Quandri Raises US$12M to Scale AI Automation for Insurance Agencies Across North America
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The round is led by Framework Venture Partners with participation from Intact Ventures
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VANCOUVER, British Columbia & BOSTON — Quandri, the AI platform modernizing servicing work for insurance brokerages and agencies, has raised US$12 million, bringing the total funds raised since the company's inception in 2021 to over US$20 million. The round was led by Framework Venture Partners with investors FUSE and Defined Capital doubling down on their existing investments in Quandri. The funding round also included an investment from Intact Ventures, a pre-eminent insurtech investment group backed by one of the largest providers of property and casualty insurance in North America. Quandri will use these funds to accelerate its go-to-market efforts, increase engineering and AI investments, and expand operations in both Canada and the U.S.
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'Our investment in Quandri reflects our belief in its product, team, and the immense opportunity ahead as they build critical infrastructure for the modernization of broker workflows and insurance distribution.'
'Quandri is solving a massive pain point in a legacy industry, and they're doing it with a deep product focus and clear ROI,' said Ajay Gopal, Partner at Framework Venture Partners. 'The company's plans to scale across North America will ensure their groundbreaking platform is available to thousands more brokerages and agencies serving the personal lines insurance market.'
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'We're proud to invest in Jackson, Jamieson and the entire team at Quandri. In the new world of AI and automation, Quandri is supporting brokers in delivering top-tier customer experience, something that aligns with Intact's broader values around being customer-driven,' said Justin Smith-Lorenzetti, Head of Investments at Intact Ventures. 'Our investment in Quandri reflects our belief in its product, team, and the immense opportunity ahead as they build critical infrastructure for the modernization of broker workflows and insurance distribution.'
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Since its last funding round in 2023, Quandri has increased its revenue by 15X and expanded its customer base to more than 100 agencies and brokerages across Canada and the U.S. The company has also expanded its headcount fivefold to 75 full-time employees. Marquee North American clients include Brokerlink, Western Financial Group, HomeServices Insurance Inc., and BlueRidge Risk Partners. The company has delivered several major product milestones including the launch of Policy Checking, Policy Requoting, and Connect. Brokerages and agencies are now using Quandri to automate policy reviews, surface renewal insights, streamline requoting, and proactively engage clients, leading to stronger retention, increased revenue, and a better client experience.
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'Quandri is solving the right problems for our business,' said Chris Rosati, President and CEO at HomeServices Insurance Inc. 'Their AI platform has helped us operate more efficiently, improve how we engage clients, and focus our teams on higher-value work. As we expand our use of the platform, we see Quandri playing an increasingly strategic role in how we deliver service and drive growth.'
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'We've had strong conviction in our vision from day one, but having new investors like Framework and Intact supporting our journey adds real momentum,' said Jackson Fregeau, CEO and co-founder of Quandri. 'Their support affirms the value we're delivering to brokerages and agencies, and gives us the insight and fuel we need to keep pushing the industry forward.'
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For the remainder of 2025, Quandri plans to hire more than 40 people. The company is also expanding its Vancouver HQ with a new 15,000-square-foot office and opening a Boston office to serve a growing U.S. customer base.
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About Quandri
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Founded in 2021, Quandri is an AI-enabled servicing platform transforming how North America's insurance brokerages and agencies get work done. Named as one of LinkedIn's 2024 Top Startups, Quandri's Renewal Intelligence Platform enables brokers and agents to streamline tasks, identify actionable policy insights, and provide end clients with an exceptional renewal experience. For additional information, visit www.quandri.io.
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Article content Article content Adjusted EBITDA from continuing operations increased 14% to $22.7 million Article content Adjusted EPS of $0.04 compared to $0.02 in the prior year Article content Reaffirms 2025 Adjusted EBITDA Outlook Article content MINNEAPOLIS — SunOpta Inc. ('SunOpta' or the 'Company') (Nasdaq: STKL) (TSX:SOY), a company that delivers customized supply chain solutions and innovation for top brands, retailers and foodservice providers across a broad portfolio of beverages, broths and better-for-you snacks today announced financial results for the second quarter ended June 28, 2025. Article content All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted. 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Article content Expenses related to the acquisition or divestiture of a business, including business development costs, impairment of assets, integration costs, severance, retention costs and transaction costs; Charges associated with restructuring and cost saving initiatives, including but not limited to asset impairments, accelerated depreciation, severance costs and lease abandonment charges; Asset impairment charges and facility closure costs; Legal settlements or awards; and The tax effect of the above items. Article content About SunOpta Article content SunOpta (Nasdaq: STKL) (TSX: SOY) delivers customized supply chain solutions and innovation for top brands, retailers and foodservice providers across a broad portfolio of beverages, broths and better-for-you snacks. With over 50 years of expertise, SunOpta fuels customers' growth with high-quality, sustainability-forward solutions distributed through retail, club, foodservice and e-commerce channels across North America. For more information, visit or follow us on LinkedIn. Article content Forward-Looking Statements Article content Certain statements included in this press release may be considered 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, which are based on information available to us on the date of this release. These forward-looking statements include, but are not limited to, our intention to maintain our disciplined financial approach to deliver sustainable gross margin improvement and continue to generate significant free cash flow, our expectation to continue de-levering our balance sheet, achieve net leverage targets and drive increasing returns on invested capital, share repurchases, our expectations to recover tariff impacts through pass-through pricing, and our anticipated Revenue, Adjusted EBITDA, Revenue growth and Adjusted EBITDA growth for fiscal 2025. Generally, forward-looking statements do not relate strictly to historical or current facts and are typically accompanied by words such as 'potential', 'expect', 'believe', 'anticipate', 'estimates', 'can', 'will', 'target', 'should', 'would', 'plans', 'continue', 'becoming', 'intend', 'confident', 'may', 'project', 'intention', 'might', 'predict', 'budget', 'forecast' or other similar terms and phrases intended to identify these forward-looking statements. Forward-looking statements are based on information available to the Company on the date of this release and are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments including, but not limited to, the Company's actual financial results; uninterrupted operations and service levels to our customers; current customer demand for the Company's products; general economic conditions; continued consumer interest in health and wellness; the Company's ability to maintain product pricing levels; planned facility and operational expansions, closures and divestitures; cost rationalization and product development initiatives; alternative potential uses for the Company's capital resources; portfolio optimization and productivity efforts; the sustainability of the Company's sales pipeline; the Company's expectations regarding commodity pricing, margins and hedging results; procurement and logistics savings; freight lane cost reductions; yield and throughput enhancements; labor cost reductions; and the terms of our insurance policies. 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The Company undertakes no obligation to publicly correct or update the forward-looking statements in this document, in other documents, or on its website to reflect future events or circumstances, except as may be required under applicable securities laws. Article content SunOpta Inc. Consolidated Statements of Operations For the quarters and two quarters ended June 28, 2025 and June 29, 2024 (Unaudited) (All dollar amounts expressed in thousands of U.S. dollars, except per share amounts) Quarter ended Two quarters ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 $ $ $ $ Revenues 191,489 169,541 393,117 353,963 Cost of goods sold 163,082 148,349 334,391 301,719 Gross profit 28,407 21,192 58,726 52,244 Selling, general and administrative expenses 17,727 17,784 36,923 40,118 Intangible asset amortization 526 446 972 892 Other income, net (131 ) (304 ) (56 ) (2,104 ) Foreign exchange loss (gain) (248 ) 1,310 (133 ) 1,259 Operating income 10,533 1,956 21,020 12,079 Interest expense, net 5,301 6,410 10,408 12,460 Other non-operating expense 537 – 959 – Earnings (loss) from continuing operations before income taxes 4,695 (4,454 ) 9,653 (381 ) Income tax expense (benefit) 344 (17 ) 491 260 Earnings (loss) from continuing operations 4,351 (4,437 ) 9,162 (641 ) Net loss from discontinued operations – (897 ) – (1,814 ) Net earnings (loss) 4,351 (5,334 ) 9,162 (2,455 ) Dividends and accretion on preferred stock (35 ) 169 (175 ) (264 ) Earnings (loss) attributable to common shareholders 4,316 (5,165 ) 8,987 (2,719 ) Basic earnings (loss) per share Earnings (loss) from continuing operations attributable to common shareholders 0.04 (0.04 ) 0.08 (0.01 ) Loss from discontinued operations – (0.01 ) – (0.02 ) Earnings (loss) attributable to common shareholders (1) 0.04 (0.04 ) 0.08 (0.02 ) Diluted earnings (loss) per share Earnings (loss) from continuing operations attributable to common shareholders 0.03 (0.04 ) 0.07 (0.01 ) Loss from discontinued operations – (0.01 ) – (0.02 ) Earnings (loss) attributable to common shareholders (1) 0.03 (0.04 ) 0.07 (0.02 ) Weighted-average common shares outstanding (000s) Basic 118,168 116,640 117,685 116,336 Diluted 124,676 116,640 124,700 116,336 (1) The sum of individual per share amounts may not add due to rounding. Article content SunOpta Inc. Consolidated Balance Sheets As at June 28, 2025 and December 28, 2024 (Unaudited) (All dollar amounts expressed in thousands of U.S. dollars) June 28, 2025 December 28, 2024 $ $ ASSETS Current assets Cash and cash equivalents 2,161 1,552 Accounts receivable 58,851 46,314 Inventories 109,945 92,798 Prepaid expenses and other current assets 12,346 14,680 Income taxes recoverable 780 4,114 Total current assets 184,083 159,458 Restricted cash 8,003 7,460 Property, plant and equipment, net 345,968 343,618 Operating lease right-of-use assets 112,138 105,692 Intangible assets, net 22,041 20,077 Goodwill 3,998 3,998 Other long-term assets 28,709 28,224 Total assets 704,940 668,527 LIABILITIES Current liabilities Accounts payable 109,560 93,362 Accrued liabilities 15,189 17,876 Income taxes payable 70 638 Notes payable 8,211 11,110 Short-term debt 10,115 – Current portion of long-term debt 30,176 29,393 Current portion of operating lease liabilities 17,491 17,055 Total current liabilities 190,812 169,434 Long-term debt 233,080 235,798 Operating lease liabilities 105,684 99,328 Deferred income taxes 325 325 Total liabilities 529,901 504,885 Series B-1 Preferred Stock 15,223 15,048 SHAREHOLDERS' EQUITY Common shares 478,064 471,792 Additional paid-in capital 27,070 30,775 Accumulated deficit (347,327 ) (355,982 ) Accumulated other comprehensive income 2,009 2,009 Total shareholders' equity 159,816 148,594 Total liabilities and shareholders' equity 704,940 668,527 Article content SunOpta Inc. Consolidated Statements of Cash Flows For the two quarters ended June 28, 2025 and June 29, 2024 (Unaudited) (All dollar amounts expressed in thousands of U.S. dollars) Two quarters ended June 28, 2025 June 29, 2024 $ $ CASH PROVIDED BY (USED IN) Operating activities Net earnings (loss) 9,162 (2,455 ) Net loss from discontinued operations – (1,814 ) Earnings (loss) from continuing operations 9,162 (641 ) Items not affecting cash: Depreciation and amortization 19,686 17,686 Amortization of debt issuance costs 477 457 Deferred income taxes – (368 ) Stock-based compensation 3,735 7,088 Gain on sale of smoothie bowls product line – (1,800 ) Gain on sale of property, plant and equipment (244 ) – Other (194 ) (193 ) Changes in operating assets and liabilities, net of divestitures (14,844 ) (20,216 ) Net cash provided by operating activities of continuing operations 17,778 2,013 Net cash used in operating activities of discontinued operations – (2,310 ) Net cash provided by (used in) operating activities 17,778 (297 ) Investing activities Additions to property, plant and equipment (17,438 ) (17,259 ) Proceeds from sale of property, plant and equipment 1,284 – Addition to intangible assets (2,419 ) – Proceeds from sale of smoothie bowls product line – 3,336 Net cash used in investing activities of continuing operations (18,573 ) (13,923 ) Net cash provided by investing activities of discontinued operations – 6,300 Net cash used in investing activities (18,573 ) (7,623 ) Financing activities Proceeds from notes payable 80,070 70,477 Repayment of notes payable (82,969 ) (71,709 ) Net increase in borrowings under revolving credit facilities 6,762 26,350 Borrowings of short-term and long-term debt 18,600 – Repayment of long-term debt (19,016 ) (12,320 ) Proceeds from the exercise of stock options and employee share purchases 1,880 749 Payment of withholding taxes on stock-based awards (2,389 ) (2,659 ) Repurchase of common shares (991 ) – Payment of cash dividends on preferred stock – (305 ) Net cash provided by financing activities of continuing operations 1,947 10,583 Increase in cash, cash equivalents and restricted cash in the period 1,152 2,663 Cash, cash equivalents and restricted cash, beginning of the period 9,012 8,754 Cash, cash equivalents and restricted cash, end of the period 10,164 11,417 Article content Non-GAAP Measures Article content Adjusted Gross Margin Article content Gross margin is a measure of gross profit (equal to revenues less cost of goods sold) as a percentage of revenues. The Company uses a measure of adjusted gross margin that excludes unusual items that are identified and evaluated on an individual basis, which due to their nature or size, the Company would not expect to occur as part of our normal business on a regular basis. The Company uses the measure of adjusted gross margin to evaluate the underlying profitability of our revenue-generating activities within each reporting period. The Company believes that disclosing this non-GAAP measure provides users with a meaningful, consistent comparison of its profitability measure for the periods presented. However, the non-GAAP measure of adjusted gross margin should not be considered in isolation or as a substitute for gross margin calculated based on gross profit determined in accordance with U.S. GAAP. The following tables present a reconciliation of adjusted gross margin from reported gross margin calculated in accordance with U.S. GAAP (all dollar amounts expressed in thousands of U.S. dollars). Article content Second Quarter Ended Revenues Cost of Goods Sold Gross Profit June 28, 2025 $ $ $ As reported 191,489 163,082 28,407 Adjusted for: Wastewater haul-off charges (a) – (752 ) 752 As adjusted 191,489 162,330 29,159 Reported gross margin 14.8 % Adjusted gross margin 15.2 % Second Quarter Ended Revenues Cost of Goods Sold Gross Profit June 29, 2024 $ $ $ As reported 169,541 148,349 21,192 Adjusted for: Wastewater haul-off charges (a) – (1,426 ) 1,426 Start-up costs (b) 61 (2,287 ) 2,348 Product withdrawal costs (c) – (2,145 ) 2,145 As adjusted 169,602 142,491 27,111 Reported gross margin 12.5 % Adjusted gross margin 16.0 % Article content First Two Quarters Ended Revenues Cost of Goods Sold Gross Profit June 28, 2025 $ $ $ As reported 393,117 334,391 58,726 Adjusted for: Wastewater haul-off charges (a) – (1,295 ) 1,295 As adjusted 393,117 333,096 60,021 Reported gross margin 14.9 % Adjusted gross margin 15.3 % First Two Quarters Ended Revenues Cost of Goods Sold Gross Profit June 29, 2024 $ $ $ As reported 353,963 301,719 52,244 Adjusted for: Wastewater haul-off charges (a) – (1,426 ) 1,426 Start-up costs (b) 61 (2,614 ) 2,675 Product withdrawal costs (c) – (2,145 ) 2,145 As adjusted 354,024 295,534 58,490 Reported gross margin 14.8 % Adjusted gross margin 16.5 % Article content Adjusted Earnings Article content When assessing financial performance, the Company uses an internal measure of adjusted earnings that excludes specific items recognized in other income or expense, and other unusual items that are identified and evaluated on an individual basis, which due to their nature or size, the Company would not expect to occur as part of its normal business on a regular basis. The Company believes that the identification of these excluded items enhances the analysis of the financial performance of its business when comparing those operating results between periods, as the Company does not consider these items to be reflective of normal business operations. The following tables present a reconciliation of adjusted earnings from earnings (loss) from continuing operations, which the Company considers to be the most directly comparable U.S. GAAP financial measure (all dollar amounts expressed in thousands of U.S. dollars, except per share amounts). Article content Second Quarter Ended June 28, 2025 June 29, 2024 Per Share Per Share $ $ $ $ Earnings (loss) from continuing operations 4,351 (4,437 ) Dividends and accretion on preferred stock (35 ) 169 Earnings (loss) from continuing operations attributable to common shareholders 4,316 0.03 (4,268 ) (0.04 ) Adjusted for: Wastewater haul-off charges (a) 752 1,426 Start-up costs (b) – 2,348 Product withdrawal costs (c) – 2,145 Unrealized foreign exchange loss (gain) on restricted cash (d) (562 ) 838 Other (e) (131 ) (304 ) Adjusted earnings from continuing operations 4,375 0.04 2,185 0.02 Article content First Two Quarters Ended June 28, 2025 June 29, 2024 Per Share Per Share $ $ $ $ Earnings (loss) from continuing operations 9,162 (641 ) Accretion on preferred stock (175 ) (264 ) Earnings (loss) from continuing operations attributable to common shareholders 8,987 0.07 (905 ) (0.01 ) Adjusted for: Wastewater haul-off charges (a) 1,295 1,426 Start-up costs (b) – 2,675 Product withdrawal costs (c) – 2,145 Unrealized foreign exchange loss (gain) on restricted cash (d) (543 ) 838 Other (e) (56 ) (304 ) Gain on sale of smoothie bowls product line (f) – (1,800 ) Adjusted earnings from continuing operations 9,683 0.08 4,075 0.03 Article content Adjusted EBITDA Article content The Company uses a measure of adjusted EBITDA from continuing operations when assessing the performance of its operations, which the Company believes is useful to users' understanding of the Company's operating profitability because it excludes non-operating expenses, such as interest, loss on sale of receivables, and income taxes, as well as non-cash expenses, such as depreciation, amortization, and stock-based compensation. In addition, the Company's measure of adjusted EBITDA excludes other unusual items that affect the comparability of its operating performance, as identified in the preceding determination of adjusted earnings from continuing operations. The Company also uses this measure of adjusted EBITDA to assess operating performance in connection with its employee incentive programs. The following tables present a reconciliation of adjusted EBITDA from continuing operations from earnings (loss) from continuing operations, which the Company considers to be the most directly comparable U.S. GAAP financial measure (all dollar amounts expressed in thousands of U.S. dollars). Article content Second Quarter Ended June 28, 2025 June 29, 2024 $ $ Earnings (loss) from continuing operations 4,351 (4,437 ) Interest expense, net 5,301 6,410 Loss on sale of receivables* 537 – Income tax expense (benefit) 344 (17 ) Depreciation and amortization 9,960 9,110 Stock-based compensation 2,192 2,443 Adjusted for: Wastewater haul-off charges (a) 752 1,426 Start-up costs (b) – 2,348 Product withdrawal costs (c) – 2,145 Unrealized foreign exchange loss (gain) on restricted cash (d) (562 ) 838 Other (e) (131 ) (304 ) Adjusted EBITDA from continuing operations 22,744 19,962 * Included in other non-operating expense. Article content First Two Quarters Ended June 28, 2025 June 29, 2024 $ $ Earnings (loss) from continuing operations 9,162 (641 ) Interest expense, net 10,408 12,460 Loss on sale of receivables* 959 – Income tax expense 491 260 Depreciation and amortization 19,686 17,686 Stock-based compensation 3,735 7,088 Adjusted for: Wastewater haul-off charges (a) 1,295 1,426 Start-up costs (b) – 2,675 Product withdrawal costs (c) – 2,145 Unrealized foreign exchange loss (gain) on restricted cash (d) (543 ) 838 Other (e) (56 ) (304 ) Gain on sale of smoothie bowls product line (f) – (1,800 ) Adjusted EBITDA from continuing operations 45,137 41,833 * Included in other non-operating expense. Article content Footnotes (a) Reflects temporary third-party haul-off charges for excess wastewater produced at our Midlothian, Texas, facility due to volume constraints within our current treatment system. (b) Start-up costs mainly reflect the scale-up of production over the course of fiscal 2024 at our plant-based beverage facility in Midlothian, Texas. (c) Reflects certain direct costs, net of expected insurance recoveries, related to the voluntary withdrawal from customers in the second quarter of 2024 of certain batches of aseptically-packaged products. (d) Reflects unrealized foreign exchange (gains) or losses associated with peso-denominated restricted cash held in Mexico. (e) For the second quarter and first two quarters of 2025, other mainly reflects a gain on sale of property, plant and equipment, partially offset by a legal settlement loss. For the second quarter and first two quarters of 2024, other mainly reflects legal settlement gains. These other amounts are recorded in other income or expense. (f) Reflects the pre-tax gain on sale of the smoothie bowls product line in the first quarter of 2024, which is recorded in other income. Article content Net Leverage Article content Net leverage is a non-GAAP financial measure that is calculated by dividing net debt (non-GAAP) by trailing four quarters adjusted EBITDA (non-GAAP). Net debt is defined by the Company as short-term debt plus current portion of long-term debt plus long-term debt less cash and cash equivalents. The Company uses net leverage as an assessment of its operating performance relative to its debt levels. The following tables present reconciliations of trailing four quarters adjusted EBITDA from continuing operations from loss from continuing operations and total debt to net debt, and the calculation of net leverage (all dollar amounts expressed in thousands of U.S. dollars). Article content Trailing Four Quarters Ended June 28, 2025 December 28, 2024 $ $ Loss from continuing operations (1,671 ) (11,474 ) Interest expense, net 22,856 24,908 Loss on sale of receivables* 1,645 686 Income tax expense 1,701 1,470 Depreciation and amortization 38,497 36,497 Stock-based compensation 7,837 11,190 Adjusted for: Wastewater haul-off charges 4,230 4,361 Start-up costs 16,474 19,149 Product withdrawal costs – 2,145 Unrealized foreign exchange loss on restricted cash 226 1,607 Other 215 (33 ) Gain on sale of smoothie bowls product line – (1,800 ) Adjusted EBITDA from continuing operations 92,010 88,706 * Included in other non-operating expense. Article content $ As at June 28, 2025 Short-term debt 10,115 Current portion of long-term debt 30,176 Long-term debt 233,080 Total debt 273,371 Cash and cash equivalents (2,161 ) Net debt 271,210 For the trailing four quarters ended June 28, 2025 Adjusted EBITDA 92,010 Net leverage 2.9x As at December 28, 2024 Current portion of long-term debt 29,393 Long-term debt 235,798 Total debt 265,191 Cash and cash equivalents (1,552 ) Net debt 263,639 For the trailing four quarters ended December 28, 2024 Adjusted EBITDA 88,706 Net leverage 3.0x Article content Article content Article content Article content Article content Contacts Article content
National Post
26 minutes ago
- National Post
VIQ Solutions to Report Second Quarter 2025 Financial Results on Wednesday, August 13, 2025
Article content MISSISSAUGA, Ontario — VIQ Solutions Inc. ('VIQ' or the 'Company') (TSX:VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, will release its financial results for the three and six months ended June 30, 2025, after market close on Wednesday, August 13, 2025. VIQ management will host a conference call to discuss these results on Thursday, August 14 at 11:00 AM Eastern Time. Article content Investors may access a live webcast of the call on the Company's website at or by dialing 1-888-440-4052 (North America toll-free) or +1-646-960-0827 (international) to be connected to the call by an operator using conference ID number 4983233. Participants should dial in at least 10 minutes prior to the start of the call. Article content Article content A replay of the webcast will be available on the Company's website through the same link approximately one hour after the conference call concludes. Article content About VIQ Solutions Inc. Article content VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost. Article content Article content Article content Article content Contacts Article content Media Contact: Article content
