Intermap Techs (TSX: IMP) reported second-quarter 2026 revenue of $2 million, a decline from $3 million in the prior-year period. The company posted a net loss of $2.1 million for the quarter, compared to a loss of $800,000 in the same period last year.

The results reflect the absence of acquisition services revenue due to delays in government procurement processes in Indonesia. Despite the near-term headwinds, Intermap Techs announced a definitive agreement to acquire PCI Geomatics for $11 million Canadian in cash, aiming to enhance its commercial data processing and analytics capabilities.

Financial Performance

Total revenue for the first six months of FY26 stood at $3.4 million, significantly lower than the $7.3 million recorded in the corresponding period last year. The year-over-year contraction was primarily driven by timing effects in large government contracts rather than operational misalignment.

Software and solutions revenue remained steady at $1.3 million, while prepaid software contracts grew by 35%. Value-added data revenue more than doubled year-over-year, rising to $700,000 from $300,000. Conversely, acquisition services revenue was nil in the current quarter, compared to $1.4 million in the prior-year period.

Strategic Acquisition and Outlook

Intermap Techs announced the acquisition of PCI Geomatics, a global leader in satellite and aerial image processing. The transaction, expected to close by the end of September subject to shareholder approval, adds cloud-native microservices, APIs, and edge processing capabilities to Intermap Techs' proprietary 3D terrain data.

CEO Patrick Blot stated that the combined entity will dominate the commercial market for tools used to produce world digital elevation models at scale. The acquisition is expected to generate material recurring subscription revenue and positive net cash flow.

What the Numbers Show

The divergence between revenue decline and balance sheet strength highlights the specific nature of the current operational pause. While revenue fell due to the lack of acquisition services income, accounts receivable decreased to $1.2 million from $2.1 million at year-end, indicating efficient collection cycles despite lower activity. Furthermore, contract liabilities increased to $3.5 million from $2.6 million, with approximately 88% relating to prepaid software licenses. This suggests that while project-based government revenue is delayed, the recurring commercial software business is securing advance payments, providing a buffer against the timing risks associated with the Indonesia procurement process.

Balance Sheet Position

As of the end of the quarter, Intermap Techs held $16.2 million in cash and $12.6 million in working capital. Shareholders’ equity stood at $17.7 million. The company invested $2.2 million in property and equipment during the first six months, up from $200,000 in the prior-year period, supporting platform sensors and processing infrastructure.

Management confirmed that the liquidity plan for the PCI acquisition does not rely on material near-term cash receipts from the delayed Indonesia contract. The company remains committed to the Indonesian program, which holds potential for significant revenue if awarded this year.

Intermap Technologies (TSX: IMP, OTCQB: ITMSF) has appointed John T. McNamara to the Board of Advisors of its subsidiary, Intermap Federal Services, Inc. The appointment leverages McNamara’s extensive background in diplomacy and defense to strengthen the company’s strategic advisory capabilities as it expands its federal and international geospatial intelligence business.

McNamara will advise on strategic growth, government partnerships, and international programs. His role focuses on helping customers apply geospatial intelligence to enhance national security, infrastructure resilience, and economic development. This addition supports Intermap’s broader objective to deepen relationships with government, defense, and allied nation customers while broadening its proprietary 3D data and AI-driven analytics platform.

Strategic Rationale

Patrick A. Blott, Chairman and Chief Executive Officer of Intermap Technologies, highlighted McNamara’s career in building government partnerships and addressing complex national security challenges. Blott noted that McNamara’s experience in high-level international negotiations and difficult environments will help Intermap deepen customer relationships globally. The leadership team views his perspective as invaluable for expanding the application of their geospatial intelligence solutions.

McNamara emphasized the growing demand for trusted partners who can convert complex geospatial data into actionable intelligence. He cited Intermap’s differentiated platform, which combines proprietary 3D terrain data, advanced image processing, and AI-powered analytics. His focus will be on assisting government customers and allied nations in building data sovereignty, strengthening decision-making, and advancing operational readiness.

Background and Experience

McNamara was a career member of the United States Senior Foreign Service. His most recent role was as Chargé d’Affaires (Acting Ambassador) ad interim at the U.S. Embassy in Bogotá, Colombia, where he also led the U.S. Embassy in Venezuela until his retirement in February 2026.

His diplomatic career includes significant assignments in Latin America and conflict zones:

• Served as Chief of Mission to the Dutch Caribbean in Curaçao.
• Held positions as Deputy Chief of Mission and Chargé d’Affaires at the U.S. Embassy in Lima, Peru.
• Acted as Political Counselor during the final two years of peace negotiations between the Colombian government and the Revolutionary Armed Forces of Colombia (FARC).
• Served as Chargé d’Affaires ad interim at the U.S. Embassy in Nassau, The Bahamas.

In Washington, McNamara served as Senior Venezuela Desk Officer, Political Officer, and Deputy Director of the Office of Mexican Affairs. He also taught at the National Defense University, regularly interfacing with U.S. interagency partners, National Security staff, and foreign governments.

Prior to his diplomatic service, McNamara had a full career as an officer in the United States Army. His military roles included commanding a Special Forces "A" Team in combat, leading two Special Forces Companies and a Special Forces Battalion, serving as Executive Officer to the Commander of U.S. Army Special Operations Command, and working on the Joint Staff at the Pentagon. His overseas military assignments included senior leadership roles supporting U.S. operations in Iraq and Afghanistan.