$ITMSF

INTERMAP TECHNOLOGIES CORP

CIK:0001285170|SEC Filings

Consolidated Statements of Income (Loss) and Other Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Profit or loss [abstract]
Revenue (Note 13)	$ 10,570	$ 17,637
Expenses:
Operating costs (Note 14(a))	16,107	14,003
Depreciation of property and equipment (Note 5)	715	396
Amortization of intangible assets (Note 6)	348	364
Depreciation of right of use assets (Note 7)	334	333
Expenses	17,504	15,096
Operating (loss) income	(6,934)	2,541
Gain on derecognition of right of use assets (Note 7)	36
Gain (loss) on fair value of investment (Note 8)	86	(72)
Financing costs (Note 14(b))	(104)	(89)
Financing income	50	44
Loss on foreign currency	176	39
(Loss) income before income taxes	(6,690)	2,463
Current	(22)
Deferred
Income tax expense	(22)
(Loss) income for the year	(6,712)	2,463
Other comprehensive income (loss) income:
Foreign currency	(109)	9
Comprehensive (loss) income for the year	$ (6,821)	$ 2,472
Basic (loss) income per share	$ (0.11)	$ 0.05
Diluted (loss) income per share	$ (0.11)	$ 0.05
Weighted average number of Class A common
Weighted average number of Class A common shares - basic	61,798,460	45,962,966
Weighted average number of Class A common shares- diluted	61,798,460	50,524,804

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities:
Net (loss) income for the year	$ (6,712)	$ 2,463
Interest paid	(101)	(78)
Income tax refunded (paid)	4	(37)
Adjustments for:
(Gain) loss on fair value of investment (Note 8)	(86)	72
Depreciation of property and equipment (Note 5)	715	396
Amortization of intangible assets (Note 6)	348	364
Depreciation of right of use assets (Note 7)	334	333
Share-based compensation expense (Note 15(g))	273	398
Gain on derecognition of right of use assets (Note 7)	(36)
Financing costs (Note 14(b))	104	89
Current income tax expense	22
Unrealized gain on foreign currency translation	(661)	(36)
Change in defined benefit plan (Note 12)	54
Changes in working capital:
Amounts receivable	1,279	(3,055)
Contract asset and prepaid expenses	2,226	(2,832)
Accounts payable and accrued liabilities	(2,322)	527
Contract liability	430	(395)
Cash flows used in operating activities	(4,129)	(1,791)
Investing activities:
Purchase of property and equipment	(543)	(2,018)
Additions to intangible assets	(416)	(234)
Cash flows used in investing activities	(959)	(2,252)
Financing activities:
Proceeds from private placement	29,345	2,445
Issuance costs	(2,705)	(141)
Exercise of warrants	2,507	2,041
Repurchase of share-based awards	(1,780)
Payment of lease obligations	(334)	(345)
Repayment of bank loan	(35)	(41)
Repayment of loan payable	(127)	(41)
Repayment of government loans	(278)	(114)
Cash flows provided by financing activities	26,593	3,804
Effect of foreign exchange on cash	571	7
Increase (decrease) in cash	22,076	(232)
Cash, beginning of year	445	677
Cash, end of year	$ 22,521	$ 445

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash	$ 22,521	$ 445
Amounts receivable (Note 18)	2,088	3,367
Contract asset		2,640
Prepaid expenses	1,056	536
Current assets	25,665	6,988
Prepaid expenses	478	17
Property and equipment (Note 5)	3,055	2,911
Intangible assets (Note 6)	1,123	847
Right of use assets (Note 7)	543	401
Investment (Note 8)	862	776
Total assets	31,726	11,940
Current liabilities:
Accounts payable and accrued liabilities (Note 9)	2,268	4,826
Bank loan (Note 10(a))		32
Current portion of government loans (Note 10(d))		132
Loan payable (Note 10(b))	299	97
Lease obligations (Note 11)	280	340
Contract liability	2,186	2,022
Income taxes payable	50	24
Current liabilities	5,083	7,473
Defined benefit plan (Note 12)	289
Long-term project financing (Note 10(c))	175	167
Long-term government loans (Note 10(d))		141
Loan payable (Note 10(b))	934	172
Contract liability	402	136
Lease obligations (Note 11)	285	112
Total liabilities	7,168	8,201
Shareholders’ equity:
Share capital (Note 15(b))	242,444	213,528
Warrants (Note 16)	598	367
Accumulated other comprehensive loss	(256)	(147)
Contributed surplus (Note 15(c))	26,502	28,009
Deficit	(244,730)	(238,018)
Total shareholders’ equity	24,558	3,739
Total liabilities and shareholders’ equity	$ 31,726	$ 11,940