Perfect Moment Wholesale Bookings up 30% for New Autumn/Winter 2025 Luxury Ski & Outerwear Collection
The level of orders already exceeds all of the wholesale orders the company generated for last year's AW collection by 30% and represents the largest wholesale book in the company's history (excluding collaborations). Wholesale revenue comprised about 58% of the total net revenue in the company's previous fiscal year ended March 31, 2024.
The newly booked wholesale orders are from both new and existing wholesale customers, with most existing customers expanding upon their year-ago levels. This growing strength in wholesale has been driven by the company's focus on global brand elevation and strategic expansion.
Over the last few months, the company has engaged several top-tier regional sales agencies to grow its brand presence across North America, UK, Europe and Asia. The agencies have focused on expanding Perfect Moment's wholesale distribution to luxury retailers and exclusive boutiques.
The company's key retail and e-commerce channels are also demonstrating strengthening performance, with increased full-price sell-through and reduced discounting supporting expanded margins.
'Our strong pre-season performance highlights the growing strength of our Perfect Moment brand,' noted Rosela Mitropoulos, the company's head of business development. 'It shows how the several strategic steps we've made over recent months has significantly expanded our presence in key global markets.'
The global expansion will include a greater presence in key retail locations, with store openings and partnerships in Switzerland, Turkey, and Germany, as well as continued investment in targeted activations, including luxury pop-ups in London and Dubai.
These initiatives have also helped to advance the company's expansion into the larger and faster-growing luxury outerwear market, broadening its brand appeal from the slope to the city and extending its traditional fall/winter selling season to throughout the year.
To take this performance to even greater heights, the company recently announced the strengthening of it production and senior management teams with key hires from Canada Goose. The group contributed to the rapid growth of Canada Goose (NYSE, TSX: GOOS), a leading peer in the luxury outerwear market with revenues up 48% over the past four years, topping C$1.3 billion in FY2024. The team is now looking to deliver a similar growth trajectory for Perfect Moment.
Chath Weerasinghe, the company's new CFO and COO who recently joined from Canada Goose, commented: 'Our strengthened ability to maintain premium pricing while reducing discounting has been a key major achievement. It reflects the stronger demand for Perfect Moment at full price and the effectiveness of our commercial strategy.'
The company announced last week the completion of a multi-channel global co-marketing campaign in collaboration with Diageo (NYSE:DEO), the $61 billion industry leader in beverage alcohol and producer of Johnnie Walker, the world's #1 Scotch Whisky.
The company's new U.S. distribution center has improved the customer experience while reducing duties and outbound and return shipping cost for the U.S. market. All of the company's U.S. ecommerce revenue now flows through the new center, with U.S. wholesale revenue to begin running through it by September.
The brand's creative direction and product innovation remain key to its growth, along with continued investment in exclusive collaborations and curated collections.
'Perfect Moment continues to set new standards, not just in high-performance design but in how we connect with customers globally,' noted company president and chief creative officer, Jane Gottschalk. 'The momentum we are seeing in both retail and digital channels reflects our brand's growing influence.'
'We will continue to strengthen our presence in core markets while expanding selectively into new regions,' added Gottschalk. 'Sustained demand combined with our disciplined approach will help ensure our continued success in a market that is set for rapid growth.'
Perfect Moment's skiwear offerings address the high-growth global luxury ski apparel market which reached $1.7 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2033, according to Business Research Insights.
The company also now taps the growing luxury outerwear market that was estimated to total $17.9 billion in 2024 and forecasted to increase at a 6.7% CAGR from 2024 to 2033, according to Business Research Insights.
About Perfect Moment
Perfect Moment is a high-performance luxury skiwear and lifestyle brand that blends technical excellence with fashion-forward designs, creating pieces that effortlessly transition from the slopes to the city, the beach, and beyond.
The brand was born in 1984 in the mountains of Chamonix, France, relaunched by Max and Jane Gottschalk in 2012, and acquired by the company in 2017 and 2018. Initially the vision of extreme sports filmmaker and professional skier Thierry Donard, the brand has been built on a sense of adventure which it has sustained for more than 20 years. Fueled by his personal experiences, Donard was driven by a desire to create pieces that offered quality, style and performance, pushing the wearer in the pursuit of every athlete's dream: to experience 'The Perfect Moment.'
In 2012, British-Swiss entrepreneurial couple Jane and Max Gottschalk took ownership of the brand. Under Jane's creative direction Perfect Moment was injected with a new style focus, one that reignited the spirit of the heritage brand, along with a commitment to improving fit, performance and the use of best-in-class functional materials. As such, the designs evolved into distinct statement pieces synonymous with the brand as we know it today.
Today, the brand is available globally, online and at major retailers, including MyTheresa, Net-a-Porter, Harrods, Selfridges, Saks, Bergdorf Goodman and Neiman Marcus.
Learn more at www.perfectmoment.com.
Important Cautions Regarding Forward-Looking Statements
This press release contains 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as 'anticipate,' 'believe,' 'contemplate,' 'could,' 'estimate,' 'expect,' 'intend,' 'seek,' 'may,' 'might,' 'plan,' 'potential,' 'predict,' 'project,' 'target,' 'aim,' 'should,' 'will' 'would,' or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ from those contained in the forward-looking statements, include those risks and uncertainties described more fully in the section titled 'Risk Factors' in the final prospectus for our initial public offering and in our Form 10-K for the fiscal year ended March 31, 2024, filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release are made as of this date and are based on information currently available to us. We undertake no duty to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
CONTACT: Company Contact
Julie Robinson, Brand Director
Perfect Moment
Tel +44 7595178702
Email contactInvestor Contact
Ronald Both or Grant Stude
CMA Investor Relations
Tel (949) 432-7566
Email contact
KEYWORD: UNITED KINGDOM EUROPE
SOURCE: Perfect Moment Ltd.
Copyright Business Wire 2025.
PUB: 03/24/2025 08:31 AM/DISC: 03/24/2025 08:32 AM
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The related unaudited condensed financial statements and notes for the second quarter, as well as management's discussion and analysis ("MD&A"), are available on SEDAR+ at and on Bonterra's website at FINANCIAL AND OPERATIONAL HIGHLIGHTS Three months ended Six months ended As at and for the periods ended($ 000s except for $ per share and $ per BOE) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 FINANCIAL Revenue - realized oil and gas sales 64,185 72,465 134,875 141,054 Funds flow (1) 23,092 31,484 50,727 58,502 Per share - basic 0.63 0.84 1.37 1.57 Per share - diluted 0.62 0.84 1.35 1.57 Cash flow from operations 29,996 33,180 59,610 54,834 Per share - basic 0.81 0.89 1.61 1.47 Per share - diluted 0.80 0.89 1.58 1.47 Net earnings (loss)(2) (1,313) 7,310 (8,923) 8,158 Per share - basic and diluted (0.04) 0.20 (0.24) 0.22 Capital expenditures 6,351 21,619 38,801 54,543 Oil and gas property acquisition(3) - - - 24,234 Total assets 949,202 984,065 Net debt(4) 169,938 172,622 Bank debt 29,614 41,889 Shareholders' equity 530,935 537,498 OPERATIONS Light oil -bbl per day 6,794 6,571 6,671 6,596-average price ($ per bbl) 79.85 102.09 85.39 95.50 NGLs -bbl per day 1,508 1,418 1,593 1,443-average price ($ per bbl) 42.58 45.08 44.05 45.58 Conventional natural gas - MCF per day 48,584 37,519 47,493 37,057- average price ($ per MCF) 2.03 1.64 2.22 2.14 Total BOE per day (5)16,399 14,242 16,179 14,216 (1) Funds flow, while not recognized under IFRS®, is used by management to assess the Company's ability to generate cash from operations. For these purposes, the Company defines funds flow as funds provided by operations including proceeds from sale of investments and investment income received excluding the effects of changes in non-cash working capital items and decommissioning expenditures settled. (2) Net loss for the six months ended June 30, 2025, primarily reflects a one-time debt extinguishment cost of $11.6 million. (3) On March 1, 2024, the Company acquired the Charlie Lake Assets for cash consideration of $23.6 million and $0.3 million in non-core mineral rights, including closing adjustments. The Charlie Lake Assets has been accounted for as an asset acquisition, which resulted in an increase of $24.2 million in PP&E and the assumption of $0.3 million in decommissioning liabilities. (4) Net debt is not a recognized measure under IFRS. The Company defines net debt as current liabilities less current assets plus long-term bank debt, subordinated debentures, subordinated term debt and subordinated notes. (5) BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 MCF: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. FINANCIAL & OPERATING HIGHLIGHTS Production averaged record levels for the fourth consecutive quarter, reaching 16,399 BOE per day in Q2 2025, a 15 percent increase from 14,242 BOE per day in Q2 2024. This growth was driven by the success of Bonterra's drilling results to date in the Charlie Lake and Montney. Accordingly, the Company has increased its 2025 annual production guidance to a range of 15,000 to 15,200 BOE per day from its original guidance range of 14,600 to 14,800 BOE per day. Funds flow1 totaled $23.1 million ($0.62 per diluted share) in the second quarter of 2025. Field netback and cash netback1 averaged $21.28 per BOE and $15.47 per BOE during Q2 2025, respectively, with WTI crude oil prices averaging US$63.74 per barrel and AECO natural gas prices averaging $1.68 per mcf. Production costs averaged $16.44 per BOE in Q2 2025, a decrease of 8 percent from Q1 2025, subsequent to a successful Cardium well reactivation program in the first quarter. Capital expenditures1 totaled $6.3 million in the quarter and $38.8 million in the first six months of 2025, with $20.4 million allocated to the drilling, completion and tie-in of five gross (4.7 net) operated wells in the Charlie Lake and Cardium. An additional $18.4 million supported infrastructure, non- operated activities and development of a new battery and water disposal well to further develop the Charlie Lake play. Production outperformance driven by its first half capital program has allowed the Company to lower its full year capital guidance range to $65 to $70 million from the original guidance range of $65 to $75 million. Net debt1 totaled $169.9 million as at June 30, 2025, a decrease of 9 percent from Q1 2025 resulting in a 1.3x net-debt-to-EBITDA multiple. Normal Course Issuer Bid initiated in April, and during the six months ended June 30, 2025, Bonterra purchased 491,500 common shares (1.3% of the total outstanding shares on December 31, 2024) for cancellation at an average price of $3.50 per common share. Revolving Credit Facility was renewed on April 30, 2025 with an increased borrowing base capacity of $125 million and improved terms including a wider borrowing base, lower interest rate spreads, and the removal of financial covenants, providing enhanced flexibility to support Bonterra's business plan. _____________________________________ 1 Non-IFRS measure. See advisories later in this press release. OPERATIONS UPDATE Cardium The Company is pleased to report an update on its first half Cardium drilling program. In the first quarter of 2025 the Company drilled two gross (2.0 net) Cardium wells. On average per well rates are approximately 140 barrels per day of light crude oil, 0.4 mmcf per day of conventional natural gas and 20 barrels per day of natural gas liquids after 6 months, which is well above historical results in the area. The Company plans to follow up on these results with further drilling activity in 2026. Charlie Lake The Company successfully expanded its Charlie Lake operations north of the Peace River with the drilling and completion of a three-well horizontal pad and construction of a new oil battery, pipeline, and water disposal well, ahead of schedule and on budget in the first quarter of 2025. Production from the new three-well pad commenced in the second quarter; the three wells averaged 90-day peak rates at a combined 1,905 BOE per day, including approximately 530 barrels per day of light crude oil, 100 barrels per day of natural gas liquids and 7.7 mmcf per day of conventional natural gas. The Company plans to drill an additional three gross (2.7 net) wells in the second half of 2025 with plans to bring these wells on production through Q4 2025 and Q1 2026. Current net production from the Charlie Lake asset is approximately 2,050 BOE per day. Montney The Company's latest Montney well continues to deliver strong results after 9 months, currently producing at rates of approximately 585 BOE per day, including approximately 190 barrels per day of light crude oil, 1.9 mmcf per day of conventional natural gas and 75 barrels per day of natural gas liquids. The second well in the play has cumulatively produced 72,100 barrels of light crude oil, 550 mmcf of conventional natural gas and 19,100 barrels of natural gas liquids over a nine-month period. Current net production from the Montney asset is approximately 1,000 BOE per day. The Montney remains a strategic asset in the Company's portfolio for enhancing shareholder value. The Company's plan to assess long-term egress solutions over the coming quarters before allocating further capital to the Montney play remains unchanged. RETURN-OF-CAPITAL Bonterra received approval from the Toronto Stock Exchange on April 11, 2025 to implement a Normal Course Issuer Bid. The program allows the Company to repurchase up to 3,199,449 common shares, representing approximately 10 percent of its public float, between April 15, 2025, and April 14, 2026. During the six months ended June 30, 2025 the Company purchased 491,500 common shares (1.3% of the total outstanding shares on December 31, 2024) for cancellation at an average price of $3.50 per common share. STRENGTHENED FINANCIAL POSITION In early 2025, Bonterra undertook a series of strategic financing transactions to further strengthen its balance sheet. On January 28, 2025, the Company closed a private placement of $135 million in Senior Secured Second Lien Notes due 2030, with proceeds used to repay its second lien subordinated term debt and reduce borrowings under its revolving credit facility. Following this, on February 26, 2025, Bonterra redeemed its subordinated debentures in full. On April 30, 2025, the Company renewed and increased its revolving credit facility to $125 million. The renewed facility features improved terms, including a wider borrowing base, lower interest rate spreads, and the removal of financial covenants, providing enhanced flexibility to support Bonterra's business plan. RISK MANAGEMENT AND COMMODITY PRICING To protect future cash flows, Bonterra has secured physical delivery sales and risk management contracts for approximately 35% (net of royalties payable) of its expected crude oil production and natural gas production, through the next nine months. The Company has executed costless collars ranging in WTI prices between $55.00 USD and $75.50 USD per barrel for 1,811 barrels per day. In addition, the Company has secured natural gas prices between $1.75 and $3.30 per GJ for 15,122 GJ per day. OUTLOOK In the prevailing commodity price environment, Bonterra is positioned to exceed its original full year production guidance within the bottom half of its original capital guidance range. Production is on pace to exceed the upper end of the Company's original guidance range of 14,600 to 14,800 BOE per day and, as a result, Bonterra has increased its annual production guidance range to 15,000 to 15,200 BOE per day while lowering its capital guidance range to $65 to $70 million. Higher production with less capital deployed is evidence of the Company's strategy to increase capital efficiencies while improving its free funds flow profile. For the remainder of the year, Bonterra plans to continue to focus on free funds flow generation and balance sheet management with the second-half capital program planned to execute the drilling of three gross (2.7 net) Charlie Lake wells with plans to complete, tie-in and bring the wells on production through Q4 2025 and Q1 2026. Bonterra continues to preserve capital flexibility for the remainder of the year, depending on commodity price conditions. It remains focused on driving production efficiency and maximizing returns, generating free funds flow to support debt repayment, maintaining a debt-neutral position while funding its NCIB, and evaluating strategic acquisition opportunities in its core areas. About Bonterra Bonterra Energy Corp. is a conventional oil and gas corporation forging a grounded path forward for Canadian energy. Operations include a large, concentrated land position in Alberta's Pembina Cardium, one of Canada's largest oil plays. Bonterra's liquids-weighted Cardium production provides a foundation for implementing a return of capital strategy over time, which is focused on generating long-term, sustainable growth and value creation for shareholders. The emerging Charlie Lake and Montney resource plays are expected to provide enhanced optionality and an expanded potential development runway for the future. Our shares are listed on the Toronto Stock Exchange under the symbol "BNE" and we invite stakeholders to follow us on LinkedIn and X (formerly Twitter) for ongoing updates and developments. Cautionary Statements This summarized news release should not be considered a suitable source of information for readers who are unfamiliar with Bonterra Energy Corp. and should not be considered in any way as a substitute for reading the full second quarter report. For the full report, please go to Non-IFRS and Other Financial Measures In this release, the Company refers to certain financial measures to analyze operating performance, which are not standardized measures recognized under IFRS® and do not have a standardized meaning prescribed by IFRS. These measures are commonly utilized in the oil and gas industry and are considered informative by management, shareholders and analysts. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. This release contains the terms "funds flow", "capital expenditures", "net debt", "net debt to EBITDA ratio", "field netback" and "cash netback" to analyze operating performance. Non-IFRS and other financial measures within this release may refer to forward-looking non-IFRS and other financial measures and are calculated consistently with the three and six months ended June 30, 2025 reconciliations as outlined below. Funds Flow Funds flow is a non-IFRS financial measure, calculated as cash flow from operating activities including proceeds from sale of investments and investment income received excluding effects of changes in non- cash working capital items and decommissioning expenditures settled. Management uses funds flow to determine the cash generated during a period. The following is a reconciliation of funds flow to the most directly comparable IFRS measure, "Cash flow from operations":Three months endedSix months endedJune 30,2025 June 30, 2024June 30, 2025 June 30, 2024 ($ millions)Cash flow from operating activities 30.0 33.259.6 54.8 Adjusted for:Changes in non-cash working capital (4.7) (4.7)(5.4) (0.6) Interest expense (4.2) (4.6)(8.4) (9.1) Interest paid 0.6 5.92.5 9.1 Decommissioning expenditures 1.2 1.62.2 2.6 Investment income received 0.2 0.10.2 0.3 Proceeds on sale of investments - -- 1.4 Funds flow 23.1 31.550.7 58.5 Capital Expenditures Capital expenditures are a non-IFRS financial measure. They are calculated as the sum of exploration and evaluation costs and property, plant, and equipment costs per the statement of cash flow. Management uses this metric to assess the total cash capital expenditures incurred and displayed in the six-month period ended June 30, 2025, condensed financial statements as follows:Three months endedSix months endedJune 30, 2025 June 30, 2024June 30, 2025 June 30, 2024 ($ millions)Comprised of:Exploration and evaluation expenditures 0.2 0.20.4 0.7 Property, plant and equipment expenditures 6.1 21.438.4 53.8 Capital Expenditures 6.3 21.638.8 54.5 Net Debt and Net Debt to EBITDA Ratio Net debt is defined as current liabilities less current assets plus long-term bank debt, subordinated debentures, subordinated term debt and subordinated notes. Net debt to EBITDA ratio is defined as net debt at the end of the period divided by EBITDA for the trailing twelve months. EBITDA is defined as net earnings excluding deferred consideration, finance costs, provision for current and deferred taxes, depletion and depreciation, share-based compensation, gain or loss on sale of assets, extinguishment of debt and unrealized gain or loss on risk management contracts. For more information about net debt or net debt to EBITDA ratio, please refer to Note 10 of the June 30, 2025 condensed financial statements. The following is a reconciliation of trailing twelve-month EBITDA to the most directly comparable IFRS measure, "Net earnings": ($ millions) June 30, 2025 December 31, 2024 Bank debt 29.6 46.2 Subordinated term debt - 35.8 Subordinated debentures - 55.9 Subordinated notes 135.2 - Current liabilities 36.8 61.4 Current assets (31.7) (32.0) Net debt 169.9 167.3 Net earnings (6.9) 10.2 Adjustments to net earnings: Unrealized (gain) loss on risk management contracts (0.1) 1.5 Gain on sale of property (3.6) - Deferred consideration (1.0) (1.0) Finance costs 24.5 26.5 Share-based compensation 3.0 2.3 Depletion and depreciation 103.1 97.1 Extinguishment of debt 11.6 - Current income tax expense 1.2 5.2 Deferred income tax recovery (2.6) (1.5) EBITDA (trailing twelve months) 129.2 140.3 Net debt to EBITDA ratio 1.3 1.2 Field and Cash Netback Field netback is a non-IFRS financial measure, calculated as oil and gas sales, realized gain (loss) on risk management contracts less royalties and productions costs. Field netback per BOE is a non- IFRS ratio, calculated as field netback divided by total barrels of oil equivalent produced during a specific period of time. There is no comparable measure in accordance with IFRS. This metric is used by management to evaluate the Company's ability to generate cash margin on a unit of production basis. Cash netback is a non-IFRS financial measure, calculated as field netback, proceeds on sale of investments and other income less office and administration, employee compensation, interest expense and current income taxes. Cash netback per BOE is a non-IFRS ratio, calculated as cash netback divided by total barrels of oil equivalent produced during a specific period of time. There is no comparable measure in accordance with IFRS. This metric is used by management to evaluate the Company's ability to generate cash flow from continuing corporate activities on a unit of production basis. Field and cash netback are calculated on per unit basis as follows:Three months endedSix months endedJune 30, 2025 June 30, 2024June 30, 2025 June 30, 2024 ($ millions)Oil and gas sales 64.1 72.5134.8 141.1 Realized gain on risk management contracts 0.5 0.30.9 0.7 Royalties (8.3) (10.4)(18.3) (19.4) Production costs (24.6) (21.0)(50.3) (44.2) Field Netback 31.7 41.467.1 78.2 Office and administration (1.4) (1.3)(2.9) (3.3) Employee compensation (1.7) (1.6)(3.6) (3.4) Proceeds on sale of investments - -- 1.4 Interest expense less other income (4.1) (4.4)(8.2) (8.7) Current income tax (1.4) (2.6)(1.7) (5.7) Cash Netback 23.1 31.550.7 58.5 Barrel of oil equivalent (BOE) 1,492,316 1,296,0462,928,482 2,587,246 Field Netback ($ per BOE) 21.28 32.0522.93 30.26 Cash Netback ($ per BOE) 15.47 24.2917.32 22.61 Forward Looking Information Certain statements contained in this release include statements which contain words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "will", "believe" and similar expressions, relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about development, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this release includes, but is not limited to: the Company's 2025 financial and operating guidance relating to production and capital expenditures; the Company's 2025 priorities and outlook; exploration and development activities; repayment of indebtedness; plans to continue funding the NCIB; oil and natural gas prices and demand; expansion and other development trends of the oil and gas industry; business strategy and outlook; expansion and growth of our business and operations; and other such matters. All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties, and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labour shortages and inflationary costs; general economic conditions; industry conditions; the impact on the Canadian energy industry of U.S. tariffs, changes to international trade agreements or the potential imposition of tariffs or other protectionist economic policies by the Canadian federal or provincial governments; applicable environmental, taxation and other laws and regulations as well as how such laws and regulations may limit growth or operations within the oil and gas industry; the impact of climate-related financial disclosures on financial results; the ability of the Company to raise capital, maintain its syndicated bank facility and refinance indebtedness upon maturity; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations; increased competition; stock market volatility; credit risks; climate change risks; cyber security; opportunities available to or pursued by us; and other factors, many of which are beyond our control. The foregoing factors are not exhaustive. In addition, to the extent that any forward-looking information presented herein constitutes future-oriented financial information or financial outlook, as defined by applicable securities legislation, such information has been approved by management of the Company and has been presented to provide management's expectations used for budgeting and planning purposes and for providing clarity with respect to the Company's strategic direction based on the assumptions presented herein and readers are cautioned that this information may not be appropriate for any other purpose. Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do, what benefits will be derived therefrom. Except as required by law, Bonterra disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained herein is expressly qualified by this cautionary statement. Frequently recurring terms Bonterra uses the following frequently recurring terms in this press release: "WTI" refers to West Texas Intermediate, a grade of light sweet crude oil used as benchmark pricing in the United States; "MSW Stream Index" or "Edmonton Par" refers to the mixed sweet blend that is the benchmark price for conventionally produced light sweet crude oil in Western Canada; "AECO" is the benchmark price for natural gas in Alberta, Canada; "bbl" refers to barrel; "NGL" refers to Natural gas liquids; "MCF" refers to thousand cubic feet; "MMBTU" refers to million British Thermal Units; "GJ" refers to gigajoule; and "BOE" refers to barrels of oil equivalent. Disclosure provided herein in respect of a BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 MCF: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. References in this press release to peak rates, initial production rates, test rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of Bonterra. The Company cautions that such results should be considered preliminary. Numerical Amounts The reporting and the functional currency of the Company is the Canadian dollar. The TSX does not accept responsibility for the accuracy of this release. SOURCE Bonterra Energy Corp. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Bri-Chem Announces 2025 Second Quarter Financial Results
Edmonton, Alberta--(Newsfile Corp. - August 14, 2025) - Bri-Chem Corp. (TSX: BRY) ("Bri-Chem" or "Company"), a leading North American oilfield chemical distribution and blending company, is pleased to announce its 2025 second quarter financial results. Three months ended Six months ended June 30 ChangeJune 30 Change(in '000s except per share amounts)2025 2024 $ % 2025 2024 $ %Financial performance Sales $ 20,534$ 19,105$ 1,430 7%$ 40,443$ 40,477$ (34 )(0%)Adjusted EBITDA(1)1,045 706 338 48% 1,511 264 1,248 474%As a % of revenue5% 4% 4% 1% Operating earnings772 620 152 24% 748 476 273 57%Adjusted net earnings / (loss) (1)60 (584 )644 (110%) (558 )(2,351 )1,792 (76%)Net earnings / (loss) $ 157$ (488 ) $ 645 (132%)$ (255 ) $ (1,994 ) $ 1,739 (87%)Per diluted share Adjusted EBITDA (1) $ 0.04$ 0.03$ 0.01 38%$ 0.06$ 0.01$ 0.05 504%Adjusted net earnings / (loss) (1) $ 0.01$ (0.02 ) $ 0.03 (137%)$ (0.02 ) $ (0.09 ) $ 0.07 (79%)Net earnings / (loss) $ 0.02$ (0.02 ) $ 0.04 (218%)$ (0.01 ) $ (0.08 ) $ 0.07 (93%)Financial position Total assets $ 53,404$ 59,191$ (5,787 )(10%)Working capital 11,136 14,143 (3,006 )(21%)Long-term debt 6,399 6,616 (217 )(3%)Shareholders equity $ 19,405$ 21,596$ (2,190 )(10%)(1) Non-GAAP financial measure. Refer to "Non-GAAP Financial Measures" in this press release. Key Q2 2025 highlights include: Consolidated sales for the three months ended June 30, 2025 were $20.5 million, representing a 7% increase from the prior year. The increase is primarily due to increased sales in the fluid distribution division in the USA Rockies region. Consolidated gross margin for the three months ended June 30, 2025 decreased by $152 thousand compared to the same period last year. The gross margin dollar decrease is primarily related to the unfavorable change in product mix in the fluid blending and packaging division. Adjusted EBITDA for the second quarter 2025 was $1.0 million compared to $706 thousand for Q2 2024 representing an increase of $340 thousand when compared to the same period in the prior year and operating earnings increased by $152 thousand for the three months ended June 30, 2025 compared to the prior year due to a decrease in bad debt expense. Adjusted net earnings per diluted share for the three months ended June 30, 2025 was $0.01 per share compared to adjusted net loss of $0.02 per diluted share for same period last year. Working capital, as at June 30, 2025, was $11.1 million compared to $14.1 million on June 30, 2024, a decrease of 21%. The decrease in working capital relates to a significant decrease in accounts receivables and inventory which was offset by decreased bank indebtedness. Summary for the three months ended June 30, 2025: Consolidated sales for the three months ended June 30, 2025 were $20.5 million compared to $19.1 million for the same period in 2024, representing a $1.4 million increase over the comparable period. Revenue was impacted by higher fluid distribution sales, driven by higher sales of select commodity items within the USA Rockies region. Bri-Chem's Canadian drilling fluids distribution division generated sales of $1.7 million for the three months ended June 30, 2025, which was higher to the comparable prior period by $611 thousand. The number of Canadian active operating land rigs in Q2 2025 averaged 127, compared to 133 in the same period last year representing a decrease of approximately 5% (Source: Baker Hughes). Bri-Chem's United States drilling fluids distribution division generated sales of $12.3 million for the three months ended June 30, 2025, compared to sales of $11.4 million for the comparable period in 2024, representing a quarterly increase of 7%. The active number of US operating land rigs in Q2 2025 averaged 556, compared to a 2024 Q2 average of 582 representing a decrease of approximately 4% (Source: Baker Hughes). Bri-Chem's Canadian blending and packaging division generated sales of $3.9 million for the three months ended June 30, 2025, compared to Q2 2024 sales of $4.3 million, representing a quarterly decrease of $358 thousand. The slight decrease in sales relates to lower cementing and stimulation activities in Western Canada. US blending and packaging sales for the three months ended June 30, 2025 were $2.5 million compared to $2.2 million in the prior year. The $332 thousand increase is due to an increase in cementing activities in the California region. Operating earnings for the three months ended June 30, 2025 was $772 thousand which is an increase from earnings of $620 thousand in the same period in the prior year. Adjusted EBITDA was $1.0 million for Q2 2025 compared to $706 thousand for Q2 2024. The increase is primarily driven by the foreign exchange gain. Adjusted EBITDA as a percentage of sales was 5% for the quarter, which is an increase from 4% in Q2 2024. OUTLOOK As Bri-Chem enters the second half of 2025, the Company continues to navigate a challenging operating environment shaped by ongoing commodity price volatility, cautious capital spending by customers, and evolving political and regulatory developments in both Canada and the United States. These external pressures have contributed to a measured pace of drilling and completion activity across North America. According to the latest forecast from Baker Hughes, rig activity in both Canada and the United States is expected to remain relatively flat or slightly decline through the remainder of the year, with the potential for a gradual recovery beginning in early 2026. In Canada, activity is projected to follow historical seasonal trends but remain below recent-year averages due to macroeconomic uncertainty and project delays. In the United States, the rig count is expected to stabilize following a moderate decline in the first half of the year, supported by targeted investments in high-yield basins and continued operational discipline by U.S. producers. In this context, Bri-Chem anticipates that Canadian drilling fluids demand will remain relatively soft through the third quarter, with some recovery possible in the fourth quarter as customers begin preparing for 2026 drilling programs. U.S. fluid distribution sales are expected to remain stable, buoyed by sustained activity in key regions such as the Permian Basin and gradual improvement in areas like California and the Rockies. Bri-Chem remains committed to managing its business with a disciplined focus on working capital efficiency, cost control, and margin preservation. The Company's ability to maintain adequate liquidity during periods of reduced market activity reflects its proactive financial management and strong banking relationships, ensuring operational stability even in uncertain conditions. Management will continue to monitor macroeconomic and industry trends closely, ensuring that Bri-Chem remains agile and responsive to both risks and opportunities. About Bri-Chem Bri-Chem has established itself, through a combination of strategic acquisitions and organic growth, as the North American industry leader for wholesale distribution and blending of oilfield drilling, completion, stimulation and production chemical fluids. We sell, blend, package and distribute a full range of drilling fluid products from 23 strategically located warehouses throughout Canada and the United States. Additional information about Bri-Chem is available at or at Bri-Chem's website at To receive Bri-Chem news updates send your email to ir@ For further information, please contact: Tony Pagnucco CPA, CABri-Chem (780) 571-8587E: tpagnucco@ Forward-Looking Statements Certain statements contained in this press release constitute forward-looking information or forward-looking statements (collectively, "forward-looking statements"). These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking statements and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Although the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. By their nature, such forward-looking statements are subject to various risks and uncertainties, which could cause actual results to differ materially from the anticipated results or expectations expressed herein. These risks and uncertainties, include, but are not limited to general economic conditions, prevailing and anticipated industry conditions, access to debt and equity financing on acceptable terms, levels and volatility of commodity prices, maintained demand for drilling fluids, market forces, ability to achieve geographic expansion through new warehouse locations, anticipated impact of new warehouse locations, ability to obtain equipment from suppliers, ability to maintain negotiating power with suppliers and customers, ability to obtain and retain skilled personnel, competition from other industry participants and regulatory conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release or otherwise. Except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Non-GAAP Financial Measures Bri-Chem uses certain measures in this press release which do not have any standardized meaning as prescribed by International Financial Reporting Standards ("IFRS"). These measures, which are derived from information reported in the Company's financial statements, may not be comparable to similar measures presented by other reporting issuers. Investors are cautioned that these measures should not be construed as an alternative to net earnings and operating earnings determined in accordance with IFRS, and these measures should not be considered to be more meaningful than IFRS measures in evaluating the Company's performance. These measures have been described and presented in this press release in order to provide shareholders and potential investors with additional information regarding the Company. These Non-IFRS measures are identified and defined as follows: Adjusted Net Earnings (Loss), Adjusted Net Earnings (Loss) per share, Adjusted EBITDA, and Adjusted EBITDA per share. Adjusted Net Earnings (Loss) are defined as net earnings/(loss) before non-recurring events, net of corporate income taxes ("Adjusted Net Earnings"). Adjusted Net Earnings (Loss) per share is defined as Adjusted Net Earnings (Loss) divided by diluted weighted average common shares. Management believes that in addition to net earnings, Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share are useful supplemental measures that represent normalized net earnings (loss) from the business so that financial statement users can make insightful comparisons between current periods and historical results. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, impairment charges, share-based payments, and non-recurring events ("Adjusted EBITDA"). Adjusted EBITDA per share is defined as Adjusted EBITDA divided by diluted weighted average common shares. Management believes that in addition to net earnings, Adjusted EBITDA and Adjusted EBITDA per share are useful supplemental measures of operating performance that normalize financing, depreciation, income tax, and other non-recurring charges which are not controlled at the operating level. The following table provides a reconciliation of Net Earnings under IFRS, as disclosed in the interim financial statements, to Adjusted Net Earnings and Adjusted EBITDA: Three months ended Six months ended June 30June 30(in 000's)2025 2024 2025 2024Net earnings / (loss) $ 157$ (488 ) $ (255 ) $ (1,994 ) Less: Deferred tax (recovery)(97 )(96 )(303 )(357 ) Adjusted net earnings / (loss)60 (584 )(558 )(2,351 ) Add: Financing costs656 897 1,382 1,882Income tax expense34 68 65 75Depreciation and amortization295 325 622 657Adjusted EBITDA $ 1,045$ 706$ 1,511$ 263To view the source version of this press release, please visit Sign in to access your portfolio
