Core Insights - Intermap Technologies reported a first quarter 2025 revenue growth of 153% with a pro-forma adjusted EBITDA margin of 28% [1][7] - The company confirmed its projected 2025 revenue guidance of $30–35 million and maintained an EBITDA margin of 28% [1][13] Financial Performance - Total revenue for Q1 2025 was $4.3 million, compared to $1.7 million in Q1 2024 [7] - Acquisition Services revenue increased to $2.4 million from $478 thousand year-over-year [7] - Value-added Data revenue rose to $514 thousand from $266 thousand in the previous year [7] - Software and Solutions revenue reached $1.3 million, up from $942 thousand in Q1 2024 [7] - Pro-forma net income was $833 thousand, a significant improvement from a net loss of $839 thousand in Q1 2024 [7] - Total assets increased to $19.2 million from $11.9 million as of December 31, 2024 [7] - Cash, unbilled, and accounts receivable totaled $13.9 million, compared to $6.5 million at the end of 2024 [7] Government Sector Developments - Intermap was selected as a vendor for the National Geospatial-Intelligence Agency's $200 million Luno B IDIQ contract, contributing to a total addressable opportunity of $500 million [3] - The company is executing Phase 1 of Indonesia's national mapping initiative, with plans for follow-on awards under the $653 million World Bank-funded ILASP project [4] - Intermap incurred costs related to permitting and currency adjustments during the quarter, which were collected in April 2025 [5] Commercial Sector Achievements - The company secured over $1.1 million in new and renewed contracts in its insurance business [9] - Intermap expanded its partnership with a major global space infrastructure operator, significantly increasing investment in its high-precision 3D elevation data [10] - The company renewed its subscription partnership with a leading provider of GPS-enabled golf technology, enhancing its offerings for golfers [11] Strategic Initiatives - Intermap raised C$12 million in February 2025 to fund growth and strengthen its ability to execute on its expanding pipeline [12] - The company is focused on building recurring revenue through its geospatial data products, enabling customers to access precise terrain data on demand [15] Future Outlook - Intermap is well-positioned for long-term growth with a strong balance sheet and increasing customer confidence [3] - The company aims to penetrate deeper into targeted markets while enabling new use cases for its geospatial intelligence solutions [15]

Financial Data and Key Metrics Changes - Gross revenues for Q1 2025 increased by 10% to $234 million compared to $212.6 million in Q1 2024, marking record first-quarter results for the company [14] - Gross profit rose to $123.2 million, a 10% increase from $111.7 million in the prior year [14] - Net income was $428,000 in Q1 2025, up from $77,000 in Q1 2024, with GAAP diluted earnings per share at $0.10 compared to $0.00 in the prior year [15] - Adjusted EBITDA increased by 8% to $29.7 million from $27.6 million in the previous year, while adjusted EPS rose by 13% to $0.17 from $0.15 [15][16] - Strong cash flows from operations reached $38.4 million, representing a 96% increase over the first quarter of last year [15] Business Line Data and Key Metrics Changes - Infrastructure segment grew by 12% in Q1 2025 compared to the same period last year, driven by strong investments in utilities and transportation [23] - Buildings and Technology segment reported a 17% revenue growth in Q1 2025 versus Q1 2024, with data centers now comprising 15% of buildings revenues [28] - Geospatial segment experienced slower growth due to delays in federal contract awards, but is expected to accelerate as the year progresses [11][33] Market Data and Key Metrics Changes - The infrastructure sector is seeing robust investments, particularly in the Northeast and Southeast, with funding secured before project initiation [24] - The Geospatial segment is witnessing high growth in utilities, transportation, and forestry, with a focus on asset management [33] - Coastal infrastructure projects are expected to grow due to challenges like sea level rise and storms, enhancing the demand for geospatial applications [34] Company Strategy and Development Direction - The company aims for organic growth of 5% to 9% in 2025, with a target of $40 million in revenues from cross-selling initiatives [12][47] - Strategic acquisitions are being pursued to densify the platform and accelerate organic growth, with three acquisitions completed in Q1 2025 [13][39] - The focus remains on mandated services that are essential and not subject to economic fluctuations, ensuring stability in revenue streams [8][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to economic uncertainties, emphasizing the non-discretionary nature of their services [8][50] - The outlook for 2025 remains positive, with reaffirmed guidance of $1.026 billion to $1.045 billion in gross revenues and adjusted EPS of $1.27 to $1.37 [47][110] - Management highlighted strong cash flow conversion and a reduced net leverage ratio, indicating a solid financial position for future growth [16][110] Other Important Information - The company has implemented margin improvement initiatives aimed at increasing EBITDA margins by 150 basis points throughout 2025 [42] - Significant investments in technology and software are expected to enhance growth and profitability in the Geospatial segment [44] Q&A Session Summary Question: What is the outlook for the Geospatial segment in Q2 and beyond? - Management indicated that the Geospatial segment faced internal integration challenges but expects improvements in efficiency and profitability moving forward [55][57] Question: What is the typical size of commissioning service contracts in the data center business? - Typical contracts range from $1 million to $2 million, often executed in phases as data centers expand [66] Question: How are funding sources for infrastructure projects distributed? - Funding varies by state, with significant reliance on gas taxes in some areas, while other projects may be funded through federal sources [73] Question: What are the profit margin expectations for the year? - Management remains confident in achieving the 150 basis points margin expansion goal, with gradual improvements expected in the second half of the year [78][81] Question: Is stock buyback considered in the capital allocation strategy? - The company announced a $20 million buyback plan and intends to utilize cash for acquisitions while maintaining flexibility in capital allocation [88][90]

Financial Data and Key Metrics Changes - Gross revenues for Q1 2025 increased by 10% to $234 million compared to $212.6 million in Q1 2024, marking record first-quarter results for the company [14] - Gross profit rose to $123.2 million, a 10% increase from $111.7 million in the prior year [14] - Net income was $428,000 in Q1 2025, up from $77,000 in Q1 2024, with GAAP diluted earnings per share at $0.10 compared to $0.00 in the prior year [15] - Adjusted EBITDA increased by 8% to $29.7 million from $27.6 million in the previous year [15] - Strong cash flows from operations reached $38.4 million, representing a 96% increase over the first quarter of last year [15] Business Line Data and Key Metrics Changes - Infrastructure segment grew by 12% in Q1 2025 compared to the same period last year, driven by strong performance in utilities and transportation [23] - Buildings and Technology segment reported a 17% revenue growth in Q1 2025 versus Q1 2024, with data centers now comprising 15% of buildings revenues [28] - Geospatial segment growth was slowed due to delays in federal contract awards, but is expected to accelerate as the year progresses [11][33] Market Data and Key Metrics Changes - The infrastructure sector is seeing robust investments, particularly in the Northeast and Southeast, with funding secured before project initiation [24] - The Geospatial segment is experiencing high growth in utilities, transportation, and forestry, with a focus on asset management [34] Company Strategy and Development Direction - The company aims for organic growth of 5% to 9% in 2025, with margin expansion of 150 basis points and free cash flow conversion of 60% of adjusted EBITDA [12][48] - Strategic acquisitions are being pursued to densify the platform and accelerate organic growth, with three acquisitions completed in Q1 2025 [13][39] - The company is focusing on cross-selling initiatives with a target of $40 million in revenues over the next twelve months [12][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to economic conditions, emphasizing the non-discretionary nature of their services [8][51] - The outlook for the remainder of the year remains positive, with reaffirmed guidance of $1.026 billion to $1.045 billion in gross revenues [48][112] - Management noted that the impact of federal spending changes has been minimal, with opportunities arising from increased defense spending [36][64] Other Important Information - The company has a strong balance sheet with net leverage reduced to 1.3 times and over $53 million in cash on hand [16][110] - Significant investments in technology and software are expected to drive growth and profitability in 2025 and beyond [45] Q&A Session Summary Question: What is the outlook for the Geospatial segment in Q2 and beyond? - Management indicated that the slow start in Q1 was primarily due to internal integration issues rather than market conditions, with expectations for improvement in Q2 [57][59] Question: What is the typical size of commissioning service contracts in the data center business? - Typical contracts range from $1 million to $2 million, often done in phases as data centers grow [68] Question: How are funding sources for infrastructure projects distributed? - Funding varies by state, with significant reliance on gas taxes in some areas, while other projects may be funded through federal sources [75] Question: What are the profit margin expectations for the year? - Management reaffirmed the goal of 150 basis points margin expansion, with gradual improvements expected in the second half of the year [78][82] Question: Is stock buyback considered in the capital allocation strategy? - The company announced a $20 million buyback plan and intends to utilize cash for acquisitions while maintaining flexibility in capital allocation [90][92]

Financial Data and Key Metrics Changes - Gross revenues for Q1 2025 increased by 10% to $234 million compared to $212.6 million in Q1 2024, marking record first-quarter results for the company [12] - Gross profit rose to $123.2 million, a 10% increase from $111.7 million in the prior year [12] - Net income was $428,000, up from $77,000 in the same quarter last year, with GAAP diluted earnings per share at $0.10 compared to $0.00 previously [13] - Adjusted EBITDA increased by 8% to $29.7 million from $27.6 million year-over-year [13] - Strong cash flows from operations reached $38.4 million, representing a 96% increase over the first quarter of last year [13] Business Line Data and Key Metrics Changes - Infrastructure segment grew by 12% in Q1 2025 compared to the same period last year, driven by strong investments in utilities and transportation [21] - Buildings and Technology segment reported a 17% revenue growth in Q1 2025 versus Q1 2024, with data centers now comprising 15% of buildings revenues [26] - Geospatial segment growth was slowed due to delays in federal contract awards, but is expected to accelerate as the year progresses [9][32] Market Data and Key Metrics Changes - The company noted robust investments in infrastructure across the Northeast and Southeast regions of the U.S., with funding for projects secured before commencement [22] - The Geospatial segment is seeing high growth in utilities, transportation, and forestry, with a focus on asset management applications [31] Company Strategy and Development Direction - The company aims for organic growth of 5% to 9% in 2025, with margin expansion of 150 basis points and free cash flow conversion of 60% of adjusted EBITDA [10][46] - Strategic acquisitions are being pursued to enhance the service platform and accelerate organic growth, with three acquisitions completed in Q1 2025 [11][38] - The company is focusing on integrating geospatial capabilities with engineering expertise to create scalable and efficient solutions [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to economic uncertainties, emphasizing the non-discretionary nature of their services [6][49] - The outlook for the remainder of 2025 remains positive, with reaffirmed guidance of $1.026 billion to $1.045 billion in gross revenues [46][110] - Management highlighted strong cash flow conversion and a reduced net leverage ratio, indicating a solid financial position for future growth [14][109] Other Important Information - The company has implemented margin improvement initiatives, including reductions in indirect labor and office consolidations, expected to yield benefits in the second half of the year [40][80] - The Geospatial software segment has shown double-digit growth and improved profitability, attributed to significant development investments made in 2024 [32][44] Q&A Session Summary Question: What is the outlook for the Geospatial segment in Q2 and beyond? - Management indicated that the Geospatial segment faced internal integration challenges but expects improvements in efficiency and profitability as the year progresses [54][56] Question: How does the federal work split in the Geospatial segment look? - Approximately 48% of Geospatial revenues come from federal contracts, with expectations for growth in the commercial space as well [57][58] Question: What are the profit margin expectations for the year? - The company is targeting a 150 basis points margin expansion, with gradual improvements expected as efficiency measures take effect [75][80] Question: How will tariffs impact client projects? - The company has limited exposure to tariffs, and no significant disruptions have been reported in project timelines due to tariff-related issues [94][100] Question: What is the status of fire hardening services following recent disasters? - While it is still early for contracts to be finalized, there is increased activity in fire hardening services, particularly in municipalities affected by fires [101][102]