Canadian automotive executives call for greater ambition amid Trump threats
Flavio Volpe, head of the Automotive Parts Manufacturers' Association, used a Canadian Club event in Toronto to call for an exploration into the potential of a new Canadian-born automaker.
Volpe says Canada has all the ingredients needed to build a domestic champion that could help boost the industry and show what the country is capable of, just as countries like Vietnam, Turkey and Mexico are already doing.
He says there are certainly challenges, but given the shake-up going on from Trump's tariffs, it's important to be ambitious in exploring alternatives.
Martinrea International executive chairman Robert Wildeboer said at the event that the rupture in the trade relationship with the U.S. is a wake-up call, and a tremendous opportunity.
He says that Canada's domestic industry is challenged in part because critical skills like die making are in short supply, but that by working with North American partners, the industry could be producing millions more vehicles to supply local markets.
Monday Mornings
The latest local business news and a lookahead to the coming week.
This report by The Canadian Press was first published May 21, 2025.
Companies in this story: (TSX:MRE)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Winnipeg Free Press
11 minutes ago
- Winnipeg Free Press
‘Crazy!!': How Labor Statistics staff reacted to Trump firing commissioner after dismal jobs report
WASHINGTON (AP) — 'Depressing.' 'CRAZY!!' That's how staff at the Bureau of Labor Statistics reacted after President Donald Trump fired its commissioner, Erika McEntarfer, after a dismal jobs report issued Aug. 1 undermined the White House's claims of an economic boom. The emails obtained by The Associated Press under the Freedom of Information Act suggest an agency with little of the corrupting partisanship that Trump had claimed. He called the report 'phony' and 'rigged' after it indicated a paltry 73,000 jobs were added in July and after downward revisions that showed 258,000 fewer jobs were added in May and June than previously reported. After the commissioner's firing, BLS employees talked about the importance of accurate numbers and professional integrity in producing data that is foundational for measuring the economy and holding elected officials accountable for how the nation performs. Officials at the agency sought to rally morale by focusing on their task at hand at a time when outside economists wondered if Trump had compromised the credibility of reports on jobs, inflation and other key economic indicators. The president has said without evidence that the numbers were meant to make him and other Republicans look bad — his latest effort to interfere with the functions of executive branch agencies, including the Federal Reserve. 'This news is sudden, but our mission is unchanged — to provide high quality data to the nation,' William Wiatrowski, the acting commissioner, told the staff in an email. 'Thank you for all the good work you do.' One assistant commissioner told staff to persevere just as a ship's crew might after losing its captain. 'We may have lost our captain but the ship will not go down,' the assistant commissioner wrote. 'We will neither hit an iceberg and sink to the ocean floor, nor run aground on a low-lying shoal. We are not rudderless. We remain … guided by our mission to provide gold-standard statistics the public can trust.' For her part, McEntarfer stayed stoic in her email to staff, choosing not to dwell on her firing by the president. Instead, she thanked BLS employees for the importance of their work. 'Our data moves markets because it is some of the most timely and accurate information on economic conditions that businesses and policymakers have,' she wrote. 'BLS data impacts the decisions of the Fed, the President, Congress, and millions of businesses and households. The work of this agency is vital to the US economy.' Monday Mornings The latest local business news and a lookahead to the coming week. The White House maintains that McEntarfer was removed because the size of the revisions suggested that the monthly jobs report was flawed. As part of each jobs report, the BLS revises the prior months' data two times. It also issues an annual benchmark revision after getting more complete survey information, an effort that is meant to balance being timely with being accurate. Trump announced Monday that he would nominate E.J. Antoni, chief economist at the conservative Heritage Foundation, to lead the BLS. Antoni told Fox News Digital in an interview before the announcement that the BLS 'should suspend issuing the monthly job reports' because of inaccuracies and offer quarterly updates instead. When asked at Tuesday's White House briefing whether the monthly jobs report would continue to be released, press secretary Karoline Leavitt said the administration hoped it would be. 'I believe that is the plan and that's the hope,' Leavitt said.
Cision Canada
11 minutes ago
- Cision Canada
TERAGO Reports Second Quarter and Six Months Ended 2025 Financial Results
TORONTO, /CNW/ - TERAGO Inc. ("TERAGO" or the "Company") (TSX: TGO) ( Canada's largest mmWave spectrum holder (91% of spectrum held) and a leading provider of Managed Fixed Wireless Internet, 5G Private Wireless Networks and SD-WAN solutions today reported financial and operating results for the second quarter and six months ended June 30, 2025. All figures reported in this release are in thousands of Canadian dollars. "We continued our momentum in the second quarter across key operational and financial metrics, including gross margin, ARPA, backlog, and cost discipline. Our revenue reflected a strategic decision to allow unprofitable customers to churn as part of our disciplined approach to profitability and long-term value creation. mmWave spectrum is becoming increasingly important as demand for high-capacity, low-latency connectivity continues to rise, and we are encouraged by the progress ISED made in Q2 accepting all respondents' remarks to its mmWave consultation. We look forward to their decision on the mmWave spectrum, including next steps toward a future auction. Our strong fundamentals, valuable spectrum holdings, and consistent execution position us well to create long term value for our stakeholders. With our current debt facility maturing at the end of September, we remain confident in our ability to refinance and position the Company for future growth." said Daniel Vucinic, CEO of TERAGO. Selected Financial Highlights and Key Developments Total revenue decreased for quarter and six months ended June 30, 2025 by 3.5% to $6,344 and by 2.2% to $12,758 respectively, compared to $6,577 and $13,049 in the same periods in 2024. The decrease was primarily driven by increased churn 1, stemming from management's continued initiatives to optimize the customer base by discontinuing service to unprofitable accounts. This was partially offset by increase in revenue from new customers in the current period. Adjusted EBITDA 1,2 for the quarter ended June 30, 2025 decreased by 4.0% to $903 as compared to an Adjusted EBITDA 1,2 of $941 for the comparative period in 2024. The decrease in the quarter was a result of lower revenue partially offset by lower operating expenses. For the six months ended June 30, 2025, Adjusted EBITDA 1,2 increased by 3.4% to $1,935 as compared to an Adjusted EBITDA 1,2 of $1,871 for the same period in 2024. This increase was a result of higher gross margin 1 and lower operating expenses in the current period compared to same period in the prior year. Net loss for the quarter and six months ended June 30, 2025, was $4,256 or $(0.21) per share (basic and diluted) and $7,792 or $(0.39) per share (basic and diluted) respectively, compared to a loss of $3,212 or $(0.16) per share (basic and diluted) and $6,759 or $(0.34) per share (basic and diluted), respectively in the same period in 2024. ARPA 1 for the quarter ended June 30, 2025 increased by 2.3% to $1,228 compared to $1,200 for the same period in 2024. For the six months ended June 30, 2025, ARPA 1 increased by 4.2% to $1,229 compared to $1,179 for the same period in 2024. The increase in ARPA 1 was a result of the Company's ongoing focus to attract mid-market and large-scale, predominantly multi-location customers and changes in the product mix. Churn 1 for the quarter ended June 30, 2025 was lower at 0.9% compared to 1.0% for the same period in 2024. The decrease in customer churn 1 was due to the continued execution of the Company's value creation strategy to focus on mid-market and enterprise customers, as well as implementing new strategies in regard to customer renewals and retention. For the six months ended June 30, 2025, Churn 1 was higher at 1.0% compared to 0.9% for the same period in 2024. The increase in customer churn 1 was primarily driven by management's continued initiatives to optimize the customer base by discontinuing service to unprofitable accounts, partially offset by increase in revenue from new customers in the current year period. The Company continues to review, modify and improve its customer experience practices with a focus on reducing customer churn. Backlog MRR 1 in the connectivity business increased year over year to $93,279 as of June 30, 2025, compared to $46,584 for the same period in 2024. The increase in backlog MRR 1 was a result of increased sales bookings in fiscal 2024 along with Company's continued focus on larger multi-site customers and on profitable revenue generation. Comparison of the quarter and six months ended June 30, 2025 and 2024 (In thousands of dollars, except with respect to gross profit margin 1, earnings per share 1, Backlog MRR 1, and ARPA 1) (in thousands of dollars, unaudited) Quarter ended June 30 Six months ended June 30 2025 2024 % Chg 2025 2024 % Chg Financial Total Revenue $ 6,344 6,577 (3.5) $ 12,758 13,049 (2.2) Cost of Services 1 $ 1,663 1,776 (6.4) $ 3,335 3,527 (5.4) Gross Profit Margin 1 73.8 % 73.0 % 1.1 73.9 % 73.0 % 1.2 Salaries and Related Costs 1 $ 2,508 2,574 (2.6) $ 5,232 5,243 (0.2) Other Operating Expenses 1 $ 1,270 1,286 (1.3) $ 2,256 2,408 (6.3) Adjusted EBITDA 1,2 $ 903 941 (4.0) $ 1,935 1,871 3.4 Net Loss $ (4,256) (3,212) 32.5 $ (7,792) (6,759) 15.3 Basic & diluted loss per share $ (0.21) (0.16) 31.5 $ (0.39) (0.34) 14.4 Quarter ended June 30 Six months ended June 30 2025 2024 Chg 2025 2024 Chg Operating Backlog MRR 1 Connectivity $ 93,279 46,584 46,695 $ 93,279 46,584 46,695 Churn Rate 1 Connectivity 0.9 % 1.0 % -0.1 % 1.0 % 0.9 % 0.1 % ARPA 1 Connectivity $ 1,228 1,200 2.3 % $ 1,229 1,179 4.2 % Conference Call Management will host a conference call on Wednesday, August 13, 2025, at 10:00 AM ET to discuss these results. To access the conference call, please dial 888-506-0062 or 973-528-0011 and use conference ID 259107 if applicable. Please call the conference telephone number 15 minutes prior to the start time so that you are in the queue for an operator to assist in registering and patching you through. A replay of the conference call will be available through Wednesday, August 27, 2025 and can be accessed by dialing 877-481-4010 or 919-882-2331 and using passcode 52797#. A reconciliation of net loss to Adjusted EBITDA 1 is found below and in the MD&A for the quarter and six months ended June 30, 2025. Adjusted EBITDA 1 does not have any standardized meaning under IFRS/GAAP. TERAGO's method of calculating Adjusted EBITDA 1 may differ from other issuers and, accordingly, Adjusted EBITDA 1 may not be comparable to similar measures presented by other issuers. The table below reconciles net loss to Adjusted EBITDA 1,2 for the quarter and six months ended June 30, 2025 and 2024. _____________________________ (1) See " Non-IFRS Measures" (1) Non-IFRS Measures This press release contains references to "Cost of Services", "Gross Profit Margin", Salaries and Related Costs", "Other Operating Expenses", "Adjusted EBITDA", "Backlog MRR", "Churn" and "ARPA" which are not measures prescribed by IFRS Accounting Standards ("IFRS"). Cost of Services consists of expenses related to delivering service to customers and servicing the operations of our networks. These expenses include costs for the lease of intercity facilities to connect our cities, internet transit and peering costs paid to other carriers, network real estate lease expense, spectrum lease expenses, salaries and related costs of staff directly associated with the cost of services. Gross Profit Margin % consists of gross profit margin divided by revenue where gross profit margin is revenue less cost of services. Salaries and related costs includes regular payroll related expenses, commissions and consulting fees. All share based compensation, restructuring, other related costs are excluded from Salaries and related costs. Other operating expenses includes sales commission expense, advertising and marketing expenses, travel expenses, administrative expenses including insurance and professional fees, communication expenses, maintenance expenses and rent expenses for office facilities. All restructuring and other related costs are excluded from other operating expenses. Adjusted EBITDA - The Company believes that Adjusted EBITDA is useful additional information to management, the Board and investors as it provides an indication of the operational results generated by its business activities prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration asset depreciation and amortization and it excludes items that could affect the comparability of our operational results and could potentially alter the trends analysis in business performance. Excluding these items does not necessarily imply they are non-recurring, infrequent or unusual. Adjusted EBITDA is also used by some investors and analysts for the purpose of valuing a company. The Company calculates Adjusted EBITDA as earnings before deducting interest, taxes, depreciation and amortization, foreign exchange gain or loss, finance costs, finance income, gain or loss on disposal of network assets, property and equipment, impairment of property, plant & equipment and intangible assets, stock-based compensation and restructuring costs. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to operating earnings (losses), or net earnings (losses) determined in accordance with IFRS as an indicator of our financial performance or as a measure of our liquidity and cash flows. Adjusted EBITDA does not take into account the impact of working capital changes, capital expenditures, debt principal reductions and other sources and uses of cash, which are disclosed in the consolidated statements of cash flows. Backlog MRR - The term "Backlog MRR" is a measure of contracted monthly recurring revenue (MRR) from customers that have not yet been provisioned. The Company believes backlog MRR is useful additional information as it provides an indication of future revenue. Backlog MRR is not a recognized measure under IFRS and may not translate into future revenue, and accordingly, investors are cautioned in using it. The Company calculates backlog MRR by summing the MRR of new customer contracts and upgrades that are signed but not yet provisioned, as at the end of the period. TERAGO's method of calculating backlog MRR may differ from other issuers and, accordingly, backlog MRR may not be comparable to similar measures presented by other issuers. ARPA - The term "ARPA" refers to the Company's average revenue per account per month in the period. The Company believes that ARPA is useful supplemental information as it provides an indication of our revenue from an individual customer on a per month basis. ARPA is not a recognized measure under IFRS and, accordingly, investors are cautioned that ARPA should not be construed as an alternative to revenue determined in accordance with IFRS as an indicator of our financial performance. The Company calculates ARPA by dividing our total revenue before revenue from early terminations by the number of customers in service during the period and we express ARPA as a rate per month. TERAGO's method of calculating ARPA has changed from the Company's past disclosures to exclude revenue from early termination fees, where ARPA was previously calculated as revenue divided by the number of customers in service during the period. TERAGO's method may differ from other issuers, and accordingly, ARPA may not be comparable to similar measures presented by other issuers. Churn - The term "churn" or "churn rate" is a measure, expressed as a percentage, of customer cancellations in a particular month. The Company calculates churn by dividing the number of customer cancellations during a month by the total number of customers at the end of the month before cancellations. The information is presented as the average monthly churn rate during the period. The Company believes that the churn rate is useful supplemental information as it provides an indication of future revenue decline and is a measure of how well the business is able to renew and keep existing customers on their existing service offerings. Churn and churn rate are not recognized measures under IFRS and, accordingly, investors are cautioned in using it. TERAGO's method of calculating churn and churn rate may differ from other issuers and, accordingly, churn may not be comparable to similar measures presented by other issuers. About TERAGO TERAGO provides managed network and security services to businesses across Canada ensuring highly secure, reliable, and redundant connectivity including private 5G wireless networks, Fixed Wireless access, fiber, and cable wireline network connectivity. As Canada's biggest mmWave spectrum holders, the Company possesses spectrum licenses in the 24 GHz and 38 GHz spectrum bands, which it utilizes to provide secure, dedicated SLA guaranteed enterprise grade performance that is technology diverse from buried cables ensuring high availability connectivity services. TERAGO serves Canadian and Global businesses operating in major markets across Canada, including Toronto, Montreal, Calgary, Edmonton, Vancouver, Ottawa and Winnipeg, and has been providing wireless services since 1999. For more information about TERAGO and its suite of wireless internet and SD-WAN solutions, please visit Forward-Looking Statements This news release includes certain forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond TERAGO's control. Forward-looking statements may include but are not limited to statements regarding, the increasing importance of the mmWave spectrum, the progress of the ISED mmWave consultation, and the ability of the Company to refinance its current debt facility and having sufficient capital to support its growth strategy, consistently executing across all fronts of the business, success in providing Canadian enterprises with managed services and the 5G fixed wireless trials being conducted by the Company. All such statements constitute "forward-looking information" as defined under, applicable Canadian securities laws. Any statements contained herein that are not statements of historical facts constitute forward-looking information. The forward-looking statements reflect the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those risks set forth in the "Risk Factors" section in the Annual Information Form for the year ended December 31, 2024 and risks set forth in the "Financial Risk Management" section in the annual MD&A of the Company for the year ended December 31, 2024 available on and under the Company's corporate profile. Factors that could cause actual results or events to differ materially include the inability to consistently achieve sales growth across all lines of TERAGO's business including managed services, inability to complete successful 5G technical trials, the results of the 5G trials not being satisfactory to TERAGO or any of its technology partners, regulatory requirements may delay or inhibit the trial, the economic viability of any potential services that may result from the trial, the ability for TERAGO to further finance and support any new market opportunities that may present itself, delays with the ISED mmWave spectrum consultation, the ability for TERAGO to refinance its current debt facility, and industry competitors who may have superior technology or are quicker to take advantage of 5G technology. Accordingly, readers should not place undue reliance on forward-looking statements as several factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed with the forward-looking statements. Except as may be required by applicable Canadian securities laws, TERAGO does not intend, and disclaims any obligation, to update or revise any forward-looking statements whether in words, oral or written as a result of new information, future events or otherwise.
Vancouver Sun
2 hours ago
- Vancouver Sun
China announces 75.8 per cent tariffs on Canadian canola
OTTAWA — China announced a 75.8 per cent preliminary tariff on Canadian canola on Tuesday, following an anti-dumping investigation launched last year in response to Canada's tax on Chinese electric vehicles. China's Ministry of Commerce published the details of the plan on Tuesday, claiming the 'dumping' of Canadian canola into the Chinese market is hurting its domestic canola oil market. The Canola Council of Canada says 'anti-dumping investigations are initiated when a country suspects a product is being imported at a lower price than it is sold for in the domestic country in which it is produced. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'The CCC believes strongly that Canada's canola trade with China is aligned with international rules-based trade,' says a statement on the organization's website, posted before China's announcement. The council has not yet commented on Tuesday's tariff decision. China's commerce ministry also said in a separate social media post Tuesday that the two countries met four days ago to discuss trade. 'The two sides had in-depth and frank exchanges on bilateral economic and trade relations and key economic and trade concerns of both sides, and exchanged views on deepening bilateral, regional, and multilateral economic and trade co-operation,' the post read. The Prime Minister's Office deferred comment on the canola tariffs to the minister of international trade, who did not immediately respond to a request for comment. Canada imposed a 100 per cent tariff on Chinese electric vehicles in October 2024, a move that is to be reviewed within one year. Canada supplies China with most of its canola but China currently exports very few electric vehicles to Canada. When Canada levied tariffs on Chinese EVs last year — which are significantly less expensive than North American-made EVs, in part because of lower labour and environmental standards and state subsidies — it justified the move as protecting 'the transformation and planned investments in Canada's vehicle sector.' 'Actors like China have chosen to give themselves an unfair advantage in the global marketplace, compromising the security of our critical industries and displacing dedicated Canadian auto and metal workers. So, we're taking action to address that,' then-Prime Minister Justin Trudeau said at the time. The Chinese EV tariff also matched a similar move made by then U.S. president Joe Biden. But with EV sales slumping in Canada following the abrupt ending of the government's popular Incentive for Zero-Emission Vehicle program, which provided up to $5,000 toward the cost of a new EV, environmental groups have called on Canada to revisit the Chinese EV tariff to help drive competition in the Canadian market. 'Allowing in a limited quota of these affordable vehicles while also recognizing EU-approved vehicles … would open Canada's vehicle market to fill important market gaps, drive innovation and ultimately make our auto sector more competitive,' Clean Energy Canada said back in July. Canada has pledged to bring back some form of rebate for Canadians wanting to buy a new EV, but hasn't given a timeline for when such a measure would be implemented. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
