Business
Ionik Reports Q1 2026 Revenue Growth and Continued Debt Reduction
Revenue increased 11% year-over-year to $44.3 millionTotal debt reduced by $5.3 million(All figures in US dollars, unless otherwise indicated)Toronto, Ontario--(Newsfile Corp. - May 29, 2026) - Ionik Corporation (TSXV: INIK) (OTCQB: INIKF) (the "Company" or "Ionik"), a data and technology-driven marketing platform, today announced financial results for the three months ended March 31, 2026, highlighting continued revenue growth across both operating divisions, continued debt reduction, and...
About this update from Ionik Corporation
Revenue increased 11% year-over-year to $44.3 million Total debt reduced by $5.3 million (All figures in US dollars, unless otherwise indicated) Toronto, Ontario--(Newsfile Corp. - May 29, 2026) - Ionik Corporation (TSXV: INIK) (OTCQB: INIKF) (the "Company" or "Ionik"), a data and technology-driven marketing platform, today announced financial results for the three months ended March 31, 2026, highlighting continued revenue growth across both operating divisions, continued debt reduction, and further progress on platform integration. Q1 2026 Financial Highlights Cash as at March 31, 2026 was $5.8 million, compared to $11.3 million as at December 31, 2025. Senior debt net of cash was $58.3 million as at March 31, 2026, compared to $58.0 million as at December 31, 2025 and $68.5 million as at September 30, 2025. Total undiscounted debt as at March 31, 2026 was $111.4 million, including $64.1 million of senior lender debt, $39.1 million of convertible debt, $5.2 million in a vendor take-back loan, and $3.0 million in a working capital note, compared to total undiscounted debt of $116.7 million as at December 31, 2025. Management believes the Company's cash flow generation, undrawn revolving credit facility, and ongoing debt reduction initiatives position it well to execute its strategic priorities. 1Please refer to "Non-IFRS Measures" section of this press release Subsequent Events Subsequent to quarter end, on May 22, 2026, the Company secured a 30-day extension from its senior lenders under its existing syndicated debt facility. The maturity date was amended from May 25, 2026, to June 25, 2026, providing additional time to finalize a longer-term financing solution. The Company is actively negotiating a new syndicated debt facility to replace the existing facility. In connection with proposed new facility, the Company intends to pursue a comprehensive debt reorganization designed to address legacy acquisition-related indebtedness, amend outstanding debt instruments and accrued obligations, simplify the Company's capital structure, and strengthen its overall financial position. Ted Hastings, Ionik's CEO commented: "Q1 2026 reflected continued revenue growth across both of our operating divisions, supported by healthy demand and the ongoing benefits of our integrated platform. While gross margin was im...