Intermap Technologies Corporation

Good afternoon, and thank you for joining us for Intermap Technologies conference call to discuss its financial results for the fourth quarter and full year 2025. Before I pass the call to management, I want to let everyone know you are in a listen-only mode. If you have a question, please enter them at any time in the question box at the bottom of the webinar, and we'll get to them at the end of the call. Certain information in this presentation constitutes forward-looking statements, including statements regarding revenue growth, conversion of government awards, timing of revenue recognition, expansion of recurring commercial revenue, capital deployment, and future operating performance. Forward-looking statements are identified by words such as anticipate, expect, project, estimate, forecast, continue, focus, will, and intend. These statements are based on current assumptions and involve risks and uncertainties, including availability of capital, revenue variability, timing in the structure of government contracts, customer concentration, economic conditions, competitive dynamics, technology risk, cybersecurity, and other factors described in Intermap's public filings. Actual results may differ materially. The company undertakes no obligation to update forward-looking statements except as required by law. For that other way, I'd like to pass the call to CEO Patrick Blatt. Go ahead, Patrick.

Thank you, Sean. Good afternoon, ladies and gentlemen, and welcome to Intermaps Financial Results Conference Call for the fourth quarter and full year 2025. I'm Patrick Blatt, Chairman and CEO. Today, I'll provide highlights from the year, along with a business update and outlook. I'll then turn the call over to Jennifer to review our financial performance in more detail. Revenue was 10.6 million compared to 17.6 million in 2024. Fourth quarter revenue was 1.6 million compared to 7.4 million in the fourth quarter of 2024. As has been previously detailed, the decline in total revenue reflects delays with follow-on awards for Indonesia and U.S. government programs. Meanwhile, our commercial revenue grew strongly year over year, driven by customer adoption of our technology advances, including proprietary AI capabilities. In our Czech market, the beta introduction of the risk assistance saw eight leading insurers representing more than 90% market share of the multi-perils market adopt Intermaps AI assisted risk platform with major providers such as Generali already expanding their usage throughout Europe. Our precise object level evaluation supports more informed underwriting and reinsurance decisions at scale and with automation. We estimate this to be a $1.2 billion addressable market globally given the large protection gaps. Indonesia is progressing through a World Bank-sponsored procurement process, and we have been down-selected across all four remaining lots, representing a potential $200 million opportunity. Intermap has positioned itself, through advances in its commercial business and technology, as a leader in the technologies required to achieve data sovereignty, provenance, and custody objectives for governments as they increase focus on their national security. This is also happening in Indonesia. Governments around the world are worried about their sovereignty. They're worried about their data security. And Intermap is one of a small number of contractors that has both past performance and an installed base where we can provide military-grade data with assurances. We are also in final contracting on several U.S. government programs that were delayed due to the federal budget process. These are funded programs where we have a strong visibility toward award. Similar to our proven commercial offerings, these data solutions offer assured position, navigation, and timing at scale with quality that is investment-grade and suitable for large-scale automated deployments. Together, these government delays account for essentially all of the year-over-year revenue decline. The business itself is stronger than ever. Subscription and data revenue grew 29%. to $5.2 million and is now our largest revenue category. We invested significantly in the business with over $1.8 million in technology upgrades, people, fixed asset, capacity expansion, and $3.9 million to reduce liabilities and improve our working capital position and credit profile, lowering our cost of capital. Excluding currency fluctuations, working capital, and the fixed asset investment, cash flow from operations improved 30%. compared to last year. The business operated a cash flow breakeven while we invested in growth. We strengthened the balance sheet, ending the year with $22.5 million of cash and $24.6 million of shareholders' equity. We upgraded our audit to the more rigorous PCAOB standard and hired MMP to see Intermap through its roadmap towards an uplisting to the NASDAQ and a U.S. registration at the appropriate time. The underlying business is growing, scaling, and better positioned than any point in its history. We affirm our guidance of 30 to 35 million revenue with a 28% EBITDA margin. And with that, I'll turn the call over to Jennifer to walk through the financials in more detail. Jennifer?

Thank you, Patrick. As a reminder, we report our financial results in U.S. dollars. As Patrick mentioned, revenue for 2025 was $10.6 million compared to $17.6 million in 2024. As we previously discussed, decline was entirely attributable to delays in the follow-on work on Indonesia and U.S. government programs rather than any loss of existing programs. Operating loss for the year was $6.9 million compared to operating income of $2.5 million in the prior year. Net loss was $6.7 million compared to net income of $2.5 million in 2024. The year-over-year change was primarily driven by lower revenue related to contract timing, along with increased fixed costs as we continue to invest in our infrastructure and capacity to support expected growth in 2026. Turning to the balance sheet, we ended the year with cash of $22.5 million compared to $400,000 at the end of 2024. Fairholders' equity increased to $24.6 million from $3.7 million over the same period. Our current ratio, which is defined as current assets divided by current liabilities, improved significantly to 5.2 times at year end, 25 compared to approximately one time at the end of the prior year. reflecting the substantial strengthening of our balance sheet and capital structure. These improvements were driven by financings completed during the year, as well as the timing of government program execution and related revenue recognition. Overall, we believe our improved liquidity and capital position provide a solid foundation to support our expected growth in 2026. I'll now turn the call back to Patrick.