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, Nov. 13, 2025 (GLOBE NEWSWIRE) -- 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 ...
