Earnings call transcript: Intermap Technologies’ Q4 2024 results signal strong growth

Intermap Technologies reported robust financial results for Q4 2024, highlighted by a 185% increase in total revenue to $17.6 million. The company achieved a full-year net income of $2.5 million, translating to $0.05 per share, and an adjusted EBITDA margin of 23%. According to InvestingPro analysis, the company maintains a strong financial health score of 3.22 (rated as "GREAT"), with current assets comfortably exceeding short-term obligations. Despite operating at under 30% capacity, Intermap has expanded its government contracts and is exploring growth opportunities in Southeast Asia and the Americas.

Key Takeaways

• Total revenue surged by 185% compared to 2023.
• Net income reached $2.5 million, with a margin of 14%.
• The company is exploring expansion in Southeast Asia and the Americas.
• Intermap has raised $12 million post-year-end to bolster liquidity.
• The company is pursuing a listing on a US senior exchange.

Company Performance

Intermap Technologies reported significant growth in Q4 2024, with total revenue jumping 185% from the previous year. The company has successfully expanded its footprint in the defense sector, securing contracts with the US Air Force, NGA, and the Pentagon. Its unique dual-use technology, which includes proprietary radar systems, has positioned it as a leader in geospatial data solutions.

Financial Highlights

• Revenue: $17.6 million, up 185% year-over-year
• Full-year net income: $2.5 million, with a 14% margin
• Adjusted EBITDA: $4.1 million, representing a 23% margin
• Q4 Adjusted EBITDA: $2 million, with a 27% margin

Outlook & Guidance

Intermap projects 2025 revenue between $30 million and $35 million, with an adjusted EBITDA margin of 28%. The company aims to drive organic growth and expand into new markets, including Indonesia, Malaysia, and Colombia. With a current ratio of 1.33 and strong financial health metrics, Intermap appears well-positioned for its expansion plans. Additionally, Intermap is pursuing a US senior exchange listing to enhance its market presence. Detailed analysis of the company’s growth potential and comprehensive valuation metrics are available in the exclusive Pro Research Report on InvestingPro.

Executive Commentary

CEO Patrick Blott highlighted the company’s capacity for growth, stating, "We are operating at under 30% capacity. We can scale up easily with past costs absorbed." He also emphasized the strategic advantage of Intermap’s dual-use technology: "One of the advantages of being a dual-use company is we get the future look."

Risks and Challenges

• Market saturation in geospatial data could limit growth opportunities.
• Macro-economic pressures may affect government and commercial spending.
• Supply chain disruptions could impact production and delivery timelines.
• Increased competition in defense technology may challenge market share.
• Regulatory changes in international markets could pose compliance risks.

Q&A

During the earnings call, analysts inquired about the progression of projects in Indonesia and potential mergers and acquisitions. The company confirmed ongoing project development in Indonesia and expressed openness to M&A opportunities. Intermap also noted strong accounts receivable collection and growing institutional investor interest.

Full transcript - Impact Develop (IMP) Q4 2024:

Sean Peasgood, Investor Relations, Safa Capital: Good afternoon, and thank you for joining us for Intermap Technologies Conference Call to Discuss Its Financial Results for the fourth quarter and twenty twenty four full year ending 12/31/2024. I’m Sean Peasgood from Safa Capital, and we handle Intermap’s Investor Relations. On the call today, we have Intermap’s CEO, Patrick Blott CFO, Jennifer Balkan and COO, Jack Schneider. During the call, all participants are in a listen only mode. Following the presentation, we’ll conduct a question and answer session.

We encourage you to submit your questions through the Q and A tab below at any time, and management will answer them following their prepared remarks. Before management discusses the results, I’d like to remind everyone that certain statements in this call may be forward looking in nature. These include statements involving known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in our forward looking statements. For caveats about forward looking statements and risk factors, please see our MD and A for the fourth quarter ended 12/31/2024, which will be filed on our company profile at SEDAR Plus on Monday, March 31. I’ll now pass the call over to Intermap’s CEO, Patrick Blott.

Patrick?

Patrick Blott, Chairman and CEO, Intermap Technologies: Thank you, Sean. Good afternoon, ladies and gentlemen, and welcome to Intermap’s results conference call for the fourth quarter and full year of 2024. I’m Patrick Blott, Chairman and CEO of Intermap. We’re going to start on Slide three of the presentation for those of you following along. Today, as we review the fourth quarter and full year results, I’ll provide highlights along with the business update and outlook.

Then I’ll turn the call over to Jen Bakken to walk through our recent financial performance, and we’ll leave some time at the end for Q and A. Intermap is a premier global provider of geospatial data and analytics solutions. The company creates three-dimensional high resolution elevation models using proprietary multi frequency radar, patented processing, fusion and data production methods, and a massive proprietary three d archive called NexMap that’s global in scale and is the largest of its kind in the world. We’re constantly adding to our datasets using our own sensors mounted on Learjets and drones and government or third party data from spaceborne satellites and other platforms. Our products empower customers to solve three d problems with global scale.

A great example is flood underwriting because water, of course, flows downhill. That’s a three d problem. Navigation with instruments, long range targeting, long range fires are other examples that require accurate real world three d coordinates. Intermap has a strong barrier to entry. Our tech was developed in conjunction with The US, Defense Advanced Research Projects Agency, DARPA, and various other defense research laboratories, all of whom we still work with closely.

We operate our dual use technology under exclusive permits to create milspec data, so you cannot get INTERMAP quality of data at this scale from alternative sources. In return, Intermountain complies with military, regulations that include using the technology only for the benefit of friendly allied countries and their commercial markets. When we released our 2023 full year financial results, We provided 2024 guidance of revenue between $16,000,000 to $18,000,000 and an adjusted EBITDA margin of approximately 25%. I’m pleased to announce that we reported $17,600,000 in total revenue, up 185% versus full year 2023 and adjusted EBITDA of $4,100,000 that’s a 23% margin, whereas we had an adjusted EBITDA loss in 2023. We reported 27% EBITDA margin in Q4 and we still expect annual margins to improve further as the company continues to ramp its operations.

Jennifer will provide more detail about our full year and fourth quarter of twenty twenty four financial results in her commentary, but we’re very pleased with both our execution on key contracts, the timely payments from our customers reflecting their satisfaction and our resulting financial performance for the year. Structural advantages allow us to convert a high percentage of revenue and EBITDA to net income where the company reported twenty twenty four net income of 2,500,000.0 and $0.05 per share fully diluted, a 14% net income margin, which is a significant improvement compared with last year and our prior history. We’ve improved our liquidity profile as well, raising $12,000,000 post the year end. Cash, accounts receivable and unbilled revenue totaled $6,500,000 at 12/31/2024. Our net liquidity now exceeds $15,000,000 In addition, we invested in our technology and fixed assets, including AIML, software, processing, sensors and platform, growing our total assets to almost $12,000,000 As a dual use company, a significant amount of our development is increasingly funded by U.

S. Government contracts. We’re currently on six different programs with defense customers up from nil prior to COVID. We’re meeting critical government requirements, including problem sets like GPS denied navigation, precision navigation and timing, advanced battle management systems, and low latency foundation data. In addition to upgrading our own capabilities while reducing our external capital requirements, this business creates important and profitable new technology and data, which we own and can commercialize.

Intermap will continue to generate a high rate of profitable growth with low capital requirements into 2025 and beyond, taking advantage of our AIML driven automated systems and extensive operating leverage. Intermap’s a key brand for our customers. We’ve successfully sold NexMap data as a value added cloud based software solution delivering clear economic benefits. This helps accounts grow, optimize geospatial investments for profit, and broaden data access for non expert users. They gain from top tier three d geospatial data, expanding use cases and targeted high growth and high margin vertical markets.

Intermap’s insurance vertical exemplifies our growth in scale and scope. Over 60 global insurance firms now subscribe to our NexMap elevation data, a market we built from scratch before COVID by shifting our strategy. Many clients are locked into multi year deals ensuring future stability. We’ve expanded in scope, announcing major product extensions, real estate, financial services, claims management, and large new customers, Vienna Insurance Group, Aon. And just to add to this, twenty twenty five insurance awards during the first two months currently surpassed 1,100,000 compared to 1,000,000 in the first half last year.

Healthy combined ratios for catastrophic risk and improved underwriting boost ROI on our platform despite short term climate impacts. Our data now supports accounts globally across their value chain, risk assessment, underwriting claims, loss estimation, portfolio monitoring, regulatory compliance, financing, property valuation, and reinsurance trading. Churn remains low at less than 3% annually. We’re trusted by over 60 governments and agencies worldwide, including top geospatial data users like the U. S.

Air Force, National Geospatial Intelligence Agency and the Pentagon, who signed new contracts this past year and past quarter, relying on our revitalized data and solutions. Collaborating with these agencies is vital for Intermap as they possess the largest geospatial data requirements and funding globally, enabling us to fund advanced R and D, tackle tough geospatial challenges, partner with industry leaders, access diverse technologies to sustain our dual use technology edge, giving us a unique commercial advantage. Our newer vertical is space based communications. We’re partnering with a major dual use space launch and satellite provider to deliver top quality three d data for world class network, supporting civilian and military needs. This new fast growing client relies on leading digital twin elevation data to deploy and monitor their global network.

The value of Intermap’s unique offering is reflected by our recent contract win in Indonesia, through a global competition. This wealthy, high growth, geostrategic nation with over 17,500 islands, jungles, volcanoes, glaciers, and dense coastal populations is a sophisticated geospatial user facing severe climate challenges. After a multi year process, they chose Intermap for a $20,000,000 first phase project to remap the country at a one to 5,000 scale with three d elevation maps. They selected us due to our superior technology, proven to map through clouds and tree canopy, day or night with unmatched speed and accuracy, commercial capabilities and our reliable past performance. We’re aiding their geospatial commercialization, boosting economic benefits and future markets.

After months of deployment in Indonesia, we’re progressing exceptionally well, recently hosting an 18 member Indonesia government team in Denver and training over 180 future users in Jakarta using cutting edge sensors we developed plus AIML and automation we developed, we’ve we are delivering, map sheets and three d vectors ahead of schedule. On our last call, I stated that we expected to finish 60% of the first phase by year end. I’m pleased to say that we achieved our goal and are pursuing follow on awards. As before, we expect some margin drag as we scale up to higher operating volumes on subsequent awards in the front end, where margins then expand dramatically in later quarters. We are operating at under 30% capacity.

We can scale up easily with past costs absorbed and annual margins expected to grow. At this point, I would like to turn the call over to Jen Bakken, who can walk you through our fourth quarter and full year of fiscal twenty twenty four financial results.

Jennifer Balkan, CFO, Intermap Technologies: Thank you, Patrick. As mentioned earlier, we report our financial results in United States dollars. For more detailed information, please refer to the financial statements and the management discussion and analysis document that we will file on SEDAR Plus on Monday, March 31. Ending with our consolidated fourth quarter results, our first quarter total revenue of $7,400,000 increased over 500% compared with 1,200,000.0 generated in the year ago quarter. Most of the increase was due to $5,500,000 recognized on the acquisition services program in Indonesia.

Approximately 93% of consolidated revenue was generated outside The United States compared to 65% in 2023. Acquisition services revenue for the quarter was $5,500,000 versus $8,000 we recorded in the comparable quarter in 2023. Year over year growth was the result of the company performing its material acquisition services contract in Indonesia. In 2023, Intermap experienced a delay in the award of key government contracts, reducing its acquisition services revenue in that year. The quarter’s value added data revenue grew 211% year over year to $1,000,000 versus the fourth quarter of twenty three’s ’3 hundred thousand dollars Value added data revenue was primarily due to the expansion of the U.

S. Air Force contracts during the third quarter of twenty twenty four. Fourth quarter software and solutions revenue grew 13% year over year to $1,000,000 versus Q4 twenty twenty three’s ’9 hundred thousand dollars Adjusted EBITDA, a non GAAP measure, grew to $2,000,000 in the fourth quarter compared to an adjusted EBITDA loss of $200,000 in the year ago quarter. Adjusted EBITDA margin was 27% for the fourth quarter of twenty twenty four. Net income in the quarter grew to $1,500,000 compared to a net loss of $1,000,000 in the year ago quarter.

Turning to our full year financial results for the full year ending 12/31/2024. Total revenues were $17,600,000 1 hundred and 80 5 percent increase over the full year twenty twenty three’s ’6 point ’2 million dollars Approximately 80% of consolidated revenue was generated outside The United States in 2024 compared to 65% for 2023. Acquisition services for the full year grew to 10,500,000.0 versus effectively nil in 2023. The year over year growth is due to the company performing on the material contract in Indonesia with no comparable similar contract in ’23. Value added data revenue grew 60% year over year to $3,100,000 from $1,900,000 in 2023.

The increase primarily relates to the expansion of the US Air Force contract during the third quarter of twenty twenty four. Full year software and solutions revenue fell 7% year over year to $4,000,000 from $4,300,000 in 2023. The slight year over year decline in software and solutions revenue was mostly driven by the inclusion of half a million dollars of one time setup fees in 2023 that were not duplicated in 2024. Adjusted EBITDA for the year grew to $4,100,000 versus a $1,800,000 adjusted EBITDA loss for 2023. Adjusted EBITDA margins was 23%.

Net income for the year grew to 2,500,000 compared to $3,700,000 net loss for 2023. And in the slide, you can see how Intermapped’s net income has trended over the last eight quarters. Total assets were $11,900,000 at December 3124 compared to $8,900,000 on September 3024 and $4,500,000 on December 3123. Cash, unbilled, and AR totaled $6,500,000 at the end of the year versus $3,600,000 at the end of the third quarter of twenty four. As Patrick previously mentioned, I’ll note that subsequent to year end, in February, Intermap Technologies closed a bought deal equity financing for gross proceeds of $12,000,000 Canadian dollars with the use of proceeds put towards working capital and the execution of government contracts.

This concludes my financial summary for the fourth quarter and full year of 2024. Before passing the call back to Patrick to discuss the outlook, I’d like to add primary risks to our outlook include timing related to the Indonesia follow on awards, which include approved World Bank funding. We’re exposed to currency fluctuations around the world, which are partially we partially hedged to mitigate exposure concentrations. Intermap is not affected by recent cross border tariffs as the company does not source any hardware materials required to execute on contracts from Canada. These conclude my prepared remarks.

I’ll pass the call back to Patrick for final comments.

Patrick Blott, Chairman and CEO, Intermap Technologies: Thank you, Jennifer. As you can see, we delivered our 2024 guidance and our confidence about our prospects going forward continues to grow. We’re executing against our contracts, our customers are seeking or want to discuss increased scope and our prospects to grow our business and evolve our technology and solutions remain strong. On our Q3 call, I mentioned that building upon our strong base of organic growth would be a focus during 2025. Our work in Indonesia is going extremely well and we’re working on upsizing our workload there.

Building upon that are opportunities in Malaysia and South America. This past January, the US National Geospatial Intelligence Agency, excuse me, selected Intermap’s team led by KACI, as one of the vendors for the $200,000,000 Luno B commercial data, indefinite delivery, indefinite quantity contract. We’ve expanded our Air Force and Pentagon contracts, and we’re working on upgrading and cross selling our software solutions in Europe, America, and Asia. Given this strong foundation to build upon, we’re providing the following guidance for fiscal twenty twenty five, revenues from $30,000,000 to $35,000,000 and 28% adjusted EBITDA margin. With that, we will wrap up the prepared remarks by pointing you to where you can find more information.

As mentioned earlier, our website contains all of our press releases, corporate presentations, and other updates. You can also find our financial filings on SEDAR, plus You can also visit Sofiq, SOPHIC’s website for additional information and sign up to get press releases and updates directly from them. Thanks again for tuning in today. I will now pass the call back to Sean to moderate the Q and A.

Sean Peasgood, Investor Relations, Safa Capital: Thank you, Patrick and Jennifer. As a reminder, you can submit a question by clicking the q and a tab at the bottom of the webinar. We’d like to thank all participants for your questions. I’m going to batch them a little bit here because a lot of the questions are the same. So if your question doesn’t get answered, please, you can put a follow-up in there.

First question, can you update us on the efforts to secure additional work under Indonesia’s One map program? How large do you expect the next segment of work phase two to be and when could it begin?

Patrick Blott, Chairman and CEO, Intermap Technologies: It’s going to be a larger phase, because we are under a program to get the entire country done. And so, and we have a timeframe in which we’re planning and they’re planning for that to happen. So the subsequent phases will grow. I also, I’m not going to get into the specifics of sizing because there’s competitive sensitivities around that. But, but the timing in terms of execution is gonna be quite similar.

It’s it’s, it’s our workflow is progressing as expected as we want, as the customer wants. And, our timing is expected to be similar to execution cycle, which was established earlier last year.

Sean Peasgood, Investor Relations, Safa Capital: Following on Indonesia, in 2024, you received a little over 10,000,000 from the Indonesian contract. This person’s asking if the next 10,000,000 would be, when that following ten million is going to be completed. I mean, they’re they’re hinting at maybe the first quarter, but maybe, Patrick, you can just let us or or provide some insight on when that additional 10,000,000 would be recognized or an estimate.

Patrick Blott, Chairman and CEO, Intermap Technologies: Yeah, I’m not gonna give the the first quarter guidance, at this stage, but but I I I will say that the guidance, that we’ve just put out includes Indonesia for the full year.

Sean Peasgood, Investor Relations, Safa Capital: Perfect. That was another question. Okay. Great. What other markets might launch projects similar in scale to Indonesia’s One map?

Patrick Blott, Chairman and CEO, Intermap Technologies: We we are focused on several. We’re near term on the ones, that I’ve named in, in, in this discussion here. And, and from a regional perspective, heavy on Southeast Asia, heavy on, on, on North And South America and additional opportunities in other areas of the world as well. But the most near term that are, you know, executing on and shaping directly today are in those regions.

Sean Peasgood, Investor Relations, Safa Capital: Okay, great. There are several I just want to clear up the guidance because there are several questions asking specifics on guidance. So given the confidentiality and the uncertainty, I assume you’re not going to answer this. But I just, we have a number of people asking about how much of the guidance in 2025 is relating to Indonesia. So maybe just want to address that.

Patrick Blott, Chairman and CEO, Intermap Technologies: Yeah. I think, I think I want to be, you know, again, we’re in a phase of the project execution now, which is competitively sensitive. So I just want to be careful in terms of, over we we will as as we move forward, we will provide disclosures. But but at the moment, we’re in a very sensitive part. So I just want to be careful about that.

Sean Peasgood, Investor Relations, Safa Capital: Continuing on Indonesia, can you talk about the planned schedule of World Bank payments to the Indonesian government and timing?

Patrick Blott, Chairman and CEO, Intermap Technologies: Yes. It’s a similar answer, except it is public, not disclosed by us, but disclosed by them that, the credit agreement’s in place, the World Bank funding’s in place. And so all of that is, those decisions, those allocations of capital have been made.

Sean Peasgood, Investor Relations, Safa Capital: Next question. Can you expand a little on what work you have in Colombia and Malaysia and any timing on when you may hear any updates on that?

Patrick Blott, Chairman and CEO, Intermap Technologies: Yeah. These are important customers. Again, a lot of our customers, on the government side, we we touch them regularly. Like, we we we did a million dollars of, Malaysia revenue in the past in in 2024. So so this is, these are accounts that we know well, they know us well.

They understand the product, and the upgrades and capabilities of the product and they’re, you know, those are gonna come on the customer’s, sort of timeframe. I don’t control that decision, but I can tell you with a high level of confidence that they’re very excited about what we’re doing.

Sean Peasgood, Investor Relations, Safa Capital: Great. And then switching gears a little bit, how much of a priority is a senior US exchange listing, and is that something investors should be expecting in 2025?

Patrick Blott, Chairman and CEO, Intermap Technologies: Yeah, that’s an important priority for us. I just participated in an investor conference recently and we’ll continue to do that. And as we start to, you know, really achieve some scale with the business, that opens up opportunity for liquidity in terms of the capital market and broadening the awareness with larger and institutional accounts. And I’m, spending time and the company’s spending time, helping to educate the market in that regard. And an important part of that is, we’re on the big board in Canada, on the Toronto stock exchange and upgrading the listing in, in The United States is a priority before the end of the year.

Sean Peasgood, Investor Relations, Safa Capital: Okay. Great. Are you looking at any M and A this year? And if so, what kind of acquisitions would be of interest?

Patrick Blott, Chairman and CEO, Intermap Technologies: The company is, just in terms of its current order book, let alone its development order book. I mean, we are up to our eyeballs and we have just a ton of opportunity to execute on. So that is something, you know, that if we were to go do something on that side, it would be opportunistic because, there were very, very good strategic reasons to do it, but it’s not a current focus.

Sean Peasgood, Investor Relations, Safa Capital: K. Financial question. Understanding the full financials will be filed on Monday, are you able to talk about operating cash flow performance in the quarter?

Patrick Blott, Chairman and CEO, Intermap Technologies: I’ll say, yeah, I mean, the full financials will be filed. The cash conversion rate is pretty high from EBITDA to net income. So I don’t know, Jen, if you wanna say more about that right now.

Jennifer Balkan, CFO, Intermap Technologies: No. Actually, what I mean yeah. We’ll have the financial statements including all the cash flow details filed on Monday, but I don’t wanna speak to that at this point as it the audit’s being finalized.

Sean Peasgood, Investor Relations, Safa Capital: K. Great. I’m just going through here. What, what will the CapEx spending or I guess, do you have a CapEx estimate, for the over the next couple years?

Patrick Blott, Chairman and CEO, Intermap Technologies: Yeah. That’s a great question because Intermap, one of the key aspects about the company is it is a dual use company. So so when we’re executing correctly, our development needs are married very closely with the government’s development needs. One of the advantages of being a dual use company is we get the future luck. We, we understand sort of where the big gorilla in the industry is headed and what those both technology capability and product requirements are.

And that gives us, you know, one of the what we do as a dual use company, what we’re good at is commercializing defense tech and insurance’s exhibit A, where we’ve got an industry product and an industry growth profile and a capability that is really enabling value, that’s coming because Intermap is good at commercializing defense tech. And so when we do that correctly, a lot of, the development requirements are funded by U. S. Government contracts and that becomes a source of our, you know, funding that isn’t, you know, shareholder funding and it isn’t debt funding. It’s funding because what we’re building for our customer on the government side is also useful for us and we have the dual use capability to commercialize it.

Sean Peasgood, Investor Relations, Safa Capital: Okay, great. A lot of these questions are similar here. As a reminder, if you have any other questions, please put them in the Q and A tab at the bottom of the presentation. There’s a question here about accounts receivable. Just wondering if there you know, if you have any concerns on accounts receivable increasing, if there’s anything that needs to be to to clear in the near term on that.

Jennifer, I don’t know if you wanna talk about that or wait till Monday.

Jennifer Balkan, CFO, Intermap Technologies: Oh, I’m yeah. No issues with accounts receivable. No concerns that we’ve collected all of our receivables historically and currently in in current current terms and timely. So no issues there.

Patrick Blott, Chairman and CEO, Intermap Technologies: We have one of the things about there’s a couple of things. Intermap, because of its customer set, the pursuit is, you know, a lift. Like, we when we win an insurance company customer, they’re a sophisticated customer. And when we win a government customer, they’re a sophisticated customer, but they’re sticky and they’re also, well capitalized. So I can’t recall a single receivable ever being written off since I’ve been at the company.

So that’s an important aspect to know about the company. And then the dual use aspect, how it how it reduces our capital intensity is a really important feature of the company as well.

Sean Peasgood, Investor Relations, Safa Capital: Great. This is this is a little related to the the comment you already made about CapEx. But, can you elaborate on the upsized bought deal offering, that was done in February, and the type of investors that came into the deal? And then additionally, how do you plan on using those funds? I think you’ve commented on the CapEx, so I think it’s fine, but also asking about, you know, use of use of proceeds there, which we talked about in the call.

Patrick Blott, Chairman and CEO, Intermap Technologies: Yeah. And and I think, again, it also gets to our uplisting and and and an effort that that that the company’s making to really expand awareness, and liquidity and price discovery. You know, we’re doing a lot of work in that regard because, because now we can, for a long time, the company couldn’t, and, and it’s, and we’re getting to a size where there’s an opportunity there for us to do that. So, it was an entirely institutional round. It expanded greatly our institutional ownership.

And, and it was, you know, that was an important objective of ours and it continues to be.

Sean Peasgood, Investor Relations, Safa Capital: Great. Okay. Last one, I think, and then I think we’ve covered almost everything here. Now that the company is profitable, any expectation of instituting dividends in the next couple of years? It’s maybe early for that, but

Patrick Blott, Chairman and CEO, Intermap Technologies: Well, it’s, you know, I’ll tell you what I mean, I am the largest shareholder of the company, so I have certain perspective on that, But I’ll tell you what is attract one of the things that I think is highly attractive, we have, very, demonstrable, you know, triple digit growth. We’ve just, with our guidance, reinforced that going forward. We have a large pipeline of very large customer wallets behind that. And then, and we’re also, you know, forecasting margin expansion. While we’re already generating tremendous cash flow, we have tremendous cash conversion on a business model that is not capital intensive below, you know, the operating income line.

And so it’s a very, in my opinion, it’s a very attractive, high growth company that also generates a ton of cash, and that’s an unusual setup. So maybe I’ll just leave it at there.

Sean Peasgood, Investor Relations, Safa Capital: Okay. Great. I think a lot of the questions are doubled up here. So I think, there are no further questions at this time. If if for some reason you had any trouble asking your questions or think of further questions after the call, please reach out to us and be happy to answer them.

Our contact information is on the screen here. I’ll pass the call back to management for closing remarks.

Patrick Blott, Chairman and CEO, Intermap Technologies: Well, thanks again, everyone, on the call today for listening in and following Intermapped’s story. We look forward to continuing to share our progress with you in the quarters ahead. And Sean, thank you for arranging this call.

Sean Peasgood, Investor Relations, Safa Capital: That’ll conclude the call. Thank you very much.

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