(Stated in thousands of Canadian dollars) | September 30, 2025 | December 31, 2024 |
Assets | ||
Current assets: | ||
Cash | $ 1,501 | $ 5,763 |
Accounts receivable | 12,341 | 7,833 |
Current portion of finance lease receivable | 713 | 682 |
Inventory | 470 | 468 |
Prepaid expenses and deposits | 2,000 | 795 |
17,025 | 15,541 | |
Non-current assets: Finance lease receivable | 568 | 1,108 |
Prepaid expenses and deposits | 845 | 221 |
Property and equipment (note 3) | 78,201 | 42,714 |
Right-of-use assets (note 4) | 7,464 | 5,862 |
Deferred tax | 2,005 | 2,005 |
89,083 | 51,910 | |
Total Assets | $ 106,108 | $ 67,451 |
Liabilities and Shareholders' Equity | ||
Current liabilities: | ||
Accounts payable and accrued liabilities | $ 13,578 | $ 7,134 |
Current portion of lease liabilities (note 5) | 3,936 | 3,037 |
Current debt (note 6) | 4,333 | 4,068 |
21,847 | 14,239 | |
Non-current liabilities: | ||
Lease liabilities (note 5) | 5,300 | 5,167 |
Long term debt (note 6) | 19,835 | 16,054 |
25,135 | 21,221 | |
Total liabilities | 46,982 | 35,460 |
Shareholders' equity: | ||
Share capital (note 7) | 156,164 | 131,317 |
Contributed surplus | 5,228 | 3,403 |
Accumulated other comprehensive income | 111 | 861 |
Deficit | (102,377) | (103,590) |
59,126 | 31,991 | |
Total Liabilities and Shareholders' Equity | $ 106,108 | $ 67,451 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Three months ended Nine months ended | |||||
(Stated in thousands of Canadian dollars, | September 30, | September 30, | September 30, | September 30, | |
except per share amounts) | 2025 | 2024 | 2025 | 2024 | |
Revenues (note 10) | $ 16,020 | $ 9,152 | $ 41,032 | $ 22,658 | |
Direct expenses | |||||
Direct operating costs | 3,279 | 2,457 | 8,798 | 6,573 | |
Depreciation of property & equipment (note 3) | 2,574 | 1,280 | 6,275 | 3,544 | |
5,853 | 3,737 | 15,073 | 10,117 | ||
Gross margin | 10,167 | 5,415 | 25,959 | 12,541 | |
Operating expenses | |||||
General and administrative | 7,002 | 3,286 | 17,455 | 8,083 | |
Stock based compensation expense | 1,396 | 538 | 2,854 | 1,035 | |
Depreciation of other property & equipment (note 3) | 184 | 125 | 601 | 343 | |
Depreciation of right-of-use assets (note 4) | 801 | 375 | 2,145 | 1,172 | |
Loss on sale of equipment (note 3) | 39 | 350 | 43 | 350 | |
(Gain) loss on disposal of right-of-use assets (note 4) | (5) | 13 | 20 | 29 | |
9,417 | 4,687 | 23,118 | 11,012 | ||
Other expenses (income) | |||||
Finance costs (note 11) | 619 | 398 | 1,589 | 1,445 | |
Loss on foreign exchange | - | 20 | 39 | 35 | |
Loss on repayment of note payable | - | - | - | 173 | |
Other income | - | - | - | (1,373) | |
619 | 418 | 1,628 | 280 | ||
Income before income taxes 131 | 310 | 1,213 | 1,249 | ||
Income taxes | |||||
Current income taxes | - | - | - | - | |
Net income | 131 | 310 | 1,213 | 1,249 | |
Other comprehensive income (loss) | |||||
Unrealized foreign currency translation gain (loss) | 749 | (277) | (750) | (183) | |
Comprehensive income | $ 880 | $ 33 | $ 463 $ | 1,066 | |
Net income per share (note 9) | |||||
Basic | $ 0.00 | $ 0.00 | $ 0.01 $ | 0.01 | |
Diluted | $ 0.00 | $ 0.00 | $ 0.01 $ | 0.01 | |
Weighted average number of shares outstanding (note 9) | |||||
Basic | 105,308,140 | 95,784,530 | 103,390,524 | 84,330,561 | |
Diluted | 112,264,431 | 100,865,894 | 110,346,815 | 88,863,602 | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Accumulated other Share Contributed comprehensive | ||||||
(Stated in thousands of Canadian dollars) | capital | Warrants | surplus | income (loss) | Deficit | Total |
Balance - December 31, 2023 | $ 114,024 | $ 1,122 | $ 2,216 | $ (28) $ | (105,219) $ | 12,115 |
Stock based compensation | - | - | 1,035 | - | - | 1,035 |
Exercise of stock options and RSUs | 592 | - | (377) | - | - | 215 |
Exercise of warrants | 3,276 | (1,122) | - | - | - | 2,154 |
Shares issued, net of share issue costs | 13,409 | - | - | - | - | 13,409 |
Net income | - | - | - | - | 1,249 | 1,249 |
Foreign currency translation loss | - | - | - | (183) | - | (183) |
Balance - September 30, 2024 | 131,301 | - | 2,874 | (211) | (103,970) | 29,994 |
Stock based compensation | - | - | 531 | - | - | 531 |
Exercise of stock options and RSUs | 12 | - | (2) | - | - | 10 |
Shares issued, net of share issue costs | 4 | - | - | - | - | 4 |
Net income | - | - | - | - | 380 | 380 |
Foreign currency translation gain | - | - | - | 1,072 | - | 1,072 |
Balance - December 31, 2024 | 131,317 | - | 3,403 | 861 | (103,590) | 31,991 |
Stock based compensation | - | - | 2,854 | - | - | 2,854 |
Exercise of stock options and RSUs | 1,354 | - | (1,029) | - | - | 325 |
Shares issued, net of share issue costs | 23,493 | - | - | - | - | 23,493 |
Net income | - | - | - | - | 1,213 | 1,213 |
Foreign currency translation loss | - | - | - | (750) | - | (750) |
Balance - September 30, 2025 | $ 156,164 | $ - | $ 5,228 | $ 111 $ | (102,377) $ | 59,126 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Three months ended Nine months ended | ||||
September | September | September | September | |
(Stated in thousands of Canadian dollars) | 30, 2025 | 30, 2024 | 30, 2025 | 30, 2024 |
Cash provided by (used in): | ||||
Operating activities | ||||
Net income | $ 131 | $ 310 | $ 1,213 | $ 1,249 |
Depreciation of property and equipment (note 3) | 2,758 | 1,405 | 6,876 | 3,887 |
Depreciation of right-of-use assets (note 4) | 801 | 375 | 2,145 | 1,172 |
Loss on sale of property & equipment (note 3) | 39 | 350 | 43 | 350 |
(Gain) loss on disposal of right-of-use assets (note 4) | (5) | 13 | 20 | 29 |
Foreign currency translation | (56) | (78) | (40) | (112) |
Loss on repayment of note payable | - | - | - | 173 |
Stock based compensation | 1,396 | 538 | 2,854 | 1,035 |
Non-cash interest expense and other financing | ||||
costs | 10 | 6 | 23 | 58 |
Receipt of finance lease receivable | 171 | 144 | 509 | 424 |
5,245 | 3,063 | 13,643 | 8,265 | |
Changes in non-cash working capital | 2,617 | 708 | (2,928) | (1,384) |
Cash flow from operating activities | 7,862 | 3,771 | 10,715 | 6,881 |
Investing activities | ||||
Change in non-cash working capital related to | ||||
investing activities | (39) | (159) | 2,998 | 688 |
Purchase of property and equipment (note 3) | (17,408) | (5,424) | (43,206) | (13,895) |
Cash flow used in investing activities | (17,447) | (5,583) | (40,208) | (13,207) |
Financing activities | ||||
Proceeds from debt | 9,921 | - | 10,471 | 2,776 |
Repayment of debt | (4,353) | (1,061) | (6,409) | (2,898) |
Payment of lease liability (note 5) | (955) | (708) | (2,649) | (1,930) |
Proceeds from share issuance, net of costs (note 7) | (71) | (176) | 23,493 | 13,409 |
Repayment of note payable | - | - | - | (3,450) |
Proceeds from exercise of stock options | 149 | 66 | 325 | 215 |
Proceeds from exercise of warrants | - | - | - | 2,155 |
Cash flow from (used in) financing activities | 4,691 | (1,879) | 25,231 | 10,277 |
Net change in cash in the period | (4,894) | (3,691) | (4,262) | 3,951 |
Cash, beginning of period | 6,395 | 9,116 | 5,763 | 1,474 |
Cash, end of period | $ 1,501 | $ 5,425 | $ 1,501 | $ 5,425 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.