Intermap Technologies Corp 6-K, filed Nov 20, 2025
Intermap Technologies Corp (ITMSF)
About this 6-K
Intermap Technologies Corp filed this 6-K on November 20, 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 November
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: November 20, 2025 | ||
| By: | /s/ Patrick A. Blott | |
| Name: | Patrick A. Blott | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
Intermap Announces Date for Third Quarter Earnings
Company will announce third quarter 2025 financial results and host a conference call on Thursday November 13, 2025
DENVER, Nov. 10, 2025 — Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced that it plans to release third quarter 2025 financial results after market close on Thursday, November 13, 2025.
Intermap’s CEO Patrick A. Blott and CFO Jennifer Bakken will host a live webinar on Thursday, November 13, 2025 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 third quarter 2025 results.
Conference Call Details
| DATE | Thursday, November 13, 2025 |
| TIME | 5:00 pm ET |
| WEBCAST | Register |
A recording of the webinar and supporting materials will be made available on the investor relations page of the Company’s website.
Intermap Reader Advisory
Certain information provided in this news release 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; OTCQX: ITMSF) is a global leader in geospatial intelligence solutions. The Company’s proprietary 3D NEXTMap® elevation datasets and value-added geospatial collection, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data. Intermap helps governments build authoritative geospatial datasets and provides solutions for base mapping, transportation, environmental monitoring, topographic mapping, disaster mitigation, smart city integration, public safety and defense. The Company’s commercial applications include aviation and UAV flight planning, flood and wildfire insurance, 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.
For more information, please 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 99.2
Condensed Consolidated Interim Financial Statements of
INTERMAP TECHNOLOGIES CORPORATION
For the three and nine months ended September 30, 2025 and 2024
(unaudited) (expressed in thousands of United States dollars, except for per share amounts)
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Financial Position
(In thousands of United States dollars)
(Unaudited)
| September 30, | 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 10) | ||||||||
| 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 10) | ||||||||
| Total liabilities | ||||||||
| Shareholders’ equity: | ||||||||
| Share capital (Note 13(a)) | ||||||||
| Warrants (Note 14) | ||||||||
| Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| Contributed surplus (Note 13(b)) | ||||||||
| Deficit | ( | ) | ( | ) | ||||
| Total shareholders’ equity | ||||||||
| Subsequent event (Note 19) | ||||||||
| Total liabilities and shareholders’ equity | $ | $ | ||||||
See accompanying notes to condensed consolidated interim financial statements.
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Income (Loss) and Other Comprehensive Income (Loss)
(In thousands of United States dollars, except per share information)
(Unaudited)
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| For the three months | For the nine months | |||||||||||||||
| ended September 30, | ended September 30, | |||||||||||||||
| 2025 | 2024 | 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 income (loss) | ( | ) | ( | ) | ||||||||||||
| Financing costs (Note 12(b)) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Financing income | ||||||||||||||||
| Loss on foreign currency | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Income (loss) for the period | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Items that are or may be reclassified subsequently to profit or loss: | ||||||||||||||||
| Foreign currency | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Comprehensive income (loss) for the period | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
| Basic income (loss) per share | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
| Diluted income (loss) per share | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
| Weighted average number of Class A common | ||||||||||||||||
| shares - basic (Note 13(c)) | ||||||||||||||||
| shares - 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 | Contributed | Comprehensive | ||||||||||||||||||||||
| Capital | Warrants | Surplus | Loss | Deficit | Total | |||||||||||||||||||
| Balance at December 31, 2023 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||||||
| Comprehensive gain (loss) for the period | ( | ) | ||||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||
| Private placement proceeds (Note 13(a)) | ||||||||||||||||||||||||
| Issuance costs | ( | ) | ( | ) | ||||||||||||||||||||
| Exercise of warrants | ( | ) | ||||||||||||||||||||||
| Balance at September 30, 2024 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
| Balance | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
| Comprehensive loss for the period | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
| Comprehensive gain (loss) for the period | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||
| Private placement proceeds (Note 13(a)) | ||||||||||||||||||||||||
| Issuance costs | ( | ) | ( | ) | ||||||||||||||||||||
| Exercise of warrants | ( | ) | ||||||||||||||||||||||
| RSU and option cash surrender | ( | ) | ( | ) | ||||||||||||||||||||
| Balance at Sesptember 30, 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 nine months ended September 30, | 2025 | 2024 | ||||||
| Operating activities: | ||||||||
| Net (loss) income for the period | $ | ( | ) | $ | ||||
| Interest paid | ( | ) | ( | ) | ||||
| Income tax refunded (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 | ||||||||
| Unrealized gain on foreign currency translation | ( | ) | ( | ) | ||||
| Changes in working capital: | ||||||||
| Amounts receivable | ( | ) | ||||||
| Unbilled revenue and prepaid expenses | ( | ) | ||||||
| Accounts payable and accrued liabilities | ( | ) | ||||||
| Unearned revenue | ( | ) | ||||||
| Cash flows used 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 | ||||||||
| Cash paid for settlement of share-based awards | ( | ) | ||||||
| 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 (decrease) 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 and nine months ended September 30, 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) | Statement of compliance: |
These condensed consolidated interim financial statements have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB) applicable to interim financial information, as outlined in International Accounting Standard (IAS) 34, “Interim Financial Reporting”.
The notes presented in these 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 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 November 12, 2025, the date the Board of Directors approved the condensed consolidated interim financial statements.
| (b) | Measurement basis: |
The condensed consolidated interim financial statements have been prepared based on the historical cost, except for certain financial assets and liabilities that are measured at fair value. Other measurement bases used are described in the applicable notes.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three and nine months ended September 30, 2025 and 2024 | Page 2 |
| (c) | 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 judgments 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 2024 Annual Consolidated Financial Statements.
| 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.
Accounting Standards Issued But Not Yet Effective
A number of new standards, and amendments to standards and interpretations, are not yet effective for the year ended December 31, 2025, and have not been early adopted in preparing these condensed consolidated interim financial statements.
In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements to improve reporting of financial performance. IFRS 18 replaces IAS 1 Presentation of Financial Statements. It carries forward many requirements from IAS 1. IFRS 18 applies to annual reporting periods beginning on or after January 1, 2027. Earlier application is permitted. The key new concepts introduced in IFRS 18 relate to: the structure of the statement of profit or loss; required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements; and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes. The Company is currently assessing the impact and efforts related to adopting IFRS 18.
Other accounting standards or amendments to existing accounting standards that have been issued but have future effective dates and are not expected to have a significant impact on the Company’s 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 | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Transfer | ( | ) | ||||||||||||||||||||||
| Balance at September 30, 2025 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three and nine months ended September 30, 2025 and 2024 | Page 3 |
Aircraft and engines | Radar and mapping equipment | Furniture and fixtures | Leasehold improvements | Under construction | Total | |||||||||||||||||||
| Cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Accumulated depreciation | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Accumulated depreciation | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Balance at September 30, 2025 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| 5. | Intangible assets: |
Schedule of intangible assets
| Data library | Data library not yet available | Total | ||||||||||
| Balance at December 31, 2024 | $ | $ | $ | |||||||||
| Additions | ||||||||||||
| Transfer | ( | ) | ||||||||||
| Amortization | ( | ) | ( | ) | ||||||||
| Balance at September 30, 2025 | $ | $ | $ | |||||||||
| Data library | Data library not yet available | Total | ||||||||||
| Cost | $ | |||||||||||
| Accumulated amortization | ( | ) | ( | ) | ||||||||
| Balance at December 31, 2024 | $ | $ | $ | |||||||||
| Cost | ||||||||||||
| Accumulated amortization | ( | ) | ( | ) | ||||||||
| Balance at September 30, 2025 | $ | $ | $ | |||||||||
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three and nine months ended September 30, 2025 and 2024 | Page 4 |
| 6. | Right of use assets: |
Schedule of right of use assets
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Beginning Balance | $ | $ | ||||||
| Depreciation | ( | ) | ( | ) | ||||
| New leases | ||||||||
| Termination | ( | ) | ||||||
| Ending Balance | $ | $ | ||||||
During
the nine months ended September 30, 2025, the Company terminated their facility leases in Calgary and Jakarta. During the same period,
the Company entered into a new five
| 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 December 31, 2024 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 September 30, 2025, the Company estimated that there was
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three and nine months ended September 30, 2025 and 2024 | Page 5 |
| 8. | Accounts payable and accrued liabilities: |
Schedule of accounts payable and accrued liabilities
| September 30, | 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 accrued at
| 9. | Financial liabilities: |
The following table provides a reconciliation of movements of liabilities to cash flows arising from financing activities and balances at September 30, 2025:
Schedule of reconciliation of liabilities
Bank Loan | Loan Payable | Project Financing | Government Loans | Lease Obligations | Total | |||||||||||||||||||
| (Note 10) | ||||||||||||||||||||||||
| 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 September 30, 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 and nine months ended September 30, 2025 and 2024 | Page 6 |
(b) Loan payable:
During
2024, the Company executed two equipment financing loans to purchase $
Schedule of loan payable
| September 30, | 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
| September 30, | 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 $
ii. Western Development Canada loan:
On
December 29, 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 and nine months ended September 30, 2025 and 2024 | Page 7 |
| 10. | Lease obligations: |
The following table presents the contractual undiscounted cash flows for lease obligations which require the following payments for each period ending September 30:
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
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| For the three months | For the nine months | |||||||||||||||
| ended September 30, | ended June 30, | |||||||||||||||
| 2025 | 2024 | 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 payments of $
| 11. | Revenue: |
Details of revenue are as follows:
Schedule of revenue
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| For the three months | For the nine months | |||||||||||||||
| ended September 30, | ended September 30, | |||||||||||||||
| 2025 | 2024 | 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 September 30, 2025
was $
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three and nine months ended September 30, 2025 and 2024 | Page 8 |
Changes in contract acquisition costs, included in prepaid expenses, are as follows:
Schedule of changes in contract acquisition costs
| September 30, | 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
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| For the three months | For the nine months | |||||||||||||||
| ended September 30, | ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Personnel | $ | $ | $ | $ | ||||||||||||
| Purchased services & materials(1) | ||||||||||||||||
| Travel | ||||||||||||||||
| Facilities and other expenses | ||||||||||||||||
| Total operating costs | $ | $ | $ | $ | ||||||||||||
| (1) |
(b) Financing costs:
Schedule of financing costs
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| For the three months | For the nine months | |||||||||||||||
| ended September 30, | ended September 30, | |||||||||||||||
| 2025 | 2024 | 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 and nine months ended September 30, 2025 and 2024 | Page 9 |
| 13. | Share capital: |
(a) Issued:
| September 30, 2025 | 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
September 2025, the Company received gross proceeds of $ under the “bought deal” offering issuing a total of
Class A common shares at a price of C$. The Company recorded issuance costs of $, including warrants. The warrants were
valued at $
During
the third quarter of 2025, warrants were exercised for consideration of $
In
May 2025, warrants were exercised for consideration of $
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. The warrants were valued at $ using the Black-Scholes pricing model with the following main assumptions: share price - C$ - C$, volatility – %- %, risk free rate – %, dividend %.
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 finder’s fees. Also, warrants were exercised for consideration of $
During
the first quarter of 2024, warrants were exercised for consideration 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 and nine months ended September 30, 2025 and 2024 | Page 10 |
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 $.
(b) Contributed surplus:
Schedule of contributed surplus
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Balance, beginning of period | $ | $ | ||||||
| Share-based compensation | ||||||||
| Issuance costs | ||||||||
| Exercise of warrants | ||||||||
| RSU and options surrenders | ( | ) | ||||||
| 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.
For the three months ended September 30, 2025, there were share options (September 30, 2024 – ), RSUs (September 30, 2024 – ) and outstanding warrants (September 30, 2024 – ) that were included in the diluted weighted average number of shares calculation as their effect was dilutive. There were outstanding share options (September 30, 2024 – ), RSUs (September 30, 2024 – ) and outstanding warrants (September 30, 2024 – ) that were excluded from the diluted weighted average number of shares calculation as their effect would have been anti-dilutive. For the nine months ended September 30, 2025, there were share options (September 30, 2024 – ), RSUs (September 30, 2024 – ) and outstanding warrants (September 30, 2024 – ) that were included in the diluted weighted average number of shares calculation as their effect was dilutive. There were outstanding share options (September 30, 2024 – ), RSUs (September 30, 2024 – ) and outstanding warrants (September 30, 2024 – ) that were excluded from the diluted weighted average number of shares calculation as their effect would have been anti-dilutive.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three and nine months ended September 30, 2025 and 2024 | Page 11 |
The average market value of the Company’s shares for purposes of calculating the dilutive effect of the share options and warrants was based on quoted market prices for the period during which the share options and warrants were outstanding.
(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. At September 30, 2025, no share options are issued and outstanding, and no additional options will be issued under this plan.
Schedule of share options outstanding
| September 30, 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 | ( | ) | ||||||||||||||
| Surrender | ( | ) | ||||||||||||||
| Options outstanding, end of period | $ | $ | ||||||||||||||
| Options exercisable, end of period | $ | $ | ||||||||||||||
During
the three and nine months ended September 30, 2025 and 2024, the Company recognized $ of non-cash compensation expense related to
the share option plan. In May 2025, the Company settled all vested stock options through cash payments in lieu of issuing equity instruments.
The total cash paid to employees for the surrender of vested awards was $
(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.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three and nine months ended September 30, 2025 and 2024 | Page 12 |
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 September 30, 2025, 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
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Number of | Number of | |||||||
| RSUs | RSUs | |||||||
| RSUs outstanding, beginning of period | ||||||||
| Issued | ||||||||
| Forfeitures | ( | ) | ||||||
| Surrenders | ( | ) | ||||||
| RSUs outstanding, end of period | ||||||||
During the nine months ended September 30, 2025, RSUs were issued (nine months ended September 30, 2024 – ). During the nine months ended September 30, 2025, the Company recognized $ (nine months ended September 30, 2024 – $) of non-cash compensation expense related to the RSUs.
In
May 2025, the Company settled vested RSUs through cash payments in lieu of issuing equity instruments. The total cash paid to
employees and directors for the surrender of vested awards was $
(f) Share-based compensation expense:
Schedule of share based compensation
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| For the three months | For the nine months | |||||||||||||||
| ended September 30, | ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Employees | $ | $ | $ | $ | ||||||||||||
| Directors and advisors | ||||||||||||||||
| Non-cash compensation | $ | $ | $ | $ | ||||||||||||
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three and nine months ended September 30, 2025 and 2024 | Page 13 |
| 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 31, | September 30, | ||||||||||||||||||||||||||||
| Grant Date | Expiry Date | Price | Granted | 2024 | Issued | Expired | Exercised | 2025 | ||||||||||||||||||||||
| $ | ( | ) | ||||||||||||||||||||||||||||
| $ | ( | ) | ||||||||||||||||||||||||||||
| $ | ( | ) | ||||||||||||||||||||||||||||
| $ | ( | ) | ||||||||||||||||||||||||||||
| $ | ( | ) | ||||||||||||||||||||||||||||
| $ | ( | ) | ||||||||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| $ | ( | ) | ||||||||||||||||||||||||||||
| $ | ( | ) | ||||||||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| ( | ) | |||||||||||||||||||||||||||||
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 September 30, 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 and nine months ended September 30, 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
| September 30, 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
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| For the three months | For the nine months | |||||||||||||||
| ended September 30, | ended September 30, | |||||||||||||||
| 2025 | 2024 | 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 receivable consist of:
Schedule of amount receivable
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Trade receivables | $ | $ | ||||||
| Other miscellaneous receivables | ||||||||
| Amount receivables | $ | $ | ||||||
Trade receivables by geography consist of:
Schedule of Trade receivables
| September 30, | 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 and nine months ended September 30, 2025 and 2024 | Page 15 |
An aging of the Company’s trade receivables are as follows:
Schedule of aging of company’s trade receivables
| September 30, | 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 recurring customers and are considered collectible.
| 17. | Fair values: |
Financial instruments recorded at fair value on the condensed consolidated interim statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
Level 1 – valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 – valuation techniques based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices);
Level 3 – valuation techniques using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The carrying values of cash, amounts receivable, accounts payable and accrued liabilities approximate fair values due to the short-term nature of these items. The Investment is a level 3 financial instrument as its fair value is estimated using unobservable inputs. During the reporting periods, there were no transfers between Level 1 and Level 2 fair value measurements.
| 18. | Related Parties: |
The Company’s compensation program specifically provides for total compensation for executive officers, which is a combination of base salary, performance-based incentives and benefit programs that reflect aggregated competitive pay considering business achievement, fulfillment of individual objectives and overall job performance. Executive officers participate in the Company’s Omnibus Plan (Note 13(e)).
The compensation of non-employee directors consists of a cash component and an equity component. Directors participate in the Company’s Omnibus Plan (Note 13(e)).
The following summarizes key management personnel and directors’ compensation for the three and nine months ended September 30, 2025 and 2024:
Schedule of key management personnel and directors’ compensation
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| For the three months | For the nine months | |||||||||||||||
| ended September 30, | ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Compensation and benefits | $ | $ | $ | $ | ||||||||||||
| Cash paid for settlement of share-based awards | ||||||||||||||||
| Share-based compensation | ||||||||||||||||
| Key management personnel compensation | $ | $ | $ | $ | ||||||||||||
During the second quarter of 2025, the Company paid $ to related parties to surrender vested share-based awards (see Notes 13(d) and (e)).
| 19. | Subsequent Event: |
Subsequent
to September 30, 2025, warrants were exercised for consideration of $
Exhibit 99.3
Management’s Discussion and Analysis
For the quarter ended September 30, 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 November 12, 2025 and should be read together with the Company’s unaudited Condensed Consolidated Interim Financial Statements and the accompanying notes for the three and nine months ended September 30, 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 as “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 and software subscription renewal value increase; | |
| ● | all trade receivable balances are highly likely to be paid in full by the customer; | |
| ● | 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 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) demand for geospatial related products and services will continue to grow in the foreseeable future; (ix) there will be no significant barriers to the integration of the Company’s products and services into customers’ applications; (x) the Company will be able to maintain compliance with applicable contractual and regulatory obligations and requirements, (xi) superior technologies/products do not develop that would render the Company’s current product offerings obsolete.
| 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, dual-use geospatial intelligence company, creating a wide variety of solutions and analytics for its customers. Intermap is a premier worldwide provider of geospatial intelligence.
Intermap currently generates revenue from three primary business activities, composed of (i) data acquisition and collection, using proprietary radar sensor technologies to create proprietary datasets; (ii) value-added data products and services, which leverage the Company’s massive proprietary NEXTMap® database, together with proprietary software and fusion technologies, to create exquisite and proprietary data products; and (iii) commercial applications, including a web-store, software and solution sales, that integrate Intermap’s proprietary data products into solutions for targeted industries that rely on accurate high resolution geospatial intelligence.
These geospatial solutions are used in a wide range of applications including, but not limited to location-based information, thematic maps, risk assessment, geographic information systems (GIS), engineering, utilities, global positioning systems (GPS) navigation and timing, oil and gas, renewable energy, hydrology, environmental planning, land management, wireless communications, transportation, advertising, simulations, gaming, 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 and integrate that data with additional proprietary sources in its global library. 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 various proprietary payloads also enable data to be collected over larger areas, at higher collection speeds, in an integrated and co-registered geolocated format, at accuracy levels that are difficult to achieve with competitive technologies or different platforms.
| 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 to create innovative GEOINT products. The Company processes raw digital elevation and image data from its own and other sources to create three high resolution geospatial data products that provide a ground-true foundation layer upon which accurate value-added products and services can be developed. The three high resolution data products include digital surface models (DSM), digital terrain models (DTM), and orthorectified radar images (ORI). These data products are further augmented with additional AI-enabled analysis and served to customers by web service as globally precise foundational layers in the creation of additional value-added products and solutions.
Unlike many geospatial companies, because of its unique acquisition and processing capability, Intermap retains exclusive ownership of its high resolution NEXTMap® commercial 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, various land classification and feature vectors, weather related hazards, points of interest and other attributes, 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
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| U.S. $ millions, except per share data | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue: | ||||||||||||||||
| Acquisition services | $ | 0.1 | $ | 2.9 | $ | 3.9 | $ | 5.0 | ||||||||
| Value-added data | 0.4 | 1.1 | 1.2 | 2.1 | ||||||||||||
| Software and solutions | 1.2 | 1.0 | 3.9 | 3.1 | ||||||||||||
| Total revenue | $ | 1.7 | $ | 5.0 | $ | 9.0 | $ | 10.2 | ||||||||
| Operating (loss) income | $ | (1.4 | ) | $ | 1.2 | $ | (3.4 | ) | $ | 1.0 | ||||||
| Net (loss) income | $ | (1.5 | ) | $ | 1.1 | $ | (3.5 | ) | $ | 0.9 | ||||||
| EPS basic | $ | (0.02 | ) | $ | 0.02 | $ | (0.06 | ) | $ | 0.02 | ||||||
| EPS diluted | $ | (0.02 | ) | $ | 0.02 | $ | (0.06 | ) | $ | 0.02 | ||||||
| Adjusted EBITDA(1) | $ | (1.0 | ) | $ | 1.6 | $ | (2.2 | ) | $ | 2.1 | ||||||
September
30, | September 30, 2024 | |||||||
| Assets: | ||||||||
| Cash and amounts receivable | $ | 26.8 | $ | 1.5 | ||||
| Total assets | $ | 32.5 | $ | 8.9 | ||||
| Liabilities: | ||||||||
| Long-term liabilities (including lease obligations) | $ | 0.6 | $ | 0.7 | ||||
| Total liabilities | $ | 5.6 | $ | 8.6 | ||||
(1)Adjusted EBITDA is a non-GAAP measure. See “Reconciliation of Non-GAAP Measures” below.
Revenue
Quarterly Revenue
Consolidated revenue for the quarter ended September 30, 2025 was $1.7 million, compared to $5.0 million for 2024.
Acquisition Services
Acquisition services revenue for the quarter ended September 30, 2025 totaled $0.1 million, compared to $2.9 million for 2024. The decrease is due to the timing of percent complete revenue recognition related to the Company’s performance on the acquisition services contract in Indonesia year over year.
Value-added Data
Value-added data revenue decreased to $0.4 million for the quarter ended September 30, 2025 as compared to $1.1 million for 2024. The change relates to timing differences in the delivery of repeating data products.
| 5 |
Software and Solutions
Software and solutions revenue increased to $1.2 million from $1.0 million for the third quarter of 2025 and 2024, respectively.
Year-to-date Revenue
On a year-to-date basis, consolidated revenue decreased to $9.0 million during the nine months ended September 30, 2025 from $10.2 million for 2024.
Acquisition Services
Acquisition services revenue for the nine-month period ended September 30, 2025 totaled $3.9 million, compared to $5.0 million for 2024. The decrease is due to the timing of percent complete revenue recognition related to the Company’s performance on the acquisition services contract in Indonesia year over year.
Value-added Data
Value-added data revenue decreased to $1.2 million for the nine-month period ended September 30, 2025 as compared to $2.1 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 $3.9 million from $3.1 million for the first nine months of 2025 and 2024, respectively.
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 September 30, | For the nine months ended September 30, | |||||||||||||||
| U.S. $ millions | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Personnel | $ | 1.7 | $ | 1.5 | $ | 5.8 | $ | 4.2 | ||||||||
| Purchased services & materials | 0.8 | 1.7 | 4.6 | 3.4 | ||||||||||||
| Facilities and other expenses | 0.1 | 0.2 | 0.5 | 0.6 | ||||||||||||
| Travel | 0.1 | 0.2 | 0.4 | 0.3 | ||||||||||||
| $ | 2.7 | $ | 3.6 | $ | 11.3 | $ | 8.5 | |||||||||
Personnel
Personnel expense includes direct labor, employee compensation, employee benefits, and commissions. Personnel expense for the quarters ended September 30, 2025 and 2024 totaled $1.7 million and $1.5 million, respectively. For the nine-month periods ended September 30, 2025 and 2024, personnel expense totaled $5.8 million and $4.2 million, respectively. The increase is related primarily to contract-driven growth.
Non-cash compensation expense is included in personnel 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 September 30, 2025 and 2024, was $73 thousand and $64 thousand, respectively. For the nine-month period ended September 30, 2025 and 2024, non-cash compensation expense was $146 thousand and $305 thousand, respectively.
| 6 |
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 September 30, 2025, and 2024, PS&M expense was $0.8 million and $1.7 million, respectively. For the nine-month periods ended September 30, 2025 and 2024, PS&M expense was $4.6 million and $3.4 million, respectively. 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 September 30, 2025 and 2024, facilities and other expenses decreased slightly to $0.1 million from $0.2 million for 2024. For the nine-month period ended September 30, 2025 and 2024, facilities and other expenses also decreased slightly to $0.5 million from $0.6 million for 2024.
Travel
For the quarters ended September 30, 2025, travel expense decreased slightly to $0.1 million from $0.2 million for 2024. For the nine-month period ended September 30, 2025 and 2024, travel expense was $0.4 million and $0.3 million, respectively. The increases in the year-to-date numbers are primarily due to sales and data acquisition project travel in 2025.
Net Loss
For the quarter ended September 30, 2025, net loss was $1.5 million compared to net income of $1.1 million in the same quarter of 2024. The difference relates primarily to decreased revenue year-over-year. For the nine-month period ending September 30, 2025, net loss was $3.5 million compared to net income of $0.9 million in 2024. The change related mainly to decreased revenue.
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.
| 7 |
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 | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| U.S. $ millions | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income (loss) | $ | (1.5 | ) | $ | 1.1 | $ | (3.5 | ) | $ | 0.9 | ||||||
| Financing costs | - | 0.1 | 0.1 | 0.1 | ||||||||||||
| Amortization of intangible assets | 0.1 | 0.1 | 0.2 | 0.3 | ||||||||||||
| Depreciation of property and equipment | 0.2 | 0.1 | 0.5 | 0.3 | ||||||||||||
| Depreciation of right of use assets | 0.1 | 0.1 | 0.3 | 0.2 | ||||||||||||
| EBITDA | $ | (1.1 | ) | $ | 1.5 | $ | (2.4 | ) | $ | 1.8 | ||||||
| Share-based compensation | - | 0.1 | 0.1 | 0.3 | ||||||||||||
| Loss on foreign currency translation | 0.1 | - | 0.1 | - | ||||||||||||
| Adjusted EBITDA | $ | (1.0 | ) | $ | 1.6 | $ | (2.2 | ) | $ | 2.1 | ||||||
Adjusted EBITDA for the quarter ended September 30, 2025 was negative $1.0 million, compared to positive $1.6 million for 2024. Adjusted EBITDA for the nine-month period ended September 30, 2025 was negative $2.2 million, compared to positive $2.1 million for the same period in 2024. The decrease in both periods is related mainly to decreased revenue.
Financing costs
Financing costs for the quarters ended September 30, 2025 and 2024 were Nil and $0.1 million, respectively. For the nine-month period ended September 30, 2025 and 2024, financing costs were constant at $0.1 million.
Amortization of Intangible Assets
Amortization expense of intangible assets for the quarters ended September 30, 2025 and 2024 was constant at $0.1 million. For the nine-month period ended September 30, 2025 and 2024, amortization expense of intangible assets decreased to $0.2 million compared to $0.3 million.
Depreciation of Property and Equipment
Depreciation expense for property and equipment for the quarters ended September 30, 2025 and 2024 was $0.2 million and $0.1 million, respectively. For the nine-month period ended September 30, 2025 and 2024, depreciation expense was $0.5 million and $0.3 million, respectively.
Depreciation of Right of Use Assets
Depreciation expense for right of use assets for the quarters ended September 30, 2025 and 2024 was consistent at $0.1 million. For the nine months ended September 30, 2025 and 2024, depreciation of right of use assets was $0.3 million and $0.2 million, respectively.
Loss on Foreign Currency Translation
Loss on foreign currency translation costs for the quarters and nine-month periods ended September 30, 2025 and 2024 were $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.
| 8 |
Amounts receivable and unbilled revenue decreased to $0.9 million at September 30, 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 $2.7 million at September 30, 2025 from $4.8 million from December 31, 2024.
| September 30, | December 31, | |||||||
| U.S. $ millions | 2025 | 2024 | ||||||
| Accounts payable | $ | 1.4 | $ | 2.6 | ||||
| Accrued liablities | 1.3 | 2.2 | ||||||
| $ | 2.7 | $ | 4.8 | |||||
Government Loans
The government loans balance decreased to $0.2 million at September 30, 2025 due to normal monthly payments from $0.3 million at December 31, 2024. The loans were available to help offset the impacts of the COVID-19 pandemic and will be repaid.
Loan Payable
The loan payable balance decreased to $0.2 million at September 30, 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 September 30, 2025 decreased to $1.9 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.
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.
For much of the last eight quarters, the Company has been severely undercapitalized and self-financed the advancement of high-growth opportunities in Southeast Asia and Europe.
| U.S. $ millions, except per | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||||||||||||||||||||||
| share data | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Total revenue | $ | 1.2 | $ | 1.7 | $ | 3.5 | $ | 5.0 | $ | 7.4 | $ | 4.3 | $ | 3.0 | $ | 1.7 | ||||||||||||||||
| Depreciation | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | ||||||||||||||||
| Financing costs | $ | 0.1 | $ | - | $ | - | $ | 0.1 | $ | - | $ | - | $ | 0.1 | $ | - | ||||||||||||||||
| Operating income (loss) | $ | (0.7 | ) | $ | (0.8 | ) | $ | 0.6 | $ | 1.2 | $ | 1.5 | $ | (1.2 | ) | $ | (0.8 | ) | $ | (1.4 | ) | |||||||||||
| Net income (loss) | $ | (1.0 | ) | $ | (0.8 | ) | $ | 0.6 | $ | 1.1 | $ | 1.5 | $ | (1.2 | ) | $ | (0.8 | ) | $ | (1.5 | ) | |||||||||||
| Net loss per share | ||||||||||||||||||||||||||||||||
| -basic | $ | (0.03 | ) | $ | (0.02 | ) | $ | 0.01 | $ | 0.02 | $ | 0.04 | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||||||||
| -diluted | $ | (0.03 | ) | $ | (0.02 | ) | $ | 0.01 | $ | 0.02 | $ | 0.04 | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||||||||
| Adjusted EBITDA(1) | $ | (0.2 | ) | $ | (0.5 | ) | $ | 1.0 | $ | 1.6 | $ | 2.0 | $ | (0.9 | ) | $ | (0.3 | ) | $ | (1.0 | ) | |||||||||||
(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 nine-months ended September 30, 2025, cash used in operations was $0.2 million compared to cash used in operations of $1.0 million during the same period in 2024. Revenue for the nine-months ended September 30, 2025 was $9.0 million, which is a $1.2 million decrease as compared to the same period in 2024. At September 30, 2025, the Company has a shareholders’ equity of $26.9 million.
Investing Activities
Net cash used in investing activities totaled $0.4 million and $1.7 million for the nine-month periods ended September 30, 2025 and 2024, respectively. For both periods, the balance related to the purchase of equipment to build the data archive, processing capabilities, and software assets.
Financing Activities
The equity raise contributed to a significant increase in shareholders equity, which rose to $26.9 million as of September 30, 2025. Net cash provided by financing activities totaled $26.2 million for the nine-month period ended September 30, 2025, as compared to net cash provided by financing activities of $2.1 million during the same period in 2024. The net cash provided during the nine months ended September 30, 2025 resulted from proceeds from a “bought deal” offering of $20.6, a “bought deal” Listed Issuer Financing Exemption offering and concurrent private placement of $8.7 million and the exercise of warrants of $1.8 million, offset by cash paid for settlement of share-based awards of $1.8 million, issuance costs of $2.7 million, payments of lease obligations of $0.2 million, and repayment of loans $0.2 million. The net cash provided during the nine-month period ended September 30, 2024 resulted from proceeds from a private placement and exercise of warrants of $2.7 million, offset by private placement issuance costs of $0.1 million, payment of lease obligations of $0.4 million, and repayment of loans of $0.1 million.
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 goods or services. Determining the timing of the transfer of control, at a point in time or over time, requires judgement.
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 over time, 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.
| 9 |
OFF-BALANCE SHEET ARRANGEMENTS
As at November 12, 2025 and September 30, 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 November 12, 2025, 71,351,664 Class A common shares were issued and outstanding. There are currently no Class A participating preferred shares issued and outstanding.
As of November 12, 2025, potential dilutive securities include (i) 3,402,415 restricted share units, and (ii) 1,690,918 warrants outstanding with a weighted average exercise price of US$1.15. Each option and warrant entitles the holder to purchase one Class A common share.
The following warrants expire on the dates listed below:
| ● | 966,000 warrants expire on December 20, 2025; | |
| ● | 120,000 warrants expire on January 3, 2026; | |
| ● | 18,000 warrants expire on February 20, 2027; | |
| ● | 11,872 warrants expire on March 7, 2027; and | |
| ● | 575,046 warrants expire on September 29, 2027. |
Other than as listed above, the Company does not currently have any material financial instruments which can be converted into additional common shares.
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 September 30, 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 website at www.intermap.com and on SEDAR+ at www.sedarplus.ca.
| 10 |
Exhibit 99.4
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 September 30, 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 July 1, 2025 and ended on September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
| Date: November 13, 2025 | |
| (signed) “Patrick A. Blott” | |
| Patrick A. Blott | |
| Chairman and Chief Executive Officer |
Exhibit 99.5
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 September 30, 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 July 1, 2025 and ended on September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
| Date: November 13, 2025 | |
| (signed) “Jennifer S. Bakken” | |
| Jennifer S. Bakken | |
| Executive Vice President Finance and Chief Financial Officer |
Exhibit 99.6
Intermap Reports Third Quarter 2025 Results
Commercial revenue grew 37%, driven by AI risk assistant adoption
United States and Europe accounted for 90% of revenue
Balance sheet strengthened by $21 million equity bought deal financing
Company reaffirms annual guidance and advances major government programs
DENVER, November 13, 2025 – Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced its financial results for the three months ended September 30, 2025.
During the quarter, Intermap completed a bought deal public offering and concurrent private placement, raising gross proceeds of $21 million, significantly strengthening its balance sheet, allowing it to invest in commercial markets and positioning the Company to execute large, multiyear contracts. As of September 30, 2025, shareholders’ equity increased to $27.2 million.
Revenue for the quarter was $1.7 million compared with $5.0 million for the same period in 2024. Year-to-date revenue was $9.0 million compared with $10.2 million for the same period in 2024. Revenue declines were as expected, reflecting the timing of milestone-driven program activity in Indonesia, causing lumpiness as the country tenders for much larger follow-on awards integrating financial support from the World Bank. Data products experienced temporary timing effects from the prolonged U.S. federal government shutdown.
The Company completed infrastructure upgrades, incorporating advanced NVIDIA GPUs and encryption methods compliant with NIST requirements for protecting the confidentiality of Controlled Unclassified Information in non-federal systems and organizations.
Commercial software revenue grew by 37% over the same period last year, which was more than expected. A significant amount of growth came from Europe, where the Company recently introduced its Risk Assistant platform, leveraging its latest AI advancements.
The Risk Assistant, a first to market AI-enabled agent for insurance, draws on Intermap’s proprietary data and allows established multi-peril underwriters to significantly expand, automate, and rapidly scale their processes, driving high conversion rates. Subscribers benefit from an independent, real-time and objective risk assessment, based on precise 3D property geolocation. Such analysis runs deeper than simple algorithms reliant on geolocated addresses, leveraging an enormous archive of historic data and claims experience to mitigate basis risk and improve underwriting outcomes. Intermap is the only commercial company with underwriting-quality, high-precision 3D foundation and vector data, available around the world, to support global insurance programs at this level of acuity. The Risk Assistant also incorporates proven, proprietary, easy to calibrate and patented global flood models, incorporating diverse views of risk. A typical small capacity provider will consider approximately 250,000 – 500,000 risks per year, representing $200 million of premium. The Risk Assistant empowers the provider to scale operations dramatically, delivering automated and efficient tools for real-time risk evaluation, premium setting, claims handling and reinsurance placement.
Operating cash flow year to date was $2 million (excluding $2.1 million of working capital investment) compared with negative $1.4 million for the same period last year. Cash flow was reinvested to improve working capital. Operating cash flow during the quarter improved to negative $1.7 million (excluding working capital) compared with negative $2.3 million last year.
Working capital was $23.3 million at the end of the quarter, allowing the Company to remove the going concern qualification from its financial statements. The Company is in the process of uplifting its audit to comply with U.S. securities regulations under PCAOB standards.
Adjusted EBITDA was negative $1.0 million for the quarter compared with positive $1.6 million for 2024. Net loss was $1.5 million compared with net income of $1.1 million for the same quarter last year. The Company continues to ramp its operations to qualify for and execute larger government contracts. During the quarter, Intermap submitted multiple bids covering all four lots of Indonesia’s $200 million Integrated Land Administration and Spatial Planning Project. The Tender Review Committee is evaluating technical submissions with financial evaluation scheduled for this December. Commercial demand remained strong. Intermap expanded recurring data subscriptions and analytics services during the quarter, building on momentum from prior quarters, reflecting ongoing adoption of elevation-as-a-service and risk modeling solutions.
Intermap was selected for multiple NOAA contracting teams, including the $250 million Coastal Geospatial Services Contract 5, for which proposals are under review, and the $250 million NGS Shoreline Mapping Support Services IDIQ where the Company is a team member with NV5 and Dewberry. The Company also continued requirements meetings with the U.S. Department of Defense during the government shutdown. Intermap expects U.S. government contracting will accelerate as the government reopens. Operating results for the quarter reflected normal pursuit and transition costs associated with these programs. The Company continues to invest in key contracts and software development that support recurring revenue growth and long-term value creation.
Outlook
Intermap reaffirms its previously announced 2025 guidance of $30–35 million in revenue and a 28% EBITDA margin. While the timing of certain government contracts may change due to funding delays and complex global tender processes, management believes these timing effects are typical for government contracting and are mitigated by having multiple concurrent pursuits. Risks to the guidance include uncertainties regarding the timing of subscription renewals, the award of future contracts and the timing of revenue recognition for future awards.
The Company’s consolidated financial statements for the quarter ended September 30, 2025, together with management’s discussion and analysis for the corresponding period, have been filed on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
Conference Call Details
Intermap’s CEO Patrick A. Blott and CFO Jennifer Bakken will host a live webinar on Thursday, November 13, 2025 at 5:00 pm ET to review the results, provide Company updates and answer investor questions following the presentation. A recording of the webinar and supporting materials will be made available on the investor relations page of the Company’s website.
| DATE | Thursday, September 13, 2025 | |
| TIME | 5:00 pm ET | |
| WEBCAST | Register |
Intermap Reader Advisory
Certain information provided in this news release, including reference to revenue growth, EBITDA margin, and timing of government contract awards, constitutes forward-looking statements. The words “anticipate,” “expect,” “project,” “estimate,” “forecast,” “will be,” “intends,” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions that are current, reasonable, and complete, they are subject to known and unknown risks and uncertainties. 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 the Company will derive therefrom. The forward-looking statements contained in this news release are made as of the date of this release, and the Company does not undertake any obligation to update publicly or revise such statements except as 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