ITMSF Intermap Technologies Corp.

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

$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 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 ............⭐ ITMSF — Quick Take While Indonesia remains the headliner, the real thesis is broader: Policy overlay → The Agrarian Reform Bill (expected passage 9/24/26) could directly shape the One Map project and future mapping requirements. Defense adjacency → Collaboration potential with Northrop Grumman’s Highfield Facility in Colorado highlights how NextMap 3D terrain databases fit into U.S. defense applications. Acquisition logic → Beyond Indo, the acquisition narrative is real. Blott’s background includes major buyout and financing deals, giving Intermap legitimate M&A credibility that most small‑cap CEOs lack. Bottom line: The market is fixated on Indonesia, but the bigger story is policy + defense + acquisition. Intermap’s positioning is strong, and Blott’s deal‑making pedigree means a buyout or strategic combination is not just fantasy — it’s plausible once contracts and board changes align.

$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 .........Indo / BIG Update — KSP Still Moving Despite Leadership Gap Institutional reshuffle → Coordinating Ministry for Economic Affairs lost its dedicated KSP unit, leaving a leadership gap. BIG continuity → Despite that, Geospatial Information Agency (BIG) is still executing KSP duties and pushing integration. Progress confirmed → 42 ministries involved, 187 thematic maps compiled, 152 integrated, 36 new datasets added. Commission XII support → DPR reinforced need for governance, budget backing, and institutional certainty to keep KSP sustainable. Core principles intact → One reference, one standard, one database, one geoportal — foundation for harmonized geospatial data. Adjacency for ITMSF → Confirms Indo’s geospatial modernization is active and expanding, despite bureaucratic noise. Bottom line: Noise in Jakarta, but BIG keeps the maps moving — Indo adjacency intact.

$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 Reading material homework for the weekend, read up on the Agrarian Reform Regulation Bill with a expected passage date of 9/24/26 and how this might be affecting the "One Map" project. This came as reading material from one of my Indonesian friends.

$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 this is buried in a thread but I think it is a coherent view on how Intermap is operationally addressing the data sovereignty issues: https://stocktwits.com/Ibid/message/664441771

$ITMSF Yeah !! we all are waiting for the World Bank or Indonesia to throw us a bone with some updates. .... but what I have observed over 3 decades working on the street " THE NEWS " is a lagging indicator ... volume and price action is in real time ... insiders get the news ahead of us and then act .... thats when we see the price action Watch for a break of 80c on volume

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

$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 ......... good framing — TAM expansion is real, but contracts are the only proof. Thailand’s One Map shows governments in the region are standardizing disaster‑management platforms. That validates the demand side. But as you said, TAM without wins is meaningless. For Indonesia, the key is whether ITMSF converts its technical edge into procurement success. If they do, it confirms “best in class” status and the ceiling moves. If they don’t, we’ll need to understand why not — who won, and what criteria tipped the scale. Bottom line: Regional projects like Thailand prove the market is expanding. The real test is contract execution in Indonesia. That’s where speculation ends and validation begins. Regional builds prove the demand is expanding — but only contract wins will turn TAM into shareholder value.

$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…