Global Receivables Management Reports Third Quarter Revenue Growth of 16% to $21.9 Million and Nine-Month Revenue Growth of 23% to $63.4 Million, as Adjusted EBITDA Improves Sequentially to $1.5 Million
Nine-month revenue increased 23%, while comparable adjusted EBITDA declined and the pretax result moved to a loss.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Global Receivables Management (GRMIF) reported third-quarter revenue growth of 16% to C$21.9 million for the period ended September 30, 2026. Nine-month revenue rose 23% to C$63.4 million, reflecting organic client growth and the ACT acquisition. Adjusted EBITDA, a non-standard measure of earnings before selected costs, improved sequentially to C$1.5 million from C$0.9 million. Comparable nine-month adjusted EBITDA fell to C$2.908 million from C$3.675 million. The quarterly pretax result swung to a C$512,000 loss from a C$729,000 profit.
The company expects previously announced contracts to add up to C$6.0 million in annualized revenue at a 15% net margin once fully onboarded. Effective November 5, Gordon Reykdal became chairman and CEO, replacing Graham Rankin, who resigned his board and co-CEO roles; Barret Reykdal became president and chief operating officer.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter revenue rose 16% to C$21.9 million from C$18.8 million a year earlier.
- Moderate pointNine-month revenue rose 23% to C$63.4 million, reflecting organic client growth and the ACT acquisition.
- Moderate pointQuarterly adjusted EBITDA reached C$1.5 million, versus C$0.9 million in Q2 and C$0.5 million in Q1.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Client contracts are expected to add up to C$6.0 million annualized revenue at 15% net margin once fully onboarded.
- Minor point. Forward-looking: it has not happened yet and may not happen.Management expects further adjusted EBITDA improvement as fee-earning capacity investments and newly signed mandates convert into revenue.
- Minor pointCorporate quarterly adjusted EBITDA loss narrowed to C$617,000 from C$738,000 a year earlier.
Negative
- Moderate pointQuarterly pretax loss was C$512,000, versus a C$729,000 profit a year earlier.
- Moderate pointComparable nine-month adjusted EBITDA fell to C$2.908 million from C$3.675 million a year earlier.
- Minor pointNine-month pretax loss was C$1.235 million, versus a C$1.975 million profit a year earlier.
- Minor pointGRM segment quarterly adjusted EBITDA declined to C$2.134 million from C$2.247 million on a comparable basis.
- Minor pointGRM segment nine-month adjusted EBITDA declined to C$5.474 million from C$5.988 million on a comparable basis.
3 minor points
- Minor pointCorporate nine-month adjusted EBITDA loss widened to C$2.566 million from C$2.313 million.
- Minor pointFinance costs increased to C$626,000 quarterly and C$1.733 million year-to-date, versus C$523,000 and C$1.524 million.
- Minor pointShare-based compensation increased to C$204,000 quarterly and C$778,000 year-to-date, versus C$189,000 and C$476,000.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Edmonton, Alberta--(Newsfile Corp. - November 5, 2026) - Global Receivables Management Inc. (TSXV: GRMI) (OTCQB: GRMIF) ("GRM" or the "Company") today reported financial results for the three and nine months ended September 30, 2026. Total revenue from continuing operations increased
Adjusted EBITDA from continuing operations improved sequentially, to
Gordon Reykdal Appointed Chairman of the Board and Chief Executive Officer
The Company announces that Gordon Reykdal has been appointed Chairman of the Board and Chief Executive Officer of the Company, effective November 5, 2026. Graham Rankin has resigned as Chairman of the Board, Co-Chief Executive Officer (UK) and as a director of the Company, effective the same date.
"On behalf of the Board, I thank Graham for his leadership as Chairman and Co-CEO. Graham played a central role in building our United Kingdom platform, including the acquisitions of EPFS, CCS, and ACT. With GRM now focused entirely on receivables management, I look forward to working with Barret and the team to continue growing revenue and Adjusted EBITDA," said Gordon Reykdal, Chairman of the Board and Chief Executive Officer of the Company.
"Our third quarter shows the investment we made earlier this year converting into results. Revenue grew
"GRM enters the final quarter of 2026 as a focused global receivables management platform, positioned to continue growing revenue and Adjusted EBITDA," said Gordon Reykdal, Chairman of the Board and Chief Executive Officer of the Company.
This news release should be read in conjunction with the Company's unaudited interim condensed consolidated financial statements and Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2026, which have been filed under the Company's profile on SEDAR+ at www.sedarplus.ca. All figures are in Canadian dollars unless otherwise stated.
Third Quarter 2026 Financial Summary
| Three months ended Sept. 30, 2026 | Three months ended Sept. 30, 2025 | Nine months ended Sept. 30, 2026 | Nine months ended Sept. 30, 2025 | |||||||||
| Revenue | 21,863 | 18,779 | 63,392 | 51,576 | ||||||||
| Adjusted EBITDA – GRM (1) | 2,134 | 2,247 | 5,474 | 5,988 | ||||||||
| Adjusted EBITDA from continuing operations (1) | 1,517 | 1,509 | 2,908 | 3,675 |
(1) Non-IFRS measure. See "Non-IFRS Measures" and the reconciliations below.
Adjusted EBITDA from Continuing Operations
| Three months ended Sept. 30, 2026 | Three months ended Sept. 30, 2025 | Nine months ended Sept. 30, 2026 | Nine months ended Sept. 30, 2025 | |||||||||
| Net (loss) profit before tax | (512 | ) | 729 | (1,235 | ) | 1,975 | ||||||
| Depreciation and amortization | 918 | 868 | 2,790 | 2,576 | ||||||||
| Acquisition costs | — | — | 22 | — | ||||||||
| Share-based compensation | 204 | 189 | 778 | 476 | ||||||||
| Finance costs | 626 | 523 | 1,733 | 1,524 | ||||||||
| Other expenses (income) | 61 | — | (576 | ) | — | |||||||
| Bargain purchase expense (gain) | 57 | — | (93 | ) | — | |||||||
| Loss (gain) on contingent consideration | 244 | 336 | (313 | ) | (423 | ) | ||||||
| One-time legal financing fees | — | — | 41 | — | ||||||||
| Suspense and overpayment income excluded for comparability (2) | (81 | ) | (1,136 | ) | (239 | ) | (2,453 | ) | ||||
| Total adjustment to net (loss) profit before tax | 2,029 | 780 | 4,143 | 1,700 | ||||||||
| Adjusted EBITDA | 1,517 | 1,509 | 2,908 | 3,675 |
(2) For comparative purposes, Adjusted EBITDA for the three and nine months ended September 30, 2025 has been adjusted to exclude
Adjusted EBITDA – GRM
| Three months ended Sept. 30, 2026 | Three months ended Sept. 30, 2025 | Nine months ended Sept. 30, 2026 | Nine months ended Sept. 30, 2025 | |||||||||
| Net profit before tax | 370 | 1,764 | 1,777 | 5,053 | ||||||||
| Depreciation and amortization | 897 | 855 | 2,691 | 2,536 | ||||||||
| Acquisition costs | — | — | 22 | — | ||||||||
| Finance costs | 586 | 428 | 1,634 | 1,275 | ||||||||
| Other expenses (income) | 61 | — | (46 | ) | — | |||||||
| Bargain purchase expense (gain) | 57 | — | (93 | ) | — | |||||||
| Loss (gain) on contingent consideration | 244 | 336 | (313 | ) | (423 | ) | ||||||
| One-time legal financing fees | — | — | 41 | — | ||||||||
| Suspense and overpayment income excluded for comparability (2) | (81 | ) | (1,136 | ) | (239 | ) | (2,453 | ) | ||||
| Total adjustment to net profit before tax | 1,764 | 483 | 3,697 | 935 | ||||||||
| Adjusted EBITDA | 2,134 | 2,247 | 5,474 | 5,988 |
See note (2) above.
Adjusted EBITDA – Corporate
| Three months ended Sept. 30, 2026 | Three months ended Sept. 30, 2025 | Nine months ended Sept. 30, 2026 | Nine months ended Sept. 30, 2025 | |||||||||
| Net loss before tax | (882 | ) | (1,035 | ) | (3,012 | ) | (3,078 | ) | ||||
| Depreciation and amortization | 21 | 13 | 99 | 40 | ||||||||
| Share-based compensation | 204 | 189 | 778 | 476 | ||||||||
| Finance costs | 40 | 95 | 99 | 249 | ||||||||
| Other expenses (income) | — | — | (530 | ) | — | |||||||
| Total adjustment to net loss before tax | 265 | 297 | 446 | 765 | ||||||||
| Adjusted EBITDA | (617 | ) | (738 | ) | (2,566 | ) | (2,313 | ) |
The Corporate segment was not affected by the suspense and overpayment income comparability adjustment.
On a comparable basis, after excluding suspense and overpayment income, Adjusted EBITDA from the Company's GRM segment was
Other Management Change
The Company also announces the following management change, effective November 5, 2026:
- President and Chief Operating Officer: Barret Reykdal, previously Co-Chief Executive Officer (North America) has been appointed President and Chief Operating Officer of the Company.
Non-IFRS Measures
This news release refers to Adjusted EBITDA from continuing operations, Adjusted EBITDA – GRM, Adjusted EBITDA – Corporate and Adjusted EBTDA, which are non-IFRS financial measures. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures presented by other issuers.
The Company calculates Adjusted EBITDA as net profit (loss) before tax, adjusted to add back depreciation and amortization, finance costs, share-based compensation, acquisition costs, impairment losses, other expenses (income), loss (gain) on contingent consideration, bargain purchase expense (gain) and certain one-time items, and excluding suspense and overpayment income for comparability. Adjusted EBTDA is Adjusted EBITDA less finance costs. Adjusted EBITDA – GRM reflects the results of the Company's operating subsidiaries; Adjusted EBITDA – Corporate reflects head-office and other non-operating costs; and Adjusted EBITDA from continuing operations is the consolidated measure. Management uses these measures to evaluate the operating performance of the business and believes they help investors compare results between periods.
The most directly comparable IFRS measure is net profit (loss) before tax. Reconciliations of each measure to net profit (loss) before tax are set out in the tables above and in the Company's MD&A for the three and nine months ended September 30, 2026, available under the Company's profile on SEDAR+ at www.sedarplus.ca.
About Global Receivables Management Inc.
Global Receivables Management Inc. is a pure-play tech-enabled platform company, providing fee-for-service receivables management and debt collection services across Canada and the United Kingdom. First established in 1975, the Company has a workforce of over 700 professionals operating across Canada and the United Kingdom that is in the early stages of deploying AI across its operations to improve efficiency.
The Company's global receivables management platform operating under BPO, EPFS, CCS, ACT, GCS, and Groupe Solution helps organizations recover receivables and streamline billing processes without purchasing consumer debt. Founded on the belief that everyone deserves a second chance to financially reestablish themselves, the Company is committed to responsible receivables management that puts the customer at the heart of the process delivering optimal outcomes for clients while treating consumers with dignity and affordability.
For more information visit: www.globalreceivablesmanagement.com.
Contact
Ezra Chang
Vice President of Corporate Development and Capital Markets
letsconnect@grmi.ca
1 888 825 9808 (Press Option 2 for Investor and Media Relations)
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" or "forward-looking information" (collectively referred to hereafter as "forward-looking statements") under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the expected annualized revenue, term and onboarding timing of the new client contract; the Company's future financial performance, revenue growth and Adjusted EBITDA, including the expected conversion of the investment in fee-earning capacity into revenue; the integration of acquired businesses; and the business, plans, strategy and operations of the Company.
The expected annualized revenue from the new client contracts represents management's estimate of the revenue the contracts may generate at full run-rate and is not a forecast of revenue for any particular period. It is based on assumptions including that: the client places account volumes consistent with its indicated levels; collection performance and fee rates are consistent with the Company's experience with comparable clients; onboarding proceeds on the expected timetable; the contracts are not terminated or materially amended. Actual revenue may be materially lower than the expected annualized revenue.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risk that the new client contract generates less revenue than expected, or later than expected, including as a result of lower placement volumes, weaker collection performance, onboarding delays or termination; market conditions; changes in client demand; client concentration; foreign exchange rates; operational performance; the outcome of the CCAA proceedings of XTM Inc. and Everyday People Payments Inc. and any related claims or regulatory matters; and other risks and uncertainties, including those described in the documents filed by the Company on SEDAR+ at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322776
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did Global Receivables Management revenue grow in the third quarter of 2026?
Third-quarter revenue from continuing operations increased 16% to C$21.9 million, compared with C$18.8 million in the same period of 2025. Nine-month revenue increased 23% to C$63.4 million from C$51.6 million.
What does Global Receivables Management expect from its previously announced client contracts?
The company expects the contracts to add up to C$6.0 million in annualized revenue with a 15% net margin once fully onboarded. These are expected contributions, not revenue already achieved.