Labour talks at CN Tower stall as strike or lockout looms ahead of Canada Day: Unifor
Unifor says the impasse is with Canada Lands Company, which operates the tourist attraction in the heart of downtown Toronto.
The union represents about 250 full-time and part-time workers at the CN Tower, including hosts, wait staff, bartenders and a kitchen crew of chefs, cooks and butchers.
They've been fighting with their employer over a lack of pension improvements for more than 15 years and are seeking wage increases, solutions for some scheduling concerns, benefits and health and safety protections.
Unifor says the deadline to avoid job action is just after midnight on Monday, the day before Canada Day.
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Winnipeg Free Press
4 minutes ago
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Martinrea International reports $38M in Q2 profit, down from last year
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National Post
4 minutes ago
- National Post
VerticalScope Announces Second Quarter 2025 Financial Results
Article content Unless otherwise stated, all amounts are in US dollars. Article content TORONTO — VerticalScope Holdings Inc. ('VerticalScope' or the 'Company') (TSX: FORA; OTCQX: VFORF), a technology company that has built and operates a cloud-based digital platform for online enthusiast communities, today announced financial results for the second quarter ended June 30, 2025 ('Q2' or 'the quarter'). Article content Article content 'In Q2, our platform served 90 million MAUs and generated $14.5 million in revenue,' said Chris Goodridge, CEO of VerticalScope. 'The real story this quarter is the speed at which we've reshaped our teams and sharpened our focus to position the Company for long-term growth. Our profitable model and strong cash generation give us the firepower to invest decisively in high-impact initiatives, from expanding direct traffic to accelerating AI-powered innovation.' Article content Mr. Goodridge added, 'The way people find and consume information is changing faster than ever, and that's creating new opportunities for platforms like ours. VerticalScope's communities deliver exceptional depth of expertise and engagement. As AI reshapes the digital landscape, we're focused on scaling what makes us unique — building stronger relationships with our large base of direct users, broadening how we monetize our audiences, and deploying AI to enhance user experience. We have the assets, the talent, and the strategy to capture meaningful growth in the years ahead.' Article content Financial Highlights for the Three Months Ended June 30, 2025 Article content Revenue decreased 13% to $14.5M, primarily due to a decline in MAUs, which impacted programmatic advertising. This follows a period of record-high MAU in the prior year. ARPU increased 17%, supported by a 41% year-over-year increase in e-commerce revenue. 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'Supported by a strong balance sheet and an efficient operating model, we continue to invest strategically in key initiatives that drive long-term value creation for our shareholders as we move into the second half of the year.' Article content Earnings Conference Call and Webcast Article content Management will host a conference call and webcast to discuss the Company's financial results at 7 a.m. ET on Wednesday, August 13, 2025. Article content Live Call Registration and Webcast: Joining Live by Telephone: Canada: 1 833 950 0062 United States: 1 833 470 1428 Participant Access code: 628663 Article content If you are unable to join live, an archived recording of the webcast will be available at: Article content About VerticalScope Holdings Inc. Article content Founded in 1999 and headquartered in Toronto, Ontario, VerticalScope is a technology company that has built and operates a cloud-based digital platform for online enthusiast communities in high consumer spending categories. VerticalScope's mission is to enable people with common interests to connect, explore their passions, and share knowledge about the things they love. Through targeted acquisitions and development, VerticalScope has built a portfolio of over 1,200 online communities and approximately 100 million monthly active users. Article content Forward-Looking Statements Article content This news release contains forward-looking information within the meaning of applicable securities legislation that reflects the Company's current expectations regarding future events. When used in this news release, words such as 'should', 'could', 'intended', 'expect', 'plan' or 'believe' and similar expressions indicate forward-looking statements. Forward-looking information, including the Company's plans for organic growth, deployment of capital, investments in our platform, the growth of revenue and MAU, information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, plans and objectives, is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurances can be given that actual results will be consistent with these forward-looking statements. Such risks and uncertainties include, but are not limited to, the implementation and effectiveness of the Company's capital allocation strategy, the availability of high-quality M&A opportunities, dependence on search algorithms and third-party traffic sources, potential disruption from artificial intelligence technologies, and the factors discussed under 'Risk Factors' in the Company's Annual Information Form dated March 31, 2025, which is available on the Company's profile on SEDAR Plus at Actual results could differ materially from those projected herein. VerticalScope does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws. Article content Non-IFRS Measures Article content This press release references certain non-IFRS measures, including Adjusted EBITDA and Free Cash Flow, and Free Cash Flow Conversion as described below. This press release also makes reference to MAU, which is an operating metric used in our industry. These non-IFRS measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS 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 measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. Article content The Company uses non-IFRS measures including: Article content 'EBITDA' is calculated as net income (loss) excluding interest, income tax expense (recovery), and depreciation and amortization. Article content 'Adjusted EBITDA' is calculated as EBITDA adjusted for share-based compensation, share performance related bonuses, unrealized gains or losses from changes in fair value of derivative financial instruments, severance, adjustments to contingent consideration liabilities measured at fair value through profit and loss, gain or loss on sale of assets, gain or loss on sale of investments, foreign exchange loss (gain), realized and unrealized other loss (gain) and other charges that include direct and incremental business acquisition related costs. Article content 'Free Cash Flow' means Adjusted EBITDA less capital expenditures and income taxes paid during the period. Article content 'Free Cash Flow Conversion' is equal to Free Cash Flow for the period divided by Adjusted EBITDA for the period. Article content 'Monthly Active Users' ('MAU') is defined as the number of individuals who have visited our communities within a calendar month, based on data as measured by Google Analytics. To calculate average MAU in a given period, we sum the total MAU for each month in that period, divided by the number of months in that period. Article content Related Links The following table sets forth a reconciliation of Adjusted EBITDA and Free Cash Flow to net income (loss): Article content (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands of US dollars) 2025 2024 2025 2024 Net income (loss) ($1,792) $423 ($4,208) ($561) Net interest and financing expense 816 1,075 1,563 2,238 Income tax expense (recovery) (935) 556 (1,389) 431 Depreciation and amortization 4,830 4,501 9,254 9,066 EBITDA 2,918 6,555 5,220 11,173 Share-based compensation (124) 368 1,128 789 Share performance related bonus (1) — — — (3) Unrealized loss (gain) from changes in derivative fair value of financial instruments (139) 19 (188) 75 Severance (2) 1,121 — 1,120 — Other income (2) — (2) — Gain on sale of assets (3) (1) (3) (5) Gain on sale of investments — — — (16) Foreign exchange loss 17 — 73 28 Realized other loss 26 — 94 — Unrealized other loss (26) — — — Other charges (3) 509 135 497 262 Adjusted EBITDA 4,299 7,076 7,940 12,302 Less capital expenditures (266) (399) (711) (834) Income taxes received (paid) (287) (120) (362) 258 Free Cash Flow $3,746 $6,557 $6,866 $11,726 Article content (1) Share performance related bonus is included in wages and consulting on the condensed consolidated interim statements of income (loss) and comprehensive income (loss). (2) Severance is included in wages and consulting on the condensed consolidated interim statements of income (loss) and comprehensive income (loss). (3) Other charges are included in wages and consulting and general and administrative on the condensed consolidated interim statements of income (loss) and comprehensive income (loss). For the three months ended June 30, 2025, these charges include direct and incremental business acquisition related costs. Article content June 30, December 31, 2025 2024 Assets Current assets: Cash $8,143,612 $5,189,315 Restricted cash 102,967 97,244 Trade and other receivables 11,533,480 14,874,882 Lease receivable 49,302 326,267 Income taxes receivable 822,621 784,332 Prepaid expenses 886,005 761,652 Derivative instruments 43,140 — 21,581,127 22,033,692 Property and equipment 349,587 482,276 Right-of-use asset 1,288,772 1,564,687 Intangible assets 38,961,754 37,597,990 Goodwill 52,635,164 52,635,164 Other assets 144,288 154,497 Deferred tax asset 19,174,931 17,937,708 Total assets $134,135,623 $132,406,014 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $8,574,197 $6,864,256 Income taxes payable 224,015 426,778 Derivative instruments — 145,068 Deferred revenue 1,394,824 1,125,592 Current portion of long-term debt 646,004 687,875 Lease liability 683,650 946,626 11,522,690 10,196,195 Long-term debt 44,000,000 38,000,000 Lease liability 936,673 1,180,878 Deferred tax liability 7,585 315,607 Other long-term liabilities 26,612 26,612 Total liabilities 56,493,560 49,719,292 Shareholders' equity: Share capital 158,703,767 163,250,013 Contributed surplus 22,552,185 25,413,119 Other comprehensive loss (145,494) (145,494) Deficit (103,468,395) (105,830,916) 77,642,063 82,686,722 Total liabilities and shareholders' equity $134,135,623 $132,406,014 Article content VERTICALSCOPE HOLDINGS INC. Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss) (In U.S. dollars, except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $14,540,316 $16,687,516 $28,105,833 $31,410,960 Operating expenses: Wages and consulting 8,276,004 6,822,678 15,438,208 13,762,711 Share-based compensation (124,142) 367,575 1,127,851 788,816 Platform and technology 2,074,497 1,675,344 3,714,095 3,218,879 General and administrative 1,382,546 1,268,179 2,443,011 2,460,804 Depreciation and amortization 4,830,349 4,500,984 9,253,924 9,065,612 16,439,254 14,634,760 31,977,089 29,296,822 Operating income (loss) (1,898,938) 2,052,756 (3,871,256) 2,114,138 Other expenses (income): Other income (1,824) — (1,824) — Gain on sale of assets (2,601) (1,098) (2,941) (4,718) Net interest and financing expense 815,644 1,074,882 1,563,462 2,237,814 Gain on sale of investments — — — (16,398) Foreign exchange loss 17,385 261 73,040 27,641 Realized other loss 26,453 — 94,030 — Unrealized other loss (26,453) — — — 828,604 1,074,045 1,725,767 2,244,339 Income (loss) before income taxes (2,727,542) 978,711 (5,597,023) (130,201) Income tax expense (recovery) Current (255,579) 163,747 155,905 252,365 Deferred (679,785) 391,866 (1,545,241) 178,929 (935,364) 555,613 (1,389,336) 431,294 Net income (loss) ($1,792,178) $423,098 ($4,207,687) ($561,495) Other comprehensive income (loss) Items that may be reclassified to net income (loss): Foreign currency differences on translation of foreign operations — (13,399) — 12,846 Total comprehensive income (loss) ($1,792,178) $409,699 ($4,207,687) ($548,649) Earnings (loss) per share: Basic ($0.08) $0.02 ($0.19) ($0.03) Diluted (0.08) 0.02 (0.19) (0.03) Article content VERTICALSCOPE HOLDINGS INC. Condensed Consolidated Interim Statements of Cash Flows (In U.S. dollars) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash provided by (used in): Operating activities: Net income (loss) ($1,792,178) $423,098 ($4,207,687) ($561,495) Items not involving cash: Depreciation and amortization 4,830,349 4,500,984 9,253,924 9,065,612 Net interest and financing expense 815,644 1,074,882 1,563,462 2,237,814 Gain on sale of assets (2,601) (1,098) (2,941) (4,718) Gain on sale of investments — — — (16,398) Unrealized loss (gain) in derivative instruments (138,557) 19,035 (188,208) 74,703 Unrealized other gain (26,453) — — — Income tax expense (recovery) (935,364) 555,613 (1,389,336) 431,294 Share-based compensation (124,142) 367,575 1,127,851 788,816 2,626,698 6,940,089 6,157,065 12,015,628 Change in non-cash operating assets and liabilities 4,792,347 414,915 5,027,900 1,858,879 Interest paid (690,393) (1,070,476) (1,414,940) (2,233,328) Income taxes received (paid) (287,300) (119,557) (362,330) 257,529 6,441,352 6,164,971 9,407,695 11,898,708 Financing activities: Repayment of term loan — (625,000) — (1,250,000) Proceeds from issuance of revolving loan 3,000,000 — 6,000,000 — Repayment of revolving loan — (5,875,000) — (8,250,000) Cash settlement for vested RSUs (119,753) — (119,753) — Repurchase of share capital for cancellation (1,845,070) (435,859) (1,845,070) (669,085) Lease payments (232,372) (340,661) (555,651) (701,643) Proceeds from sublease 138,002 147,878 278,942 297,956 940,807 (7,128,642) 3,758,468 (10,572,772) Investing activities: Additions to property and equipment and intangible assets (268,712) (399,007) (714,654) (833,618) Proceeds from sale of assets 2,601 1,967 2,941 6,081 Proceeds from sale of investments — — — 16,398 Acquisitions (4,038,028) (200,178) (9,494,430) (200,178) (4,304,139) (597,218) (10,206,143) (1,011,317) Increase (decrease) in cash 3,078,020 (1,560,889) 2,960,020 314,619 Cash, beginning of period 5,014,293 7,908,036 5,189,315 6,015,184 Change in restricted cash balances (9,052) (3,287) (5,723) 979 Effect of movement of exchange rates on cash and restricted cash held 60,351 (22,881) — (9,803) Cash, end of period $8,143,612 $6,320,979 $8,143,612 $6,320,979 Article content Article content Article content Article content Article content Contacts Article content For further information Investor and media inquiries:
National Post
4 minutes ago
- National Post
Anaergia Reports Second Quarter 2025 Financial Results
Article content BURLINGTON, Ontario — Anaergia Inc. ('Anaergia', the 'Company', 'us', or 'our') (TSX: ANRG) (OTCQX: ANRGF), a company that offers integrated waste-to-value solutions to reduce greenhouse gases by cost-effectively turning organic waste into renewable natural gas ('RNG'), fertilizer, and water, released its financial results for the three- and six-month periods ended June 30, 2025 ('Q2 2025'), and the related management's discussion and analysis ('MD&A') for the period. All financial results are reported in Canadian dollars unless otherwise stated. Article content Highlights and Management Commentary Article content Anaergia's financial results for the second quarter of 2025 reflect the ongoing strategic transition in its business model. The Company's shift to a capital-light strategy was the primary driver behind our strong quarterly results led by significantly higher revenue, higher gross profit margin, and an increase in Revenue Backlog. Article content Anaergia is uniquely positioned to benefit from the growing demand for sustainable waste solutions, underpinned by a robust market, and regulatory and environmental tailwinds. The Company provides complete, integrated resource recovery solutions globally. Anaergia's products and services respond to regulatory and customer demand for sustainable waste management services that are superior to landfills and composting while producing carbon negative fuel, thereby reducing greenhouse gas emissions. Anaergia is focused on providing cost effective and sustainable solutions that leverage our experience with project development, execution and our network of owned infrastructure. Article content 'Reflecting on my first year as CEO at Anaergia, I am excited to highlight the transformative progress we've made. We have strategically redefined Anaergia as a leading technology company in the RNG sector, delivering complete solutions though our capital sales business, and we are well positioned to capture expanding opportunities. Our second-quarter financial results demonstrate significant advancements enabled by our transition to a capital-light business model, clearly showcasing Anaergia's positive trajectory,' stated Assaf Onn, Chief Executive Officer of Anaergia. Article content 'Additionally, our Revenue Backlog surged to $244 million at the end of the quarter, increasing from $200 million in the previous quarter and $104 million at the start of the year. This growing backlog, along with $43.8 million in new contracts announced since the end of the second quarter, enhances our visibility and optimism for the future. We are enthusiastic about the ongoing transition and remain confident that the most promising developments are yet to come,' added Mr. Onn. Article content Financial highlights: Article content Revenue increased by 36.8%, or $8.7 million, to $32.3 million in Q2 2025, as compared to Q2 2024. Revenue increased primarily due to higher revenue from Capital Sales, most significantly in Italy and North America. Gross profit margin percentage increased to 32.5% in Q2 2025 from 17.6% in Q2 2024, or a 14.9 increase in percentage points. This is attributable to higher margins from all three segments, Capital Sales, Build-Own-Operate ('BOO'), and Operation Maintenance Services ('O&M'). Adjusted EBITDA 1 loss in Q2 2025 of $2.2 million improved by 72.1%, from an Adjusted EBITDA loss of $8.0 million reported in Q2 2024. This positive variance reflects a substantial improvement in our results from operations which was driven by the increases in revenue and in gross profit. Article content Three months ended: 30-Jun-25 30-Jun-24 % Change (In millions of Canadian dollars, except %) Revenue 32.3 23.6 +36.8% Gross profit 10.5 4.1 +152.9% Gross profit % 32.5% 17.6% +14.9 percentage points Loss from operations (4.1) (11.7) +64.6% Net loss (9.5) (13.4) +29.0% Adjusted EBITDA 1 (2.2) (8.0) +72.1% Six months ended: 30-Jun-25 30-Jun-24 % Change (In millions of Canadian dollars except %) Revenue 57.1 48.6 +17.7% Gross profit 15.9 10.6 +49.6% Gross profit % 27.8% 21.9% +5.9 percentage points Loss from operations (9.8) (21.9) +55.2% Net loss (15.4) (24.8) +38.1% Adjusted EBITDA 1 (6.2) (14.1) +56.2% Article content Statement of Financial Position 30-Jun-23 31-Dec-24 (In millions of Canadian dollars) Total Assets 226.1 233.3 Total Liabilities 185.5 180.1 Equity 40.6 53.2 Article content For a more detailed discussion of Anaergia's results for Q2 2025, please see the Company's financial statements for Q2 2025 and related MD&A, which are available at the Company's SEDAR+ page at Article content Non-IFRS® Measures Article content This press release makes reference to certain non-International Financial Reporting Standards ('IFRS') measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures to provide investors with supplemental measures. Management also uses non-IFRS measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our future debt service, capital expenditure and working capital requirements. Management believes these non-IFRS measures and industry metrics are important supplemental measures of operating performance because they eliminate items that have less bearing on operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes such measures allow for assessment of our operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of public companies. Article content Definitions of non-IFRS measures and industry metrics used in this press release are provided below. Article content ' Adjusted EBITDA ' is defined as net earnings before finance costs, taxes and depreciation and amortization adjusted for our normalized proportionate interest in our Build-Own-Operate assets and one-time or non-recurring items, stock-based compensation expense, asset impairment charges and write downs, gains and losses for equity-accounted investees, gain or loss on equity method adjustment, significant one-time provisions, foreign exchange gains or losses, restructuring costs, Enterprise Resource Planning ('ERP') customization and configuration costs, litigation and other claims settlements, gains and losses resulting from changes in certain balance sheet valuations (such as derivatives and warrants) and acquisition costs. Article content ' EBITDA ' is defined as net income before finance costs, taxes and depreciation and amortization. Article content ' Revenue Backlog ' is defined as the balance of unrecognized, undiscounted, consolidated revenues from signed contracts in our Capital Sales and O&M Services segments. For our Capital Sales contracts, we have modeled only projects that have been contracted. For our O&M Services segment, while most of our in-hand contracts are 5-15 years in tenure, we have conservatively modeled for only 3 years of contracted revenue. See 'Reconciliation of Non-IFRS Measures' below for a reconciliation of the foregoing non-IFRS measures to their most directly comparable measures calculated in accordance with IFRS. Article content Conference Call and Webcast Details Article content A conference call to review the Company's financial results will take place at 9:00 a.m. (EDT) on Wednesday August 13, 2025. It will be hosted by management of Anaergia. An accompanying slide presentation will be posted to the Investor Relations section of the Company's website shortly before the call. Article content To listen to the webcast live: Article content The webcast will be archived and available in the Investor Relations section of our website following the call. Article content About Anaergia Article content Anaergia is a pioneering technology company in the renewable natural gas ('RNG') sector, with over 250 patents dedicated to converting organic waste into sustainable solutions such as RNG, fertilizer, and water. We are committed to addressing a significant source of greenhouse gases ('GHGs') through cost-effective processes. Our proprietary technologies, combined with our engineering expertise and vast experience in facility design, construction, and operation, position Anaergia as a leader in the RNG industry. With a proven track record of delivering hundreds of innovative projects over the past decade, we are well-equipped to tackle today's critical resource recovery challenges through diverse project delivery methods. As one of the few companies worldwide offering an integrated portfolio of end-to-end solutions, we effectively combine solid waste processing, wastewater treatment, organics recovery, high-efficiency anaerobic digestion, and biomethane production. Additionally, we operate RNG facilities owned by both third parties and Anaergia. This comprehensive approach not only reduces environmental impact but also significantly lowers costs associated with waste and wastewater treatment while mitigating GHG emissions. Article content For further information please see: Forward-Looking Statements This press release contains 'forward-looking information' within the meaning of applicable securities laws. Forward-looking information may relate to future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, other future events or developments and may include, without limitation, information regarding our financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, plans and objectives. Particularly, information regarding our future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as 'may', 'will', 'would', 'should', 'could', 'expects', 'plans', 'intends', 'estimate', 'believes', 'likely', 'potential', 'continue', or 'future' or the negative or other variations of these words or other comparable words or phrases. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements in this press release include, among other things, statements relating to financial condition and results of operations; Company's strategic growth plan; and statements regarding the Company's Revenue Backlog and potential future sales. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that we considered appropriate and reasonable as of the date such statements were made. It is also subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the risk factors described in the Company's annual information form and management's discussion and analysis for the year ended December 31, 2024. Certain assumptions in respect of our ability to execute on our expansion plans; our ability to obtain or maintain existing financing on acceptable terms; and our ability of realizing the anticipated benefits of such are material factors underlying forward looking information and management's expectations. The purpose of the forward-looking statements in this press release is to provide the reader with a description of management's current expectations regarding the Company's financial performance and may not be appropriate for other purposes. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only to opinions, estimates and assumptions as of the date made. Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are made as of the date of this press release, and we have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Reconciliation of Non-IFRS Measures Three months ended: 30-Jun-25 30-Jun-24 (In thousands of Canadian dollars) Net loss (9,488) (13,356) Finance costs (income), net 1,266 1,614 Depreciation and amortization 1,394 1,628 Income tax recovery 2,058 (486) EBITDA 1 (4,770) (10,600) Share based compensation expense 515 594 Losses related to equity-accounted investees – 2,431 Asset Impairment loss – 1,083 Other (gains) losses, net 402 (1,597) RIBF income tax credit transaction cost – – Foreign exchange (gain) loss 1,629 (271) Severance Costs – 376 Adjusted EBITDA 1 (2,224) (7,984) Six months ended: 30-Jun-25 30-Jun-24 (In thousands of Canadian dollars) Net loss (15,385) (24,837) Finance costs (income), net 2,282 2,649 Depreciation and amortization 2,874 2,729 Income tax recovery 172 (503) EBITDA 1 (10,057) (19,962) Share based compensation expense 765 1,183 Losses related to equity-accounted investees – 2,909 Asset Impairment loss – 1,083 Other (gains) losses, net 1,211 (1,277) RIBF income tax credit transaction cost – 2,416 Foreign exchange (gain) loss 1,917 (816) Severance Costs – 376 Adjusted EBITDA 1 (6,164) (14,088) 1 'Adjusted EBITDA' is a non-IFRS measure. 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