illumin Reports Third Quarter 2025 Financial Results
illumin (OTCQB: ILLMF, TSX: ILLM) reported Q3 2025 revenue of $38.2M, up 5% year‑over‑year, led by a 103% increase in Exchange service revenue to $20.5M. Self service was $8.3M (adjusted growth of 15% for the quarter and 34% year-to-date excluding one paused client) and Managed service fell to $9.4M amid market uncertainty. Gross margin declined to 38% from 47% a year earlier, while net revenue (gross profit) was $14.4M. Adjusted EBITDA was approximately $0.2M versus $1.9M a year ago. Net loss was $2.1M for the quarter. The company repurchased 744,108 shares year‑to‑date for $1.2M and appointed Brian Garrigan as CRO to support its outcomes-based platform strategy.
illumin (OTCQB: ILLMF, TSX: ILLM) ha riportato entrate del Q3 2025 pari a 38,2 milioni di dollari, in aumento del 5% su base annua, guidate da un aumento del 103% dei ricavi del servizio Exchange a 20,5 milioni. Il self service è stato di 8,3 milioni (crescita aggiustata del 15% nel trimestre e del 34% da inizio anno escludendo un cliente messo in pausa) e il Managed service è sceso a 9,4 milioni in un contesto di incertezza di mercato. Il margine lordo è sceso al 38% dal 47% dell’anno precedente, mentre i ricavi netti (utile lordo) sono stati di 14,4 milioni. L’EBITDA rettificato è stato di circa 0,2 milioni rispetto ai 1,9 milioni dell’anno scorso. La perdita netta è stata di 2,1 milioni nel trimestre. L’azienda ha riacquistato 744.108 azioni nell’anno fino ad oggi per 1,2 milioni e ha nominato Brian Garrigan come CRO per supportare la sua piattaforma orientata agli esiti nel proprio modello operativo.
illumin (OTCQB: ILLMF, TSX: ILLM) reportó ingresos del Q3 2025 de 38,2 millones de dólares, un aumento del 5% interanual, impulsado por un aumento del 103% en los ingresos por servicios de Exchange a 20,5 millones. El autoservicio fue de 8,3 millones (crecimiento ajustado del 15% para el trimestre y 34% en lo que va del año, excluyendo un cliente en pausa) y el servicio gestionado cayó a 9,4 millones en medio de la incertidumbre del mercado. El margen bruto cayó al 38% desde el 47% del año anterior, mientras que los ingresos netos (beneficio bruto) fueron de 14,4 millones. El EBITDA ajustado fue aproximadamente 0,2 millones frente a 1,9 millones hace un año. La pérdida neta fue de 2,1 millones para el trimestre. La compañía recompró 744.108 acciones en lo que va del año por 1,2 millones y designó a Brian Garrigan como CRO para apoyar su plataforma basada en resultados.
illumin (OTCQB: ILLMF, TSX: ILLM)은 2025년 3분기 매출 3,820만 달러를 보고했으며 전년 대비 5% 증가했고, 거래소 서비스 매출 103% 증가로 2,050만 달러를 기록했습니다. 셀프 서비스는 830만 달러였고(분기 기준 조정 성장률 15%, 해당 기간 누적 34% 성장, 일시 중단된 고객 제외), 매니지드 서비스는 시장 불확실성 속에 940만 달러로 감소했습니다. 총이익률은 전년 동기 47%에서 38%20만 달러였고, 작년 같은 기간의 190만 달러에 비해 감소했습니다. 분기 순손실은 210만 달러였습니다. 회사는 연초 이래 7,441,08주를 120만 달러에 재매입했고, 결과 기반 플랫폼 전략을 지원하기 위해 Brian Garrigan을 CRO로 임명했습니다.
illumin (OTCQB: ILLMF, TSX: ILLM) a annoncé un chiffre d’affaires du 3e trimestre 2025 de 38,2 millions de dollars, en hausse de 5% sur un an, porté par une hausse de 103% des revenus du service Exchange à 20,5 millions. Le self-service s’est élevé à 8,3 millions (croissance ajustée de 15% pour le trimestre et de 34% en cumul annuel, en excluant un client en pause) et le service géré est tombé à 9,4 millions dans un contexte d’incertitude du marché. La marge brute a chuté à 38% contre 47% il y a un an, tandis que le revenu net (bénéfice brut) était de 14,4 millions. L’EBITDA ajusté était d’environ 0,2 million de dollars par rapport à 1,9 million l’an dernier. La perte nette s’élevait à 2,1 millions pour le trimestre. L’entreprise a racheté 744 108 actions à ce jour pour 1,2 million et a nommé Brian Garrigan en tant que CRO pour soutenir sa plateforme axée sur les résultats.
illumin (OTCQB: ILLMF, TSX: ILLM) meldete Umsätze im Q3 2025 von 38,2 Mio. USD, ein Anstieg von 5% gegenüber dem Vorjahr, getragen von einer 103%-igen Steigerung der Exchange-Service-Umsätze auf 20,5 Mio. USD. Self-Service betrug 8,3 Mio. USD (bereinigtes Wachstum von 15% im Quartal und 34% year-to-date, exkludierende einen pausierten Kunden) und Managed Service fiel aufgrund von Marktnachrichten auf 9,4 Mio. USD. Die Bruttomarge ging auf 38% von 47% im Vorjahr zurück, während der Nettoumsatz (Bruttoergebnis) 14,4 Mio. USD betrug. Der bereinigte EBITDA lag bei ca. 0,2 Mio. USD gegenüber 1,9 Mio. USD vor einem Jahr. Der Nettogewinn war -2,1 Mio. USD für das Quartal. Das Unternehmen hat bisher 744.108 Aktien für 1,2 Mio. USD zurückgekauft und Brian Garrigan zum CRO ernannt, um seine ergebnisorientierte Plattformstrategie zu unterstützen.
illumin (OTCQB: ILLMF, TSX: ILLM) أبلغت عن إيرادات الربع الثالث 2025 بقيمة 38.2 مليون دولار، بارتفاع قدره 5% على أساس سنوي، يقوده زيادة قدرها 103% في إيرادات خدمة Exchange إلى 20.5 مليون دولار. الخدمة الذاتيـة كانت 8.3 مليون دولار (نمو معدّل معدل 15% للربع و34% حتى تاريخه باستثناء عميل واحد تم تعليقه) والخدمة المُدارة انخفضت إلى 9.4 مليون دولار في ظل حالة السوق غير المستقرة. هبط الهامش الإجمالي إلى 38% من 47% قبل عام، بينما كانت الإيرادات الصافية (الربح الإجمالي) 14.4 مليون دولار. EBITDA المعدلة كانت تقريبا 0.2 مليون دولار مقابل 1.9 مليون قبل عام. الخسارة الصافية كانت 2.1 مليون دولار للربع. قامت الشركة بإعادة شراء 744,108 أسهم حتى تاريخه بمبلغ 1.2 مليون دولار وعينت بريان جارينغا مديراً رئيسياً للمبيعات (CRO) لدعم منصتها المرتكزة على النتائج.
- Revenue +5% YoY to $38.2M
- Exchange service revenue +103% YoY to $20.5M
- Self service adjusted growth +34% YTD (excludes one paused client)
- Adjusted EBITDA ~ $0.2M in Q3 2025
- Share repurchases: 744,108 shares YTD for $1.2M
- Gross margin down to 38% from 47% (−9 percentage points)
- Net loss widened to $2.1M in Q3 2025 from $1.1M a year ago
- Adjusted EBITDA declined from $1.9M to ~$0.2M YoY
- Managed service revenue declined to $9.4M amid market uncertainty
Revenue of
Appointed new CRO as part of transition to an outcomes-based platform approach
(All monetary figures are expressed in Canadian dollars unless otherwise stated)
TORONTO, Nov. 07, 2025 (GLOBE NEWSWIRE) -- illumin Holdings Inc. (TSX: ILLM and OTCQB: ILLMF) (“illumin” or the “Company”), a leader in digital advertising technology that empowers marketers to make smarter decisions about communicating with online consumers, today announced its financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Highlights
- Third quarter 2025 revenue rose
5% year-over-year to$38.2 million , driven by103% year-over-year growth in Exchange service revenue, partially offset by a decrease in Managed service revenue. - Exchange service revenue increased to
$20.5 million . - Self service revenue at
$8.3 million was relatively stable compared with$8.4 million in the year ago period. Excluding the impact of a single client that paused in early 2025 due to restructuring, Self service sales were up15% for the quarter and34% for the year. - The Company onboarded 23 net new Self service clients during the quarter, reflecting sales initiatives targeting higher-spend clients and positioning the Company for long-term revenue growth in this service area.
- Managed service revenue was
$9.4 million due to broader market uncertainty, which has been influencing some customers’ marketing spend. - Gross margin was
38% , compared with47% during the same period last year due to an increase in the proportion of revenue in service lines with lower gross margins. - Net revenue, or gross profit (revenue less media-related costs), was
$14.4 million , compared with$17.2 million in the prior year period, reflecting lower gross margins as mentioned above. - Adjusted EBITDA was
$0.2 million , compared to$1.9 million in the prior year period, primarily attributable to lower gross profit despite higher revenue, partially offset by lower general and administrative costs. - Net loss was
$2.1 million , compared to$1.1 million in Q3 2024. This was primarily a result of lower Adjusted EBITDA, higher depreciation and amortization expense, and higher severance expenses resulting from the Company’s cost containment initiatives, partly offset by a higher foreign exchange gain. - On December 23, 2024, the Company commenced a new normal course issuer bid (“NCIB”) for its common shares that will remain open until December 22, 2025, or such earlier time as the NCIB is completed or terminated at the option of the Company. For the three and nine months ended September 30, 2025, the Company purchased and cancelled 432,490 and 744,108 common shares, respectively, at an average price of
$1.57 and$1.65 per share for a total consideration of$0.7 million and$1.2 million , respectively. - In September 2025, the Company appointed Brian Garrigan as its new Chief Revenue Officer (CRO) who comes directly from DSP and ad tech sales with a strong focus on strategic partners and value-added services.
Simon Cairns, illumin’s Chief Executive Officer, commented, “Our third quarter results demonstrate that our strategic pivot towards an integrated outcomes-based platform in Exchange and Self service, supported by Managed service, is meeting growing industry demand. Exchange service revenue more than doubled in the quarter, and when adjusted for the temporary exit of one client, Self service revenue was up
“In uncertain markets like we’ve seen throughout 2025, illumin is attracting new customers to its Exchange service offering as publishers seek to replace the value that they used to get from older established supply-side platforms, and more brands are shifting to Self service options in a goal of converting more of their ad-spend to actual advertising.”
Mr. Cairns continued, “The market is clearly moving away from traditional demand-side platforms and is looking for a new answer. In 2026, illumin will finally deliver on the long-held promise of ad tech: giving advertisers a clear, real-time understanding of whether their media dollars are truly driving new business, all without ever leaving the illumin platform. Together with our forthcoming generative AI-powered Self service edition, illumin creates a continuous, closed loop of learning and optimization, empowering advertisers to plan, measure, and improve every campaign in one intelligent platform.”
“While Managed service faces headwinds from market uncertainty, we're taking decisive actions to streamline operations through cost containment and to accelerate our shift toward scalable, technology-led revenue with a focus on improved cash flow generation and protecting our balance sheet.
"As we close 2025 and move into 2026, our priorities are clear. First, continue scaling Exchange and Self service through platform innovation and sales execution. Second, continue investing in our product roadmap to differentiate ourselves in an increasingly competitive market, particularly in incrementality measurement and AI-powered optimization. And third, complete our operational restructuring to drive profitability and platform leverage, as our generative Self service version not only removes friction in customer adoption and spending, but also creates new opportunities to realize platform leverage. We're confident this strategy will position illumin for sustainable, profitable growth,” Mr. Cairns concluded.
Elliot Muchnik, illumin’s Chief Financial Officer, commented, “Our third quarter results reflect continued momentum in Exchange service, where revenue more than doubled year-over-year due to strong execution by our commercial and technology teams. While changes in product mix affected our gross margin and increased related operating costs such as hosting, we are already seeing early benefits and strong offsets from the restructuring and cost reduction initiatives we’ve been implementing this year. These actions are helping us streamline operations and improve profitability as we move into 2026.”
The following table presents a reconciliation of Net loss to Adjusted EBITDA for the periods ended:
| Three months ended | Nine months ended | |||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net loss for the period | $ | (2,148 | ) | $ | (1,108 | ) | $ | (9,815 | ) | $ | (3,260 | ) |
| Adjustments: | ||||||||||||
| Finance income, net | (376 | ) | (432 | ) | (1,022 | ) | (1,407 | ) | ||||
| Foreign exchange loss (gain) | (901 | ) | 493 | 345 | (1,449 | ) | ||||||
| Depreciation and amortization | 1,619 | 1,294 | 4,492 | 4,046 | ||||||||
| Income tax expense (benefit) | 336 | 275 | (162 | ) | 162 | |||||||
| Share-based compensation | 971 | 1,075 | 2,761 | 2,882 | ||||||||
| Severance expenses | 379 | 260 | 1,828 | 360 | ||||||||
| Nasdaq-related costs1 | - | - | - | 736 | ||||||||
| Other non-recurring expenses | 274 | - | 334 | 316 | ||||||||
| Total adjustments | 2,302 | 2,965 | 8,577 | 5,646 | ||||||||
| Adjusted EBITDA | $ | 154 | $ | 1,857 | $ | (1,239 | ) | $ | 2,386 | |||
| (1) | Nasdaq-related costs are listing fees and directors’ and officers’ insurance specific to the Company’s Nasdaq listing and have been reclassed below Adjusted EBITDA as they are not recurring. | |
Conference Call Details:
Date: Friday, November 7, 2025
Time: 8:30AM Eastern Time
To register for the conference call webcast and presentation, please visit:
https://events.illumin.com/q3-2025-earnings-call
Please connect 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.
A recording of the conference call webcast will be available after the call by visiting the Company’s website at https://illumin.com/investor-information/.
Non-IFRS Measures
This press release makes reference to certain non-IFRS Accounting Standard measures (“non-IFRS measures”). These measures are not recognized measures under IFRS Accounting Standards (“IFRS”), do not have a standardized meaning prescribed by IFRS, 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 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. We use non-IFRS measures including “revenue less media-related costs”, “Gross margin”, and “Adjusted EBITDA” (as well as other measures discussed elsewhere in this press release).
The term “Gross margin” refers to the amount that “revenue less media-related costs” represents as a percentage of total revenue for a given period. Gross margin is used for internal management purposes as an indicator of the performance of the Company’s solution in balancing the goals of delivering excellent results to advertisers while meeting the Company’s margin objectives and, accordingly, the Company believes it is useful supplemental information. “Adjusted EBITDA” refers to net income (loss) after adjusting for finance costs (income), impairment loss, fair value gain, income taxes, foreign exchange loss (gain), depreciation and amortization, share-based compensation, acquisition and related integration costs, severance expenses, adjustments to the carrying value of investment tax credits receivable, and other non-recurring items. The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities before taking into consideration how those activities are financed and taxed and prior to taking into consideration depreciation of property and equipment and certain other items listed above. It is a key measure used by the Company’s management and board of directors to understand and evaluate the Company’s operating performance, to prepare annual budgets and to help develop operating plans.
These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers, and that these non-IFRS measures are relevant to their analysis of the Company.
About illumin
illumin is evolving the digital advertising landscape by empowering marketers to achieve transformative results through its customer-centric approach. Featuring a unified canvas built around the open web, illumin lets brands and agencies seamlessly plan, build, and execute campaigns across the entire marketing funnel—connecting programmatic channels, email, and social media within a single platform. Headquartered in Toronto, Canada, illumin serves clients across North America, Latin America, and Europe. For more information, visit www.illumin.com.
Disclaimer with regard to forward looking statements
Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
For further information, please contact:
| Steve Hosein Investor Relations illumin Holdings Inc. 416-218-9888 x 5313 investors@illumin.com | David Hanover Investor Relations – U.S. KCSA Strategic Communications 212-896-1220 dhanover@kcsa.com | |
Please note that the following financial information is an extract from the Company’s Condensed Interim Consolidated Financial Statements for the three and nine months ended September 30, 2025 and 2024 (the “Financial Statements”) provided for readers’ convenience and should be viewed in conjunction with the Notes to the Financial Statements, which are an integral part of the statements. The full Financial Statements and MD&A for the period may be found by accessing SEDAR+ at www.sedarplus.com.
| September 30, 2025 | December 31, 2024 | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 43,197 | $ | 55,952 | ||
| Accounts receivable | 37,114 | 44,650 | ||||
| Income tax receivable | 289 | 613 | ||||
| Prepaid expenses and other | 2,407 | 2,864 | ||||
| 83,007 | 104,079 | |||||
| Non-current assets | ||||||
| Other assets | 114 | 115 | ||||
| Property and equipment | 7,090 | 7,406 | ||||
| Intangible assets | 13,743 | 9,352 | ||||
| Goodwill | 4,870 | 4,870 | ||||
| 108,824 | 125,822 | |||||
| Liabilities | ||||||
| Current liabilities | ||||||
| Accounts payable and accrued liabilities | 33,384 | 39,148 | ||||
| Income tax payable | 201 | 137 | ||||
| Borrowings | - | 48 | ||||
| Lease obligations | 653 | 1,513 | ||||
| 34,238 | 40,846 | |||||
| Non-current liabilities | ||||||
| Deferred tax liability | - | 1,241 | ||||
| Lease obligations | 4,231 | 4,702 | ||||
| 38,469 | 46,789 | |||||
| Shareholders’ equity | 70,355 | 79,033 | ||||
| 108,824 | 125,822 | |||||
| Three months ended | Nine months ended | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue | $ | 38,241 | $ | 36,305 | $ | 100,446 | $ | 90,461 | ||||
| Media-related costs | 23,872 | 19,118 | 58,578 | 47,689 | ||||||||
| Gross profit | 14,369 | 17,187 | 41,868 | 42,772 | ||||||||
| Operating expenses | ||||||||||||
| Sales and marketing | 7,324 | 7,213 | 22,142 | 19,379 | ||||||||
| Technology | 4,642 | 4,760 | 13,669 | 12,790 | ||||||||
| General and administrative | 2,902 | 3,617 | 9,458 | 9,629 | ||||||||
| Share-based compensation | 971 | 1,075 | 2,761 | 2,882 | ||||||||
| Depreciation and amortization | 1,619 | 1,294 | 4,492 | 4,046 | ||||||||
| 17,458 | 17,959 | 52,522 | 48,726 | |||||||||
| Loss from operations | (3,089 | ) | (772 | ) | (10,654 | ) | (5,954 | ) | ||||
| Finance income, net | (376 | ) | (432 | ) | (1,022 | ) | (1,407 | ) | ||||
| Foreign exchange loss (gain) | (901 | ) | 493 | 345 | (1,449 | ) | ||||||
| (1,277 | ) | 61 | (677 | ) | (2,856 | ) | ||||||
| Net loss before income taxes | (1,812 | ) | (833 | ) | (9,977 | ) | (3,098 | ) | ||||
| Income tax expense (benefit) | 336 | 275 | (162 | ) | 162 | |||||||
| Net loss for the period | (2,148 | ) | (1,108 | ) | (9,815 | ) | (3,260 | ) | ||||
| Basic and diluted net loss per share | (0.04 | ) | (0.02 | ) | (0.19 | ) | (0.06 | ) | ||||
| Other Comprehensive Loss | ||||||||||||
| Items that may be subsequently reclassified to net loss: | ||||||||||||
| Exchange loss on translating foreign operations | (210 | ) | (226 | ) | (584 | ) | (534 | ) | ||||
| Comprehensive loss for the period | (2,358 | ) | (1,334 | ) | (10,399 | ) | (3,794 | ) | ||||
| 2025 | 2024 | |||||||
| Cash provided by (used in) | ||||||||
| Operating activities | ||||||||
| Net loss for the period | $ | (9,815 | ) | $ | (3,260 | ) | ||
| Adjustments to reconcile net loss to net cash flows | ||||||||
| Depreciation and amortization | 4,492 | 4,046 | ||||||
| Finance income, net | (1,022 | ) | (1,407 | ) | ||||
| Share-based compensation | 2,761 | 2,882 | ||||||
| Foreign exchange loss (gain) | 345 | (1,449 | ) | |||||
| Unpaid severance expense | 393 | - | ||||||
| Income tax expense (benefit) | (162 | ) | 162 | |||||
| Change in non-cash operating working capital | ||||||||
| Accounts receivable | 7,729 | 700 | ||||||
| Prepaid expenses and other | 457 | 1,435 | ||||||
| Other assets | 2 | (35 | ) | |||||
| Accounts payable and accrued liabilities | (7,120 | ) | 1,088 | |||||
| Income taxes received (paid), net | (565 | ) | 1,674 | |||||
| Interest received | 1,270 | 1,600 | ||||||
| (1,235 | ) | 7,436 | ||||||
| Investing activities | ||||||||
| Additions to property and equipment | (1,486 | ) | (1,531 | ) | ||||
| Additions to intangible assets | (6,919 | ) | (3,972 | ) | ||||
| (8,405 | ) | (5,503 | ) | |||||
| Financing activities | ||||||||
| Repayment of international loans | (52 | ) | (95 | ) | ||||
| Payment of leases | (1,519 | ) | (1,609 | ) | ||||
| Repurchase of common shares for cancellation | (1,229 | ) | (5,310 | ) | ||||
| Proceeds from the exercise of stock options | 189 | 4 | ||||||
| (2,611 | ) | (7,010 | ) | |||||
| Decrease in cash and cash equivalents | (12,251 | ) | (5,077 | ) | ||||
| Impact of foreign exchange on cash and cash equivalents | (504 | ) | 1,056 | |||||
| Cash and cash equivalents – beginning of period | 55,952 | 55,455 | ||||||
| Cash and cash equivalents – end of period | 43,197 | 51,434 | ||||||
| Supplemental disclosure of non-cash transactions | ||||||||
| Adjustments to property and equipment under leases | - | (23 | ) | |||||
| Unpaid additions (reversals) to property and equipment, net | 162 | (734 | ) | |||||
| Unpaid taxes on share repurchase | - | 106 | ||||||
FAQ
What were illumin's Q3 2025 revenue and gross margin (ILLMF)?
How much did illumin's Exchange service revenue grow in Q3 2025 (ILLMF)?
What was illumin's Q3 2025 net loss and Adjusted EBITDA (ILLMF)?
How did Self service revenue perform in Q3 2025 for illumin (ILLMF)?
What buyback activity did illumin report in 2025 (ILLMF)?
What strategic leadership change did illumin announce in Sept 2025 (ILLMF)?
