Intermap Q2 loss widens to $0.03/share; announces PCI Geomatics acquisition
Intermap Technologies posted a Q2 2026 net loss of $0.03 per share on $2.0 million revenue, down 33.7% YoY due to delayed Indonesia contracts. Value-added Data revenue doubled to $0.7 million. The firm announced a definitive agreement to acquire PCI Geomatics, closing in Sept 2026, to integrate satellite image processing capabilities.
*this image is generated using AI for illustrative purposes only.
Intermap Technologies (TSX: IMP, OTCQB: ITMSF) reported a widening loss in its second-quarter 2026 results, with earnings per share falling to $(0.03) compared to $(0.02) in the corresponding period of the previous fiscal year. The deterioration coincided with a significant contraction in top-line performance, as total sales dropped to $2.0 million, down from $3.0 million in Q2 2025. This represents a decline of approximately 33.7%, driven primarily by the absence of Acquisition Services revenue due to the timing of follow-on contract awards in Indonesia.
Following the release of its financial results, Intermap announced a definitive agreement to acquire PCI Geomatics, a global leader in satellite and aerial image processing technology. The acquisition is scheduled to close by the end of September 2026, subject to shareholder approval and customary closing conditions. The transaction aims to create a vertically integrated geospatial intelligence platform, combining Intermap’s proprietary 3D data and AI-driven analytics with PCI’s cloud-native microservices and edge-processing capabilities.
Financial Performance Snapshot
| Metric: | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| EPS: | $(0.03) | $(0.02) | Widened Loss |
| Revenue: | $2.0 million | $3.0 million | -33.7% |
| Net Loss: | $2.1 million | $0.8 million | Expanded |
| Adj. EBITDA: | $(1.4) million | $(0.3) million | Deteriorated |
The company’s net loss for the quarter expanded to $2.1 million from $0.8 million in the prior-year period. Adjusted EBITDA was negative $1.4 million, compared to negative $0.3 million previously. Despite the overall revenue decline, specific segments showed growth: Value-added Data revenue more than doubled to $0.7 million from $0.3 million, while Software and Solutions prepaid revenue grew 35%. Software and Solutions revenue remained steady at $1.3 million.
Strategic Developments and Outlook
Patrick A. Blott, Chairman and Chief Executive Officer of Intermap Technologies, stated that the acquisition of PCI Geomatics combines commercial leaders in elevation and image processing. The deal expands product breadth with distributed edge-enabled micro services, leveraging Intermap’s data and AI platform in the commercial space segment.
Intermap confirmed its ongoing commitment to the Indonesian government program, noting that the World Bank actively supports the international tendering process. The company invested approximately $2.2 million year-to-date to upgrade its platform, including airborne, sensor, processing, and AI technologies. Management expects to provide updated financial guidance following the closing of the PCI transaction, reflecting the combined company’s financial profile.
What the Numbers Show
The divergence between the magnitude of revenue decline and the expansion of losses warrants attention. While revenue contracted by approximately one-third, the per-share loss increased by 50% in absolute terms (from $(0.02) to $(0.03)). This suggests that fixed costs or operating expenses did not decrease proportionally with the drop in sales, leading to a leveraged negative impact on the bottom line. The growth in Value-added Data revenue indicates potential resilience in certain high-margin segments, even as large-scale government contract timing pressures the broader top line.
How will the integration of PCI Geomatics' cloud-native microservices specifically impact Intermap's cost structure and path to profitability in the fiscal year following the September 2026 closing?
Given the timing-driven revenue drop from Indonesia, what is the projected timeline for the World Bank-supported tender to materialize into significant top-line growth, and how does this align with the PCI acquisition synergy realization?
Will Intermap need to secure additional capital or refinance existing debt to fund the PCI acquisition and ongoing platform upgrades, given the expanded net loss and negative Adjusted EBITDA?
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