Intermap Techs Reports Q2 2026 Results: Full Earnings Call Transcript

On Thursday, Intermap Techs (TSX: IMP ) discussed second-quarter financial results during its earnings call. The full transcript is provided below. This transcript is brought to you APIs. For real-time access to our entire catalog, please visit for a consultation.

Access the full call at Summary Intermap Techs reported Q2 2026 revenue of $2 million, with a 35% growth in prepaid software contracts and a significant increase in value-added data revenue year-over-year. The acquisition of PCI Geomatics for $11 million Canadian is a strategic move to enhance commercial opportunities, providing advanced data processing and analytics capabilities. The company's government business, particularly in Indonesia, faces delays due to complex procurement processes, but still holds potential for significant revenue if awarded. Michael Roland joined the Board, bringing extensive investment experience to support Intermap Techs' growth initiatives.

4 million, attributed to timing of contract awards and continued investment in growth. The strategic focus remains on integrating PCI Geomatics, expanding in AI-driven sectors, and maintaining readiness for government contract opportunities. Intermap Techs is confident in its competitive position and capabilities, particularly in Indonesia and other national mapping opportunities. The overall business outlook is positive, with long-term growth prospects supported by strategic acquisitions and strong commercial revenue growth.

Full Transcript OPERATOR Good afternoon and thank you for joining us for Intermap Techs conference call to discuss its financial results for the second quarter 2026. On the call today we have CEO Patrick Blot and CFO Jennifer Bakken. Before I pass the call to management, I want to let everyone know that you are in listen-only mode. If you have a question, please enter it in the question box at the bottom of the webinar at any time and we will address your question at the end of this call.

Certain information in this presentation constitutes forward-looking statements, including statements regarding the proposed acquisition and integration of PCI Geomatics, anticipated transaction benefits, government contracting opportunities, procurement and revenue recognition timing, commercial growth and capital deployment guidance, and future operating performance. Forward-looking statements are identified by words such as anticipate, believe, expect, plan, project, will, and similar expressions.

These statements are based on current assumptions and involve risks and uncertainties, including completion and integration of the PCI transaction, availability of capital, revenue variability, timing and structure of government contracts, customer concentration, economic conditions, competitive dynamics, technology risk, cybersecurity, and other factors described in Intermap Techs' public filings. Actual results may differ materially. The Company undertakes no obligation to update forward-looking statements except as required by law. Now with that out of the way, I'd like to pass the call to CEO Patrick Blot.

Patrick Blot, CEO Good afternoon everyone and thank you for joining us. I'm going to start here on slide 3. The second quarter included important strategic progress alongside continued timing effects from large government procurement programs. Today I'm going to focus on three areas: the growth of our commercial revenue, the strategic importance of the PCI Geomatics acquisition, and the status of Indonesia in our outlook.

I want to start though by welcoming Michael Roland to Intermap Techs' Board of Directors. Michael brings decades of experience financing infrastructure programs and building businesses across the globe as an institutional investor leading a $145 billion pension fund, including in Southeast Asia where he established OMERS' investment program there. Michael understands the value of foreign direct investment to drive growth while also strengthening sovereignty, independence and institutional resilience. That's what our customers ask for.

So welcome Michael. Let me start with comments regarding the outlook. The commercial business continues to perform better than expected and the guidance is for double-digit growth reinforced by the PCI acquisition. Our government business is more complicated because of delays in Indonesia, obviously including macro factors there, where our assets are committed through a binding tender agreement, although they still need a map and we do expect them to award this year per their public statements.

The President wants this. He's pro foreign institutional investment, he's pro integrity, he's pro growth, and he's pro Indonesia and so are we. We've been operating there for more than 30 years. Nothing is certain in competitive processes, but if they achieve their timing to award this year and we win, our guidance of $30 million will likely turn out to be conservative, and if they do not, we will update our guidance accordingly.

We will also update following the completion of PCI and we'll have more clarity on timing there and its impact on our commercial business. 4 million. We remain in the tendering process in Indonesia with our people, capital assets committed to a successful program there, which is a presidential imperative. Although there are timing effects involved with getting the answers right in a complex international tender impacted by macro factors, Indonesia requires a world-class foundation map and we remain committed to making sure they achieve that objective.

As a result, there's no acquisition services revenue in this quarter, just the tendering costs. Together, software and solutions and value-added data represented all of the second quarter revenue compared with approximately 53% in the prior-year quarter. The change in mix reflects an absence of acquisition services revenue while Indonesia follow-on awards remain in procurement. Value-added data revenue more than doubled year over year.

Software and solutions prepaid revenue grew 35%. These results are driven by strong organic growth trends and adoption of our newest AI-driven products, particularly in the insurance subscriptions which now offer energetic AI Risk Assistant. S. Department of Defense research program focused on position, navigation and timing in GPS-denied environments.

The program is designed to advance navigation capabilities for military, aerospace and autonomous systems operating in environments where GPS signals are unavailable, degraded, denied or intentionally disrupted. This award further validates our strategy of transforming proprietary geospatial data into mission-critical intelligence solutions supporting some of the world's most important defense and aerospace challenges.

Following the quarter, we announced a definitive agreement to acquire PCI Geomatics for $11 million Canadian in cash, an important step in expanding our opportunity in commercial space and delivering faster, automated autonomous systems and integrated geospatial intelligence to all our customers. Customers want assured data sovereignty and integrity and they want an accelerated information loop. They want to be able to work with software and tools that enable data provenance at scale and at speed. This transaction combines data processing and software and achieves that, and it's a monumental strategic step forward for both of our companies and the industry.

We'll talk further about that in a minute. But with this deal and organically, we continue to invest in the people, customers, technology and the infrastructure needed to support government and commercial growth. We continue expanding applications built on our proprietary 3D foundation data, the only archive of its kind in the world, across insurance, telecommunications, autonomous navigation, defense, commercial space and critical infrastructure markets, most like 4. On slide 4.

During the quarter we took an important step in executing our long-term strategy with the announcement of our acquisition of PCI Geomatics. PCI is a global leader in satellite and aerial image processing. Its capabilities support more than 500 satellites and thousands of production workflows. The transaction adds image processing, cloud-native microservices, APIs and edge processing capabilities that complement Intermap Techs' proprietary 3D terrain data, orthorectification and AI-powered analytics.

In particular, the combined company dominates the commercial market for the tools and data used to produce world digital elevation models at scale, which form the foundation of modern mapping. Together these capabilities are designed to create a more vertically integrated platform spanning data collection, image processing, terrain intelligence, analytics and delivery in ways that customers want to consume, assure and protect their data. They also strengthen our ability to support customers that require secure, scalable, proprietary and increasingly automated software-driven geospatial workflows.

The transaction is expected to close by the end of September, subject to PCI shareholder approval and customary closing conditions. Both companies are preparing for integration while remaining focused on execution across existing businesses. On slide 5, turning again to Indonesia, the follow-on procurement process remains active, though it has taken longer than we originally anticipated, but arguably this is a good thing. We've been asked to extend certain timelines and we've agreed.

We have resources committed to helping this important customer achieve a successful program and we remain confident in the opportunity and in our ability to execute if it's awarded to us. At the same time, it's critical that the program unfolds in a way that maintains the confidence of its government and financial sponsors, particularly when it's a presidential priority in the face of severely stressful macro headwinds. And it benefits from third-party institutional funding by the World Bank. This is not a science experiment.

Let's go spend $200 million and see what happens. And it's not, you know, a foreign government-sponsored program with all the sovereignty challenges and quality problems that kind of funding involves. This program, which was years in the making to qualify for third-party World Bank institutional funding, is a major strategic initiative that carries an opportunity to significantly build Indonesia's technology capacity, foreign direct investment and domestic employment, while at the same time raising the country's foundation mapping quality to a specification standard that leads much of the developed world.

Intermap Techs has been building and investing in Indonesia for more than 30 years and we have developed a local Indonesian talent, past performance, technology and experience base to lead a world-class geospatial program there, driven by experienced Indonesian employees. Intermap Techs has aligned with the President's agenda to make that happen and create an attractive environment for FDI. Reassure Marcus that Indonesia is one of the most undervalued and underappreciated investment opportunities in the world right now for institutional capital and that Intermap Techs remains a great public vehicle and barometer for that investment opportunity.

We're showing through this program that Indonesia knows how to attract capital and lead Southeast Asia in domestic employment and growth. The timing of awards and the resulting recognition of revenue remain outside our control. 4 million in the prior-year period. While we maintain our commitments to Indonesia, that difference reflects timing, not alignment, not outcome, and it does not reflect a change in our operational readiness nor our commitment to the program.

We continue to maintain personnel, aircraft, radar systems and processing capabilities required for immediate deployment. We are also advancing government opportunities across Southeast Asia, North America, South America and the Middle East. I'll now turn the call over to Jen to walk through the financial results in more detail. Jennifer Bakken (Chief Financial Officer) Thank you, Patrick.

As you previously stated, total revenue for the second quarter was 2 million compared with 3 million for the same period last year. 3 million last year. That difference primarily reflects the timing of follow-on contract awards in Indonesia and the absence of acquisition services revenue during 2026. 3 million for the quarter, while software prepaid contracts grew 35%.

4 million in the prior year. 02 per share, in the prior year. 4 million compared with negative 300,000 in the prior year. The year-over-year change in operating results primarily reflects lower acquisition services revenue and continued investment in personnel and infrastructure to support expected growth.

2 million. 7 million in shareholders’ equity. 3 million. 6 million at December 31st.

Approximately 88% of that balance relates to software and solutions license revenue that was paid in advance and will be recognized over the applicable license terms. 2 million in property and equipment compared with 200,000 in the prior-year period. These investments support our platform sensors, data archives, processing capabilities, and commercial delivery infrastructure. As disclosed in the financial statements, the PCI transaction is expected to use $11 million Canadian of cash at closing in Q3.

The acquisition is expected to have material recurring subscription revenue and positive net cash flow. We remain focused on disciplined capital deployment as we prepare for the closing and integration. I will now turn the call back to Patrick. Patrick Blot, CEO Thanks, Jen.

We’re now on slide 8. I think as we look ahead, we’re focused on completing the PCI transaction and integrating its technologies and commercial capabilities to improve product quality, breadth, scale, and speed. We’re maintaining deployment readiness and working to convert government opportunities into awarded contracts, including the follow-on opportunity in Indonesia. We’re continuing to grow commercial revenue across AI-powered insurance, analytics, telecommunications, autonomous navigation, defense, commercial space, and critical infrastructure.

Our business outlook remains strong. The timing of Indonesia continues to be the principal variable affecting 2026 near-term results. We remain confident in our long-term growth prospects. Following the closing of PCI, we expect to provide updated financial guidance reflecting the financial profile and the outlook of the combined company.

Our focus remains on execution, completing the transaction, supporting our customers, converting opportunities into revenue, and building long-term shareholder value. Thank you everyone for joining us today. We’ll now open the line for questions. OPERATOR Thank you, Patrick.

As a reminder, you can submit a question by clicking the Q&A tab at the bottom of the webinar. I’d like to thank those of you that have already submitted questions. And we’ll start with Indonesia. A bunch of questions here — we’ll try to clump a few together.

For several weeks, the project schedule now shows that the client is waiting on a no-objection letter from the World Bank. To what extent does this represent progress toward final decisions? How is your confidence level in winning some or all of the lots since the last earnings call? Patrick Blot, CEO Yeah.

I mean there’s various decision makers here, right, and that’s important to understand. But the World Bank is more involved. You know, this is not a science project. It’s an institutional investment by an institutional investor looking for a return from one of the most recognized financial institutions in the world.

They’re going to make sure they get it right. More eyes, more time, but also more confidence, right — more opportunity for follow-on and more stability for the country, which is under severe stress right now and benefits from greater institutional assurances and support. So I view it as a good thing. Intermap Techs is still the only company with the past performance and the capabilities.

We’re independent, we’re not government-owned, we’re international. And this is an international procurement, not a domestic procurement. So our confidence remains high. Nothing certain, but our confidence is high.

OPERATOR Thanks. Do we not need to maintain a certain cash level to remain eligible for Indonesia? What specific binding commitments are tied to EBITDA?