Intermap Technologies (IMP.TO) after trade on Wednesday reported a 67% year-over-year drop in its first-quarter revenue as it aims to expand its subscription and data business.
Revenue for the quarter ended March 31 fell to US$1.4 million, down from US$4.3 million a year ago.
The company said its recurring subscription and data revenue exceeded 80% of total revenue while quarter-end cash balance stood at approximately $18.8 million
In its 2026 guidance, Intermap reaffirmed $30 million to $35 million in revenue and 28% EBITDA margin.
For the first quarter, operating results were affected by the repurchase of dilutive securities, foreign currency and deferred revenue effects. Excluding these items, the company operated near break-even during the quarter.
The company noted its pipeline of large government opportunities, including Indonesia and U.S. federal opportunities, is expected to convert into revenue as procurement and contracting processes advance.
"In the first quarter, we continued to scale our recurring subscription and data business while advancing our government pipeline," said chief executive Patrick Blott. "We continue to maintain readiness for large international deployments, while expanding a funded government pipeline and enterprise adoption of our AI-enabled, data-as-a-service analytics."
The company's shares closed up C$0.12 to C$2.00 on the Toronto Stock Exchange.