Canada · Delayed Price · Currency is CAD Currency Exchange International Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw net income rise 88% sequentially, with stable revenue and strong payments growth offsetting weaker banknotes. EBC's exit nears completion, and cash reserves remain robust, supporting ongoing expansion and share buybacks.
Fiscal Year 2025
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Net income surged 317% year-over-year to $10.3M, with strong growth in payments and direct-to-consumer banknotes. The company completed its exit from Canada, focusing on U.S. expansion, robust cash reserves, and ongoing share buybacks.
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Q3 2025 saw 8% net income growth and 7% revenue growth, driven by payments and direct-to-consumer banknotes. The exit from Canadian operations is nearly complete, with a strategic focus on U.S. growth, efficiency, and SaaS expansion. Share buybacks and capital repatriation continue.
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Q2 saw $2.7M net income from continuing operations and a $0.7M loss from discontinued Canadian operations, with adjusted net income up 18% year-over-year. Revenue dipped 3% due to lower banknotes demand, but payments revenue and operating income grew, and the EBC exit remains on track.
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Revenue grew 10% year-over-year to nearly $20 million, with adjusted net income up 29% to $1.1 million. The group is exiting its Canadian banking operations, focusing on US growth, and expects the exit to positively impact results.
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Operations of the Canadian subsidiary will be discontinued, with resources redirected to US fintech and payment growth. One-time costs are expected, but profitability should be maintained, and Canadian losses eliminated. More financial details will be provided in the Q1 update.
Fiscal Year 2024
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Fiscal 2024 saw 4% revenue growth and flat adjusted net income, with reported net income down due to $7.7 million in non-recurring Canadian charges. U.S. operations drove growth, while a strategic review of Canadian operations is underway.
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Q3 2024 saw 2% revenue growth to $24M, with U.S. gains offsetting Canadian declines. Payments and wholesale banknotes drove growth, while margin pressure and inflation impacted Canadian results. Ongoing share buybacks and tech investments support future expansion.
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Q2 2024 saw 7% revenue growth to $20M, driven by strong U.S. payments and banknotes, while net income fell due to a $1.4M deferred tax expense. U.S. operations outperformed Canada, and technology investments and share buybacks continued.