Good afternoon, and thank you for joining Intermap's call to discuss the completion of our acquisition of PCI Geomatics. I'm Sean Peasgood, Investor Relations. Joining me is Patrick Blott, Chairman and CEO of Intermap, Jennifer Bakken, CFO, Jack Schneider, COO, and June McAlarey, Head of Commercial and President of PCI. As a reminder, everyone's in a listen-only mode. At the end of the presentation, there will be a Q&A session. At any time during the presentation, you can enter your questions in the Q&A tab at the bottom of the webinar, and we'll get to them at the end of the call. Before we begin, certain information in this presentation constitutes forward-looking statements, including statements regarding the integration of PCI Geomatics, anticipated transaction benefits and synergies, government contracting opportunities, procurement and revenue recognition timing, commercial growth, capital deployment, 2027 guidance, and future operating performance. Forward-looking statements are identified by words such as anticipate, believe, expect, plan, project, will, and similar expressions. These statements are based on management's current expectations concerning customer retention and demand, contract awards and delivery schedules, integration costs, financing, and foreign exchange. These statements involve risks and uncertainties, including integration of PCI, realization of anticipated benefits, availability of capital, revenue variability, timing and structure of government contracts, customer concentration, retention of key personnel, economic conditions, competitive dynamics, technology risk, cybersecurity, and other factors described in Intermap's public filings. Actual results may differ materially. There can be no assurance that anticipated results will be achieved. Readers should not place undue reliance on forward-looking statements. The statements are made as of October 8th, 2026. The company undertakes no obligation to update them except as required by law. Adjusted EBITDA is a non-IFRS measure. Please refer to definitions and reconciliations in the published materials. Patrick will discuss the transaction, the combined company's technology and commercial opportunity, and our execution priorities. He will then review liquidity and 2027 guidance before closing remarks and your questions. Patrick, over to you. Okay. Thank you, Sean. Yesterday, we completed Intermap's acquisition of PCI Geomatics. I want to welcome June and the entire PCI team to Intermap. This is a big deal for us, and it's a big deal for you, and it's very exciting all around. The transaction closed on October 7th, 2026. We acquired all the outstanding PCI shares that we didn't already own under an arrangement agreement following PCI shareholder approval on September 25th and the final court order on October 2nd. We used $7.7 million of cash to complete the transaction. There was a lot of buyer interest. It's a fast-growing top line. It's cash generative. It's high-retention software products delivered as a service. Customers love it. Massively growing vertical market in commercial space. That's a vertical that attracts some of the most valuable companies in the entire stock market because of its size and growth. Our geospatial piece of that is around 2% of a $650 billion market, which [McKinsey] estimates is growing to a $2 trillion market. Most importantly, execution is what matters, and PCI has an extremely accomplished and experienced employee group. It has great leadership in June. For Intermap, it was an unprecedented opportunity. Intermap has been an owner of PCI for decades. We are a trusted custodian of dual-use technologies. We were in a strong position because of the strategic rationale, and the fit of this transaction is undeniable. We have very similar cultures. We have shared business relationships and IP. We are embedded technology, either data or software, whether directly or through customers or partners, in many foundational government programs. One such as NGA's Janus Program or its even larger MGCP program. We are both core customers of mapping agencies all over the world. We both have decades of reliable past experience and past performance, including in Indonesia, where BIG, the mapping agency, and most of its contractors remain important customers, both for software and data from both companies. Why space? Space is the frontier. Image processing technologies like PCI's and Intermap are allowing the industry to generate images of the world with refresh rates and accuracies that are unprecedented. We need to push deeper into 3D context. That is going to open up use cases and markets for useful GEOINT. If you take one of our insurance companies, just to use one example, they may have a GEOINT stack of, say, 130 or more variables that allow them to risk manage a written premium. If a storm damages a particular roof, they may use a space image layer to help validate a claim. They will pay more money for that. They may ingest dynamic imagery to monitor and correlate changes in sand dunes or barrier reefs to inform better risk pricing across an entire portfolio. That is a lot more value and more expensive. Being part of a platform like ours allows them to better amortize the cost across a book or even several books, or even several customers. Space imagery works together with GEOINT from other sources, collected from different platforms, to generate a complete picture and inform better decisions. We are making space imagery more useful, we are making it more affordable, and we are expanding our customer wallet at the same time with additional value proposition. We are both achieving outcomes by focusing on the processing, integration, dissemination. We are both asset-light companies. That is a huge, strong financial position to be in a high-growth industry like commercial space. All automated, all at scale, without forcing our customers to build out massive GIS teams or make large capital expenditures or change established workflows, but allowing them to leverage an ecosystem and a platform. Why now? June and I have known each other for a long time. Many of our employees have known each other even longer. There was a time in the geospatial, in this industry's evolution of space, particularly when it made sense to treat space sensors as a distinct, separated, vertical market. Most, if not all at one time, were classified systems. There was a need for secrecy. The initial infrastructure is capital intensive. Unclassified commercial systems need their own ecosystem. A lot of the analytic and algorithmic work needed to be distributed to enable base stations and other remote and autonomous workflows, and it formed a small part of a very large upfront spend. The focus has been on launch and payload more than on TCPED being using the geospatial intelligence, the exploitation. Today, our customers are focused on useful integrated GEOINT, and doing that at massive scale with autonomy and speed. Data and use cases, they proliferated in the commercial market. Some use cases are classified, but most are not. There is rapid commercial space market growth. There is no more need to keep these ecosystems separate. We have the infrastructure, the processes, the technologies to protect data. Information is coming from multiple sensors, and they are operating in all domains, not just space, land, air, sea. We now have the ability to produce exquisite GEOINT. Swimming in unused or slow data or not good data remains a big problem for our customers. It makes sense to bring our capabilities back together. This is a customer-driven transaction so that we can speed things up, focus on the useful GEOINT, and help customers get the most value out of it. The rest will pay more for useful answers. The other part of that is pushing tools out through software to where customers use their GEOINT. That is a key requirement in Indonesia, for example, but they are by no means the only one. It is good business because it is recurring, and it is good for the customers because it is efficient and fast. It gives them more control and flexibility. They are going to pay more for that as well. PCI excels at delivering software-enabled tools to tens of thousands of users. They are focused on key vertical markets such as global infrastructure, better data, faster data into distributed workflows. That is where both of these customer sets are pulling us. It is where the margins are, and it is where the industry needs to go. We are both already doing it, but together we are going to be able to do it at a larger scale. We built a stronger company. Intermap's proprietary 3D geospatial data collection and processing platforms, so our domain expertise, our AI/ML analytics, and PCI adding image processing, cloud-native applications, relationships across the entire commercial space ecosystem. This acquisition doubles our recurring revenue. It adds more than 30,000 installed licenses across over 150 countries. PCI advances our technology roadmap as a combined company into distributed edge processing and microservices. For customers, these capabilities have the potential to reduce latencies while maintaining data oversight, provenance, security, and sovereignty. We hear that over and over again. On the product side, PCI's work starts with imagery. Customers need to process that imagery accurately and automatically and turn it into information they can use. Intermap adds a proprietary 3D data foundation, AI and ML models developed over decades using global-scale real-world data. For a customer processing satellite imagery, elevation data helps place that image accurately on the ground. For some applications, that ground truth can be priceless. Connecting that processing with our analytics provides a clear path to decision-ready intelligence. Distributed edge processing speeds the process up further, reducing latency within existing workflows. All of these things are adding value, which our customers are willing to pay for. We see opportunities to introduce Intermap's data, AI, and ML models to PCI customers, expand access to PCI's processing capabilities through Intermap's relationships, particularly in the defense sector, and develop applications that combine both. PCI's installed base and relationships across the commercial space ecosystem significantly expand our global distribution. This is a highly attractive business model. Their churn is low because they bring highly proprietary algorithms to critical processes. Our churn is low because we bring one-of-a-kind data to help solve previously intractable problems. Their focus is on the microservices and the algorithms. Ours is on the data, b oth embed unique value in software. As a result, we both realize high ARRs, low churn, high margins, extended duration contracts. It gets even more exciting when you think about the front end. Our customers, Intermap, compensate this company dearly for pursuit costs and program acquisition costs, especially with governments. They provide non-dilutive capital to extend our capabilities and technologies, and they pay us really high margins when we win large programs. Those programs get extended and made more valuable for everyone by embedding tools, software, and services. The acquisition cost for that follow-on sale is less than zero when you're already the incumbent. We're no longer leaving those opportunities on the table for us or for the customer. We make money on the capture side. We make money on the follow-on. We make money loading the gun, and we make even more money selling the software portfolio on the other side of it. We're going to focus on growing recurring subscriptions, upselling, winning larger programs, and expanding adoption of integrated solutions. For the year ending next year, we expect this commercial revenue stream to achieve $12 million - $15 million in Adjusted EBITDA of around $5 million. That represents a growth of approximately 100% with contribution margins above 50%. This outlook assumes no contribution from government procurements. They have uncertain timing, including in Indonesia. Because of that uncertainty, we're not going to include those government programs in revenue guidance before contract award. We're going to focus on customers, discipline integration, and results. Those are the formal remarks. I want to thank everybody for joining us and maybe Sean, if you like, we can take some questions. Great. Thanks, Patrick. Yeah, we have a number of questions in the queue. As a reminder, if you have a question, at the bottom of the screen, there's a Q&A tab. You can type your question in there, and we'll get to it. All right, first question. What are the near-term priorities for integrating PCI, and when do you expect integration to be substantially completed? Yeah. Bundling data and software, especially when it is proprietary data, it just produces better answers, and it allows machine-to-machine type processes, greater automation. The algorithms just work better when you are including 3D context. All of that creates really sticky recurring revenue. It creates pricing power because we could toll data in addition to software subscriptions. That gives customers incentive to extend contract lengths, which is great for us for visibility. We have learned all of this through our insurance, through our commercial insurance business. We understand our target. We understand what we are shooting for here, how to make the software work better, stick better, pay more, combining it with data, and maximizing that GEOINT usefulness. At the same time, it amortizes it across larger books as a platform, and it becomes more financially compelling for the customer. They are going to pay more, but they are going to be happy paying more because of the way they are using the data now and the value that that data brings them. It lengthens the duration, increases our pricing power. We have, for example, already an Orthorectification Service product. It is AI/ML-driven. It is super efficient. It is super effective. It uses high-grade global DEMs for accurate geolocation. We have won several new customers since rolling it out a month or so ago, and we are white labeling it through some geospatial platforms. We are already bundling it with PCI customer imagery to deliver better ground truth product for one of the satellite accounts. We will have rapid feature land cover object extraction at scale, all really fast and automated, some of the highest resolution product available on the whole planet right now. We built this capability during our recent work in Southeast Asia. That is in a [1 to 5,000] map scale, and it could cope with very complicated terrain. We are not talking about deserts here. They are very value-added derivative products at scale, automated. All kinds of commercial space companies can benefit from these downstream products. We are bringing the resolutions that are captured by Intermap, runs exquisite sensors at 30,000 ft, and we are bringing that product set to sensors that are miles into space. We are using our global 3D archive and machine learning, and other capabilities to achieve that. That combination is valuable and it is compelling, and people want that, and they will pay for it. I already gave some insurance examples of bundled product offerings. We are participating already as a combined company on RFPs at the front end for integrated offerings, and we have had some very key contracts renewed subsequent to this transaction. The customers, they are excited about this deal, and it is already generating a lot of momentum. Okay, great. Of the $12 million-$15 million of commercial revenue you are guiding to for 2027, how much represents PCI's existing revenue base versus Intermap's organic growth? Yeah. What I have said, we are not going to do sum of the parts or break this stuff out. We have given the 2027 revenue. What I have said that is important is that the top line is accretive. It is also synergistic, right? We are already capturing some of those synergies with joint accounts. In addition to that, we are capturing pricing power. We touch a lot of the DEMs on the planet when you combine these two companies. Most people are either buying them directly from us or they are using PCI tools to create them, and it evolves both companies' opportunities, and it elevates the business model. There is going to be even more opportunity for high-margin revenue. Okay, I am going to adjust this one a little bit. This question, what kind of organic revenue growth are you seeing from PCI? Then what percentage of that revenue would be contractually recurring? All of it. Like I said, I think we have addressed that in the guidance already in terms of where we are going to be a year from now. Okay. To what extent was this acquisition informed by commentary from defense customers? Yeah. It's coming from commercial. I gave that insurance example. One of the things that people struggle with is how do I do one-off imagery purchases? Some people can do that, but not nearly at the volumes where either the satellite companies or those commercial enterprises can really benefit. Once they bundle with a GEO product on a platform that is scaled, it becomes a completely different story in terms of being able to drive that source data. There's value to the source data, right? It could have high refresh rates, it can have other things. It brings value to the stack. These data stacks are not a single product, like a single source of imagery intelligence. They're a GEOINT stack, right? 130 layers. The satellite can bring a valuable piece to that, and what we're doing is going to enable a much larger, I believe, larger adoption of that. It's also getting pulled on the government side, and it's getting pulled on defense as well because of this need to have secure, distributed, highly accurate, reliable GEOINT. It's no longer good enough to be sitting at headquarters, have a bunch of PhDs and an army of people working through GEOINT product and source, and then getting it out to the field a week later or a month later. That's not good enough anymore. It needs to be downrange. That's driving it. We're enabling that, right? We're enabling exquisite data on an [ATAK] that's really, really needed. On the partner side, if we just take recent work in Southeast Asia, they want data sovereignty. They want distributed data as well, right? They want to own their own supply chain. We now have the tools to enable that, to create authoritative data but allow them to maintain the provenance and the data authority, and the security around that. So that's a really big evolution, and it's important. Tying on to exactly what you just said, this is kind of a follow-up. Does this acquisition help with winning government programs like Indonesia, and if so, how? I think you've kind of talked a little bit about that, but do you think that this is helpful in winning those government contracts now? I pinch myself because the requirements, like I said, they're pulling us. They're pulling everybody in this direction, right? We have this perfect fit with PCI, where they're already fulfilling a gap. We're fulfilling a gap for them. They're fulfilling a gap for us. We're also at the same time combining top-shelf talented people and industry verticals installed customer base. We're getting our gap filled. Instead of going out and hiring and building into that for a single account or a smaller number of accounts, we've now got our gap filled plus, plus. It's a very exciting big deal. Okay, back to the guidance here. Does the guidance of $12 million-$15 million include built-in synergies, or would that represent additional upside? What we haven't built in is the government. The government's going to be additional upside. What we've built in is the sort of bottoms-up accounts where we have visibility and longevity and can make I think pretty good guidance projections. Okay. The margin profile of the commercial business is defined as $5 million. Can you confirm that excludes costs associated with the acquisition services business? Yeah, it's the contribution margin, right? So it's that side of the business, it's not the other side of the business. Okay. Okay, moving on. There's a couple questions outside of the acquisition. Can you talk about what you're seeing in terms of defense opportunities in general? It's very, very active. Not surprisingly, because the world is affected. I think what's changed in the last certainly 12 months is the defense. People saw the budgets, right? People saw that this was becoming a much more important market for dual use companies like ours and other defense contractors. What's really changed is now defense is affecting everybody. It's affected. When oil, for example, comes out of the Strait of Hormuz, where do you think it goes? Almost all of it goes to the Strait of Malacca, which is Indonesia, and it services Southeast Asia and China. All of a sudden, what's happening in defense is part of everybody's business. That's driving. It's contributing to delays in places like Indonesia on funded programs. Those programs are going to happen, and they have the money. There is impact when defense starts to impact all the other parts of your economy as well. It is also driving our pure defense side of our house, where our customers on that side are really, really busy, busier than I have ever seen them in the last decade. There is a lot of activity happening there. Okay, this one is on Indonesia. Just with respect to Indonesia, understanding that the decision dates are still getting pushed out, how has your level of confidence in the outcome evolved since the Q2 call in August? It is still high. They need a map. They have the money for a map. It is not like they are not doing anything. I just got back from there last week. They are executing in terms of their readiness, which is why I see that, and we are maintaining our readiness, right? I have extended several times our commitments. Someone was asking about the contribution margins, and it is a good question because it is true. We do have a drag on that acquisition services side because we are maintaining readiness at a level that enables them to go as soon as they are ready to go. They are, in the meantime, maintaining their readiness, too. They are not doing nothing. That country specifically has macro headwinds. I just described one of them, probably the biggest one, that got people focused, especially the most senior people in the country heavily. Look, if all the oil is coming in your direction, then a big part of your economy is gas subsidies, right? You are a consumer of that oil, and it is embedded pretty significantly in your finances. People are working on that, and they are managing around that. It does not change the need for the map. It does not change the funding for the map because our funding is line item. It is committed to a very specific use case from a third party. It does not change any of that, but it does contribute to delays. Given the recent catastrophic flooding in Bangkok and the scrutiny around existing mapping and disaster management systems, can you explain the importance of Intermap's integrated solution and what it could have done directly or differently in a situation like Bangkok? Yeah, that's a great question. As you know, we've been active. We have a long history and relationships in Thailand. They've had, over the last couple of years or so, some transitions there in the government, which everybody who tracks it is probably aware of. Intermap has very good past performance there. We played a very important role when the situation with the flooding in the caves happened a few years ago, and they called us. We didn't call them. So we have very strong credibility in that country particularly. I can tell you right now that there's a lot of activity with our salesforce and biz dev people there. Just on the Indonesia contract, can you provide more details on the $150 million in additional liquidity that you mentioned in the press release? Other than that, probably not. You can go and look at the RFB for the requirements, but we have top-shelf global financial institutions backing us, and more importantly, endorsing that. I think it's important to point out, because we got this sort of situation going on where there's a kinetic activity happening in the Middle East, right? Away from that, this area of the world is, I don't know, it's not number one, but it's solidly number two in foreign direct investment, and it's got currency flows that are happening now largely tied to what's going on in this kinetic activity. But don't disregard the fact that especially in the credit markets, and especially with what I would describe as the largest money center banks, the ones who really know what they're doing because they're operating all over the world. There is a ton of support for this government and for this program, and we're accessing that capital and that commitment, and they're supporting our bid. Okay. Next one. You mentioned that Intermap has its assets committed to the Indonesian bid. Is this holding up the execution of other pending government contracts? Yeah. The answer is there is a rack and stack, and we have the ability to execute, walk and chew gum. We can do more than one thing at once. And we have the install base to be able to do more than one thing at once, and we do have other things that are very active and near term, and we're fully prepared for that. So where it impacts us is when you have to maintain a level of readiness, right? With significant assets, people, other commitments in terms of build-out and permitting and compute and all this stuff in order to meet timelines. As long as we're spun up, we can't spin down, because if we do that, then we're making commitments to timelines that can't be achieved, right? The timelines are critical, and Intermap has never, in its entire history, missed these timelines or failed to deliver. So it's very, very important to our past performance and our credibility to be able to do what we say. We have these commitments, right? And I believe still that they're committed, and they're on track to get that very significant program going. If I didn't think that, we wouldn't be spun up, right? But we are extending financial written capital allocation, real commitments in order to be able to respond to that requirement as soon as they hit the button to do it. And they're getting pretty close, I think, to being ready to do it. Okay, just going back to the combined entity. Someone's asking about intellectual property. What part of the united companies are protected by patents? We got several layers of protections. Patents is one. Trade secret, obviously, is another one, where we aren't even going to let people know what we're doing or how we're doing it. Probably the most significant layer is the defense technology. We're both defense tech companies. We're both regulated, and those regulations are pretty serious. You can't just go start in a garage and do what we do without someone coming to knock on your door. That's a pretty significant protection. It's cumbersome, and it takes a lot of effort in terms of compliance and all the hoops we have to go through, but it's protective. It's globally protective. If I have problems with an asset, I'm talking to the State Department to solve that problem. I'm not talking to some local partner or something like that. It's a very powerful IP moat, even though it's also, at the same time, pretty cumbersome. Okay, couple more here. Can you give us an update on the NGA, Luno, and DARPA contracts that you've been working on? Is there any update to give there? They're in contracting right now, so we'll have more to say about that, I hope, soon. Okay. Then a few people are asking, any update on the up-listing? It's part of our roadmap, and as I've said before, what hasn't really changed from the last time we talked about this is it all comes down to making sure that we don't up-list into an orphan stock. So there has to be investor pull. There has to be valuation support. All of that means that the business has to obviously contribute to that. So we have some contract wins that we think are going to move the needle there, but all this stuff goes together. What I can tell you is there's no longer any requirements from accounting or from other kind of logistics that are holding it up. It's something we can do tomorrow when the environment's right for it. But we can't go and do it just into an orphan listing. Okay, last question. Are there any other acquisition opportunities out there for you to pursue? If so, what kind of businesses are you interested in? A follow-up, to what extent has this transaction triggered or advanced conversations with potential sellers? Yeah, both of the above. That is what happens, right? Once you start to get into a flow, then you start to see more. That is definitely happening. Even away from that, we have our targets, right? I know who owns what and where they live and if they are owned privately, I know where they live in the fund life cycle. I know who the portfolio managers are that are responsible for those timeframes. We track all that, and we know where the gaps are. We know where we want to go. We can be opportunistic, but if you take this transaction right here as an example, this is something that we have mutually been on each other's radar screens for quite a long time. These things are very carefully thought out. Our customer bases are very large and unique, whether it is an insurance company or a government, or a defense department. Most of what we do tends to be very thoughtful. Okay, well, there are no further questions at this time. If anybody on the call, if something did not get answered or you have a follow-up question, please reach out to us, and we will be happy to answer you via email or phone. This concludes the call to discuss Intermaps' acquisition of PCI Geomatics. Have a nice evening, and thank you for joining. Thanks, everybody.