Eddy Smart Home Solutions Ltd. Announces Q1/2025 Financial Results
Toronto, Ontario--(Newsfile Corp. - May 30, 2025) - Eddy Smart Home Solutions Ltd. (TSXV: EDY) ("Eddy" or the "Company") is pleased to announce its financial results for the three months ended March 31, 2025.
Q1 2025 Highlights
Growth in In-Building Devices
Eddy has increased the number of in-building devices by approximately 41%, from 83,416 as of March 31, 2024, to 117,513 as of March 31, 2025. This significant growth is expected to drive additional revenue and highlights the increasing market acceptance of Eddy's technology and significant market traction.
Revenue
For the three months ended March 31, 2025, revenue was $1,067,003 as compared to $1,041,310 reported for Q1/2024.
Recurring Billings
Billings represent the amount billed to customers for monthly monitoring and equipment rentals.
For the three months ended March 31, 2025, the recurring billings amounted to $898,178 (2024 - $669,233), an increase of $228,946 over the comparable quarter. This represents average monthly recurring revenue of $299,393 (2024 - $223,078), an increase of approximately 34%.
Net Loss
Net loss for the three months ended March 31, 2025, was ($751,956), as compared to ($472,818) reported for Q1/2024. During the current quarter, the Company increased expenditures related to the recruitment of sales professionals, as part of its ongoing efforts to build a robust sales organization. This initiative aligns with the Company's strategic objective to support growth and expand its market presence in the United States.
Basic and Diluted Loss Per Share
Basic and diluted loss per share for the three months ended March 31, 2025, was ($0.12) as compared to ($0.59) for Q1/2024.
As at March 31, 2025, 6,128,623 (March 31, 2024 - 795,290) Common Shares were issued and outstanding.
On June 28, 2024, the Company completed a non-brokered private placement of 5,333,333 post-consolidation common shares and the prior period share amounts have been retrospectively adjusted to reflect the (100:1) Share Consolidation. As at December 31, 2024, 6,128,623 Common Shares were issued and outstanding.
About Eddy
Eddy is a leading North American provider and developer of smart water metering products and monitoring services for commercial and residential properties. Eddy's solutions help property owners and developers protect, control, and conserve water usage through advanced sensing devices and behavioral learning software. For more information, visit www.eddysolutions.com.
For further details on the company's financial performance, please review our consolidated financial statements and management's discussion and analysis for the years ended December 31, 2024, and 2023, as well as the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2025, and 2024, available on Eddy's SEDAR profile at www.sedar.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. These statements reflect management's current expectations and are based on assumptions and estimates that involve risks and uncertainties. Actual results may differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ are discussed in the company's most recent management's discussion and analysis under "Risks And Uncertainties," available at www.sedar.com. Eddy undertakes no obligation to update these statements, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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