The Q1 revenue miss and reliance on lumpy government contract conversions create high uncertainty. Traders should monitor upcoming government contract announcements and Q2 results for signs of pipeline conversion. The reiterated guidance of $30-35 million revenue requires a massive sequential ramp, making any delay in government awards a significant downside risk.
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Executive Summary
Intermap reported Q1 2026 revenue of $1.4 million, a sharp decline from the prior year, attributed to the timing of large government contracts. The company reiterated its full-year 2026 guidance of $30-35 million in revenue and 28% EBITDA margin, implying a massive ramp in the remaining quarters. Recurring subscription and data revenue exceeded 80% of total revenue, and the company ended the quarter with $18.8 million in cash and $16.3 million in working capital.
Key Facts
- Q1 2026 total revenue was $1.4 million, a significant decline from the prior year period.
- Recurring subscription and data revenue exceeded 80% of total revenue.
- Company reaffirmed 2026 guidance of $30-35 million in revenue and 28% EBITDA margin.
- Cash and cash equivalents were approximately $18.8 million at quarter end.
- Working capital was approximately $16.3 million at quarter end.
- Operations near break-even excluding timing and financing related items.
- Government pipeline includes Indonesia and U.S. federal opportunities, expected to convert as procurement advances.
Financial Impact
Q1 2026 revenue of $1.4 million is a steep decline from the prior year period. Full-year guidance of $30-35 million implies a dramatic revenue ramp in subsequent quarters, which carries significant execution risk.
Risk Factors
- Failure to convert large government pipeline into revenue within 2026 would result in a substantial guidance miss.
- Dependence on timing of government procurement cycles creates lumpy revenue recognition and earnings volatility.
- Operating near break-even with low revenue base leaves limited margin for error.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-003377 |
| Document: f6k_051326.htm | 0001171843-26-003377 |
| Document: 0001171843-26-003377-index-headers.html | 0001171843-26-003377 |
| Document: 0001171843-26-003377-index.html | 0001171843-26-003377 |
| Document: 0001171843-26-003377.txt | 0001171843-26-003377 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | 6-K | $0.5500 | awaiting T+20 | — | $0.5500 (+0.00%) |
Oct 7, 2026 18d ago | 6-K | $0.6100 | awaiting T+20 | — | $0.5500 (−9.84%) |
Sep 28, 2026 28d ago | 6-K | $0.6500 | awaiting T+20 | — | $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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