F-10: Intermap Technologies Reports Strong 2024 Growth, Secures $100M Shelf Offering

Sentiment:

Shelf Prospectus and Annual Information Form 15 September 2025 9:49 PM

📋All filings for Intermap Technologies CORP

Intermap Technologies Corporation achieved significant revenue and profit growth in 2024, driven by major government contracts and strategic partnerships, while also filing a $100 million shelf prospectus for future capital raises.

Delay expectedIn 2023, Intermap experienced a delay in the award of key government contracts, which reduced its acquisition services revenue for that year.The timing of regulatory approvals for government contracts can cause the company's results to vary significantly.

Capital raiseThe company filed a Short Form Base Shelf Prospectus to offer and sell up to $100,000,000 in various securities (Common Shares, Preferred Shares, Debt Securities, Subscription Receipts, Warrants, Units) from time to time.In Q3 2024, the company issued 7,346,568 Units at C$0.45 per Unit, raising aggregate gross proceeds of C$3.3 million.In Q1 2025 (February 20, 2025), the company closed a private placement issuing 5,304,225 Class A common shares at C$2.25 per share, for aggregate gross proceeds of C$11,935,000 (approximately $8.7 million USD).

Better than expectedConsolidated revenue for FY2024 increased by 183% to $17.6 million, significantly exceeding the previous year's performance.The company achieved a net income of $2.5 million in FY2024, a substantial turnaround from a net loss of $3.7 million in FY2023.Adjusted EBITDA became positive at $4.1 million in FY2024, compared to a negative $1.8 million in FY2023, indicating improved profitability.Shareholders' equity moved from a deficiency of $3.6 million in FY2023 to a positive $3.7 million in FY2024, and further to $7.9 million by June 30, 2025.Working capital improved from a significant deficiency of $6.1 million in FY2023 to a positive surplus of $3.8 million by June 30, 2025, largely due to a successful capital raise.Despite a net loss in Q2 2025, the six-month revenue for 2025 still shows a 40% increase over the same period in 2024, indicating continued top-line growth.

Summary

Intermap Technologies Corporation reported consolidated revenue of $17.6 million for the year ended December 31, 2024, a substantial increase from $6.2 million in 2023.
The company achieved a net income of $2.5 million in 2024, a significant improvement from a net loss of $3.7 million in 2023.
Adjusted EBITDA for 2024 was positive $4.1 million, compared to negative $1.8 million in the prior year.
Acquisition services revenue surged to $10.5 million in 2024 from nil in 2023, primarily due to a material contract in Indonesia.
Value-added data revenue increased by 63% to $3.1 million in 2024, driven by the expansion of a U.S. Air Force contract.
Software and solutions revenue slightly decreased to $4.0 million in 2024 from $4.3 million in 2023, with recurring subscription revenue remaining flat but 2023 including $0.5 million in one-time setup fees.
For the six months ended June 30, 2025, consolidated revenue increased to $7.3 million from $5.2 million in the same period of 2024.
However, the company reported a net loss of $2.0 million and negative Adjusted EBITDA of $1.2 million for the six months ended June 30, 2025, primarily due to headcount expansion, currency effects, and start-up costs for the Indonesian project.
Cash on hand at June 30, 2025, significantly increased to $7.8 million from $0.4 million at December 31, 2024, following a C$11.9 million (approximately $8.7 million USD) private placement in Q1 2025.
Working capital improved to a surplus of $3.8 million at June 30, 2025, from a deficiency of $0.5 million at December 31, 2024.
The company filed a shelf prospectus to offer and sell up to $100,000,000 in various securities, including common shares, preferred shares, debt securities, subscription receipts, warrants, and units.
KPMG LLP declined re-appointment as auditor on May 5, 2025, and MNP LLP was appointed as the successor auditor by shareholders on June 26, 2025.

Sentiment

Score: 8

Explanation: The company demonstrated exceptional financial improvement in 2024, turning significant losses into profits and achieving strong revenue growth. While Q2 2025 showed a return to net loss due to increased investment in growth, the substantial capital raise in Q1 2025 significantly strengthened its liquidity and working capital position, mitigating going concern risks and providing a solid foundation for future strategic initiatives and contract execution. The long-term strategic wins and patented technology position the company favorably, despite short-term operational losses from expansion.

Positives

Consolidated revenue for 2024 increased by 183% to $17.6 million, demonstrating strong top-line growth.
The company achieved a net income of $2.5 million in 2024, a significant turnaround from a $3.7 million net loss in 2023.
Adjusted EBITDA turned positive to $4.1 million in 2024, indicating improved operational efficiency.
Secured a major contract to map Sulawesi, Indonesia, representing 10% of the country's landmass, showcasing capability in dense tropical regions.
Expanded U.S. Air Force contract and secured Phase Two for assured positioning, navigation, and timing solutions in GPS-denied environments.
Selected for the National Geospatial-Intelligence Agency's Luno A program, valued up to $290 million over five years, in partnership with CACI.
Global insurance business surpassed $1 million in total awards in April 2024, with strong renewals and expansion in European markets (Slovakia, Czech Republic).
Launched new programs in Malaysia ($1 million for water resources), Greece (agriculture), and Malawi (watershed management).
Patented AI/ML solutions for measuring building first-floor height and producing bare-earth digital terrain models under dense forest, enhancing flood risk assessment and topographic mapping capabilities.
Successfully raised C$11.9 million (approximately $8.7 million USD) in a private placement in Q1 2025, significantly boosting cash reserves and working capital.
Shareholders' equity improved from a deficiency of $3.6 million in 2023 to a positive $3.7 million in 2024, and further to $7.9 million by June 30, 2025.

Negatives

Software and solutions revenue saw a slight decrease in 2024, primarily due to one-time setup fees in 2023 not recurring.
Cash flow from operating activities remained negative in 2024, using $1.8 million, an increase from $0.6 million used in 2023.
Reported a net loss of $2.0 million and negative Adjusted EBITDA of $1.2 million for the six months ended June 30, 2025, attributed to increased operating costs.
Operating costs increased significantly in 2024, primarily due to increased headcount and subcontractor costs for the Indonesian data acquisition project.
The company had a working capital deficiency of $0.5 million at December 31, 2024, although this improved to a surplus by June 30, 2025.
One key customer accounted for 60% of total revenue in 2024, increasing customer concentration risk.
KPMG LLP declined to stand for re-appointment as the company's auditor, indicating a change in a key professional relationship.

Risks

Negative cash flow from operating activities and the need for additional capital to fund operations.
Revenue fluctuations due to project-based acquisition services and timing of government budgetary decisions.
Nature of government contracts, including cancellation clauses, reductions in data orders due to public finances, and reliance on appropriations and regulatory approvals.
Risks associated with foreign operations, including foreign currency exchange rate fluctuations, difficulty enforcing agreements, collecting receivables, and foreign taxes.
Dilution of existing securityholders from potential future issuance of additional securities.
Loss of key customers, as one customer accounted for 60% of total revenue in 2024.
Retention and availability of executive talent, requiring continued investment in training and leadership development.
Competition from other technologies (LiDAR, satellite imagery) and larger competitors with greater financial and technical resources.
Common share price volatility due to operating results, low trading volume, technological announcements, competition, and economic conditions.
Loss of proprietary information through misappropriation or challenges to confidentiality obligations.
Software functionality defects, delays, failures, or mistakes in software code.
Internet and system infrastructure functionality issues, leading to service outages or delays.
Information technology security and cybersecurity risks, including data loss, theft, or denial-of-service attacks.
Political considerations and regulatory approvals for exporting products and conducting foreign operations, especially for defense-classified technology.
Changes in environmental and social-related regulatory activity, such as 'greenwashing' laws, which could impose significant financial penalties.
Political instability in regions where data collection or client operations are conducted.
Tariffs or other international trade disputes impacting operations, costs, supply chains, and client budgets.
Risk of aircraft/radar loss or damage, although considered minimal due to backup aircraft.
Global Positioning System (GPS) failure, though controlling authorities are expected to provide alternatives.
Potential claims from sources of publicly available information if the company is deemed to be profiting from free data.
Force majeure events (labor unrest, civil disorder, war, natural catastrophes, epidemics) affecting projects.
Ability of the U.S. subsidiary to preserve and use U.S. net operating losses (NOLs) in the future due to ownership changes.
Threat from new, disruptive companies leveraging Artificial Intelligence (AI) that could swiftly gain market share and redefine industry dynamics.

Future Outlook

Management expects to continue growing its insurance solutions business and expanding government contracts in 2025. The company intends to use proceeds from offerings to fund expansion, pursue new strategic contracts, and for general corporate purposes, including potential acquisitions. The strategy focuses on winning major, recurring business with U.S. and allied governments and converting commercial business into as-a-service subscriptions, leveraging its patented, proprietary technology for global, precise, current, dynamic 3D geospatial intelligence.

Management Comments

Management believes it has sufficient cash to fund operations for the next 12 months, reflecting growth estimates and successful sales with upfront payments.
The company intends to continue its twin objectives of winning major, recurring business with U.S. and allied governments as well as converting its commercial business into as-a-service subscriptions.
With its patented, proprietary technology, Intermap is uniquely positioned to provide government and commercial customers with global, precise, current, dynamic 3DGi.
The Board of Directors and management continue to take actions to address liquidity issues, including the completion of a bought deal Listed Issuer Financing Exemption offering and concurrent private placement.

Industry Context

Intermap operates in the growing geospatial intelligence market, providing 3D terrain data and high-resolution thematic models. The industry is at an inflection point where powerful 3D data is becoming accessible to non-expert users, accelerating demand for solutions in government and commercial sectors. The company leverages its dual-use military-grade sensors and AI/ML analytics to serve diverse clients, including government agencies (U.S. DoD, NGA, USGS, NASA), insurance companies, and aviation authorities. Its focus on cloud-based, 'as-a-service' delivery aligns with broader industry trends towards accessible, scalable geospatial analytics. Competition is intense, with players offering LiDAR, satellite imagery, and other IFSAR systems, but Intermap emphasizes its unique foliage-penetrating radar and data fusion capabilities as key differentiators.

Comparison to Industry Standards

Intermap's IFSAR radar technology offers superior speed and efficiency for large area data collection and all-weather acquisition compared to LiDAR, which is capable of higher accuracy but is 5-10 times more expensive per square kilometer, struggles in poor weather, and cannot penetrate dense clouds.
Intermap is currently unaware of any other commercially operational airborne IFSAR systems, suggesting a unique market position in this specific technology.
Compared to satellite optical data (e.g., Maxar, Planet), Intermap's technology is better suited for generating stereo images of large areas and creating elevation data, often complementing satellite imagery by providing the necessary 3D terrain data for rectification.
Intermap's NEXTMap One (1-meter resolution, 1-meter vertical accuracy) offers significantly higher precision than publicly available elevation models like ASTER GDEM V2 (30-meter horizontal, 20-meter vertical accuracy, with a 10-meter downward bias), making it suitable for critical commercial applications like aviation safety and flood management.
SAR small satellite sensors (e.g., Capella Space, Iceye, Planet) can gather data day and night through all weather conditions but do not focus on producing high-quality Digital Elevation Models (DEMs) like Intermap.
Intermap's insurance software offerings compete with established players like CoreLogic, Verisk, Aon, and Katrisk, differentiating itself through higher quality proprietary datasets, ease of use, specialization in specific problems, optimized data access, and competitive pricing.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
Auditor	KPMG LLP	MNP LLP	June 26, 2025	KPMG LLP declined to stand for re-appointment at their own initiative.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Auditor Change	KPMG LLP declined re-appointment as auditor, and MNP LLP was appointed by shareholders at the Annual General Meeting.	June 26, 2025	Ensures continuity of external audit function with a new independent firm.
Audit Committee Composition	The Audit Committee is composed of Mr. Jordan Tongalson (Chair), Mr. Philippe Frappier, and Mr. John Hild, all of whom are independent and financially literate.	Ongoing as of March 31, 2025	Maintains strong oversight of financial reporting, internal controls, and the audit process by independent, qualified directors.

Related Party Transactions

Key management personnel and directors compensation for the six months ended June 30, 2025, totaled $1,812,000 (2024: $694,000), including $1,160,000 cash paid for settlement of share-based awards.
Patrick A. Blott, Chairman and CEO, has an employment agreement with an annual base salary of $544,500 and is eligible for a performance bonus up to $544,500. He is entitled to additional payments upon a Change of Control, including a cash payment of $600,000 and $1,633,500 annual base salary and $816,750 maximum bonus if terminated under a Change of Control.
Directors (other than Chairman and CEO, and CFO) are entitled to a cash payment of the greater of the value of outstanding unexercised options or $300,000 in the event of a Change in Control.
As of December 31, 2024, deferred directors fees and incentive compensation due to Patrick A. Blott totaled $280,000, Philippe Frappier $129,600, John (Jack) Hild $152,200, and Jordan Tongalson $70,400.

Stakeholder Impact

Shareholders: Significant improvement in financial performance in 2024 and a substantial capital raise in Q1 2025 are positive for shareholder value and liquidity, though dilution from new share issuances is a factor. The shelf prospectus provides flexibility for future capital raises.
Employees: Increased headcount and investment in training and leadership development indicate a focus on talent retention and growth opportunities. Cash settlement of vested share-based awards provides immediate value.
Customers: Continued investment in technology, data acquisition, and software solutions aims to provide better, faster, and more accurate geospatial intelligence, enhancing customer reliance and satisfaction.
Creditors: Improved working capital and cash position following the capital raise reduces liquidity risk, enhancing the company's ability to meet its obligations.
Regulatory Bodies: Compliance with SEC and Canadian securities regulations is maintained through the F-10 filing and ongoing disclosure, ensuring transparency for regulatory oversight.

Next Steps

Continue to grow the insurance solutions business in 2025.
Expand government contracts in 2025.
Utilize proceeds from offerings to fund expansion and develop offerings.
Pursue new strategic contracts.
Fund general corporate purposes.
Consider deploying proceeds for acquisitions that increase growth and accelerate strategic objectives.
Compete for and win significant government and commercial business around the world.
Execute on government contract awards for data collection and GIS products in Indonesia, with ongoing negotiations for various programs and services with the US government as well as the governments of Malaysia, South Korea, Vietnam, Thailand, Colombia and Peru.
Maintain base revenue for existing software licenses with renewals.
Maintain base revenue from multiyear, recurring customers for GIS products with growth based on new and expanded commercial applications, including aviation, drone and natural perils.

Key Dates

Date	Description
1919	Intera Information Technologies Corporation (IITC) traces its history operating mapping aircraft for the U.S. Army.
January 31, 1996	Intermap was formed.
September 1, 1996	Intermap commenced active business operations.
November 11, 1996	Intermap acquired assets from IITC and rights to ITAR-restricted digital mapping technology from ERIM.
February 25, 1997	Intermap amalgamated with a junior capital pool corporation and was listed on the Alberta Stock Exchange.
May 25, 1999	Company changed its name to Intermap Technologies Corporation and consolidated Class A Common shares on a 12.5-to-one basis.
February 2000	NASA space shuttle mission generated near worldwide digital map coverage using IFSAR technology, with Intermap as a team member.
May 2006	Patrick A. Blott became Co-Founder and Managing Partner of Blott Asset Management LLC.
July 2006	Jordan Tongalson became Vice President of The Blackstone Group L.P.
October 2007	TerraSAR-X satellite platform launched in tandem orbit, creating the Tandem-X mission for interferometric elevation data.
August 2008	Jennifer S. Bakken joined Intermap as Corporate Controller.
June 2009	First version of ASTER GDEM released by METI of Japan and NASA.
May 2010	John Hild became Chief Information Officer and Vice President of DigitalGlobe.
October 17, 2011	ASTER GDEM V2 released by METI of Japan and NASA.
June 2011	Jordan Tongalson became Executive Director of Morgan Stanley.
August 2011	Patrick A. Blott became Director and Special Committee Chairman of OSI Geospatial Inc.
June 2012	Intermap introduced World 30 product.
2012-2016	Intermap invested over $38 million to build 3D data exploitation and dissemination capability.
November 2013	John Hild became President of Hild Enterprises, LLC.
June 2015	Intermap introduced World 10 product.
October 2015	Jordan Tongalson became Managing Director of Littlejohn & Co.
August 16, 2016	401(k) and RRSP matching contributions suspended for all employees.
October 2016	Patrick A. Blott became Chairman and Chief Executive Officer of the Corporation.
January 2017	Board approved a director retention plan. Philippe Frappier became Account Executive at IQ Partners.
March 1, 2017	Patrick Blott's employment agreement as Chairman & CEO became effective.
April 12, 2017	Corporation entered into an employment agreement with Patrick Blott.
May 2017	Jennifer S. Bakken named Executive Vice President and CFO.
December 1, 2017	Company consolidated all outstanding Common Shares on a 10-to-one basis.
March 15, 2018	Shareholders approved the Omnibus Incentive Plan, replacing previous share option plans.
August 2018	Jack Schneider joined Intermap as a consultant.
2019-2022	Intermap invested more than $6 million to upgrade its proprietary sensor platform.
November 14, 2019	Mr. Blott acquired 5,651,005 Common Shares from Vertex One Asset Management Inc.
July 17, 2020	Company received a $150 thousand long-term loan from the Small Business Administration (SBA).
September 2020	Jack Schneider named COO. Jordan Tongalson became a Director.
December 29, 2020	Company received a $385 thousand (C$494 thousand) long-term loan from Western Economic Diversification in Canada.
February 25, 2021	Company's common shares started trading on the OTCQX Best Market in the United States.
June 29, 2021	Shareholders approved replenishment of 997,253 Common Shares reserved for issuance under the Omnibus Plan.
May 17, 2021	Audit Committee Charter approved by the Board of Directors.
March 2022	Company raised C$2.0 million through a private placement.
April 2022	Philippe Frappier became Vice President Wireless DNA.
August 8, 2022	Company executed a bank loan in the Czech Republic for $110 thousand.
October 2022	Company announced expansion of Czech insurance business with multiyear contracts totaling $3.1 million.
Q4 2022	Company raised C$1.7 million and issued 3.27 million warrants. Awarded two patents for machine learning and bare-earth DTM.
January 2023	Intermap awarded first task orders under U.S. Defense Department's JANUS contract.
February 2023	Intermap selected by U.S. Department of Defense to present AI processing technology. Philippe Frappier became Account Executive at Eclipse Technology Solutions.
Early 2023	Intermap received first task order from Department of the Interior (DOI) for Safety of Dams program. InsitePro monthly recurring revenue was up by more than 13% compared with the end of 2022.
June 29, 2023	Shareholders approved replenishment of 1,300,000 Common Shares reserved for issuance under the Omnibus Plan.
July 2023	Intermap contracted to provide NEXTMap data to USGS and NASA for Artemis III simulations.
Q3/Q4 2023	Intermap closed various private placements for aggregate gross proceeds of C$2,030,625.
September 2023	Intermap contracted to supply NEXTMap elevation data to a global spacecraft/launch/communications operator.
October 20, 2023	Company completed a private placement of 695,000 Units for C$0.55 per Unit.
November 2023	Intermap announced collaboration with Twinn by Royal HaskoningDHV. European insurance business grew with $1.3 million in Slovakia.
December 21, 2023	Company completed a private placement of 1,650,000 Units for C$0.50 per Unit.
December 31, 2023	End of financial year.
January 4, 2024	Company completed a private placement of 120,000 Units for C$0.50 per Unit.
January 2024	Intermap awarded major contract to map Sulawesi, Indonesia.
March 2024	Intermap launched new program in Malaysia ($1 million award) and commenced projects in Greece and Malawi. Received first payment from Indonesian contract.
April 2024	Intermap strengthened Eastern Europe insurance sector with multiyear flood modeling subscriptions. Global insurance business surpassed $1 million in total awards.
June 20, 2024	Bill C-59 received royal assent, enacting changes to Canada's Competition Act regarding greenwashing.
August 2024	Intermap concluded private placements and public offerings, raising over C$3 million. Secured Phase Two of U.S. Air Force contract. Established strategic partnership with Aons Impact Forecasting.
September 2024	Intermap and CACI selected for National Geospatial-Intelligence Agency's Luno A program (up to $290 million over five years).
Q3 2024	Company issued 7,346,568 Units at C$0.45 per Unit for C$3.3 million gross proceeds.
October 2024	Vienna Insurance Group's Czech subsidiary adopted Intermap's real estate valuation and flood risk solution.
November 2024	Company announced third-quarter revenue growth of 241% year-over-year. Awarded subcontract with Endurance Group for U.S. Department of Defense.
December 31, 2024	End of the company's most recently completed financial year.
February 20, 2025	Intermap announced the closing of a private placement for C$11,934,506.25 (approximately $8.7 million USD).
March 3, 2025	Date of Material Change Report for the February 20, 2025 private placement.
March 31, 2025	Date of the Annual Information Form (AIF) and the auditors' report on 2024 financial statements.
May 5, 2025	KPMG LLP notified the company of its decision to decline re-appointment as auditor.
May 12, 2025	Record date for shareholders entitled to notice and vote at the Annual General Meeting.
May 28, 2025	Date of the Management Information Circular for the Annual General Meeting.
May 2025	Company settled all vested stock options and RSUs through cash payments. 109,545 warrants were exercised.
June 21, 2025	Statutory restricted period for Concurrent Private Placement Shares expired.
June 26, 2025	Annual General Meeting of Shareholders held, MNP LLP appointed as auditor.
June 30, 2025	End of the six-month interim financial period.
August 14, 2025	Date of the Interim Management's Discussion and Analysis for the quarter ended June 30, 2025.
August 14, 2025	As of this date, 60,207,730 Class A common shares were issued and outstanding.
September 15, 2025	Date of the F-10 Registration Statement filing.

Recommendation

buy

Intermap Technologies demonstrated a remarkable financial turnaround in 2024, achieving significant revenue growth and profitability after years of losses. While the interim Q2 2025 results show a temporary return to net loss due to strategic investments in growth and expansion, the substantial capital raise of approximately $8.7 million in Q1 2025 has dramatically improved the company's liquidity and working capital, addressing previous 'going concern' uncertainties. The company's patented dual-use technology, strategic government contracts (e.g., Indonesia, U.S. Air Force, NGA Luno A), and growing commercial insurance business position it for long-term growth in a high-demand sector. The current dip in interim profitability is a result of necessary investments for future expansion, which is a positive signal for long-term value creation. The $100 million shelf prospectus provides ample flexibility for future funding needs. Given the strong strategic positioning, significant contract wins, and improved financial foundation, the stock presents a compelling 'buy' opportunity for investors with a long-term horizon, anticipating future revenue and profit realization from these investments.

Keywords

Geospatial Intelligence, 3D Terrain Data, Digital Elevation Models, IFSAR, Radar Technology, AI/ML, Government Contracts, Insurance Solutions, NEXTMap, InsitePro, NEXTView, Satellite Imagery, LiDAR, Risk Assessment, Corporate Governance, SEC Filing, Capital Raise, Financial Performance

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