BuildDirect Reports Second Quarter 2025 Financial Results
BuildDirect (OTCQB:BDCTF) reported strong Q2 2025 financial results, with revenue increasing 4.2% to $16.86M compared to Q2 2024. The company achieved a gross margin of 39.9%, up 170 basis points year-over-year. Key highlights include $0.14M in net income and $0.6M in adjusted EBITDA, marking the 14th consecutive quarter of positive performance.
The company's Pro Center segment contributed 78% of revenue, while E-Commerce represented 22%. Working capital improved to $3.6M, up from $2.7M in December 2024. Notably, BuildDirect successfully completed a C$7M financing through a private placement at C$1.15 per share, strengthening its position for expansion in the $90+ billion North American flooring market.
BuildDirect (OTCQB:BDCTF) ha comunicato solidi risultati finanziari nel 2° trimestre 2025, con ricavi in aumento del 4,2% a $16,86M rispetto al 2° trimestre 2024. La società ha raggiunto un margine lordo del 39,9%, in progresso di 170 punti base su base annua. Tra i punti salienti figurano un utile netto di $0,14M e un EBITDA rettificato di $0,6M, il quattordicesimo trimestre consecutivo di performance positiva.
Il segmento Pro Center ha generato il 78% dei ricavi, mentre l'E‑Commerce ha rappresentato il 22%. Il capitale circolante è salito a $3,6M (da $2,7M a dicembre 2024). Inoltre, BuildDirect ha completato con successo un finanziamento di C$7M tramite collocamento privato a C$1,15 per azione, rafforzando la posizione per espandersi nel mercato nordamericano dei pavimenti da oltre $90 miliardi.
BuildDirect (OTCQB:BDCTF) informó sólidos resultados financieros del 2T 2025, con ingresos que aumentaron un 4,2% hasta $16,86M respecto al 2T 2024. La compañía logró un margen bruto del 39,9%, 170 puntos básicos más que el año anterior. Entre los aspectos destacados están un ingreso neto de $0,14M y un EBITDA ajustado de $0,6M, marcando el decimocuarto trimestre consecutivo de resultados positivos.
El segmento Pro Center aportó el 78% de los ingresos, mientras que el comercio electrónico representó el 22%. El capital de trabajo mejoró hasta $3,6M, desde $2,7M en diciembre de 2024. Cabe destacar que BuildDirect completó con éxito una financiación de C$7M mediante una colocación privada a C$1,15 por acción, reforzando su posición para expandirse en el mercado norteamericano de suelos de más de $90 mil millones.
BuildDirect (OTCQB:BDCTF)는 2025년 2분기 견조한 실적을 발표했습니다. 매출은 전년 동기 대비 4.2% 증가한 $16.86M를 기록했습니다. 회사의 매출총이익률은 39.9%로 전년 대비 170베이시스포인트 상승했습니다. 주요 성과로는 $0.14M의 순이익과 $0.6M의 조정 EBITDA를 달성해 14분기 연속 플러스 성과를 보였습니다.
Pro Center 부문이 매출의 78%를 차지했고 E‑커머스는 22%를 기록했습니다. 운전자본은 2024년 12월의 $2.7M에서 $3.6M으로 개선되었습니다. 또한 BuildDirect는 주당 C$1.15의 사모 발행을 통해 C$7M 자금을 성공적으로 조달하여 900억 달러 규모 이상의 북미 바닥재 시장으로의 확장 역량을 강화했습니다.
BuildDirect (OTCQB:BDCTF) a publié de solides résultats pour le 2e trimestre 2025 : le chiffre d'affaires a augmenté de 4,2% à $16,86M par rapport au 2T 2024. La société a affiché une marge brute de 39,9%, en hausse de 170 points de base sur un an. Parmi les faits marquants figurent un résultat net de $0,14M et un EBITDA ajusté de $0,6M, soit le 14e trimestre consécutif de performance positive.
Le segment Pro Center a contribué à 78% des revenus, tandis que l'E‑commerce représentait 22%. Le fonds de roulement s'est amélioré à $3,6M, contre $2,7M en décembre 2024. Notamment, BuildDirect a conclu avec succès un financement de C$7M via un placement privé à C$1,15 par action, renforçant sa position pour se développer sur le marché nord‑américain du revêtement de sol, supérieur à $90 milliards.
BuildDirect (OTCQB:BDCTF) meldete starke Finanzergebnisse für das 2. Quartal 2025: der Umsatz stieg im Vergleich zum 2. Quartal 2024 um 4,2% auf $16,86M. Das Unternehmen erzielte eine Bruttomarge von 39,9%, ein Anstieg um 170 Basispunkte gegenüber dem Vorjahr. Zu den Highlights gehören $0,14M Nettogewinn und $0,6M bereinigtes EBITDA, womit das Unternehmen den 14. Quartalsgewinn in Folge verzeichnet.
Der Pro Center‑Bereich trug 78% der Umsätze bei, der E‑Commerce machte 22% aus. Das Working Capital verbesserte sich auf $3,6M (vorher $2,7M im Dezember 2024). Bemerkenswert ist auch eine erfolgreich abgeschlossene Finanzierung über C$7M durch eine Privatplatzierung zu C$1,15 je Aktie, die die Position für eine Expansion im nordamerikanischen Bodenbelagsmarkt von über $90 Mrd. stärkt.
- Revenue growth of 4.2% year-over-year to $16.86M
- Gross margin expanded 170 bps to 39.9%
- Operating cash flow increased 495% to $0.53M
- 14th consecutive quarter of positive adjusted EBITDA
- Successfully raised C$7M through private placement
- Working capital increased by $0.9M to $3.6M
- Operating loss of $173,541 in Q2 2025
- Shareholders' equity decreased by $661,182
- E-Commerce segment gross profit margin declined from 52.4% to 49.9% year-over-year
- Revenue of
$16.86M in Q2 2025, an increase of4.2% from$16.18M in Q2 2024. - Gross margin of
39.9% in Q2 2025, an increase of 170 bps from38.2% in Q2 2024. - Cash flow from operating activities of
$0.53M in Q2 2025, an increase of495% from$0.09M in Q2 2024. - Delivered
$0.14 million in net income and$0.6 million in adjusted EBITDA in Q2 2025, extending the Company's track record to 14 straight quarters of positive performance. - Working capital increased by
$0.9 million to$3.6 million at June 30, 2025 from$2.7 million at December 31, 2024. - Company to host Second Quarter 2025 financial results conference call on Thursday, August 28, 2025 at 11:00 AM (PDT) / 2:00 PM (EDT).
BuildDirect reports in US dollars and in accordance with IFRS Accounting Standards.
Vancouver, British Columbia--(Newsfile Corp. - August 28, 2025) - BuildDirect.com Technologies Inc. (TSXV: BILD) (OTCQB: BDCTF) ("BuildDirect" or the "Company"), a leading omnichannel building material retailer, today announced its financial results for the Second Quarter Ended June 30, 2025 ("Q2 2025").
"Our Q2 results highlight the resilience of our business model as revenue grew
Shawn added, "With the successful completion of our C
BuildDirect Second Quarter 2025 Financial Results Conference Call
Date: Thursday, August 28, 2025
Time: 11:00 AM (PDT) / 2:00 PM (EDT)
Live Webinar: https://us02web.zoom.us/webinar/register/WN_sekQlp49RdKJmW-Q4orTAA
The replay will be available approximately 24 hours after the completion of the conference call. In addition, an archived replay will be available on the Investor Relations section of the Company's website at https://ir.builddirect.com/financials/quarterly-results/.
Among other things, the Company will discuss the long-term financial outlook on the conference call and related materials will be available on the Company's website at https://ir.builddirect.com/financials/quarterly-results/. Investors should carefully review the factors, assumptions, risks, and uncertainties included in such related materials concerning such as the long-term financial outlook.
Second Quarter 2025 Financial Highlights
A. Financial Position
The following table summarizes the Company's financial position at June 30, 2025 and December 31, 2024.
| As at | As at | ||||||||
| June 30, | December 31, | ||||||||
| 2025 | 2024 | Change | |||||||
| Cash and cash equivalents | $ | 4,070,963 | $ | 2,347,491 | $ | 1,723,472 | |||
| Working capital(1) | 3,604,114 | 2,712,617 | 891,497 | ||||||
| Total assets | 29,582,247 | 27,752,963 | 1,829,284 | ||||||
| Total liabilities | 27,088,440 | 24,597,974 | 2,490,466 | ||||||
| Total shareholders' equity | 2,493,807 | 3,154,989 | (661,182 | ) | |||||
| Common shares outstanding | 42,074,624 | 42,032,706 | 41,918 | ||||||
1A non-IFRS measure. See "Non-IFRS measures" for definitions and reconciliation of non-IFRS measures to the relevant IFRS Accounting Standards.
B. Financial Results
The following table summarizes the Company's selected financial results for the three months and six months ended June 30, 2025 and 2024.
| Three months ended | Three months ended | ||||||||
| June 30, | June 30, | ||||||||
| 2025 | 2024 | Change | |||||||
| Revenue | $ | 16,860,359 | $ | 16,182,846 | $ | 677,513 | |||
| Income (loss) from operations | (173,541 | ) | (227,626 | ) | 54,085 | ||||
| Comprehensive income (loss) | 138,458 | (517,029 | ) | 655,487 | |||||
| Adjusted EBITDA (1) | 602,473 | 578,326 | 24,147 | ||||||
| Basic and diluted earnings (loss) per share | $ | 0.01 | $ | (0.01 | ) | $ | 0.02 | ||
| Six months ended | Three months ended | ||||||||
| June 30, | June 30, | ||||||||
| 2025 | 2024 | Change | |||||||
| Revenue | $ | 31,949,205 | $ | 31,772,698 | $ | 176,507 | |||
| Income (loss) from operations | (328,840 | ) | (544,607 | ) | 215,767 | ||||
| Comprehensive income (loss) | (747,447 | ) | (1,106,353 | ) | 358,906 | ||||
| Adjusted EBITDA (1) | 1,252,577 | 1,082,566 | 170,011 | ||||||
| Basic and diluted loss per share | $ | (0.02 | ) | $ | (0.03 | ) | $ | 0.01 | |
1A non-IFRS measure. See "Non-IFRS measures" for definitions and reconciliation of non-IFRS measures to the relevant IFRS measures.
C. Revenue and Gross Profit per Segment
The Company reports results in two segments: (1) E-Commerce and (2) Pro Centers. We measure each reportable operating segment's performance based on revenue. The E-commerce segment relates to our online platform while the Pro Center segment includes sales and installation revenue from bricks and mortar locations.
The E-Commerce and Pro Center segments contributed
The following table summarizes revenue and gross profit per Segment for Q2 2025 and Q2 2024:
| Three months ended June 30, 2025 | |||||||||
| E-Commerce | Pro Centers | Total | |||||||
| Revenue | $ | 3,655,890 | $ | 13,204,469 | $ | 16,860,359 | |||
| Cost of goods sold | 1,831,585 | 8,305,761 | 10,137,346 | ||||||
| Gross profit | 1,824,305 | 4,898,708 | 6,723,013 | ||||||
| Gross profit % | |||||||||
| Three months ended June 30, 2024 | |||||||||
| E-Commerce | Pro Centers | Total | |||||||
| Revenue | $ | 3,258,746 | $ | 12,924,100 | $ | 16,182,846 | |||
| Cost of goods sold | 1,551,747 | 8,446,344 | 9,998,090 | ||||||
| Gross profit | 1,707,000 | 4,477,757 | 6,184,756 | ||||||
| Gross profit % |
D. Working Capital
| June 30, | December 31, | |||||
| 2025 | 2024 | |||||
| Total current assets | $ | 19,467,125 | $ | 16,910,668 | ||
| Total current liabilities | 15,863,011 | 14,198,051 | ||||
| Working capital | $ | 3,604,114 | $ | 2,712,617 | ||
E. Quarterly Financial Information
| USD | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | ||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| Revenue | 16,860,359 | 15,088,846 | 16,723,578 | 16,968,564 | 16,182,846 | 15,589,852 | 16,916,952 | 18,411,622 | ||||||||||||||||
| Gross Profit | 6,723,013 | 6,224,672 | 6,562,882 | 6,503,404 | 6,184,756 | 6,090,951 | 5,957,814 | 7,321,604 | ||||||||||||||||
| Gross Margin % | ||||||||||||||||||||||||
| Net Loss | 138,458 | (885,905 | ) | 243,237 | (384,414 | ) | (517,029 | ) | (589,324 | ) | (1,971,942 | ) | (480,818 | ) | ||||||||||
| Net Earnings (loss) p/s: | ||||||||||||||||||||||||
| Basic and diluted EPS | 0.01 | (0.02 | ) | 0.01 | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.05 | ) | (0.01 | ) | ||||||||||
| EBITDA(1) | 1,466,046 | 345,803 | 396,232 | 711,775 | 573,376 | 486,772 | (757,295 | ) | 976,906 | |||||||||||||||
| Adjusted EBITDA(1) | 602,473 | 650,104 | 376,331 | 786,410 | 578,326 | 504,230 | 73,069 | 1,370,956 |
1A non-IFRS measure. See "Non-IFRS measures" for definitions and reconciliation of non-IFRS measures to the relevant IFRS measures.
Subsequent events to Q2 2025
- On August 1, 2025, BuildDirect successfully closed a non-brokered private placement for gross proceeds of C
$7.0 million through the issuance of 6,087,173 common shares at C$1.15 per share, with participation from Sun Mountain Partners, IFCM Microcap Fund, and the Company's three largest shareholders to support the Company's growth strategy.
2025 Outlook
BuildDirect remains focused on executing its growth strategy to expand market share in the
Management intends to:
- Expand the Pro Center footprint across strategic U.S. and Canadian markets while strengthening BuildDirect's omnichannel presence.
- Pursue selective acquisitions in flooring and complementary building materials at accretive EBITDA multiples, enhancing scale and profitability.
- Leverage e-commerce and technology platforms to drive operational efficiency, customer acquisition, and cross-channel synergies.
- Maintain financial discipline with a continued focus on generating positive adjusted EBITDA and cash flow.
About BuildDirect
BuildDirect (TSXV: BILD) (OTCQB: BDCTF) is an expanding omnichannel building materials retailer, specializing in Pro Centers-strategic distribution hubs designed to serve professional contractors and trades. The Company is actively scaling its footprint through a combination of organic growth and strategic acquisitions, driving efficiency and market expansion. For more information, visit www.BuildDirect.com.
Forward-Looking Information:
This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. These statements reflect management's current beliefs and expectations and are based on information currently available to management as at the date hereof.
Forward-looking statements in this press release may include, without limitation, statements relating to BuildDirect being in a strong position to keep building; BuildDirect's ongoing pursuit of a model focused on growing the Pro Center network, creating operating leverage and staying disciplined on returns; the Company building or acquiring strong locations, expanding its commercial reach, and growing EBITDA through better execution; the Company's acceleration of growth through the exploration a combination of new location builds and targeted strategic acquisitions; the Company's expansion of its geographic footprint, deepening supplier relationships, and enhancing its service capabilities for professional customers; the Company's delivery of strong returns and capturing market share in both core and emerging regions; the Company's focus on driving EBITDA growth through improved operational efficiency and the continued development of its commercial sales channel; the Company being well-positioned to scale profitably while maintaining a high standard of customer service; and BuildDirect's unwavering commitment to pursue sustainable growth, operational excellence, and long-term value creation for its stakeholders
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Among those factors are changes in consumer spending, inflation, availability of mortgage financing and consumer credit, changes in the housing market, changes in trade policies, tariffs or other applicable laws and regulations both locally and in foreign jurisdictions, availability and cost of goods from suppliers, fuel prices and other energy costs, interest rate and currency fluctuations, retention of key personnel and changes in general economic, business and political conditions and other factors referenced under the "Risks and Uncertainties" section of our MD&A. These forward-looking statements may be affected by risks and uncertainties in the business of the Company and general market conditions.
These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release reflect the Company's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and BuildDirect assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
NON-IFRS MEASURES
This announcement refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, and do not have a standardized meaning prescribed by IFRS Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS Accounting Standards measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS Accounting Standards. We use non-IFRS measures including "EBITDA" and "Adjusted EBITDA". Management uses these non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to determine components of management compensation. As required by Canadian securities laws, we reconcile these non-IFRS measures to the most comparable IFRS Accounting Standards measures in this announcement. See below regarding definitions and reconciliation of these non-IFRS measures to the relevant reported measures.
We define EBITDA as net income or loss before interest, income taxes and amortization. Adjusted EBITDA removes fair value adjustment of convertible debt and warrants, fair value adjustment of inventory, restructuring expenses, non-recurring bad debt expense, foreign exchange gains and losses, and share-based compensation items from EBITDA. We are presenting these measures because we believe that our current and potential investors, and many analysts, use them to assess our current and future operating results and to make investment decisions. Management uses these measures in managing the business and making decisions. EBITDA and adjusted EBITDA are not intended as substitutes for IFRS measures.
| Three months ended | Three months ended | |||||
| June 30, | June 30, | |||||
| 2025 | 2024 | |||||
| Total loss and comprehensive loss | $ | 138,458 | $ | (517,029 | ) | |
| Add: | ||||||
| Interest expense, net | 397,439 | 306,471 | ||||
| Income tax expense | 189,000 | 84,375 | ||||
| Depreciation and amortization | 741,148 | 699,559 | ||||
| EBITDA | 1,466,046 | 573,376 | ||||
| EBITDA - % (1) | ||||||
| Add (deduct): | ||||||
| Stock-based compensation | 34,865 | 51,112 | ||||
| Change in fair value of warrants | 116,552 | (24,275 | ) | |||
| Restructuring costs | 36,871 | - | ||||
| Government grant | (1,170,137 | ) | - | |||
| Gain on disposal of assets | (7,971 | ) | - | |||
| Finance fee | - | 20,000 | ||||
| Foreign exchange (gain) loss | 126,247 | (41,887 | ) | |||
| Adjusted EBITDA | $ | 602,473 | $ | 578,326 | ||
| Adjusted EBITDA - % (2) | ||||||
| Six months ended | Six months ended | |||||
| June 30, | June 30, | |||||
| 2025 | 2024 | |||||
| Total loss and comprehensive loss | $ | (747,447 | ) | $ | (1,106,353 | ) |
| Add: | ||||||
| Interest expense, net | 739,609 | 614,231 | ||||
| Income tax expense | 308,000 | 151,875 | ||||
| Depreciation and amortization | 1,511,686 | 1,400,395 | ||||
| EBITDA | 1,811,849 | 1,060,148 | ||||
| EBITDA - % (1) | ||||||
| Add (deduct): | ||||||
| Stock-based compensation | 69,730 | 115,302 | ||||
| Change in fair value of warrants | 247,621 | (27,314 | ) | |||
| Restructuring costs | 156,885 | - | ||||
| Government grant | (1,170,137 | ) | - | |||
| Gain on disposal of assets | (8,471 | ) | - | |||
| Finance fee | - | 20,000 | ||||
| Foreign exchange (gain) loss | 145,100 | (85,570 | ) | |||
| Adjusted EBITDA | $ | 1,252,577 | $ | 1,082,566 | ||
| Adjusted EBITDA - % (2) |
(1) EBITDA % is a ratio of EBITDA divided by Total Revenue
(2) Adjusted EBITDA % is a ratio of Adjusted EBITDA divided by Total Revenue
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Shawn Wilson, CEO
shawnwilson@builddirect.com
BuildDirect Investor Relations
ir@builddirect.com
Condensed Consolidated Interim Statements of Financial Position
(Unaudited)
(Expressed in United States dollars)
| As at June 30, 2025 | As at December 31,2024 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 4,070,963 | $ | 2,347,491 | ||
| Short-term investments | 200,000 | 445,415 | ||||
| Trade and other receivables (note 4) | 4,235,827 | 3,694,821 | ||||
| Inventories (note 5) | 10,039,503 | 9,619,963 | ||||
| Prepaid materials, expenses, and deposits | 920,832 | 802,978 | ||||
| Total current assets | 19,467,125 | 16,910,668 | ||||
| Non-current assets: | ||||||
| Property and equipment (note 6) | 706,428 | 607,699 | ||||
| Intangible assets (note 7) | 1,062,168 | 1,882,891 | ||||
| Right-of-use assets (note 8) | 1,915,051 | 2,562,647 | ||||
| Non-current deposits | 508,382 | 434,040 | ||||
| Loans receivable (note 9) | 568,075 | - | ||||
| Goodwill (note 7) | 2,530,622 | 2,530,622 | ||||
| Deferred tax asset | 2,824,396 | 2,824,396 | ||||
| Total non-current assets | 10,115,122 | 10,842,295 | ||||
| Total Assets | $ | 29,582,247 | $ | 27,752,963 | ||
| Liabilities and Shareholders' Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable and accrued liabilities (note 10) | $ | 8,240,292 | $ | 8,500,775 | ||
| Income taxes payable | 995,888 | 707,584 | ||||
| Current portion of lease (note 11) | 766,881 | 1,154,315 | ||||
| Deferred revenue (note 12) | 1,626,290 | 1,385,993 | ||||
| Debt – current (note 13) | 4,233,660 | 2,449,384 | ||||
| Total current liabilities | 15,863,011 | 14,198,051 | ||||
| Non-current liabilities: | ||||||
| Lease liability (note 11) | 1,484,281 | 1,695,228 | ||||
| Debt – non-current (note 13) | 9,429,559 | 8,640,727 | ||||
| Warrants (note 14) | 311,589 | 63,968 | ||||
| Total non-current liabilities | 11,225,429 | 10,399,923 | ||||
| Shareholders' equity: | ||||||
| Share capital (note 15) | 123,165,028 | 123,136,971 | ||||
| Share based payment reserve | 11,573,403 | 11,515,195 | ||||
| Deficit | -132,244,624 | -131,497,177 | ||||
| Total Shareholders’ equity | 2,493,807 | 3,154,989 | ||||
| Total Liabilities and Equity | $ | 29,582,247 | $ | 27,752,963 | ||
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
(Unaudited)
(Expressed in United States dollars)
| For the three months ended | For the six months ended | ||||||||||||
| June 30 | June 30 | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Revenue (note 16) | $ | 16,860,359 | $ | 16,182,846 | $ | 31,949,205 | $ | 31,772,698 | |||||
| Cost of goods sold (note 5) | 10,137,346 | 9,998,090 | 19,001,520 | 19,496,991 | |||||||||
| Gross Profit | 6,723,013 | 6,184,756 | 12,947,685 | 12,275,707 | |||||||||
| Operating expenses: | |||||||||||||
| Fulfillment costs | 905,380 | 1,007,785 | 1,800,978 | 2,005,552 | |||||||||
| Selling and marketing | 1,466,217 | 1,384,578 | 2,881,276 | 2,747,135 | |||||||||
| Administration | 3,783,809 | 3,320,460 | 7,082,585 | 6,667,232 | |||||||||
| Depreciation and amortization | 741,148 | 699,559 | 1,511,686 | 1,400,395 | |||||||||
| 6,896,554 | 6,412,382 | 13,276,525 | 12,820,314 | ||||||||||
| Profit (loss) from operations | (173,541 | ) | (227,626 | ) | (328,840 | ) | (544,607 | ) | |||||
| Other income (expense): | |||||||||||||
| Interest income | 9,888 | 15,274 | 16,328 | 37,376 | |||||||||
| Interest expense | (407,327 | ) | (321,745 | ) | (755,937 | ) | (651,607 | ) | |||||
| Rental income | - | 55,281 | - | 111,476 | |||||||||
| Fair value adjustment of warrants (note 14) | (116,552 | ) | 24,275 | (247,621 | ) | 27,314 | |||||||
| Government grant (note 22) | 1,170,137 | - | 1,170,137 | - | |||||||||
| Restructuring costs (note 21) | (36,871 | ) | - | (156,885 | ) | - | |||||||
| Finance fee | - | (20,000 | ) | - | (20,000 | ) | |||||||
| Foreign exchange gain (loss) | (126,247 | ) | 41,887 | (145,100 | ) | 85,570 | |||||||
| Gain on disposal of equipment | 7,971 | - | 8,471 | - | |||||||||
| 500,999 | (205,028 | ) | (110,607 | ) | (409,871 | ) | |||||||
| Income (Loss) before income taxes | 327,458 | (432,654 | ) | (439,447 | ) | (954,478 | ) | ||||||
| Income tax expense | (189,000 | ) | (84,375 | ) | (308,000 | ) | (151,875 | ) | |||||
| Total income (loss) and comprehensive income (loss) for the period | 138,458 | (517,029 | ) | (747,447 | ) | (1,106,353 | ) | ||||||
| Deficit, beginning of period | (132,383,082 | ) | (130,838,971 | ) | (131,497,177 | ) | (130,249,647 | ) | |||||
| Deficit, end of period | $ | (132,244,624 | ) | $ | (131,356,000 | ) | $ | (132,244,624 | ) | $ | (131,356,000 | ) | |
| Profit (loss) per share: | |||||||||||||
| Basic and diluted profit (loss) per share (note 23) | 0.01 | (0.01 | ) | (0.02 | ) | (0.03 | ) | ||||||
Condensed Consolidated Interim Statement of Changes in Equity (Deficiency)
(Unaudited)
(Expressed in United States dollars)
For the six months ended June 30, 2025 and 2024
| Common Shares | Share based payment reserve | Deficit | Total | ||||||||||||
| Number | Amount | ||||||||||||||
| Balance - December 31, 2023 | 41,941,535 | $ | 123,109,599 | $ | 11,323,580 | $ | (130,249,647 | ) | $ | 4,183,532 | |||||
| Exercise of deferred share units (note 15) | 7,843 | 3,720 | - | - | 3,720 | ||||||||||
| Exercise of stock options (note 15) | 83,328 | 23,652 | - | - | 23,652 | ||||||||||
| Loss and comprehensive loss for the period | - | - | - | (1,106,353 | ) | (1,106,353 | ) | ||||||||
| Share-based payment expense (note 15) | - | - | 115,303 | - | 115,303 | ||||||||||
| Balance - June 30, 2024 | 42,032,706 | $ | 123,136,971 | $ | 11,438,883 | $ | (131,356,000 | ) | $ | 3,219,854 | |||||
| Balance - December 31, 2024 | 42,032,706 | $ | 123,136,971 | $ | 11,515,195 | $ | (131,497,177 | ) | $ | 3,154,989 | |||||
| Exercise of stock options (note 15) | 41,918 | 28,057 | (11,522 | ) | - | 16,535 | |||||||||
| Loss and comprehensive loss for the period | - | - | - | (747,447 | ) | (747,447 | ) | ||||||||
| Share-based payment expense (note 15) | - | - | 69,730 | - | 69,730 | ||||||||||
| Balance - June 30, 2025 | 42,074,624 | $ | 123,165,028 | $ | 11,573,403 | $ | (132,244,624 | ) | $ | 2,493,807 | |||||
Condensed Consolidated Interim Statement of Cash Flows
(Unaudited)
(Expressed in United States dollars)
| For the three months ended | For the six months ended | ||||||||||||||
| June 30 | June 30 | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Cash provided by (used in): | |||||||||||||||
| Operating activities: | |||||||||||||||
| Income (loss) for the period | $ | 138,458 | $ | (517,029 | ) | $ | (747,447 | ) | $ | (1,106,353 | ) | ||||
| Add (deduct) items not affecting cash: | |||||||||||||||
| Depreciation | 756,140 | 699,559 | 1,511,686 | 1,400,395 | |||||||||||
| Income tax expense | 189,000 | 84,375 | 308,000 | 151,875 | |||||||||||
| Stock-based compensation expense | 34,865 | 51,122 | 69,730 | 115,303 | |||||||||||
| Gain on disposal of equipment | (8,471 | ) | - | (8,471 | ) | - | |||||||||
| Capitalized interest on loans payable | 275,368 | 292,700 | 544,855 | 587,875 | |||||||||||
| Amortization of financing costs (note 13) | 11,246 | - | 18,742 | - | |||||||||||
| Interest on capital leases | 33,690 | 27,263 | 74,246 | 61,950 | |||||||||||
| Interest on lease receivables and other | - | 4,722 | - | (17,380 | ) | ||||||||||
| Fair value adjustment on warrants (note 14) | 116,552 | (24,275 | ) | 247,621 | (27,314 | ) | |||||||||
| Unrealized foreign exchange | 105,586 | (39,698 | ) | 105,071 | (79,492 | ) | |||||||||
| Change in non-cash working capital (note 18) | (1,120,097 | ) | (489,787 | ) | (280,834 | ) | 174,987 | ||||||||
| Income taxes paid | (3,085 | ) | - | (19,696 | ) | (1,000 | ) | ||||||||
| Total operating activities | 529,253 | 88,952 | 1,823,504 | 1,260,845 | |||||||||||
| Investing activities: | |||||||||||||||
| Purchase of property and equipment (note 6) | (55,113 | ) | (19,600 | ) | (89,278 | ) | (48,929 | ) | |||||||
| Proceeds on disposal of equipment (note 6) | 22,500 | - | 22,500 | - | |||||||||||
| Acquisition of assets (note 3) | - | - | (593,396 | ) | - | ||||||||||
| Payments on capital lease receivables | - | 72,151 | - | 142,702 | |||||||||||
| Total investing activities | (32,613 | ) | 52,551 | (660,174 | ) | 93,773 | |||||||||
| Financing activities: | |||||||||||||||
| Proceeds from exercise of options (note 15) | 12,122 | 23,652 | 16,535 | 27,372 | |||||||||||
| Deferred financing costs (note 13) | (46,278 | ) | - | (119,217 | ) | - | |||||||||
| Interest paid | (66,213 | ) | (86,992 | ) | (120,130 | ) | (186,758 | ) | |||||||
| Capital lease payments (note 11) | (350,568 | ) | (350,728 | ) | (672,628 | ) | (698,207 | ) | |||||||
| Promissory note repayment (note 13) | (311,250 | ) | (311,250 | ) | (622,500 | ) | (622,500 | ) | |||||||
| Loan receivable (note 9) | (568,075 | ) | - | (568,075 | ) | - | |||||||||
| Deferred consideration repayment | - | - | - | (675,000 | ) | ||||||||||
| Loan advances (note 13) | 1,415,743 | 1,000,000 | 2,648,866 | 1,000,000 | |||||||||||
| Loan repayments (note 13) | (1,416 | ) | (238,322 | ) | (2,709 | ) | (477,903 | ) | |||||||
| Total financing activities | 84,065 | 36,360 | 560,142 | (1,632,996 | ) | ||||||||||
| Increase (decrease) in cash and cash equivalents | 580,705 | 177,863 | 1,723,472 | (278,378 | ) | ||||||||||
| Cash and cash equivalents, beginning | 3,490,258 | 2,145,652 | 2,347,491 | 2,601,893 | |||||||||||
| Cash and cash equivalents, end | $ | 4,070,963 | $ | 2,323,515 | $ | 4,070,963 | $ | 2,323,515 | |||||||
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/264233
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