The core business is in a sharp downturn with no acquisition services revenue and accelerating cash burn. The PCI Geomatics acquisition for C$11M in cash adds execution risk and further depletes the balance sheet. Monitor the Indonesia contract award timing and PCI closing conditions — failure to close or further delays could pressure the stock. The board appointment of J. Michael Rolland (ex-OMERS CEO) may signal improved government contracting prospects, but this is not yet reflected in results.
Price Chart
Executive Summary
Intermap Technologies reported Q2 2026 results with revenue of $2.0M, down 36% YoY from $3.0M, driven by the absence of Acquisition Services revenue due to delayed follow-on contract awards in Indonesia. Net loss widened to $2.1M from $0.8M, and cash burned $6.3M to $16.2M. The company announced a definitive agreement to acquire PCI Geomatics for C$11M in cash, expected to close by end of August 2026, and appointed J. Michael Rolland to the board. The core business is deteriorating with no acquisition revenue, while the PCI acquisition represents a strategic pivot that adds execution risk and cash consumption.
Key Facts
- Q2 2026 revenue was $2.0M, down from $3.0M in Q2 2025 (a 36% decline).
- Acquisition Services revenue was $0 in Q2 2026 vs $1.4M in Q2 2025, due to delayed Indonesia contract awards.
- Net loss widened to $2.1M in Q2 2026 from $0.8M in Q2 2025.
- Cash balance fell to $16.2M at June 30, 2026 from $22.5M at Dec 31, 2025, a $6.3M burn in six months.
- Company announced definitive agreement to acquire PCI Geomatics for C$11M in cash, expected to close by end of August 2026.
- J. Michael Rolland appointed to the Board of Directors on August 5, 2026.
- Value-added Data revenue grew to $0.7M from $0.3M, but Software & Solutions revenue was flat at $1.3M.
- Adjusted EBITDA was negative $1.4M vs negative $0.3M in the prior-year quarter.
Financial Impact
Revenue declined $1.0M (36%) YoY in Q2; net loss increased $1.3M; cash burn of $6.3M in H1 2026; C$11M cash acquisition of PCI Geomatics pending.
Risk Factors
- Further delays in Indonesia contract awards could extend the revenue drought.
- C$11M cash acquisition of PCI Geomatics reduces cash reserves and adds integration risk.
- Cash burn rate of ~$6.3M per six months may require additional financing if revenue does not recover.
- No acquisition services revenue in Q2 2026 vs $1.4M in prior year — a key revenue stream is absent.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-037837 |
| Exhibit: ex99-2.htm | 0001493152-26-037837 |
| Exhibit: ex99-5.htm | 0001493152-26-037837 |
| Exhibit: ex99-6.htm | 0001493152-26-037837 |
| Exhibit: ex99-3.htm | 0001493152-26-037837 |
| Exhibit: ex99-4.htm | 0001493152-26-037837 |
| Document: form6-k.htm | 0001493152-26-037837 |
| Document: 0001493152-26-037837-index-headers.html | 0001493152-26-037837 |
| Document: 0001493152-26-037837-index.html | 0001493152-26-037837 |
| Document: 0001493152-26-037837.txt | 0001493152-26-037837 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | 6-K | $0.5500 | awaiting T+20 | — | $0.5500 (+0.00%) |
Oct 7, 2026 19d ago | 6-K | $0.6100 | awaiting T+20 | — | $0.5500 (−9.84%) |
Sep 28, 2026 28d ago | 6-K | $0.6500 $0.5500 | ▼ −15.38% | ▼ −15.35% | $0.5500 (−15.38%) |
Sep 21, 2026 5w ago | 6-K | $0.6500 $0.5700 | ▼ −12.31% | ▼ −11.40% | $0.5500 (−15.38%) |
Aug 18, 2026 9w ago | 6-K | $0.7400 $0.6400 | ▼ −13.51% | ▼ −12.52% | $0.5500 (−25.68%) |
Aug 13, 2026 10w ago | 6-K | $0.7300 $0.6800 | ▲ +6.85% | ▲ +4.86% | $0.5500 (+24.66%) |
Aug 11, 2026 10w ago | 6-K | $0.6800 $0.7410 | ▲ +8.97% | ▲ +10.03% | $0.5500 (−19.12%) |
Aug 11, 2026 10w ago | 6-K | $0.6800 $0.7410 | ▲ +8.97% | ▲ +10.03% | $0.5500 (−19.12%) |
Aug 6, 2026 11w ago | 6-K | $0.7200 $0.7200 | · 0.00% | ▲ +0.40% | $0.5500 (−23.61%) |
Jul 29, 2026 12w ago | 6-K | $0.7200 $0.7200 | · 0.00% | ▼ −5.02% | $0.5500 (−23.61%) |
US Market Status
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