ITMSF Intermap Technologies Corp.

$ITMSF Intermap Expands Global Insurance Business with Three-Year Fairfax Financial Subscription Integrated flood risk and property valuation solution advances recurring revenue strategy and supports expansion across markets…

$ITMSF Things are moving, 13 Contract Awards that were retenders just hit the World Bank Portal

$ITMSF Blott on acquisition. The revealing part is how he handles straightforward questions: * PCI’s organic growth? No growth rate. * Purchased revenue versus existing revenue? Refuses to separate them. * Integration completion date? Describes products and opportunities without providing a date. * Indonesia progress? Reiterates need, funding and readiness, then explains delays. * Company profitability? The $5 million answer introduces ambiguity about excluded costs. Those are reasonable questions an executive should be able to answer—or clearly explain why he cannot. What bothers me most is that the upside stays vivid while the checkpoints stay vague. “They need a map” and “they have the money” can remain true for years while shareholders absorb readiness costs and disappointing results. A lower stock price alone doesn’t solve a management credibility problem. He may get it done but his vagueness and lack of results for years does not instill high confidence.

$ITMSF My thoughts heading into today’s special investor call: The new 2027 guidance is fine. ~$12–15M in commercial revenue and ~$5M of adjusted EBITDA would represent a substantially stronger standalone business, especially following the PCI acquisition. But I think the bigger purpose of this short-notice call is management trying to stop the bleeding and make something very clear to the market: Intermap is NOT just an Indonesia contract story. The part investors probably won’t like is management explicitly removing government procurements from 2026 AND 2027 guidance because of timing uncertainty. After more than a year of delays, that wording certainly isn’t going to make anyone feel better about WHEN Indonesia finally gets awarded. However, I don’t read it as management saying they expect to lose Indonesia. Quite the opposite. They continue to specifically reference the outstanding and binding Indonesian RFB procurement and the $150M+ of third-party credit support already arranged for it. My interpretation is that management simply cannot control or reliably forecast the timing anymore, so they are drawing a line between what they CAN control and what they can’t. The commercial business, PCI integration, insurance, space, recurring revenue and AI/data products are what management can execute on directly. Indonesia remains potentially transformational upside whenever the procurement process finally concludes. I remain confident Intermap ultimately lands meaningful work in Indonesia. I’m just no longer willing to pretend anyone outside the Indonesian government/World Bank knows exactly when that will happen. Hopefully today’s call gives us more clarity on both sides of that equation: what the combined Intermap/PCI business can become WITHOUT Indonesia, and where management believes the Indonesian procurement currently stands. For me, the thesis remains intact. The timeline has simply been far more frustrating than expected.

$ITMSF I agree, the flooding in Bangkok is exactly why i have not wavered on why Intermap is really the only choice currently available le for this type of solution, forecasting, and disaster response. The PCI Acquisition expands their capabilities and usefulness even further. As unfortunate as it is for Thailand, Indonesia likely needed this wakeup call to get their heads out of their butts, pull the trigger on Intermap, and start saving some lives.

$ITMSF Intermap Announces PCI Shareholder Approval of AcquisitionClosing expected mid-October 2026

$ITMSF the fact that it's been pushed to a Monday instead of Friday is odd. I'm looking for an announcement Monday that the acquisition of PCI is complete. They update their technical score with the world Bank so there can't be objections from companies that scored higher.

$ITMSF Think about how Blott sees valuation. He could probably sell to Northrop Grumman today for $300-400M. Great payday — 6x the current EV, $35-45M for his 8.7% stake. So why doesn't he? Because he knows what happens at Nasdaq. At $0.72 the market sees a Canadian mapping company at 0.3x revenue. At Nasdaq with the right framing, the market sees defense AI infrastructure — GPS-denied navigation, low-latency warfighter terrain intelligence, autonomous systems data, edge processing on 500 satellites. Those are very different multiples. He's not selling the option before the market discovers what it is.

$ITMSF Interesting tidbit: in meeting with a few folks tonight in Indonesia, we did a few searches to see if any other companies were mentioning the Onemap project in press releases or if there are any articles for which referenced other companies on an indvidual basis. Intermap is the only company that we could find that is publicly speaking on the project. This search included US, Indonesian and Chinese sources. Take this with some caution, but its interesting.

$ITMSF great point that was brought up is that not only was the date moved. It was moved to Monday the 5th which is the day before the US-Indonesian Investment Summit in Jakarta in which the President of Indonesia is expected to speak.

$ITMSF ................Thanks for reminding us about BIG's visit to ITMSF's Headquarters in Denver during 2024......That is an easy breadcrumb to forget. People don't generally send senior people halfway around the world to kick tires on something they're not seriously evaluating. Does that guarantee anything? No. But when you pair: Denver visits demonstrations pilot work years of relationship building Blott's confidence on the call ...it reinforces that there's a substantial amount of work beneath the surface that isn't reflected in a daily quote.

$ITMSF "Introducing 2027 commercial revenue guidance of $12–$15 million (+100% growth), with 50%+ contribution margins" This is commercial revenue guidance, this is not yearly guidance. They were expecting 6-8m at the beginning of the year, so all they are doing is adding 6-8m more to the 30-35 guidance

$ITMSF But it's not just Thailand and Indonesia. Intermap has operated in 61 countries, helped 60+ national governments. The secular trend — data sovereignty, disaster resilience, digital governance, land reform — is driving country after country toward the same conclusion: they need a high-res 3D basemap under sovereign control. Intermap+PCI is the only company offering both the technology and the sovereignty model at scale. The pipeline nobody's talking about is worth multiples of the current market cap. Here's the thread.

$ITMSF ............After reviewing the PR and conference call, my biggest takeaway was not Indonesia. It was Blott's confidence. He did not sound like a CEO trying to create an opportunity. He sounded like a CEO describing years of work that have already been completed and opportunities that remain in front of the company. The market appears focused on what has not happened yet. I am also looking at what the company has already accomplished to reach this point. Time will tell, but that was my primary takeaway from the call.

$ITMSF just going through the transcript again, and I found this part interesting when Blott was asked about the up listing he had this to say “There has to be valuation support. All of that means that the business has to obviously contribute to that. So we have some contract wins that we think are going to move the needle there. But all this stuff goes together”

$ITMSF If there is anything I learned in 35 years .... grow a pair when there is blood on the street .... THE BOTTOM IS FORMING ... im on the bid

$ITMSF The stock seemingly discounts a worst case scenario and then some! So the risk/reward is extremely favorable now.

$ITMSF Anyone else notice that on the ILASPP website, the length of time from issuing the notice to award to the publishing of the contract award notice has reduced considerably?

$ITMSF I will throw in my 2c ... first Nice work by everyone .... the uncertainty factor has been REDUCED somewhat !!!! simultaneously with a 60c bottom ... it will be a slow march upward

$ITMSF Following on the previous conversation, the irony here is that the stock should be going up, not down, every week the decision gets pushed out…