Canada · Delayed Price · Currency is CAD Flow Capital Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 30% year-over-year to CAD 4.2 million, with free cash flow up 88% and book value per share rising 14%. Deployment was paused in Q2 but has resumed strongly in Q3, and the portfolio remains healthy with ongoing share buybacks and AI-driven efficiency gains.
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Revenue grew 21% year-over-year to CAD 3.5 million, with recurring free cash flow and book value per share also rising. Investment assets and new investments increased, while portfolio health remains strong amid easing pricing pressures and a stabilizing market.
Fiscal Year 2025
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Revenue grew 41% year-over-year to CAD 13.2 million, with recurring free cash flow up 79% and book value per share rising to CAD 1.27. Portfolio IRR remains strong at 24%, though management anticipates slower growth due to industry headwinds and selective deployment.
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Record revenue and strong free cash flow growth were achieved, with portfolio IRR in the mid-20s and book value per share rising. Despite increased competition and a 15% decline in target transactions, the pipeline remains robust and capital is available for future growth.
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Q2 2025 saw record revenue and investment deployment, with revenue up 54% year-over-year and recurring free cash flow up 212%. Book value declined slightly due to FX and credit losses, while the portfolio IRR remains strong above 22%.
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Q1 2025 saw revenue rise 45% year-over-year and recurring free cash flow hit a record CAD 847,000, with strong operating leverage and continued growth in assets and book value. The company deployed CAD 3.2 million in new loans to existing clients.
Fiscal Year 2024
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Record Q4 and 2024 results with strong revenue and free cash flow growth, driven by selective deal-making and operating leverage. Portfolio quality remains high despite some mark-to-market write-downs, and industry trends support continued expansion.
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Q3 2024 saw record revenue and strong recurring cash flow, with assets and capital deployment rising year-over-year. Book value per share dipped due to lower private equity valuations, but operational efficiency and portfolio quality remain high.
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Record recurring revenue and asset growth in Q2 2024, with recurring loan interest income up 28.5% year-over-year and total assets rising 12%. Confident in surpassing a CAD 10 million recurring revenue run rate for the year, supported by a strong investment pipeline.