INTERMAP TECHNOLOGIES CORP

ITMSFdata completeness 88%2 fiscal years on file

The thesis, from the filings

INTERMAP TECHNOLOGIES CORP earns about -100% on invested capital, but has diluted owners by 58% over 2 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2024	FY 2025
Revenue	$17.6M¹	$10.6M¹
Net income	$2.46M²	−$6.71M²
Operating cash flow	−$1.79M³	−$4.13M³
Capital expenditure	$2.02M⁴	$543,000⁴
Free cash flow (derived)	−$3.81M³	−$4.67M³
Total debt	—	—
Cash & equivalents	$445,000⁵	$22.5M⁵
Diluted shares	46.0M	72.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$3.39

your share of equity

Profit it earned you last year

−$0.93

Free cash flow it threw off

−$0.64

Debt you’d be carrying

—

10 shares is a claim on $3.39 of net worth that earned you −$0.93 and generated −$0.64 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-100% avg · 2y

FY24 59%FY25 -259%

It earned an average -100% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+58% shares · 2y

Share count is up 58% over 2 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 2 years of net income (need ≥3)

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

40-F · period ending 2024-12-31 · accession 0001493152-26-014403 (Revenue)
40-F · period ending 2024-12-31 · accession 0001493152-26-014403 (ProfitLoss)
40-F · period ending 2024-12-31 · accession 0001493152-26-014403 (CashFlowsFromUsedInOperatingActivities)
40-F · period ending 2024-12-31 · accession 0001493152-26-014403 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
40-F · period ending 2024-12-31 · accession 0001493152-26-014403 (CashAndCashEquivalents)