Intermap Technology (TSE:IMP)
TSX:IMP
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Intermap Technology
(TSX:IMP)
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Rating:52Neutral
Price Target:
C$2.00
▼(-2.44% Downside)
Action:ReiteratedDate:04/04/26
The score is held back primarily by weak and volatile financial performance—sharp 2025 revenue decline, large losses, and persistent negative free cash flow. Offsetting factors include a cautiously optimistic earnings call with reaffirmed 2026 guidance and improved liquidity/recurring revenue mix, plus moderately positive near-term technical momentum; valuation provides limited support due to negative earnings and no dividend.
Positive Factors
Recurring revenue mix expansion
A shift to nearly half of revenue from subscription/data (29% YoY growth) increases predictability and stickiness of cash flows. Recurring revenue typically yields higher margins and supports sustainable topline scaling, reducing sole reliance on lumpy project awards over the medium term.
Negative Factors
Revenue concentration and timing risk
Sharp year-over-year decline driven by timing of large government awards highlights dependence on a few large contracts. Such concentration makes revenue lumpy, undermines forecasting and margin stability, and can delay scaling until procurement cycles convert to firm awards.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue mix expansion
A shift to nearly half of revenue from subscription/data (29% YoY growth) increases predictability and stickiness of cash flows. Recurring revenue typically yields higher margins and supports sustainable topline scaling, reducing sole reliance on lumpy project awards over the medium term.
Read all positive factors
Intermap Technology (IMP) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$121.14M
Dividend YieldN/A
Average Volume (3M)196.37K
Price to Earnings (P/E)―
Beta (1Y)2.30
Revenue Growth48.18%
EPS Growth-401.19%
CountryCA
Employees501
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.08
Shares Outstanding72,537,670
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.09
Revenue Forecast (FY)C$32.63M
Intermap Technology Business Overview & Revenue Model
Company Description
Intermap Technology (IMP) is a geospatial technology company specializing in providing high-resolution 3D mapping, data analytics, and geospatial solutions. Operating primarily in sectors such as defense, transportation, and environmental manageme...
How the Company Makes Money
Intermap primarily makes money by monetizing proprietary geospatial datasets and related geospatial intelligence solutions. Key revenue streams typically include: (1) Data licensing: selling or licensing access to its high-resolution elevation dat...
Intermap Technology Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: operational and top-line results were adversely impacted in 2025 by timing delays on large government contracts, producing steep year-over-year revenue declines and a meaningful operating/net loss. Offsetting these negatives, the company demonstrated strong commercial traction (29% growth in subscription/data), major customer adoption in insurance markets, meaningful balance sheet and liquidity improvements (cash $22.5M, current ratio 5.2x), and a pipeline of large government opportunities (e.g., Indonesia down-selection, U.S. programs) that management expects to convert. Given the significant near-term revenue and profitability setbacks due to contract timing but balanced by clear improvements in recurring revenue mix, liquidity, strategic positioning, and product adoption, the overall tone is cautiously optimistic but uncertain until the pipeline converts into contracted awards.Positive Updates
Subscription and Data Revenue Growth
Subscription and data revenue grew 29% year-over-year to $5.2 million and represented 49% of total 2025 revenue, signaling a shift toward recurring, higher-margin revenue streams.
Negative Updates
Significant Year-over-Year Revenue Decline
Total revenue for 2025 was $10.6 million versus $17.6 million in 2024, a decline of approximately 39.8%, primarily attributed to delays in follow-on awards for Indonesia and U.S. government programs.
Read all updates
Q4-2025 Updates
Positive
Negative
Subscription and Data Revenue Growth
Subscription and data revenue grew 29% year-over-year to $5.2 million and represented 49% of total 2025 revenue, signaling a shift toward recurring, higher-margin revenue streams.
Read all positive updates
Company Guidance
Intermap affirmed full‑year 2026 guidance of $30–$35 million in revenue with a 28% EBITDA margin, backing that outlook with a strengthened balance sheet (cash of $22.5M vs $0.4M at end of 2024, shareholders’ equity $24.6M up from $3.7M, and a current ratio of 5.2x vs ~1x), a shift toward recurring revenue (subscription and data revenue up 29% to $5.2M and representing 49% of 2025 revenue), and operational investments (>$1.8M in technology/upgrades, $3.9M used to reduce liabilities) that helped cash‑flow from operations improve ~30% on an adjusted basis and the business to operate at cash‑flow breakeven during the investment period; management noted 2025 revenue was $10.6M (Q4 $1.6M) vs $17.6M in 2024 (Q4 $7.4M) due mainly to timing of large government awards, and cited a government pipeline including a down‑selection in Indonesia (potential ~$200M opportunity) and a $1.2B global addressable insurance market as drivers supporting the guidance.Intermap Technology Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
41
Neutral
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 10.57M | 17.64M | 6.20M | 6.79M | 5.80M |
| Gross Profit | -4.08M | 5.06M | -1.54M | 3.98M | 2.87M |
| EBITDA | -5.19M | 3.65M | -2.40M | -3.46M | -1.51M |
| Net Income | -6.71M | 2.46M | -3.70M | -5.28M | -3.36M |
Balance Sheet | |||||
| Total Assets | 31.73M | 11.94M | 4.54M | 6.33M | 7.45M |
| Cash, Cash Equivalents and Short-Term Investments | 22.52M | 445.00K | 677.00K | 843.00K | 188.00K |
| Total Debt | 1.97M | 1.19M | 1.10M | 1.17M | 1.22M |
| Total Liabilities | 7.17M | 8.20M | 8.10M | 7.75M | 6.60M |
| Stockholders Equity | 24.56M | 3.74M | -3.56M | -1.42M | 852.00K |
Cash Flow | |||||
| Free Cash Flow | -5.09M | -4.04M | -1.02M | -1.75M | -3.88M |
| Operating Cash Flow | -4.13M | -1.79M | -602.00K | -1.51M | -2.49M |
| Investing Cash Flow | -959.00K | -2.25M | -421.00K | -243.00K | -1.39M |
| Financing Cash Flow | 26.59M | 3.80M | 830.00K | 2.41M | 2.27M |
Intermap Technology Technical Analysis
Neutral
2.05
Price Trends
1.57
Positive
1.87
Negative
2.38
Negative
Market Momentum
0.06
Negative
57.26
Neutral
69.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IMP, the sentiment is Neutral. The current price of 2.05 is above the 20-day moving average (MA) of 1.51, above the 50-day MA of 1.57, and below the 200-day MA of 2.38, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 57.26 is Neutral, neither overbought nor oversold. The STOCH value of 69.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | C$32.27M | 12.78 | 23.36% | ― | 18.05% | 22.83% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | C$322.20M | 18.15 | 25.64% | 2.32% | 3.19% | -1.07% | |
52 Neutral | C$121.14M | -12.40 | -38.48% | ― | 48.18% | -401.19% | |
49 Neutral | C$111.87M | -16.83 | -100.85% | ― | -12.14% | 4.41% | |
45 Neutral | C$75.55M | -28.99 | -8.89% | 0.71% | -4.89% | -143.94% |
* Technology Sector Average
TSE:IMP
Intermap Technology
1.90
0.16
9.20%
TSE:CMG
Computer Modelling
4.16
-3.12
-42.88%
TSE:CTZ
NamSys
1.22
-0.02
-1.93%
TSE:XTRA
Xtract One
0.45
0.04
8.43%
TSE:SYZ
Sylogist
3.32
-4.96
-59.91%
Intermap Technology Corporate Events
Business Operations and StrategyProduct-Related Announcements
Intermap Wins Czech Nationwide Adoption for AI Flood Risk Platform
Positive
Apr 1, 2026
Intermap Technologies has secured adoption of its AI-enabled flood risk platform by eight leading insurers covering most of the Czech residential property insurance market, creating a unified standard for underwriting, valuation and portfolio risk...
Business Operations and StrategyFinancial Disclosures
Intermap Bolsters Balance Sheet as Subscription Growth Offsets 2025 Revenue Drop
Negative
Apr 1, 2026
Intermap Technologies reported a sharp year-over-year revenue decline in 2025, with sales falling to $10.6 million from $17.6 million, as program timing, delayed Indonesia contracts and U.S. government shutdown impacts weighed on results and turne...
Financial Disclosures
Intermap Sets March 31 Date to Report 2025 Results and Brief Investors
Neutral
Mar 24, 2026
Intermap Technologies will publish its fourth quarter and full-year 2025 financial results after the market close on March 31, 2026. The company positions itself as a global 3D geospatial intelligence leader, supplying high-resolution terrain data...
Financial Disclosures
Intermap Sets March 31 Date to Unveil 2025 Results and Host Investor Webinar
Neutral
Mar 24, 2026
Intermap Technologies, a Denver‑based provider of advanced 3D geospatial intelligence and high‑resolution terrain data, serves government and commercial clients in sectors including defense, aviation, insurance, disaster mitigation, en...
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.