Matribhumi Samachar English
Revenue of $16.86M in Q2 2025, an increase of 4.2% from $16.18M in Q2 2024.
- Gross margin of 39.9% in Q2 2025, an increase of 170 bps from 38.2% in Q2 2024.
- Cash flow from operating activities of $0.53M in Q2 2025, an increase of 495% from $0.09M in Q2 2024.
- Delivered $0.14 million in net income and $0.6 million in adjusted EBITDA in Q2 2025, extending the Company’s track record to 14 straight quarters of positive performance.
- Working capital increased by $0.9 million to $3.6 million at June 30, 2025 from $2.7 million at December 31, 2024.
- Company to host Second Quarter 2025 financial results conference call on Thursday, August 28, 2025 at 11:00 AM (PDT) / 2:00 PM (EDT).
BuildDirect reports in US dollars and in accordance with IFRS Accounting Standards.
Vancouver, British Columbia–(Newsfile Corp. – August 28, 2025) – BuildDirect.com Technologies Inc. (TSXV: BILD) (OTCQB: BDCTF) (“BuildDirect” or the “Company“), a leading omnichannel building material retailer, today announced its financial results for the Second Quarter Ended June 30, 2025 (“Q2 2025“).
“Our Q2 results highlight the resilience of our business model as revenue grew 4.2% year-over-year and gross margins expanded to nearly 40%, marking another quarter of positive adjusted EBITDA,” said Shawn Wilson, CEO of BuildDirect. “The combination of a disciplined IRR-based approach to capital allocation and operational execution, along with the continued expansion of our Pro Center network, strengthens our financial foundation while supporting consistent cash generation.”
Shawn added, “With the successful completion of our C$7 million financing, backed by a strong group of strategic investors and long-term shareholders, we are well-positioned to accelerate growth both organically and through disciplined M&A. This capital provides the flexibility to expand our Pro Center footprint, further enhance our omni-channel platform, and create sustainable value for customers, partners, and investors across North America.”
BuildDirect Second Quarter 2025 Financial Results Conference Call
Date: Thursday, August 28, 2025
Time: 11:00 AM (PDT) / 2:00 PM (EDT)
Live Webinar: https://us02web.zoom.us/webinar/register/WN_sekQlp49RdKJmW-Q4orTAA
The replay will be available approximately 24 hours after the completion of the conference call. In addition, an archived replay will be available on the Investor Relations section of the Company’s website at https://ir.builddirect.com/financials/quarterly-results/.
Among other things, the Company will discuss the long-term financial outlook on the conference call and related materials will be available on the Company’s website at https://ir.builddirect.com/financials/quarterly-results/. Investors should carefully review the factors, assumptions, risks, and uncertainties included in such related materials concerning such as the long-term financial outlook.
Second Quarter 2025 Financial Highlights
A. Financial Position
The following table summarizes the Company’s financial position at June 30, 2025 and December 31, 2024.
| As at | As at | ||||||||
| June 30, | December 31, | ||||||||
| 2025 | 2024 | Change | |||||||
| Cash and cash equivalents | $ | 4,070,963 | $ | 2,347,491 | $ | 1,723,472 | |||
| Working capital(1) | 3,604,114 | 2,712,617 | 891,497 | ||||||
| Total assets | 29,582,247 | 27,752,963 | 1,829,284 | ||||||
| Total liabilities | 27,088,440 | 24,597,974 | 2,490,466 | ||||||
| Total shareholders’ equity | 2,493,807 | 3,154,989 | (661,182 | ) | |||||
| Common shares outstanding | 42,074,624 | 42,032,706 | 41,918 | ||||||
1A non-IFRS measure. See “Non-IFRS measures” for definitions and reconciliation of non-IFRS measures to the relevant IFRS Accounting Standards.
B. Financial Results
The following table summarizes the Company’s selected financial results for the three months and six months ended June 30, 2025 and 2024.
| Three months ended |
Three months ended |
||||||||
| June 30, | June 30, | ||||||||
| 2025 | 2024 | Change | |||||||
| Revenue | $ | 16,860,359 | $ | 16,182,846 | $ | 677,513 | |||
| Income (loss) from operations | (173,541 | ) | (227,626 | ) | 54,085 | ||||
| Comprehensive income (loss) | 138,458 | (517,029 | ) | 655,487 | |||||
| Adjusted EBITDA (1) | 602,473 | 578,326 | 24,147 | ||||||
| Basic and diluted earnings (loss) per share | $ | 0.01 | $ | (0.01 | ) | $ | 0.02 | ||
| Six months ended |
Three months ended |
||||||||
| June 30, | June 30, | ||||||||
| 2025 | 2024 | Change | |||||||
| Revenue | $ | 31,949,205 | $ | 31,772,698 | $ | 176,507 | |||
| Income (loss) from operations | (328,840 | ) | (544,607 | ) | 215,767 | ||||
| Comprehensive income (loss) | (747,447 | ) | (1,106,353 | ) | 358,906 | ||||
| Adjusted EBITDA (1) | 1,252,577 | 1,082,566 | 170,011 | ||||||
| Basic and diluted loss per share | $ | (0.02 | ) | $ | (0.03 | ) | $ | 0.01 | |
1A non-IFRS measure. See “Non-IFRS measures” for definitions and reconciliation of non-IFRS measures to the relevant IFRS measures.
C. Revenue and Gross Profit per Segment
The Company reports results in two segments: (1) E-Commerce and (2) Pro Centers. We measure each reportable operating segment’s performance based on revenue. The E-commerce segment relates to our online platform while the Pro Center segment includes sales and installation revenue from bricks and mortar locations.
The E-Commerce and Pro Center segments contributed 22% and 78% of the Company’s revenue respectively in Q2 2025 compared to 20% and 80% of the Company’s revenue, respectively, in the three months ended June 30, 2024 (“Q2 2024“). Likewise, the E-Commerce and Pro Center segments contributed 25% and 75% of our sales respectively in the six months period ended June 30, 2025 (“H1 2025“) compared to 22% and 78% of our sales, respectively, in the six months ended June 30, 2024 (“H1 2024“).
The following table summarizes revenue and gross profit per Segment for Q2 2025 and Q2 2024:
| Three months ended June 30, 2025 | |||||||||
| E-Commerce | Pro Centers | Total | |||||||
| Revenue | $ | 3,655,890 | $ | 13,204,469 | $ | 16,860,359 | |||
| Cost of goods sold | 1,831,585 | 8,305,761 | 10,137,346 | ||||||
| Gross profit | 1,824,305 | 4,898,708 | 6,723,013 | ||||||
| Gross profit % | 49.9% | 37.1% | 39.9% | ||||||
| Three months ended June 30, 2024 | |||||||||
| E-Commerce | Pro Centers | Total | |||||||
| Revenue | $ | 3,258,746 | $ | 12,924,100 | $ | 16,182,846 | |||
| Cost of goods sold | 1,551,747 | 8,446,344 | 9,998,090 | ||||||
| Gross profit | 1,707,000 | 4,477,757 | 6,184,756 | ||||||
| Gross profit % | 52.4% | 34.6% | 38.2% |
D. Working Capital
| June 30, | December 31, | |||||
| 2025 | 2024 | |||||
| Total current assets | $ | 19,467,125 | $ | 16,910,668 | ||
| Total current liabilities | 15,863,011 | 14,198,051 | ||||
| Working capital | $ | 3,604,114 | $ | 2,712,617 | ||
E. Quarterly Financial Information
| USD | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | ||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| Revenue | 16,860,359 | 15,088,846 | 16,723,578 | 16,968,564 | 16,182,846 | 15,589,852 | 16,916,952 | 18,411,622 | ||||||||||||||||
| Gross Profit | 6,723,013 | 6,224,672 | 6,562,882 | 6,503,404 | 6,184,756 | 6,090,951 | 5,957,814 | 7,321,604 | ||||||||||||||||
| Gross Margin % | 39.9% | 41.3% | 39.2% | 38.3% | 38.2% | 39.1% | 35.2% | 39.8% | ||||||||||||||||
| Net Loss | 138,458 | (885,905 | ) | 243,237 | (384,414 | ) | (517,029 | ) | (589,324 | ) | (1,971,942 | ) | (480,818 | ) | ||||||||||
| Net Earnings (loss) p/s: | ||||||||||||||||||||||||
| Basic and diluted EPS | 0.01 | (0.02 | ) | 0.01 | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.05 | ) | (0.01 | ) | ||||||||||
| EBITDA(1) | 1,466,046 | 345,803 | 396,232 | 711,775 | 573,376 | 486,772 | (757,295 | ) | 976,906 | |||||||||||||||
| Adjusted EBITDA(1) | 602,473 | 650,104 | 376,331 | 786,410 | 578,326 | 504,230 | 73,069 | 1,370,956 |
1A non-IFRS measure. See “Non-IFRS measures” for definitions and reconciliation of non-IFRS measures to the relevant IFRS measures.
Subsequent events to Q2 2025
- On August 1, 2025, BuildDirect successfully closed a non-brokered private placement for gross proceeds of C$7.0 million through the issuance of 6,087,173 common shares at C$1.15 per share, with participation from Sun Mountain Partners, IFCM Microcap Fund, and the Company’s three largest shareholders to support the Company’s growth strategy.
2025 Outlook
BuildDirect remains focused on executing its growth strategy to expand market share in the $90+ billion North American flooring market. With the completion of its recent C$7 million financing, the Company is well-capitalized to pursue both organic expansion and accretive M&A opportunities.
Management intends to:
- Expand the Pro Center footprint across strategic U.S. and Canadian markets while strengthening BuildDirect’s omnichannel presence.
- Pursue selective acquisitions in flooring and complementary building materials at accretive EBITDA multiples, enhancing scale and profitability.
- Leverage e-commerce and technology platforms to drive operational efficiency, customer acquisition, and cross-channel synergies.
- Maintain financial discipline with a continued focus on generating positive adjusted EBITDA and cash flow.
About BuildDirect
BuildDirect (TSXV: BILD) (OTCQB: BDCTF) is an expanding omnichannel building materials retailer, specializing in Pro Centers-strategic distribution hubs designed to serve professional contractors and trades. The Company is actively scaling its footprint through a combination of organic growth and strategic acquisitions, driving efficiency and market expansion. For more information, visit www.BuildDirect.com.
Forward-Looking Information:
This press release contains statements which constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”), including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. These statements reflect management’s current beliefs and expectations and are based on information currently available to management as at the date hereof.
Forward-looking statements in this press release may include, without limitation, statements relating to BuildDirect being in a strong position to keep building; BuildDirect’s ongoing pursuit of a model focused on growing the Pro Center network, creating operating leverage and staying disciplined on returns; the Company building or acquiring strong locations, expanding its commercial reach, and growing EBITDA through better execution; the Company’s acceleration of growth through the exploration a combination of new location builds and targeted strategic acquisitions; the Company’s expansion of its geographic footprint, deepening supplier relationships, and enhancing its service capabilities for professional customers; the Company’s delivery of strong returns and capturing market share in both core and emerging regions; the Company’s focus on driving EBITDA growth through improved operational efficiency and the continued development of its commercial sales channel; the Company being well-positioned to scale profitably while maintaining a high standard of customer service; and BuildDirect’s unwavering commitment to pursue sustainable growth, operational excellence, and long-term value creation for its stakeholders
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Among those factors are changes in consumer spending, inflation, availability of mortgage financing and consumer credit, changes in the housing market, changes in trade policies, tariffs or other applicable laws and regulations both locally and in foreign jurisdictions, availability and cost of goods from suppliers, fuel prices and other energy costs, interest rate and currency fluctuations, retention of key personnel and changes in general economic, business and political conditions and other factors referenced under the “Risks and Uncertainties” section of our MD&A. These forward-looking statements may be affected by risks and uncertainties in the business of the Company and general market conditions.
These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release reflect the Company’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and BuildDirect assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
NON-IFRS MEASURES
This announcement refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, and do not have a standardized meaning prescribed by IFRS Accounting Standards 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 Accounting Standards 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 Accounting Standards. We use non-IFRS measures including “EBITDA” and “Adjusted EBITDA”. Management uses these non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to determine components of management compensation. As required by Canadian securities laws, we reconcile these non-IFRS measures to the most comparable IFRS Accounting Standards measures in this announcement. See below regarding definitions and reconciliation of these non-IFRS measures to the relevant reported measures.
We define EBITDA as net income or loss before interest, income taxes and amortization. Adjusted EBITDA removes fair value adjustment of convertible debt and warrants, fair value adjustment of inventory, restructuring expenses, non-recurring bad debt expense, foreign exchange gains and losses, and share-based compensation items from EBITDA. We are presenting these measures because we believe that our current and potential investors, and many analysts, use them to assess our current and future operating results and to make investment decisions. Management uses these measures in managing the business and making decisions. EBITDA and adjusted EBITDA are not intended as substitutes for IFRS measures.
| Three months ended |
Three months ended |
|||||
| June 30, | June 30, | |||||
| 2025 | 2024 | |||||
| Total loss and comprehensive loss | $ | 138,458 | $ | (517,029 | ) | |
| Add: | ||||||
| Interest expense, net | 397,439 | 306,471 | ||||
| Income tax expense | 189,000 | 84,375 | ||||
| Depreciation and amortization | 741,148 | 699,559 | ||||
| EBITDA | 1,466,046 | 573,376 | ||||
| EBITDA – % (1) | 8.7% | 3.5% | ||||
| Add (deduct): | ||||||
| Stock-based compensation | 34,865 | 51,112 | ||||
| Change in fair value of warrants | 116,552 | (24,275 | ) | |||
| Restructuring costs | 36,871 | – | ||||
| Government grant | (1,170,137 | ) | – | |||
| Gain on disposal of assets | (7,971 | ) | – | |||
| Finance fee | – | 20,000 | ||||
| Foreign exchange (gain) loss | 126,247 | (41,887 | ) | |||
| Adjusted EBITDA | $ | 602,473 | $ | 578,326 | ||
| Adjusted EBITDA – % (2) | 3.6% | 3.6% | ||||
| Six months ended |
Six months ended |
|||||
| June 30, | June 30, | |||||
| 2025 | 2024 | |||||
| Total loss and comprehensive loss | $ | (747,447 | ) | $ | (1,106,353 | ) |
| Add: | ||||||
| Interest expense, net | 739,609 | 614,231 | ||||
| Income tax expense | 308,000 | 151,875 | ||||
| Depreciation and amortization | 1,511,686 | 1,400,395 | ||||
| EBITDA | 1,811,849 | 1,060,148 | ||||
| 5.7% | 3.3% | |||||
| EBITDA – % (1) | ||||||
| Add (deduct): | ||||||
| Stock-based compensation | 69,730 | 115,302 | ||||
| Change in fair value of warrants | 247,621 | (27,314 | ) | |||
| Restructuring costs | 156,885 | – | ||||
| Government grant | (1,170,137 | ) | – | |||
| Gain on disposal of assets | (8,471 | ) | – | |||
| Finance fee | – | 20,000 | ||||
| Foreign exchange (gain) loss | 145,100 | (85,570 | ) | |||
| Adjusted EBITDA | $ | 1,252,577 | $ | 1,082,566 | ||
| Adjusted EBITDA – % (2) | 3.9% | 3.4% |
(1) EBITDA % is a ratio of EBITDA divided by Total Revenue
(2) Adjusted EBITDA % is a ratio of Adjusted EBITDA divided by Total Revenue
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Condensed Consolidated Interim Statements of Financial Position
(Unaudited)
(Expressed in United States dollars)
| As at June 30, 2025 |
As at December 31,2024 |
|||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 4,070,963 | $ | 2,347,491 | ||
| Short-term investments | 200,000 | 445,415 | ||||
| Trade and other receivables (note 4) | 4,235,827 | 3,694,821 | ||||
| Inventories (note 5) | 10,039,503 | 9,619,963 | ||||
| Prepaid materials, expenses, and deposits | 920,832 | 802,978 | ||||
| Total current assets | 19,467,125 | 16,910,668 | ||||
| Non-current assets: | ||||||
| Property and equipment (note 6) | 706,428 | 607,699 | ||||
| Intangible assets (note 7) | 1,062,168 | 1,882,891 | ||||
| Right-of-use assets (note 8) | 1,915,051 | 2,562,647 | ||||
| Non-current deposits | 508,382 | 434,040 | ||||
| Loans receivable (note 9) | 568,075 | – | ||||
| Goodwill (note 7) | 2,530,622 | 2,530,622 | ||||
| Deferred tax asset | 2,824,396 | 2,824,396 | ||||
| Total non-current assets | 10,115,122 | 10,842,295 | ||||
| Total Assets | $ | 29,582,247 | $ | 27,752,963 | ||
| Liabilities and Shareholders’ Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable and accrued liabilities (note 10) | $ | 8,240,292 | $ | 8,500,775 | ||
| Income taxes payable | 995,888 | 707,584 | ||||
| Current portion of lease (note 11) | 766,881 | 1,154,315 | ||||
| Deferred revenue (note 12) | 1,626,290 | 1,385,993 | ||||
| Debt – current (note 13) | 4,233,660 | 2,449,384 | ||||
| Total current liabilities | 15,863,011 | 14,198,051 | ||||
| Non-current liabilities: | ||||||
| Lease liability (note 11) | 1,484,281 | 1,695,228 | ||||
| Debt – non-current (note 13) | 9,429,559 | 8,640,727 | ||||
| Warrants (note 14) | 311,589 | 63,968 | ||||
| Total non-current liabilities | 11,225,429 | 10,399,923 | ||||
| Shareholders’ equity: | ||||||
| Share capital (note 15) | 123,165,028 | 123,136,971 | ||||
| Share based payment reserve | 11,573,403 | 11,515,195 | ||||
| Deficit | -132,244,624 | -131,497,177 | ||||
| Total Shareholders’ equity | 2,493,807 | 3,154,989 | ||||
| Total Liabilities and Equity | $ | 29,582,247 | $ | 27,752,963 | ||
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
(Unaudited)
(Expressed in United States dollars)
| For the three months ended | For the six months ended | ||||||||||||
| June 30 | June 30 | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Revenue (note 16) | $ | 16,860,359 | $ | 16,182,846 | $ | 31,949,205 | $ | 31,772,698 | |||||
| Cost of goods sold (note 5) | 10,137,346 | 9,998,090 | 19,001,520 | 19,496,991 | |||||||||
| Gross Profit | 6,723,013 | 6,184,756 | 12,947,685 | 12,275,707 | |||||||||
| Operating expenses: | |||||||||||||
| Fulfillment costs | 905,380 | 1,007,785 | 1,800,978 | 2,005,552 | |||||||||
| Selling and marketing | 1,466,217 | 1,384,578 | 2,881,276 | 2,747,135 | |||||||||
| Administration | 3,783,809 | 3,320,460 | 7,082,585 | 6,667,232 | |||||||||
| Depreciation and amortization | 741,148 | 699,559 | 1,511,686 | 1,400,395 | |||||||||
| 6,896,554 | 6,412,382 | 13,276,525 | 12,820,314 | ||||||||||
| Profit (loss) from operations | (173,541 | ) | (227,626 | ) | (328,840 | ) | (544,607 | ) | |||||
| Other income (expense): | |||||||||||||
| Interest income | 9,888 | 15,274 | 16,328 | 37,376 | |||||||||
| Interest expense | (407,327 | ) | (321,745 | ) | (755,937 | ) | (651,607 | ) | |||||
| Rental income | – | 55,281 | – | 111,476 | |||||||||
| Fair value adjustment of warrants (note 14) | (116,552 | ) | 24,275 | (247,621 | ) | 27,314 | |||||||
| Government grant (note 22) | 1,170,137 | – | 1,170,137 | – | |||||||||
| Restructuring costs (note 21) | (36,871 | ) | – | (156,885 | ) | – | |||||||
| Finance fee | – | (20,000 | ) | – | (20,000 | ) | |||||||
| Foreign exchange gain (loss) | (126,247 | ) | 41,887 | (145,100 | ) | 85,570 | |||||||
| Gain on disposal of equipment | 7,971 | – | 8,471 | – | |||||||||
| 500,999 | (205,028 | ) | (110,607 | ) | (409,871 | ) | |||||||
| Income (Loss) before income taxes | 327,458 | (432,654 | ) | (439,447 | ) | (954,478 | ) | ||||||
| Income tax expense | (189,000 | ) | (84,375 | ) | (308,000 | ) | (151,875 | ) | |||||
| Total income (loss) and comprehensive income (loss) for the period | 138,458 | (517,029 | ) | (747,447 | ) | (1,106,353 | ) | ||||||
| Deficit, beginning of period | (132,383,082 | ) | (130,838,971 | ) | (131,497,177 | ) | (130,249,647 | ) | |||||
| Deficit, end of period | $ | (132,244,624 | ) | $ | (131,356,000 | ) | $ | (132,244,624 | ) | $ | (131,356,000 | ) | |
| Profit (loss) per share: | |||||||||||||
| Basic and diluted profit (loss) per share (note 23) | 0.01 | (0.01 | ) | (0.02 | ) | (0.03 | ) | ||||||
Condensed Consolidated Interim Statement of Changes in Equity (Deficiency)
(Unaudited)
(Expressed in United States dollars)
For the six months ended June 30, 2025 and 2024
| Common Shares | Share based payment reserve |
Deficit | Total | ||||||||||||
| Number | Amount | ||||||||||||||
| Balance – December 31, 2023 | 41,941,535 | $ | 123,109,599 | $ | 11,323,580 | $ | (130,249,647 | ) | $ | 4,183,532 | |||||
| Exercise of deferred share units (note 15) | 7,843 | 3,720 | – | – | 3,720 | ||||||||||
| Exercise of stock options (note 15) | 83,328 | 23,652 | – | – | 23,652 | ||||||||||
| Loss and comprehensive loss for the period | – | – | – | (1,106,353 | ) | (1,106,353 | ) | ||||||||
| Share-based payment expense (note 15) | – | – | 115,303 | – | 115,303 | ||||||||||
| Balance – June 30, 2024 | 42,032,706 | $ | 123,136,971 | $ | 11,438,883 | $ | (131,356,000 | ) | $ | 3,219,854 | |||||
| Balance – December 31, 2024 | 42,032,706 | $ | 123,136,971 | $ | 11,515,195 | $ | (131,497,177 | ) | $ | 3,154,989 | |||||
| Exercise of stock options (note 15) | 41,918 | 28,057 | (11,522 | ) | – | 16,535 | |||||||||
| Loss and comprehensive loss for the period | – | – | – | (747,447 | ) | (747,447 | ) | ||||||||
| Share-based payment expense (note 15) | – | – | 69,730 | – | 69,730 | ||||||||||
| Balance – June 30, 2025 | 42,074,624 | $ | 123,165,028 | $ | 11,573,403 | $ | (132,244,624 | ) | $ | 2,493,807 | |||||
Condensed Consolidated Interim Statement of Cash Flows
(Unaudited)
(Expressed in United States dollars)
| For the three months ended | For the six months ended | ||||||||||||||
| June 30 | June 30 | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Cash provided by (used in): | |||||||||||||||
| Operating activities: | |||||||||||||||
| Income (loss) for the period | $ | 138,458 | $ | (517,029 | ) | $ | (747,447 | ) | $ | (1,106,353 | ) | ||||
| Add (deduct) items not affecting cash: | |||||||||||||||
| Depreciation | 756,140 | 699,559 | 1,511,686 | 1,400,395 | |||||||||||
| Income tax expense | 189,000 | 84,375 | 308,000 | 151,875 | |||||||||||
| Stock-based compensation expense | 34,865 | 51,122 | 69,730 | 115,303 | |||||||||||
| Gain on disposal of equipment | (8,471 | ) | – | (8,471 | ) | – | |||||||||
| Capitalized interest on loans payable | 275,368 | 292,700 | 544,855 | 587,875 | |||||||||||
| Amortization of financing costs (note 13) | 11,246 | – | 18,742 | – | |||||||||||
| Interest on capital leases | 33,690 | 27,263 | 74,246 | 61,950 | |||||||||||
| Interest on lease receivables and other | – | 4,722 | – | (17,380 | ) | ||||||||||
| Fair value adjustment on warrants (note 14) | 116,552 | (24,275 | ) | 247,621 | (27,314 | ) | |||||||||
| Unrealized foreign exchange | 105,586 | (39,698 | ) | 105,071 | (79,492 | ) | |||||||||
| Change in non-cash working capital (note 18) | (1,120,097 | ) | (489,787 | ) | (280,834 | ) | 174,987 | ||||||||
| Income taxes paid | (3,085 | ) | – | (19,696 | ) | (1,000 | ) | ||||||||
| Total operating activities | 529,253 | 88,952 | 1,823,504 | 1,260,845 | |||||||||||
| Investing activities: | |||||||||||||||
| Purchase of property and equipment (note 6) | (55,113 | ) | (19,600 | ) | (89,278 | ) | (48,929 | ) | |||||||
| Proceeds on disposal of equipment (note 6) | 22,500 | – | 22,500 | – | |||||||||||
| Acquisition of assets (note 3) | – | – | (593,396 | ) | – | ||||||||||
| Payments on capital lease receivables | – | 72,151 | – | 142,702 | |||||||||||
| Total investing activities | (32,613 | ) | 52,551 | (660,174 | ) | 93,773 | |||||||||
| Financing activities: | |||||||||||||||
| Proceeds from exercise of options (note 15) | 12,122 | 23,652 | 16,535 | 27,372 | |||||||||||
| Deferred financing costs (note 13) | (46,278 | ) | – | (119,217 | ) | – | |||||||||
| Interest paid | (66,213 | ) | (86,992 | ) | (120,130 | ) | (186,758 | ) | |||||||
| Capital lease payments (note 11) | (350,568 | ) | (350,728 | ) | (672,628 | ) | (698,207 | ) | |||||||
| Promissory note repayment (note 13) | (311,250 | ) | (311,250 | ) | (622,500 | ) | (622,500 | ) | |||||||
| Loan receivable (note 9) | (568,075 | ) | – | (568,075 | ) | – | |||||||||
| Deferred consideration repayment | – | – | – | (675,000 | ) | ||||||||||
| Loan advances (note 13) | 1,415,743 | 1,000,000 | 2,648,866 | 1,000,000 | |||||||||||
| Loan repayments (note 13) | (1,416 | ) | (238,322 | ) | (2,709 | ) | (477,903 | ) | |||||||
| Total financing activities | 84,065 | 36,360 | 560,142 | (1,632,996 | ) | ||||||||||
| Increase (decrease) in cash and cash equivalents | 580,705 | 177,863 | 1,723,472 | (278,378 | ) | ||||||||||
| Cash and cash equivalents, beginning | 3,490,258 | 2,145,652 | 2,347,491 | 2,601,893 | |||||||||||
| Cash and cash equivalents, end | $ | 4,070,963 | $ | 2,323,515 | $ | 4,070,963 | $ | 2,323,515 | |||||||
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