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Intermap Technology
(TSX:IMP)
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Rating:46Neutral
Price Target:
C$0.94
▼(-54.10% Downside)
Action:Reiterated
Date:05/28/26
The score is constrained primarily by very weak current financial performance (sharp revenue decline, deeply negative margins, and continued cash burn) and a clearly bearish technical setup (price below all major moving averages with negative MACD). The latest earnings call provides partial offset via reiterated revenue guidance, high recurring revenue mix, and a strong cash position, but near-term results and heavy reliance on delayed government contract conversion keep risk elevated. Valuation is difficult to support due to negative earnings and no dividend yield provided.
Positive Factors
High recurring revenue mix
A >80% recurring revenue mix gives durable revenue visibility and reduces sales cadence dependency. For 2–6 months this supports predictability for operations and planning, enables SaaS-like margin expansion as fixed costs scale, and lowers churn-driven volatility in cash flows.
Negative Factors
Sharp recent revenue decline
A 67% YoY quarter decline reflects severe timing or delivery disruption that materially reduces scale. Over the coming months this compresses operating leverage, undermines margin targets and makes multi-period forecasting harder, requiring clear contract conversion to restore growth trajectory.
Read all positive and negative factors
Positive Factors
Negative Factors
High recurring revenue mix
A >80% recurring revenue mix gives durable revenue visibility and reduces sales cadence dependency. For 2–6 months this supports predictability for operations and planning, enables SaaS-like margin expansion as fixed costs scale, and lowers churn-driven volatility in cash flows.
Read all positive factors
Intermap Technology (IMP) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$73.78M
Dividend YieldN/A
Average Volume (3M)196.37K
Price to Earnings (P/E)―
Beta (1Y)2.28
Revenue Growth-62.08%
EPS Growth-377.71%
CountryCA
Employees102
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.12
Shares Outstanding73,781,690
10 Day Avg. Volume183,204
30 Day Avg. Volume196,365
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)3.39
Price to Sales (P/S)7.88
P/FCF Ratio-16.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$5.00Price Target Upside143.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.08
Revenue Forecast (FY)C$30.43M
Intermap Technology Business Overview & Revenue Model
Company Description
Intermap Technologies Corporation is a geospatial intelligence firm that delivers a wide array of solutions and analytical tools across the United States, Asia Pacific, and European markets. Their portfolio includes Data-as-a-Service (DaaS) offeri...
How the Company Makes Money
Intermap makes money primarily by monetizing geospatial data and delivering geospatial solutions to customers. Key revenue streams include: (1) Data licensing and subscriptions: Intermap sells licenses (and, where applicable, recurring access) to ...
Intermap Technology Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Neutral
The call conveyed both meaningful strengths and material near-term challenges. Strengths include a high mix of recurring revenue (>80%), a commercial ARR run-rate approaching $8M with a path to ~$10M, strong cash ($18.8M) and positive working capital, productized AI offerings in-market, and a funded government/commercial pipeline. Offsetting these positives is a steep year-over-year revenue decline (~67% YoY), significant drops in value-added data (60%) and timing-driven decreases in software revenue (~14%), plus execution and timing risk tied to slow government procurement (notably Indonesia) and accounting/deferral impacts related to uplisting preparations. Overall, the call signals solid underlying business fundamentals and runway but meaningful near-term revenue recognition risk and timing uncertainty.Positive Updates
High Recurring Revenue Mix
Recurring subscription and data revenue exceeded 80% of total revenue in Q1 2026, demonstrating strong enterprise adoption of analytics and insurance solutions and a shift toward predictable, recurring revenue.
Negative Updates
Sharp Year-Over-Year Revenue Decline
Total revenue for Q1 2026 was $1.4 million versus $4.3 million in Q1 2025, a decline of approximately 67% year-over-year, driven primarily by timing and delays in large government programs (notably Indonesia).
Read all updates
Q1-2026 Updates
Positive
Negative
High Recurring Revenue Mix
Recurring subscription and data revenue exceeded 80% of total revenue in Q1 2026, demonstrating strong enterprise adoption of analytics and insurance solutions and a shift toward predictable, recurring revenue.
Read all positive updates
Company Guidance
Intermap reiterated full‑year revenue guidance of $30–$35 million (implying $29–$34 million in the remaining three quarters after $1.4M in Q1), said revenue will be back‑end weighted as large government awards convert over the next few quarters, and highlighted that Q1 revenue was $1.4M (vs. $4.3M a year ago) with recurring subscription and data >80% of total, Software & Solutions $1.2M (vs. $1.4M), value‑added data $0.2M (vs. $0.5M), commercial run‑rate/ARR roughly $7–8M (management guiding commercial contribution toward ~$10M), underlying operations were near breakeven excluding one‑offs, cash was $18.8M with $16.3M positive working capital, and management discussed a targeted ~28% EBITDA margin with expectations of higher steady‑state margins as the business shifts to cloud/as‑a‑service delivery.Intermap Technology Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.70M | 10.57M | 17.64M | 6.20M | 6.79M | 5.80M |
| Gross Profit | -5.99M | -4.08M | 5.06M | -1.54M | 3.98M | 2.87M |
| EBITDA | -6.65M | -5.19M | 3.65M | -2.40M | -3.46M | -1.51M |
| Net Income | -8.48M | -6.71M | 2.46M | -3.70M | -5.28M | -3.36M |
Balance Sheet | ||||||
| Total Assets | 27.87M | 31.73M | 11.94M | 4.54M | 6.33M | 7.45M |
| Cash, Cash Equivalents and Short-Term Investments | 18.78M | 22.52M | 445.00K | 677.00K | 843.00K | 188.00K |
| Total Debt | 1.81M | 1.97M | 1.19M | 1.10M | 1.17M | 1.22M |
| Total Liabilities | 7.66M | 7.17M | 8.20M | 8.10M | 7.75M | 6.60M |
| Stockholders Equity | 20.21M | 24.56M | 3.74M | -3.56M | -1.42M | 852.00K |
Cash Flow | ||||||
| Free Cash Flow | -5.79M | -5.09M | -4.04M | -1.02M | -1.75M | -3.88M |
| Operating Cash Flow | -4.96M | -4.13M | -1.79M | -602.00K | -1.51M | -2.49M |
| Investing Cash Flow | -1.01M | -959.00K | -2.25M | -421.00K | -243.00K | -1.39M |
| Financing Cash Flow | 17.14M | 26.59M | 3.80M | 830.00K | 2.41M | 2.27M |
Intermap Technology Technical Analysis
Negative
2.05
Price Trends
1.22
Negative
1.44
Negative
1.86
Negative
Market Momentum
-0.05
Negative
43.22
Neutral
23.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IMP, the sentiment is Negative. The current price of 2.05 is above the 20-day moving average (MA) of 1.03, above the 50-day MA of 1.22, and above the 200-day MA of 1.86, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 43.22 is Neutral, neither overbought nor oversold. The STOCH value of 23.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:IMP.
Intermap Technology Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$31.82M | 12.59 | 23.36% | ― | 8.75% | 5.82% | |
65 Neutral | C$293.26M | 17.79 | 20.50% | 2.32% | -2.52% | -21.72% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
48 Neutral | C$79.43M | -10.70 | -24.29% | 0.71% | -7.56% | -554.27% | |
47 Neutral | C$147.33M | -15.99 | -60.80% | ― | 48.65% | 25.20% | |
46 Neutral | C$73.78M | -5.06 | -42.66% | ― | -62.08% | -377.71% |
* Technology Sector Average
TSE:IMP
Intermap Technology
1.00
-2.00
-66.67%
TSE:CMG
Computer Modelling
3.76
-3.71
-49.63%
TSE:CTZ
NamSys
1.19
-0.17
-12.22%
TSE:XTRA
Xtract One
0.59
0.23
63.89%
TSE:SYZ
Sylogist
3.41
-6.28
-64.82%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.