely to have, a current or future effect on our results of operations, financial condition, revenues or expenses, liquidity, capital expenditures or capital resources.
OUTSTANDING SHARE DATA
The Company’s authorized capital consists of an unlimited number of Class A common shares without par value and an unlimited number of Class A participating preferred shares without par value. At the close of business on May 14, 2025, 59,205,010 Class A common shares were issued and outstanding. There are currently no Class A participating preferred shares issued and outstanding.
As of May 14, 2025, potential dilutive securities include (i) 699,442 outstanding share options with a weighted average exercise price of C$0.72, (ii) 3,779,623 restricted share units, and (iii) 3,378,172 warrants outstanding with a weighted average exercise price of US$0.60. Each option and warrant entitles the holder to purchase one Class A common share. The following warrants expire on the dates listed below:
| ● | 858,600 warrants expire on August 9, 2025; | |
| ● | 691,700 warrants expire on October 19, 2025; | |
| ● | 1,678,000 warrants expire on December 20, 2025; | |
| ● | 120,000 warrants expire on January 3, 2026; | |
| ● | 18,000 warrants expire on February 20, 2027; and | |
| ● | 11,872 warrants expire on March 7, 2027. |
Other than as listed above, the Company does not currently have any material financial instruments which can be converted into additional common shares.
| 11 |
INTERNAL CONTROLS AND DISCLOSURE CONTROLS AND PROCEDURES
Internal Control Over Financial Reporting
The Company’s Chairman and Chief Executive Officer and the Company’s Chief Financial Officer have designed, or have caused to be designed under their supervision, internal control over financial reporting as defined under National Instrument 52-109 – Certification of Disclosure in Issuer’s Annual and Interim Filings, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.
Changes in Internal Control Over Financial Reporting
There have been no significant changes in the design of internal control over financial reporting that occurred during the period beginning January 1, 2025 and ending on March 31, 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
Disclosure Controls and Procedures
The Company’s Chairman and Chief Executive Officer and the Company’s Chief Financial Officer have designed, or have caused to be designed under their supervision, disclosure controls and procedures to provide reasonable assurance that material information relating to the Company has been made known to them and that information required to be disclosed in the Company’s annual filings, interim filings or other reports filed by it or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified by applicable securities legislation.
RISKS AND UNCERTAINTIES
The risks and uncertainties relating to the business and affairs of the Company are described in the Company’s 2024 Annual Report and the Annual Information Form.
Additional Information
Additional risk factors may be detailed in the Company’s Annual Information Form, which can be found on the Company’s Web site at www.intermap.com and on SEDAR+ at www.sedarplus.ca.
| 12 |
Exhibit 99.3
FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATE
I, Patrick A. Blott, Chairman and Chief Executive Officer of Intermap Technologies Corporation, certify the following:
1. Review: I have reviewed the interim financial statements and interim MD&A (together, the “interim filings”) of Intermap Technologies Corporation (the “issuer”) for the interim period ended March 31, 2025.
2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
| a. | designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that |
| i. | material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and |
| ii. | information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| b. | designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. |
5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework (COSO Framework) published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
5.2 N/A
5.3 N/A
6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2025 and ended on March 31, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
| Date: May 15, 2025 | |
| (signed) “Patrick A. Blott” | |
| Patrick A. Blott | |
| Chairman and Chief Executive Officer |
Exhibit 99.4
FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATE
I, Jennifer S. Bakken, Executive Vice President Finance and Chief Financial Officer of Intermap Technologies Corporation, certify the following:
1. Review: I have reviewed the interim financial statements and interim MD&A (together, the “interim filings”) of Intermap Technologies Corporation (the “issuer”) for the interim period ended March 31, 2025.
2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
| a. | designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that |
| i. | material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and | |
| ii. | information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| b. | designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. |
5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework (COSO Framework) published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
5.2 N/A
5.3 N/A
6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2025 and ended on March 31, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
| Date: May 15, 2025 | |
| (signed) “Jennifer S. Bakken” | |
| Jennifer S. Bakken | |
| Executive Vice President Finance | |
| and Chief Financial Officer |
Exhibit 99.5
Intermap Announces First Quarter 2025 Results
Company reports first quarter 2025 revenue growth of 153% with 28% pro-forma adjusted EBITDA margin
Confirms projected 2025 revenue of $30–35 million and 28% EBITDA margin
Conference call today at 5:00 pm ET to discuss results
DENVER, May 15, 2025 — Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial services and intelligence solutions, today announced first quarter 2025 results and affirmed 2025 guidance.
For the first quarter ending March 31, 2025
| ● | Total revenue of $4.3 million, compared with $1.7 million in the first quarter of 2024 | |
| ● | Acquisition Services revenue of $2.4 million versus $478 thousand in the year-ago quarter | |
| ● | Value-added Data revenue of $514 thousand versus $266 thousand in the year-ago quarter | |
| ● | Software and Solutions revenue of $1.3 million, compared with $942 thousand in the first quarter of 2024 | |
| ● | 28% pro-forma adjusted EBITDA margin versus 25% in the first quarter of 2024 |
| ○ | Intermap invested to support permitting and pursuit costs on behalf of its partners for follow-on awards |
| ● | Pro-forma net income of $833 thousand, compared with a net loss of $839 thousand in the first quarter of 2024 | |
| ● | Total assets of $19.2 million versus $11.9 million on December 31, 2024 | |
| ● | Cash, unbilled and A/R totaled $13.9 million versus $6.5 million on December 31, 2024 |
“We’re seeing strong momentum across our government and commercial segments,” said Patrick A. Blott, Intermap Chairman and CEO. “With multiyear partnerships, federal contracts and a strengthened balance sheet, we’re benefiting from growing customer confidence and positioning the Company for recurring revenue with long-term growth. We are pleased to affirm our 2025 guidance.”
Q1 Government Milestones
In the government sector, Intermap’s team, led by CACI, was selected as a vendor for the National Geospatial-Intelligence Agency’s $200 million Luno B IDIQ contract. When combined with the previously announced Luno A award, the addressable opportunity totals $500 million. The first task orders have begun to be issued and Intermap is well positioned with superior proprietary source data and analytics located over difficult areas of the world inaccessible by optical satellites. This positions Intermap to compete for federal work over the next five years and expand its role in delivering advanced geospatial intelligence to support national security.
Intermap continued to execute Phase 1 of Indonesia’s national mapping initiative, delivering high-resolution 3D elevation and feature data exceeding specifications in a shorter timeframe than planned. The Company is pursuing follow-on awards under Phase 2 of the $653 million World Bank–funded ILASP project, which supports land administration and spatial planning. With the Indonesian government prioritizing large-scale base maps for national development, Intermap’s Phase 1 performance positions it strongly for continued participation. The Company’s advanced technology and proven execution align with the project’s goals, including expansion into Java, Kalimantan and other key regions.
As part of the Indonesian mapping program during the quarter, Intermap incurred charges for permitting, currency adjustment and working capital investment to support large government milestone payments, which were subsequently collected in April 2025, after the quarter end. In addition, Intermap incurred pursuit costs related to upcoming contracts. When the partner- related charges and pursuit costs are added back, pro-forma Adjusted EBITDA and earnings for the first quarter were $1.2 million and $833 thousand, respectively. To further mitigate exchange risks, Intermap entered into foreign currency hedging and arrangements with its local prime partner to pay IDR subcontractors. Going forward, currency risk and hedging costs are mitigated by World Bank funding, which will be denominated and fixed in U.S. dollars.
During the quarter, Intermap was down-selected after a competitive process for a new U.S. Defense Advanced Research Project (DARPA) program to support priority DARPA investments targeted to leverage Intermap’s unique commercial capabilities, commercialization expertise, proprietary internal research and development and growth capital support. This program extends Intermap’s own upgrade efforts and capital with sponsored access to additional government-funded, cutting- edge applied geospatial technologies, advanced research and development, next-generation geospatial products and emerging dual-use companies on contract with DARPA. The Company is currently working with multiple customers using Intermap data and technology for real-time terrain matching to power long-range autonomous systems. More information about this important award will follow as contracting is finalized.
Q1 Commercial Achievements
Intermap began 2025 with strong performance in its insurance business, securing over $1.1 million in new and renewed contracts. It signed two major multiyear partnerships with a leading European bank-insurance group and PREMIUM Insurance. Both adopted Intermap’s Aquarius RMA platform, reinforcing the Company’s position as a key provider of AI-driven geospatial solutions for multi-peril and flood risk assessment.
During the first quarter, the Company significantly expanded its partnership with a major global space infrastructure operator, which has increased its investment in the Company’s high-precision 3D elevation data with Intermap’s NEXTMap® solution. This expansion supports the operator’s use of the data for radio frequency interference modeling and optimizing site selection across diverse geographies. In 2024, the operator acquired 10 times as many projects as the previous year, driving a 6.4x increase in revenue. Early 2025 projects are nearly three times larger than the average size in 2024, with points of presence growing rapidly, reflecting the growing scale of the initiative. This rapid expansion demonstrates the operator’s growing reliance on Intermap’s best-in-class data.
The Company also renewed its subscription partnership with a leading provider of GPS-enabled golf technology. Now entering its fourth year, the collaboration utilizes Intermap’s high-resolution 3D elevation data to map more than 40,000 golf courses globally, delivering immersive, real-time virtual experiences for golfers. This data powers advanced features such as swing metrics, ball flight analytics and detailed course visualizations—accessible from homes, backyards and practice ranges. Driven by strong user growth, the partnership is expanding to include a new generation of golf products built on Intermap’s proprietary terrain models, where Intermap is compensated alongside the customer for growing user data consumption. With 78% of core golfers using at least one golf app, Intermap’s data remains a key enabler of the evolving digital golf experience.
Q1 Financing
To fund growth, Intermap raised C$12 million in February. The capital strengthens the Company’s ability to execute on its expanding pipeline and scale delivery of high-value contracts.
Outlook
Intermap confirms projected 2025 revenue of $30–35 million and 28% EBITDA margin.
Intermap does not provide quarterly guidance. The Company has tremendous installed capacity, providing a competitive advantage for speed of execution. Intermap’s customers are large global institutions and governments with long procurement and decision-making cycles. Intermap has the proven ability and track record to increase operational efficiency and tempo once under contract to meet aggressive timelines consistent with customer requirements.
Intermap will continue building recurring revenue by enabling customers to consume the world’s most precise GEOINT terrain data products at global scale, as-a-service, provisioned within seconds, consuming only the points they need, when and where they need them. While penetrating deeper into its targeted markets, Intermap is also enabling new users and new use-cases, and its financial results highlight the persistent recurring revenue and high growth embedded in this attractive business model.
Quarterly Filing
The Company’s consolidated financial statements for the quarter ended March 31, 2025, along with management’s discussion and analysis for the corresponding period and related management certifications for the first quarter financial results, will be filed on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at SEC.gov on May 15, 2025.
Adjusted EBITDA is a non-GAAP measure. The term earnings before interest, taxes, depreciation and amortization (EBITDA) consists of net loss and excludes interest (financing costs), taxes, and depreciation. Adjusted EBITDA also excludes share- based compensation, fair value adjustments and foreign currency translation. See “Reconciliation of Non-GAAP Measures” in Company’s Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at SEC.gov.
Conference Call Details
Intermap’s CEO Patrick A. Blott and CFO Jennifer Bakken will host a live webinar today, at 5:00 pm ET to review the results, provide Company updates and answer investor questions following the presentation.
Intermap invites shareholders, analysts, investors, media representatives and other stakeholders to attend the earnings webinar to discuss the first quarter of 2025 results.
| DATE | Thursday, May 15, 2025 |
| TIME | 5:00 pm ET |
| WEBCAST | Register |
Learn more about Intermap here.
Intermap Reader Advisory
Certain information provided in this news release, including reference to revenue growth, EBITDA margin, future contracting, constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast”, “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation.
For more information, please visit www.intermap.com or contact:
Jennifer Bakken
Executive Vice President and CFO
CFO@intermap.com
+1 (303) 708-0955
Sean Peasgood
Investor Relations
Sean@SophicCapital.com
+1 (647) 260-9266
Exhibit 99.6
Intermap Technologies Corporation
NOTICE OF CHANGE OF AUDITOR
(National Instrument 51-102)
| TO: | Alberta Securities Commission |
| British Columbia Securities Commission | |
| Financial and Consumer Affairs Authority of Saskatchewan | |
| Manitoba Securities Commission | |
| Ontario Securities Commission | |
| Autorité des marchés financiers (Québec) | |
| Nova Scotia Securities Commission | |
| Financial and Consumer Services Commission (New Brunswick) | |
| Office of the Superintendent of Securities Service Newfoundland and Labrador | |
| Financial and Consumer Services Division (Prince Edward Island) |
| AND TO: | KPMG LLP (“KPMG”) |
Pursuant to Section 4.11 of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”), Intermap Technologies Corporation (the “Company”) hereby gives notice of the following:
| 1. | On May 5, 2025, KPMG notified the Company of its decision, of its own initiative, to decline to stand for reappointment as the auditor of the Company in respect of the year ended December 31, 2025. |
| 2. | The decision of KPMG to decline to stand for reappointment as auditor of the Company was not considered or approved by the audit committee or the board of directors of the Company. |
| 3. | There have been no modified opinions in KPMG’s report on any of the financial statements of the Company relating to the period commencing at the beginning of the Company’s two most recently completed financial years and ending on the date of KPMG’s decision to decline to stand for reappointment as auditor of the Company. |
| 4. | There have been no “reportable events” (as defined in NI 51-102). |
DATED: May 8, 2025
| INTERMAP TECHNOLOGIES CORPORATION | ||
| By: | (signed) “Jennifer Bakken” | |
| Name: | Jennifer Bakken | |
| Title: | Chief Financial Officer | |
Exhibit 99.7
KPMG LLP
150 Elgin Street, Suite 1800
Ottawa ON K2P 2P8
Canada
Telephone 613-212-5764
Fax 613-212-2896
Alberta Securities Commission
British Columbia Securities Commission
Financial and Consumer Affairs Authority of Saskatchewan
Manitoba Securities Commission
Ontario Securities Commission
Autorité des marchés financiers (Québec)
Nova Scotia Securities Commission
Financial and Consumer Services Commission (New Brunswick)
Office of the Superintendent of Securities Service Newfoundland & Labrador Financial and Consumer Services Division (Prince Edward Island)
May 9, 2025
Re: Notice of Change of Auditor of Intermap Technologies Corporation
We have read the Notice of Change in Auditor submitted to KPMG LLP by Intermap Technologies Corporation (the “Company”) dated May 8, 2025 (the “Notice”), and are in agreement with the statements contained in the Notice except that we are not in a position to agree or disagree with the following statement: The decision of KPMG to decline to stand for reappointment as auditor of the Company was not considered or approved by the audit committee or the board of directors of the Company.
Yours truly,
Chartered Professional Accountants, Licensed Public Accountants