Exhibit 99.1
Condensed Consolidated Interim Financial Statements of
INTERMAP TECHNOLOGIES
CORPORATION
For the three months ended March 31, 2026 and 2025
(expressed in thousands of United States dollars, except for per share amounts)
(Unaudited)
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Financial Position
(In thousands of United States dollars)
(Unaudited)
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | $ | ||||||
| Amounts receivable (Note 17) | ||||||||
| Contract asset | ||||||||
| Prepaid expenses | ||||||||
| Prepaid expenses | ||||||||
| Property and equipment (Note 4) | ||||||||
| Intangible assets (Note 5) | ||||||||
| Right of use assets (Note 6) | ||||||||
| Investment (Note 7) | ||||||||
| Total assets | $ | $ | ||||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities (Note 8) | $ | $ | ||||||
| Loan payable (Note 9(a)) | ||||||||
| Lease obligations (Note 10) | ||||||||
| Contract liability | ||||||||
| Income taxes payable | ||||||||
| Defined benefit plan (Note 11) | ||||||||
| Long-term project financing (Note 9(b)) | ||||||||
| Loan payable (Note 9(a)) | ||||||||
| Contract liability | ||||||||
| Lease obligations (Note 10) | ||||||||
| Total liabilities | ||||||||
| Shareholders’ equity: | ||||||||
| Share capital (Note 14(a)) | ||||||||
| Warrants (Note 15) | ||||||||
| Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| Contributed surplus (Note 14(b)) | ||||||||
| Deficit | ( | ) | ( | ) | ||||
| Total shareholders’ equity | ||||||||
| Total liabilities and shareholders’ equity | $ | $ | ||||||
Subsequent event (Note 19)
See accompanying notes to condensed consolidated interim financial statements.
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Loss and Other Comprehensive Loss
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, | 2026 | 2025 | ||||||
| Revenue (Note 12) | $ | $ | ||||||
| Expenses: | ||||||||
| Operating costs (Note 13(a)) | ||||||||
| Depreciation of property and equipment (Note 4) | ||||||||
| Amortization of intangible assets (Note 5) | ||||||||
| Depreciation of right of use assets (Note 6) | ||||||||
| Operating loss | ( | ) | ( | ) | ||||
| Gain on derecognition of right of use assets | ||||||||
| Financing costs (Note 13(b)) | ( | ) | ( | ) | ||||
| Financing income | ||||||||
| Loss on foreign currency | ( | ) | ( | ) | ||||
| Loss before income taxes | ( | ) | ( | ) | ||||
| Net loss for the period | $ | ( | ) | $ | ( | ) | ||
| Other comprehensive income (loss): | ||||||||
| Items that are or may be reclassified subsequently to profit or loss: | ||||||||
| Foreign currency | ( | ) | ||||||
| Comprehensive loss for the period | $ | ( | ) | $ | ( | ) | ||
| Basic and diluted loss per share | $ | ) | $ | ) | ||||
| Weighted average number of Class A common shares - basic and diluted (Note 14(c)) | ||||||||
See accompanying notes to condensed consolidated interim financial statements.
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity
(In thousands of United States dollars)
(Unaudited)
| Share Capital | Warrants | Contributed Surplus | Accumulated Other Comprehensive Loss | Deficit | Total | |||||||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
| Comprehensive loss for the period | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||
| Private placement proceeds (Note 14(a)) | ||||||||||||||||||||||||
| Issuance costs | ( | ) | ( | ) | ||||||||||||||||||||
| Balance at March 31, 2025 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
| Comprehensive income (loss) for the period | ( | ) | ( | ) | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||
| RSU settlement | ( | ) | ||||||||||||||||||||||
| Repurchase of share-based awards | ( | ) | ( | ) | ||||||||||||||||||||
| Balance at March 31, 2026 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
See accompanying notes to condensed consolidated interim financial statements.
Intermap Technologies corporation
Condensed Consolidated Interim Statements of Cash Flows
(In thousands of United States dollars)
(Unaudited)
| For the three months ended March 31, | 2026 | 2025 | ||||||
| Operating activities: | ||||||||
| Net loss for the period | $ | ( | ) | $ | ( | ) | ||
| Interest paid | ( | ) | ( | ) | ||||
| Income tax paid | ( | ) | ( | ) | ||||
| Adjustments for: | ||||||||
| Depreciation of property and equipment (Note 4) | ||||||||
| Amortization of intangible assets (Note 5) | ||||||||
| Depreciation of right of use assets (Note 6) | ||||||||
| Share-based compensation expense (Note 14(e)) | ||||||||
| Gain on derecognition of right of use assets | ( | ) | ||||||
| Financing costs (Note 13(b)) | ||||||||
| Unrealized loss (gain) on foreign currency translation | ( | ) | ||||||
| Change in defined benefit plan (Note 11) | ||||||||
| Changes in working capital: | ||||||||
| Amounts receivable | ( | ) | ||||||
| Contract asset and prepaid expenses | ( | ) | ||||||
| Accounts payable and accrued liabilities | ( | ) | ( | ) | ||||
| Contract liability | ||||||||
| Cash flows used in operating activities | ( | ) | ( | ) | ||||
| Investing activities: | ||||||||
| Purchase of property and equipment | ( | ) | ( | ) | ||||
| Additions to intangible assets | ( | ) | ( | ) | ||||
| Cash flows used in investing activities | ( | ) | ( | ) | ||||
| Financing activities: | ||||||||
| Proceeds from private placement | ||||||||
| Issuance costs | ( | ) | ||||||
| Repurchase of share-based awards | ( | ) | ||||||
| Payment of lease obligations | ( | ) | ( | ) | ||||
| Repayment of bank loan | ( | ) | ||||||
| Repayment of loan payable | ( | ) | ( | ) | ||||
| Repayment of government loans | ( | ) | ||||||
| Cash flows (used in) provided by financing activities | ( | ) | ||||||
| Effect of foreign exchange on cash | ( | ) | ||||||
| Increase (decrease) in cash | ( | ) | ||||||
| Cash, beginning of period | ||||||||
| Cash, end of period | $ | $ | ||||||
See accompanying notes to condensed consolidated interim financial statements.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 1 |
| 1. | Reporting entity: |
Intermap Technologies ® Corporation (the “Company”) is incorporated under the laws of Alberta, Canada. The head office of Intermap is located at 385 Inverness Parkway, Suite 105, Englewood, Colorado, USA 80112. Its registered office is located at 734, 7th Avenue SW, Suite 604, Calgary, Alberta, Canada T2P 3P8.
Intermap is a global location-based geospatial intelligence company, creating a wide variety of geospatial solutions and analytics for its customers. Intermap’s geospatial solutions and analytics can be used in a wide range of applications including, but not limited to, location-based information, geospatial risk assessment, geographic information systems, engineering, utilities, global positioning systems maps, oil and gas, renewable energy, hydrology, environmental planning, wireless communications, transportation, advertising, and 3D visualization.
Intermap operationalizes artificial intelligence across its platform and workflows to improve speed, scale, accuracy assurance, processing efficiency and integration capabilities. The Company also produces AI within its proprietary framework to automate and accelerate geospatial workflows and support secure human-to-machine teaming across enterprise, government and defense applications. Intermap maintains strict control of proprietary and customer data within secure internal environments and does not use customer data within public large language models.
| 2. | Basis of preparation: |
| (a) | Statement of compliance: |
These condensed consolidated interim financial statements have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB) applicable to interim financial information, as outlined in International Accounting Standard (IAS) 34, “Interim Financial Reporting”.
The notes presented in these condensed consolidated interim financial statements include in general only significant changes and transactions occurring since the Company’s last year-end and are not fully inclusive of all disclosures required by IFRS® Accounting Standards as issued by the IASB for annual financial statements (IFRS Accounting Standards). These condensed consolidated interim financial statements should be read in conjunction with the annual audited consolidated financial statements, including the notes thereto, for the year ended December 31, 2025 (the “2025 Annual Consolidated Financial Statements”).
The policies applied in these condensed consolidated interim financial statements are based on IFRS Accounting Standards and effective as of May 13, 2026, the date the Board of Directors approved the issuance of the condensed consolidated interim financial statements.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 2 |
| (b) | Measurement basis: |
The condensed consolidated interim financial statements have been prepared based on the historical cost, except for investment which is measured at fair value. Other measurement bases used are described in the applicable notes.
| (c) | Use of estimates and judgments: |
Preparing condensed consolidated interim financial statements in conformity with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the period. Actual results could differ from these estimates.
The significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those described in the 2025 Annual Consolidated Financial Statements.
| 3. | Summary of material accounting policies: |
These condensed consolidated interim financial statements have been prepared using the same accounting policies and methods that were used to prepare the Company’s 2025 Annual Consolidated Financial Statements.
Accounting Standards Issued But Not Yet Effective
A number of new standards, and amendments to standards and interpretations, are not yet effective for the three months ended March 31, 2026, and have not been early adopted in preparing these condensed consolidated interim financial statements.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 3 |
In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements to improve reporting of financial performance. IFRS 18 replaces IAS 1 Presentation of Financial Statements. It carries forward many requirements from IAS 1. IFRS 18 applies to annual reporting periods beginning on or after January 1, 2027. Earlier application is permitted. The standard must be applied retrospectively with restatement of comparative information. The key new concepts introduced in IFRS 18 relate to: the structure of the statement of profit or loss; required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements; and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes. The Company is currently assessing the impact and efforts related to adopting IFRS 18. The Company expects the standard will primarily affect the presentation and disclosure of information within the condensed consolidated interim financial statements.
In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments. These amendments clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance targets); and update the disclosures for equity instruments designated at fair value through other comprehensive income. These amendments apply to annual reporting periods beginning on or after January 1, 2026. Earlier application is permitted and the amendments are to be applied retrospectively. The amendments had no material impact on the Company’s condensed consolidated interim financial statements.
Other accounting standards or amendments to existing accounting standards that have been issued but have future effective dates and are not expected to have a significant impact on the Company’s condensed consolidated interim financial statements.
| 4. | Property and equipment: |
| Aircraft and engines | Radar and mapping equipment | Furniture and fixtures | Leasehold improvements | Under construction | Total | |||||||||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Additions | ||||||||||||||||||||||||
| Depreciation | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Transfer | ( | ) | ||||||||||||||||||||||
| Balance at March 31, 2026 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Aircraft and engines | Radar and mapping equipment | Furniture and fixtures | Leasehold improvements | Under construction | Total | |||||||||||||||||||
| Cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Accumulated depreciation | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Accumulated depreciation | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Balance at March 31, 2026 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 4 |
| 5. | Intangible assets: |
| Data library | ||||
| Balance at December 31, 2025 | $ | |||
| Additions | ||||
| Amortization | ( | ) | ||
| Balance at March 31, 2026 | $ | |||
| Data library | ||||
| Cost | ||||
| Accumulated amortization | ( | ) | ||
| Balance at December 31, 2025 | $ | |||
| Cost | ||||
| Accumulated amortization | ( | ) | ||
| Balance at March 31, 2026 | $ | |||
| 6. | Right of use assets: |
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Beginning Balance | $ | $ | ||||||
| Depreciation | ( | ) | ( | ) | ||||
| New leases | ||||||||
| Termination | ( | ) | ||||||
| Ending Balance | $ | $ | ||||||
| 7. | Investment: |
The
Company has an investment in a privately held company over which the Company exercises no control or significant influence.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 5 |
| 8. | Accounts payable and accrued liabilities: |
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Accounts payable | $ | $ | ||||||
| Accrued liablities | ||||||||
| VAT payable | ||||||||
| $ | $ | |||||||
| 9. | Financial liabilities: |
The following table provides a reconciliation of movements of liabilities to cash flows arising from financing activities and balances at March 31, 2026:
| Loan | Project | Lease Obligations | ||||||||||||||
| Payable | Financing | (Note 10) | Total | |||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | $ | ||||||||||||
| Changes from financing activities: | ||||||||||||||||
| Repayment of loan payable | ( | ) | ( | ) | ||||||||||||
| Payment of lease obligations | ( | ) | ( | ) | ||||||||||||
| Total changes from financing activities | ( | ) | ( | ) | ( | ) | ||||||||||
| Foreign exchange | ( | ) | ( | ) | ( | ) | ||||||||||
| Other changes: | ||||||||||||||||
| Financing costs | ||||||||||||||||
| Interest paid | ( | ) | ( | ) | ( | ) | ||||||||||
| Balance at March 31, 2026 | $ | $ | $ | $ | ||||||||||||
| Current | $ | $ | $ | |||||||||||||
| Long-term | $ | $ | $ | |||||||||||||
| (a) | Loan payable: |
During
2024, the Company executed two equipment financing loans to purchase $
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 6 |
| (b) | Project financing: |
Reimbursable
project development funds provided by a corporation designed to enable the development and commercialization of geomatics solutions in
Canada. The funding is repayable upon the completion of a specific development project and the first sale of any of the resulting product(s).
| 10. | Lease obligations: |
The following table presents the contractual undiscounted cash flows for lease obligations which require the following payments for each period ending March 31:
| 2027 | $ | |||
| 2028 | ||||
| 2029 | ||||
| 2030 | ||||
| 2031 | ||||
| $ |
The following table presents payments for lease obligations:
| March 31, | March 31, | |||||||
| 2026 | 2025 | |||||||
| Principal payments | $ | $ | ||||||
| Interest payments | ||||||||
| Short-term lease payments | ||||||||
| $ | $ | |||||||
The
Company also has contractual undiscounted cash flows for short-term and low-value operating leases for equipment and maintenance that
are not on the statements of financial position which require payments of $
| 11. | Defined benefit plan: |
The
principal assumptions used in determining the defined benefit obligation for the year ended December 31, 2025 and March 31, 2026 are:
discount rate of
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 7 |
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Net benefit expense (recognized in profit or loss) | ||||||||
| Current service cost | $ | $ | ||||||
| Net interest on liabilities | ||||||||
| Net benefits expense | $ | $ | ||||||
| Changes in the present value of defined benefit obligations | ||||||||
| Defined benefit obligation beginning balance | $ | $ | ||||||
| Current service cost | ||||||||
| Net interest on liabilities | ||||||||
| Acturial loss | ||||||||
| Defined benefit obligation ending balance | $ | $ | ||||||
| 12. | Revenue: |
Details of revenue are as follows:
| For the three months ended March 31, | 2026 | 2025 | ||||||
| Acquisition services | $ | $ | ||||||
| Value-added data | ||||||||
| Software and solutions | ||||||||
| $ | $ | |||||||
| Primary geographical market | ||||||||
| United States | $ | $ | ||||||
| Asia/Pacific | ||||||||
| Europe | ||||||||
| $ | $ | |||||||
| Timing of revenue recognition | ||||||||
| Upon delivery | $ | $ | ||||||
| Services overtime | ||||||||
| $ | $ | |||||||
The
Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the expected benefit of those costs
is longer than one year. The Company determined that certain commissions paid to sales employees meet the requirement to be capitalized.
Total capitalized contract acquisition costs included in prepaid expenses and other assets to obtain contracts at March 31, 2026 was
$
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 8 |
Changes in contract acquisition costs, included in prepaid expenses, are as follows:
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Contract acquisition costs, beginning of period | $ | $ | ||||||
| Additions | ||||||||
| Amortization | ( | ) | ( | ) | ||||
| Contract acquisition costs, end of period | $ | $ | ||||||
| 13. | Operating and non-operating costs: |
| (a) | Operating costs: |
| For the three months ended March 31, | 2026 | 2025 | ||||||
| Personnel | $ | $ | ||||||
| Purchased services & materials(1) | ||||||||
| Travel | ||||||||
| Facilities and other expenses | ||||||||
| $ | $ | |||||||
| (1) |
| (b) | Financing costs: |
| For the three months ended March 31, | 2026 | 2025 | ||||||
| Interest on loan payable | $ | $ | ||||||
| Interest on lease obligations | ||||||||
| Interest on bank loan | ||||||||
| Interest on government loans | ||||||||
| Interest on accounts payable | ||||||||
| $ | $ | |||||||
| 14. | Share capital: |
| (a) | Issued: |
| March 31, 2026 | December 31, 2025 | |||||||||||||||
| Number of | Number of | |||||||||||||||
| Class A common shares | Shares | Amount | Shares | Amount | ||||||||||||
| Balance, beginning of period: | $ | $ | ||||||||||||||
| Settlement of RSUs | ||||||||||||||||
| Private placement | ||||||||||||||||
| Issuance costs | ( | ) | ||||||||||||||
| Exercise of warrants | ||||||||||||||||
| Balance, end of period: | $ | $ | ||||||||||||||
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 9 |
During
the first quarter of 2026,
During
the fourth quarter of 2025, warrants were exercised for consideration of $
In
September 2025, the Company received gross proceeds of $ under the “bought deal” offering issuing a total of
Class A common shares at a price of C$. The Company recorded issuance costs of $, including
During
the third quarter of 2025, warrants were exercised for consideration of $
In
May 2025, warrants were exercised for consideration of $
In February 2025, the Company closed a “bought deal” Listed Issuer Financing Exemption offering and concurrent private placement issuing a total of Class A common shares at a price of C$ for aggregate gross proceeds of $. The Company recorded issuance costs of $, including warrants. The warrants were valued at $ using the Black-Scholes pricing model with the following main assumptions: share price - C$ - C$, volatility – %- %, risk free rate – %, dividend %.
| (b) | Contributed surplus: |
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Balance, beginning of period | $ | $ | ||||||
| Settlement of RSUs | ( | ) | ||||||
| Share-based compensation | ||||||||
| RSU and options surrenders | ( | ) | ( | ) | ||||
| Balance, end of period | $ | $ | ||||||
| (c) | Earnings (loss) per share: |
The calculation of earnings (loss) per share is based on the weighted average number of Class A common shares outstanding. Where the impact of the exercise warrants is anti-dilutive, they are not included in the calculation of diluted loss per share. The Company has incurred a net loss for each period presented and the including of the outstanding warrants in the loss per share calculation are anti-dilutive and therefore not included in the calculation.
The underlying Class A common shares pertaining to restricted share units (RSUs), and outstanding warrants could potentially dilute earnings.
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 10 |
| (d) | Omnibus Incentive Plan: |
The Omnibus Incentive Plan (Omnibus Plan) was approved by the shareholders at the Annual General Meeting on March 15, 2018 and replaces the share option plan, the employee share compensation plan and the director’s share compensation plan, which provided for shares to be issued to employees and directors as compensation for services. The Omnibus Plan permits the issuance of options, stock appreciation rights, restricted share units and other share-based awards under one single plan.
The maximum number of common shares reserved under the Omnibus Plan was . Any common shares reserved under the predecessor share option plan related to awards that expire or forfeit will be rolled into the Omnibus Plan. At the Annual General Meeting on June 29, 2021, shareholders approved replenishment of Common Shares reserved for issuance under the Omnibus Plan. At the Annual General Meeting on June 29, 2023, shareholders approved replenishment of Common Shares reserved for issuance under the Omnibus Plan, for a total reserve of . As of March 31, 2026, share options (December 31, 2025 – ) and RSUs (December 31, 2025 – ) are issued and outstanding. In addition, Class A common shares were issued during 2018, Class A common shares were issued during 2020, shares were issued during 2021, and shares were issued during the first quarter of 2026 under the plan, leaving awards remaining available for future issuance.
The following tables summarize information regarding RSUs outstanding:
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Number of | Number of | |||||||
| RSUs | RSUs | |||||||
| RSUs outstanding, beginning of year | ||||||||
| Issued | ||||||||
| Settled | ( | ) | ||||||
| Surrenders | ( | ) | ( | ) | ||||
| RSUs outstanding, end of period | ||||||||
During
the three months ended March 31, 2026 and 2025, RSUs and , respectively, were issued. During the three months ended March 31,
2026, the Company recognized $(three months ended March 31, 2025 – $) of non-cash compensation expense related to the RSUs.
During three months ended March 31, 2026, the Company settled vested RSUs through cash payments in lieu of issuing equity instruments
(March 31, 2025- ). The total cash paid to employees and directors for the surrender of vested awards was $
| (e) | Share-based compensation expense: |
| For the three months ended March 31, | 2026 | 2025 | ||||||
| Employees | $ | $ | ||||||
| Directors and advisors | ||||||||
| Non-cash compensation | $ | $ | ||||||
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 11 |
| 15. | Class A common share purchase warrants: |
| Number of | Number of | |||||||||||||||||||||||||||||
| Warrants | Warrants | |||||||||||||||||||||||||||||
| Outstanding | Outstanding | |||||||||||||||||||||||||||||
| Exercise | December | March | ||||||||||||||||||||||||||||
| Grant Date | Expiry Date | Price | Granted | 31, 2025 | Issued | Expired | Exercised | 31, 2026 | ||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| $ | ||||||||||||||||||||||||||||||
| Non-Broker | Broker | Total | ||||||||||||||||||||||
| Number of | Number of | Number of | ||||||||||||||||||||||
| Warrants | Value | Warrants | Value | Warrants | Value | |||||||||||||||||||
| Balance at December 31, 2025 and March 31, 2026 | $ | $ | $ | |||||||||||||||||||||
Each warrant entitles its holder to purchase one Class A common share.
| 16. | Segmented information: |
The operations of the Company are in one industry segment: digital mapping and related services. Revenue by geographic segment is included in Note 12.
Property and equipment of the Company are located as follows:
March 31, 2026 | December 31, 2025 | |||||||
| United States | $ | $ | ||||||
| Europe | ||||||||
| Asia/Pacific | ||||||||
| $ | $ | |||||||
A summary of sales to major customers that exceeded 10% of total sales during each period are as follows:
| Three months ended March 31, | 2026 | 2025 | ||||||
| Customer A | $ | $ | ||||||
| Customer B | ||||||||
| Customer C | ||||||||
| $ | $ | |||||||
Intermap Technologies corporation
Notes to Condensed Consolidated Interim Financial Statements
(In thousands of United States dollars, except per share information)
(Unaudited)
| For the three months ended March 31, 2026 and 2025 | Page 12 |
| 17. | Financial risk management: |
The Company has exposure to the following risks from its use of financial instruments: credit risk, market risk, liquidity risk, and capital risk. Management, the Board of Directors, and the Audit Committee monitor risk management activities and review the adequacy of such activities. There have been no significant changes to the Company’s risk management strategies since December 31, 2025.
Amounts receivable consist of:
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Trade receivables | $ | $ | ||||||
| Other miscellaneous receivables | ||||||||
| $ | $ | |||||||
Trade receivables by geography consist of:
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| United States | $ | $ | ||||||
| Europe | ||||||||
| $ | $ | |||||||
An aging of the Company’s trade receivables are as follows:
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Current | $ | $ | ||||||
| 31-60 days | ||||||||
| 61-90 days | ||||||||
| Over 91 days | ||||||||
| $ | $ | |||||||
The balance of the past due amounts relates to recurring customers and are considered collectible.
| 18. | Fair values: |
Financial instruments recorded at fair value on the condensed consolidated interim statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
Level 1 – valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 – valuation techniques based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices);
Level 3 – valuation techniques using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The carrying values of cash, amounts receivable, accounts payable and accrued liabilities approximate fair values due to the short-term nature of these items. The Investment is a level 3 financial instrument as its fair value is estimated using unobservable inputs. During the reporting periods, there were no transfers between Level 1 and Level 2 fair value measurements.
| 19. | Subsequent Event: |
During April 2026, the Company settled RSUs through the issuances of Class A common shares. In connection with this settlement, RSUs were withheld and cancelled to satisfy withholding tax obligations.
Also,
during April 2026, the Company entered into a settlement agreement with the lender to extinguish its project financing loan. Under the
terms of the agreement, the Company paid a cash settlement of CDN$