A Quick Take on Intermap's Q2/25
Intermap (ITMSF) had an uncharacteristically dud quarter, but in the bigger scheme of things, it doesn't matter, as they didn't change the FY25 outlook. Before we get to the results and prospects, as a refresher, a few pointers (or see our more extensive Primer).
Company Overview
Intermap provides geospatial and analytics solutions.
The company creates 3D high-resolution elevation models using proprietary radar, patented processing, fusion methods, and its proprietary global NEXTMap archive.
Intermap retains exclusive ownership of its high-resolution NEXTMap database, which integrates proprietary radar, multi-frequency radar imagery, and data fusion from multiple sensors (LiDAR, photogrammetry, satellite). Data sets are updated using sensors on Learjets, drones, government data, or third-party satellite information.
Intermap's products and services help customers solve global 3D problems, such as flood underwriting and beyond line of sight navigation.
Its technology was developed with the US Defense Advanced Research Projects Agency (DARPA) and other defense labs, providing strong barriers to entry.
Exclusive permits allow the use of military-grade technology to produce and commercialize data, data products, and services at unmatched quality, speed, and scale.
Intermap is a dual-use company, utilizing its technology for both government and commercial applications.
The company is described as a 3D data company, not an imagery or observation company, providing dense data coordinates in multiple dimensions with multiple layers. While they partner and sometimes compete with imagery companies, they are different.
The company is focusing on verticals such as insurance, government, defense, and space-based communications, where its data supports critical applications like risk assessment, underwriting, claims management, regulatory compliance, and network optimization. Multi-year contracts and low churn in these sectors provide revenue stability and growth opportunities.
The company reports in two market segments:
1) Acquisition Services (government business)
2) Software and Solutions (mostly for the insurance market)
Competitive Advantage
Dual-Use Technology, based on special, proprietary technology with national security implications, creates a powerful moat.
The company has unique assets like the NEXTMap global base map. Intermap maintains data everywhere to start, enabling change detection rather than "inventing the wheel". This is a powerful foundation for products and services, as every project they do improves the NEXTMap, and they can use that data to provide other services.
Unlike imagery companies, Intermap provides dense 3D data coordinates in multiple dimensions with layers.
The company can show quantifiable value and ROI for customers, particularly in the commercial sector, like insurance.
