StorageVault Reports 2025 Second Quarter Results and Increases Dividend
'We are pleased to report strong second quarter results, with same store revenue growth of 6.6% and NOI growth of 5.2%, leading to a 5.4% increase in AFFO per common share. Our sustained organic performance, despite broader sector headwinds, demonstrates the strength and resilience of our platform. For the second half of the year, we will continue to be disciplined purchasers of assets and will remain opportunistic under our NCIB should our shares remain undervalued – as supported by recent private market transactions. At the same time, we will maintain a strong emphasis on cost control, while maximizing revenues, NOI and free cash flow.'
2025 Second Quarter Results
Revenue for the second quarter of 2025 increased to $83.5 million compared to $74.1 million in Q2 2024 and net operating income ('NOI'), a non-IFRS measure, grew to $55.2 million from $49.9 million for the comparative period. Our cash flow from operations increased year over year and when combined with our financing, acquisitions and expansions resulted in an increased cash balance to $21.5 million at the end of the quarter. The Q2 2025 net loss of $6.2 million (net loss of $8.7 million for Q2 2024) is impacted by the following non-cash and non-recurring items – $27.3 million of depreciation and amortization, $0.1 million in stock based compensation, $1.1 million of interest accretion on convertible debentures, and deferred tax recovery of $2.0 million.
Revenue and NOI from Existing Self Storage stores increased by 6.6% and 5.2%, compared to the same period last year. Funds from operations ('FFO'), a non-IFRS measure, were $20.3 million for Q2 2025 compared to $19.7 million in Q2 2024, a 3.4% increase year over year. Adjusted funds from operations ('AFFO'), a non-IFRS measure, were $22.9 million for Q2 2025 compared to $22.3 million in Q2 2024, a 3.0% increase. On a per basic common share basis, FFO and AFFO increased by 5.8% and 5.4%.
Our Q2 2025 FFO and AFFO results are muted by operational and interest expenses related to lease-up stores acquired in fiscal 2024 ($127.0 million of the $215.0 million of acquisitions) and a nominal contribution from the 210,000 square feet of expanded and renovated space completed in Q4 2024 and Q1 2025. As these acquisitions and expansions stabilize, the Corporation expects to add an incremental annual $8.3 million of NOI within the next 3 years resulting in an equivalent incremental growth of FFO and AFFO.
For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see 'Non-IFRS Financial Measures' and the reconciliation tables below, and the Corporation's Management's Discussion & Analysis for the three and six months ended June 30, 2025 filed on SEDAR+ at
www.sedarplus.ca
.
2025 Six Months Year to Date Results
Revenue for the six months ended June 30, 2025 increased to $159.8 million from $145.5 million, for the comparative period, a 9.8% increase, and NOI, a non-IFRS measure, grew to $102.9 million from $94.2 million, for the comparative period, a 9.2% increase. For the six months ended June 30, 2025, cash flow from operations was $47.0 million and when combined with our financing and investing activities resulted in a cash balance of $21.5 million. The net loss of $17.5 million for the six months ended June 30, 2025 (net loss of $16.6 million for 2024) is impacted by the following non-cash and non-recurring items – $53.9 million in depreciation and amortization, $1.0 million of unrealized loss on derivative financial instruments and deferred tax recovery of $4.1 million.
Our Revenue and NOI from Existing Self Storage, a non-IFRS measure, increased by 4.0% and 4.0%, compared to the same period last year. FFO, a non-IFRS measure, were $35.7 million compared to $34.8 million for the same period in 2024, a 2.6% increase year over year. AFFO, a non-IFRS measure, were $39.9 million compared to $38.9 million for the same period in 2024, a 2.6% increase year over year. On a basic common per share basis, FFO and AFFO increased by 4.9% and 4.9%.
For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see 'Non-IFRS Financial Measures' and the reconciliation tables below, and the Corporation's Management's Discussion & Analysis for the three and six months ended June 30, 2025 filed on SEDAR+ at
www.sedarplus.ca
.
Increased Dividend
StorageVault is increasing its Q3 2025 dividend by 0.5% to $0.002976 per common share.
Our Strategy
StorageVault is focused on owning and operating storage in the top markets in Canada. Our goal is to have multiple stores in each market, with complementary portable storage units and records management storage services, to take advantage of economies of scale. Our growth strategy is focused on acquisitions, organic growth, expansion of our existing stores and expansion of our portable storage and records management businesses.
Further Information
For comprehensive disclosure of StorageVault's performance for the three and six months ended June 30, 2025 and its financial position as at such date, please see StorageVault's Unaudited Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2025 filed on SEDAR+ at
www.sedarplus.ca
.
Non-IFRS Financial Measures
Management uses both IFRS and non-IFRS Measures to assess the financial and operating performance of the Corporation's operations. These non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The non-IFRS Measures referenced in this news release include the following:
NOI, FFO, AFFO and Existing Self Storage, should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from StorageVault's comprehensive operations, respectively, or other measures calculated in accordance with IFRS. NOI, FFO and AFFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. Existing Self Storage should not be considered a measure of StorageVault's comprehensive operations. NOI, FFO, AFFO and Existing Self Storage are simply additional measures of operating performance which highlight trends in StorageVault's core business that may not otherwise be apparent when relying solely on IFRS financial measures. StorageVault's management also uses these non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, the Corporation's definitions of NOI, FFO, AFFO and Existing Self Storage may differ from that of other issuers.
Non-IFRS Financial Measures Reconciliation
The following table reconciles Net Income (Loss) and Net Operating Income:
The following table reconciles Net Income (Loss), and Funds from Operations and Adjusted Funds from Operations:
The following table reconciles Existing Self Storage Revenue, Operating Costs and Net Operating Income:
About StorageVault Canada Inc.
As of June 30, 2025, StorageVault owned and operated 259 storage locations across Canada. StorageVault owns 228 of these locations plus over 5,000 portable storage units representing over 12.9 million rentable square feet on 752 acres of land. StorageVault also provides last mile storage and logistics' solutions and professional records management services, such as document and media storage, imaging and shredding services.
For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:
Tel: 1-877-622-0205
ir@storagevaultcanada.com
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Forward-Looking Information: This news release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the Corporation's expectations to continue to be a disciplined purchasers of assets, to remain opportunistic under its NCIB should Corporation's shares remain undervalued and to continue to maintain a strong emphasis on cost control while maximizing revenues, NOI and free cash flow; the Corporation's expectations to add an incremental annual $8.3 million of NOI within the next 3 years resulting in an equivalent incremental growth of FFO and AFFO; the Corporation's strategy, including, the Corporation being focused on owning and operating storage in the top markets in Canada, and the goal of having multiple stores in the top markets in Canada, with complementary portable storage units and records management storage services; and the Corporation's growth strategy, including a focus on acquisitions, organic growth, expansion of our existing stores and expansion of our portable storage and records management businesses. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects StorageVault's current beliefs and is based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to: the level of activity in the storage business and the economy generally; consumer interest in the Corporation's services and products; competition and StorageVault's competitive advantages; trends in the storage industry, including, increased growth and growth in the portable storage business; the availability of attractive and financially competitive asset acquisitions in the future; the closing of previously announced acquisitions; the revenue and costs from acquisitions and operations conducted in fiscal 2024 being extrapolated to the entire period for 2025 and being consistent with, and reproducible as, costs and revenue in future periods; and anticipated and unanticipated costs. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of StorageVault to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual results of StorageVault's future operations; competition; changes in legislation, including environmental legislation, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; and the impact that the imposition of trade tariffs, particularly from the United States, may have on the global economy, and the economy in Canada in particular. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault's disclosure documents on the SEDAR+ website at
www.sedarplus.ca
. Although StorageVault has attempted to identify important risks and factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of StorageVault as of the date of this news release and, accordingly, is subject to change after such date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
The Corporation's expectations: to maximize revenue, NOI and free cash flow; and the Corporation's expectations to add an incremental annual $8.3 million of NOI within the next 3 years resulting in an equivalent incremental growth of FFO and AFFO, contained in this news release may be considered financial outlooks as defined by applicable securities legislation. Such information and any other financial outlooks have been approved by management of the Corporation as of the date hereof. Such financial outlooks are provided for the purpose of presenting information about management's current expectations and goals relating to the future business of the Corporation. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
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Notes to Condensed Consolidated Statements of Earnings (1) Acquisition-related items include contingent acquisition consideration fair value adjustments, contingent acquisition consideration-related compensation expense and transaction costs. (2) See definition and reconciliation below. Notes to Condensed Consolidated Balance Sheets (1) Restricted cash consists primarily of cash amounts set aside to satisfy legal or contractual requirements arising in the normal course of business. (2) Mortgage warehouse receivables represent mortgage loans receivable, the majority of which are offset by borrowings under mortgage warehouse credit facilities which fund loans that financial institutions have committed to purchase. (3) Excluding mortgage warehouse credit facilities. (4) Net debt for financial leverage ratio excludes restricted cash and mortgage warehouse credit facilities, in accordance with debt agreements. Notes Non-GAAP Measures 1. Reconciliation of revenues to net revenues Net revenues are defined as revenues excluding subconsultant and other reimbursable direct costs in Real Estate Services and Engineering segments as well as historical pass-through performance fees in Investment Management segment to better reflect the operating performance of the business. 2. Reconciliation of net earnings to Adjusted EBITDA Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other income; (iii) interest expense; (iv) depreciation and amortization, including amortization of mortgage servicing rights ('MSRs'); (v) gains attributable to MSRs; (vi) acquisition-related items (including contingent acquisition consideration fair value adjustments, contingent acquisition consideration-related compensation expense and transaction costs); (vii) restructuring costs and (viii) stock-based compensation expense, including related to the CEO's performance-based long-term incentive plan ('LTIP'). 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Our method of calculating Adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to Adjusted EBITDA appears below. 3. Reconciliation of net earnings and diluted net earnings per common share to adjusted net earnings and Adjusted EPS Adjusted EPS is defined as diluted net earnings per share adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) amortization expense related to intangible assets recognized in connection with acquisitions and MSRs; (iii) gains attributable to MSRs; (iv) acquisition-related items; (v) restructuring costs and (vi) stock-based compensation expense, including related to the CEO's LTIP. We believe this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. Adjusted EPS is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share from continuing operations, as determined in accordance with GAAP. Our method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted net earnings and of diluted net earnings per share to adjusted EPS appears below. 4. 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Our method of calculating free cash flow may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net cash flow from operating activities to free cash flow appears below. 5. Local currency revenue and Adjusted EBITDA growth rate and internal revenue growth rate measures Percentage revenue and Adjusted EBITDA variances presented on a local currency basis are calculated by translating the current period results of our non-US dollar denominated operations to US dollars using the foreign currency exchange rates from the periods against which the current period results are being compared. Percentage revenue variances presented on an internal growth basis are calculated assuming no impact from acquired entities in the current and prior periods. Revenue from acquired entities, including any foreign exchange impacts, are treated as acquisition growth until the respective anniversaries of the acquisitions. We believe that these revenue growth rate methodologies provide a framework for assessing the Company's performance and operations excluding the effects of foreign currency exchange rate fluctuations and acquisitions. Since these revenue growth rate measures are not calculated under GAAP, they may not be comparable to similar measures used by other issuers. 6. Assets under management We use the term assets under management ('AUM') as a measure of the scale of our Investment Management operations. AUM is defined as the gross market value of operating assets and the projected gross cost of development assets of the funds, partnerships and accounts to which we provide management and advisory services, including capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our definition of AUM may differ from those used by other issuers and as such may not be directly comparable to similar measures used by other issuers. 7. Adjusted EBITDA from recurring revenue percentage Adjusted EBITDA from recurring revenue percentage is computed on a trailing twelve-month basis and represents the proportion of Adjusted EBITDA (note 2) that is derived from Engineering, Outsourcing and Investment Management service lines. All these service lines represent medium to long-term duration revenue streams that are either contractual or repeatable in nature. Adjusted EBITDA for this purpose is calculated in the same manner as for our debt agreement covenant calculation purposes, incorporating the expected full year impact of business acquisitions and dispositions. COMPANY CONTACTS: Jay S. Hennick Chairman & Chief Executive Officer Christian Mayer Chief Financial Officer (416) 960-9500
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PyroGenesis Receives Initial Contract for Titanium Metal Powder from European Additive Manufacturing Company
MONTREAL, July 31, 2025 (GLOBE NEWSWIRE) — PyroGenesis Inc. ( ) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), a high-tech company that designs, develops, manufactures and commercializes advanced all-electric plasma processes and sustainable solutions to support heavy industry in their energy transition, emission reduction, commodity security, and waste remediation efforts, today announces receipt of a contract for titanium metal powder produced by PyroGenesis' NexGen™ plasma atomization process, from a European engineering and material science firm specializing in the additive manufacturing industry. The name of the client and terms of the contract will remain confidential for competitive reasons. The client previously received and tested samples of PyroGenesis' metal powder. Today's contract announcement marks the first commercial order with this customer. The order is for a Ti64 'coarse' cut titanium metal powder, of the type that was recently qualified for use and added to the approved list of metal powders by a major global aerospace company. The powder for this order has already been produced and will be shipped to the customer over the next few weeks. Image: PyroGenesis' titanium metal powder as produced by its NexGen™ plasma atomization system. 'This initial order comes after a successful review and testing process with this European customer. The high standard of Ti64 metal powder produced at PyroGenesis Additive is the result of years of groundbreaking design and engineering work that went into developing our NexGen™ plasma atomization process, and the commercial results of these efforts are starting to appear,' said P. Peter Pascali, President and CEO of PyroGenesis. 'This customer is a key technology hub for their region, with state-of-the-art engineering and R&D. 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Metal powders are part of PyroGenesis' Commodity Security & Optimization vertical, where the development of advanced material production techniques, and the use of technology such as plasma to recover viable metals, chemicals, and minerals from industrial waste, helps to maximize raw materials and improve the availability of critical minerals. Titanium has been identified as a critical mineral by the Canadian government . The other verticals are Energy Transition and Emission Reduction, and Waste Remediation. About PyroGenesis Inc. PyroGenesis, a high-tech company, is a proud leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG) and are economically attractive alternatives to conventional 'dirty' processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, and its 3,800 m2 and 2,940 m2 manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997. PyroGenesis' shares are publicly traded on the TSX in Canada (TSX: PYR), the OTCQX in the US (OTCQX: PYRGF), and the Frankfurt Stock Exchange in Germany (FRA: 8PY1). For more information, please visit: . Cautionary and Forward-Looking Statements This press release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements') within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'targets', 'expects' or 'does not expect', 'is expected', 'an opportunity exists', 'is positioned', 'estimates', 'intends', 'assumes', 'anticipates' or 'does not anticipate' or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might', 'will' or 'will be taken', 'occur' or 'be achieved'. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance. Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by PyroGenesis as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under 'Risk Factors' in PyroGenesis' latest annual information form, and in other periodic filings that it has made and may make in the future with the securities commissions or similar regulatory authorities, all of which are available under PyroGenesis' profile on SEDAR+ at . These factors are not intended to represent a complete list of the factors that could affect PyroGenesis. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. PyroGenesis undertakes no obligation to publicly update or revise any forward-looking statement, except as required by applicable securities laws. Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the OTCQX Best Market accepts responsibility for the adequacy or accuracy of this press release. For further information please contact: Rodayna Kafal, Vice President, IR/Comms. and Strategic BD E-mail: ir@ RELATED LINK: 1 A photo accompanying this announcement is available at
Hamilton Spectator
an hour ago
- Hamilton Spectator
ISC Extends Credit Facility
REGINA, Saskatchewan, July 31, 2025 (GLOBE NEWSWIRE) — Information Services Corporation (TSX:ISC) ('ISC' or the 'Company') announced today that it has extended the Company's secured syndicated credit facility (the 'Credit Facility') by entering into a third amendment to the amended and restated credit agreement with its syndicate of lenders. The previous Credit Facility was due to become current debt on the Company's balance sheet in September 2025. As part of the amendment, the term of the Credit Facility has been extended to July 2029. The aggregate amount available under the Credit Facility remains at $250 million. ISC will maintain access to a $150 million accordion option (up from $100 million under the previous agreement), providing the flexibility to upsize the aggregate revolving credit facility to $400 million. In addition, the Credit Facility has been simplified by consolidating the two existing revolving credit facility tranches of $150 million and $100 million into a single facility of $250 million with improved pricing. A change in the covenants will also provide additional balance sheet flexibility to ISC. As at June 30, 2025 $155.0 million was drawn under the Credit Facility and ISC is committed to deleveraging its balance sheet to a target of 2.0x – 2.5x. The Credit Facility is available on a revolving basis to finance permitted acquisitions and capital expenditures and for general corporate purposes. Royal Bank of Canada acted as Administrative Agent with RBC Capital Markets and Canadian Imperial Bank of Commerce serving as Joint Lead Arrangers and Joint Bookrunners for the Credit Facility. About ISC® Headquartered in Canada, ISC is a leading provider of registry and information management services for public data and records. Throughout our history, we have delivered value to our clients by providing solutions to manage, secure and administer information through our Registry Operations, Services and Technology Solutions segments. ISC is focused on sustaining its core business while pursuing new growth opportunities. The Class A Shares of ISC trade on the Toronto Stock Exchange under the symbol ISC. Cautionary Note Regarding Forward-Looking Information This news release contains certain forward-looking information within the meaning of applicable Canadian securities legislation including, without limitation, statements related to growth opportunities, future financial results (including revenue and adjusted EBITDA), and the availability of credit under the Credit Facility. Such forward-looking information does not represent actual performance or results and is not a guarantee of future outcomes Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks related to changes in economic, market and business conditions, technological development, shifts in customer demands and expectations, reliance on key customers and licences, dependence on key projects and clients, the ability to secure new business and manage fixed-price contracts, identification of viable growth opportunities, execution of the Company's growth strategy, competition, termination risks and other risks disclosed from time to time in the Company's filings including those detailed in ISC's Annual Information Form for the year ended December 31, 2024 and ISC's unaudited Condensed Consolidated Interim Financial Statements and Notes and Management's Discussion and Analysis for the quarter ended June 30, 2025, copies of which are filed on SEDAR+ at . The assumptions underlying, and expectations reflected in, such forward-looking information are based on the assessments and reasonable beliefs of ISC management as of the date of this release and are considered reasonable in the circumstances. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, ISC assumes no obligation to update or revise such information to reflect new events or circumstances. Investor Contact Jonathan Hackshaw Senior Director, Investor Relations & Capital Markets Toll Free: 1-855-341-8363 in North America or 1-306-798-1137
