ITMSF Intermap Technologies Corp.

$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 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 A few additional thoughts after digesting the new guidance and yesterday’s call. First, I think we should assume the $5M 2027 adjusted EBITDA guidance includes Intermap’s EXISTING contracted government recurring business, while excluding NEW government procurements like Indonesia. The release specifically guides to $12–15M of “commercial revenue,” while saying government procurements are excluded because of timing uncertainty. It would be very odd for management to forecast only one portion of the existing business while completely ignoring government revenue already under contract. If that interpretation is correct, the guidance itself is fine. I think removing unawarded government contracts from guidance is the right move and should have been done long ago. Indonesia has demonstrated that even when a procurement appears to be nearing completion, management simply cannot reliably predict WHEN the revenue will begin. On a quarterly ER cadence that has inherently been a challenge. Intermap has spent considerable time providing guidance that depended heavily on government awards outside of its control, while also raising capital. Now, after repeated delays, management is effectively resetting the story around what it CAN control: PCI, commercial growth, recurring revenue and existing contracted business. I actually think that is a healthy course correction. But it also raises a fair question: why wasn’t guidance structured this conservatively in the first place? And the wording of this latest guidance is another example. Shareholders should not have to debate whether the $5M of adjusted EBITDA refers to the commercial business alone or the consolidated existing business. A simple breakdown of: Commercial revenue = Existing contracted government revenue = Base revenue before new awards = Base adjusted EBITDA. That would have eliminated the ambiguity completely. I remain very bullish on Intermap’s underlying opportunity. PCI appears strategically valuable, the recurring commercial business is growing, and I remain confident Intermap ultimately wins meaningful Indonesia work when that procurement finally concludes. But I am becoming less enthusiastic about the handling of guidance and shareholder communication. When a company is simultaneously raising capital and providing aggressive forward guidance, clarity and forecasting discipline become even more important. For me, there are now two separate $ITMSF theses: Intermap the BUSINESS looks increasingly attractive. Management now needs to prove it can execute, communicate clearly and allocate shareholder capital with the same quality. Then close the far and few between Huge Gov't Contracts. Hopefully this call signals the reset, and is the beginning of exactly that.

$ITMSF I truly feel we will see something in the next 2 weeks. Let's pull back to what has happened this month. Satu Data Indonesia Law has passed, on October 6th. The framework for which the project must operate in has now been set, I truly believe that this Law will help our position abd not hurt it.

$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 ............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 "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 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…

$ITMSF ..........................another nice catch!....... Bangkok's flooding is exposing a familiar challenge: data integration vs. execution. Thailand's new "One Map" system combines satellite imagery, GIS, weather forecasts, water telemetry, and AI analytics into a single platform. The flood is prompting questions about whether agencies acted on the data quickly enough. From an ITMSF perspective, it's another sign that governments are continuing to invest in geospatial intelligence, mapping, and decision-support systems as critical infrastructure.

$ITMSF This outlook assumes no contribution from government procurements, which have uncertain timing, including in Indonesia. Due to timing uncertainties, these government programs will not factor into revenue guidance this year or next, prior to their contract award. ​