Intermap Technologies (Intermap Technologies Stock Quote, Chart, News, Analysts, Financials TSXV:IMP) is sticking to its 2025 forecast despite a softer Q1, with Beacon Securities analyst Russell Stanley maintaining his “Buy” rating and $4.00 target price in a May 20 update.
Stanley said the company reaffirmed its full-year guidance of $30–$35-million in revenue and ~28% Adjusted EBITDA margins, pointing to strong sales momentum, improved customer confidence and upside from its multi-phase contract in Indonesia.
IMP is a geospatial tech company that turns large amounts of data into detailed 3D maps and images of the Earth’s surface. It uses the world’s largest archive of global elevation data to quickly and accurately produce high-resolution terrain and imagery. The company is based in Colorado and has about 70 employees.
Stanley said the reaffirmed guidance in revenue and Adjusted EBITDA margins implies significant growth over 2024, and he said that management noted strong momentum in both government and commercial customer segments. The company also reported that recent financing and a stronger balance sheet have boosted customer confidence, improving the likelihood of converting sales opportunities.
“Given the q/q variability associated with having a large customer, IMP is understandably refraining from issuing quarterly guidance,” Stanley said. “Management noted it is seeing strong momentum across its government and commercial customer segments, with the recent financing/stronger balance sheet improving customer confidence and enhancing conversion odds on sales opportunities. With respect to Indonesia, we estimate that there is $7M+ yet to be recognized on the $20M Phase 1 project. Management is pursuing the Phase 2 assignment, which is still expected to be significantly larger than Phase I, with potential expansion into Java, Kalimantan, and other regions, though the company is understandably cautious in detailing its progress given that those discussions are ongoing.”
Stanley thinks the company will do $9-million in Adjusted EBITDA on revenue of $32-million in fiscal 2025. ANALYST thinks those numbers will improve/deteriorate to $21-million on revenue of $56-million in fiscal 2026.
He said there’s still over $7-million in revenue to be recognized from Phase I of the $20-million Indonesia contract, and IMP is actively pursuing the much larger Phase II. That second phase could add $45-million or more, and some overlap between Phases I and II could accelerate recognition.
“Management is pursuing the Phase 2 assignment, which is still expected to be significantly larger than Phase I with potential expansion into Java, Kalimantan and other regions, though the company is understandably cautious in detailing its progress given those discussions are ongoing. For forecasting purposes, we continue to assume Phase II is $45M, with a $14M contribution during F2025 and the remainder falling into F2026. Importantly, we can envision there being overlap between the two phases, with data collection on Phase II happening concurrently with data processing/production on Phase I.”
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About The Author /
Rod Weatherbie is a journalist based in Prince Edward Island. Since 2004, he has written extensively about the Canadian property and casualty insurance landscape. He was also a founder and contributing editor for a Toronto-based arts website and a PEI-based food magazine. His fiction and poetry have been featured in The Fiddlehead, The Antigonish Review, and Juniper.
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