05:08 PM EST, 11/13/2025 (MT Newswires) -- Intermap Technologies ( ITMSF ) on Thursday reported a wider third-quarter loss as delayed government-contract awards and timing shifts in funded projects weighed on results, partly offset by continued growth in its commercial software and data-licensing business.

The company said it lost US$1.5 million in the period compared with net income of US$1.1 million for the same quarter last year. Its adjusted EBITDA was negative US$1.0 million for the quarter compared with positive US$1.6 million for 2024.

Revenue for the quarter dropped to US$1.7 million compared with US$5.0 million for the same period in 2024. Per-share results where not disclosed.

Revenue fell to US$9.0 million from US$10.2 million in the year-prior quarter.

Revenue declines were as expected, the company said, reflecting the timing of milestone-driven program activity in Indonesia, causing lumpiness as the country tenders for much larger follow-on awards integrating financial support from the World Bank.

Intermap ( ITMSF ) added, "Data products experienced temporary timing effects from the prolonged U.S. federal government shutdown."

Intermap ( ITMSF ) reaffirmed its 2025 guidance of US$30 million to US$35 million in revenue and a 28% EBITDA margin. While the timing of certain government contracts may change due to funding delays and complex global tender processes, management believes these timing effects are typical for government contracting and are mitigated by having multiple concurrent pursuits, Intermap ( ITMSF ) said.

The company's shares closed down C$0.07 to C$2.26 on the Toronto Stock Exchange.