Intermap Reports Third Quarter 2025 Results

Core Insights - Intermap Technologies reported a 37% growth in commercial software revenue, primarily driven by the adoption of its AI Risk Assistant platform, with the United States and Europe contributing to 90% of total revenue [1][4][10] - The company raised $21 million through a bought deal public offering, significantly strengthening its balance sheet and enabling investments in commercial markets [2][3] - Intermap reaffirmed its annual guidance for 2025, projecting revenue between $30 million and $35 million with an EBITDA margin of 28% [11] Financial Performance - Revenue for the quarter was $1.7 million, a decrease from $5.0 million in the same period in 2024, with year-to-date revenue at $9.0 million compared to $10.2 million in 2024 [3] - Operating cash flow year-to-date improved to $2 million, excluding working capital investments, compared to a negative $1.4 million in the same period last year [6] - Adjusted EBITDA was negative $1.0 million for the quarter, down from positive $1.6 million in 2024, with a net loss of $1.5 million compared to a net income of $1.1 million in the same quarter last year [8] Product and Market Developments - The Risk Assistant platform allows underwriters to automate and scale their processes, significantly improving risk assessment and underwriting outcomes [5] - Intermap completed infrastructure upgrades to enhance its capabilities, including the integration of advanced NVIDIA GPUs and encryption methods [4] - The company is actively pursuing multiple government contracts, including a $200 million project in Indonesia and various NOAA contracting opportunities [10] Outlook and Guidance - Intermap expects the timing of certain government contracts may fluctuate due to funding delays, but management believes these are typical for government contracting [11] - The company continues to expand its recurring data subscriptions and analytics services, reflecting strong commercial demand [9]