Latest news with #ArgoX1
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
Argo Corporation Reports First Quarter 2025 Financial Results
TORONTO, May 30, 2025 /CNW/ – Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) ('Argo' or the 'Company'), a leader in next-generation transit solutions, announced its financial results for the quarter ended March 31, 2025 ('Q1 2025'). All figures are in Canadian dollars unless otherwise noted. Municipal Deployments Argo has made significant progress in the commercialization of its Smart Routing™ technology. The Company's first municipal deployment in the town of Bradford West Gwillimbury launched in the second quarter of 2025, as previously announced by the Company. Argo also announced its landmark $10.9 million 12-month pilot with the City of Brampton in the second quarter of 2025, anticipated to launch later this year. While revenue from these agreements was not reflected in Q1 2025 results, the Company expects to begin recognizing related revenues in the second and third quarters of 2025. Argo continues to advance a robust pipeline of municipal opportunities, positioning the Company for continued growth. Research & Development of Smart Routing™ Transit System In Q1 2025, the Company continued its investment in research and development to enhance its proprietary Smart Routing™ hardware and AI-powered software ecosystem, including vertical integration hardware onboard its Argo X1 electric vehicles. This end-to-end platform combines real-time routing software, electric vehicles and full-service operations to deliver dynamic, on-demand transit services. FoodsUp Inc. The company held a 47.851% interest in FoodsUp Inc. ('FoodsUp') as of March 31, 2025. FoodsUp is one of Canada's leading restaurant supply platforms, with annual revenues of $108 million in fiscal 2024. As previously disclosed, the Company made significant progress towards the divestment of this ownership interest in Q1 2025: Sale of Shares: The Company received approximately $2.5 million in proceeds from the sale of an aggregate of 5,855 subordinate-voting shares of FoodsUp Inc. Option Agreements: The Company entered into two option agreements (collectively, the 'Option Agreements') granting the holders thereof the irrevocable option to purchase up to a total of 45,932 subordinate-voting shares of FoodsUp. If the transactions contemplated by the Option Agreements are fully exercised, the Company has the potential to receive gross proceeds of between $21.6 million and $30.2 million. The Company's ability to complete the transactions provided for in the Option Agreements remain subject to any required approvals, including final approval of the TSX Venture Exchange and approval of the shareholders of the Company. In addition, in the second quarter of 2025, the Company announced that its board of directors declared a special stock dividend (the 'Stock Dividend') intended to provide its legacy shareholders with their proportionate stake in the net proceeds realized upon the eventual sale by the Company of its ownership interest in FoodsUp. Pursuant to the Stock Dividend, all of the Company's common shareholders of record on August 13, 2025 (the 'Record Date') will be entitled to receive, one Preferred Share, Series A of Argo for each common share of Argo held on the Record Date. The payment date for the Stock Dividend is August 20, 2025. Additional details regarding the Stock Dividend can be found in the Company's press release dated May 21, 2025. For detailed information, please refer to Argo's condensed interim consolidated financial statements for the three months ended March 31, 2025, and 2024 ('Q1 2025 Financial Statements') and its management's discussion and analysis of financial condition and results of operations for the three months ended March 31, 2025, and 2024 (the 'Q1 2025 MD&A'), filed on SEDAR+ at The following table provides a summary of Argo's financial results for the three months ended March 31, 2025 and 2024: For the three months ended March 31 2025 2024 REVENUE $512,172 $219,585 Cost of revenue $115,987 $12,956 General and administration 2,570,907 966,946 Operational support 663,431 239,207 Research and development 224,492 49,174 Sales and marketing 10,648 34,802 Provision for trade and other receivables – – Amortization & depreciation 18,490 34,746 Depreciation 25,989 7,584 Total operating expenses 3,629,944 1,345,415 OPERATING LOSS ($3,117,772) ($1,125,830) OTHER INCOME (EXPENSES) Foreign exchange gain/ (loss) (14,791) (40,069) Interest expenses (427,312) (228,616) Interest income – 897 Loss on termination (996,968) – Write-off of accounts payable settlements – 98,202 Fair value gain (loss) on investments 2,726,221 – Gain on sale of investment 105,864 – Share of loss of an associate – (1,083,495) Net income/ (loss) from continuing operations ($1,724,758) ($2,378,911) Discontinued Operations Net gain/(loss) from discontinued operations, net of tax 497 (489,791) Gain from derecognition, net of tax – 1,341,770 NET GAIN (LOSS) ($1,724,261) ($1,526,932) Cumulative translation adjustment (342) 78,655 Cumulative translation adjustment for discontinued operations – (252,661) NET PROFIT (LOSS) AND COMPREHENSIVE PROFIT (LOSS) ($1,724,603) ($1,700,938) (Loss) Profit per share (Loss) income per share from continuing operations – Basic and diluted ($0.01) ($0.02) Income (loss) per share from derecognition and discontinued operations – Basic and diluted $0.00 $0.01 Weighted average shares outstanding – Basic and diluted 138,683,002 132,944,615 All figures rounded to the nearest dollar. Prepared in accordance with IFRS. About Argo Argo delivers the world's first fully vertically integrated transit system, combining Argo X1 electric vehicles, Smart Routing™ technology, and comprehensive operational management in a single end-to-end solution. By integrating every aspect of the transit experience, Argo enables municipalities to augment traditional fixed-route services to dynamically optimized on-demand service while maintaining standard public transit pricing. The company launched Argo School in September 2024 and began its first municipal deployment in Bradford West Gwillimbury in early 2025. Learn more at Praveen Arichandran, CEOArgo Corporation(800) 575-7051 Forward-Looking Information This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'anticipate,' 'estimate,' and 'intend,' and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. The forward- looking information set out in this news release relates to future events or our future performance and includes, without limitation, statements concerning the recognition of revenue in future quarters, the future growth of the Company, the completion of the completion of the exercise of the options granted pursuant to the Option Agreements by the holders thereof, Argo's ability to obtain all necessary approvals in respect of the Option Agreements and the Stock Dividend, and Argo's intention with respect to the Stock Dividend. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in the Company's securities filings available at Actual events or results may differ materially from those projected in the forward-looking statements, and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. See 'Cautionary Note Regarding Forward-Looking Information', 'Financial Risk Management Objectives And Policies' and 'Other Business Risks and Uncertainties' in the Company's Q1 2025 Financial Statements and its Q1 2025 MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks, and assumptions carefully when evaluating forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements. Neither the 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.
Yahoo
3 days ago
- Business
- Yahoo
Argo Corporation Reports First Quarter 2025 Financial Results
TORONTO, May 30, 2025 /CNW/ - Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) ("Argo" or the "Company"), a leader in next-generation transit solutions, announced its financial results for the quarter ended March 31, 2025 ("Q1 2025"). All figures are in Canadian dollars unless otherwise noted. Municipal Deployments Argo has made significant progress in the commercialization of its Smart Routing™ technology. The Company's first municipal deployment in the town of Bradford West Gwillimbury launched in the second quarter of 2025, as previously announced by the Company. Argo also announced its landmark $10.9 million 12-month pilot with the City of Brampton in the second quarter of 2025, anticipated to launch later this year. While revenue from these agreements was not reflected in Q1 2025 results, the Company expects to begin recognizing related revenues in the second and third quarters of 2025. Argo continues to advance a robust pipeline of municipal opportunities, positioning the Company for continued growth. Research & Development of Smart Routing™ Transit System In Q1 2025, the Company continued its investment in research and development to enhance its proprietary Smart Routing™ hardware and AI-powered software ecosystem, including vertical integration hardware onboard its Argo X1 electric vehicles. This end-to-end platform combines real-time routing software, electric vehicles and full-service operations to deliver dynamic, on-demand transit services. FoodsUp Inc. The company held a 47.851% interest in FoodsUp Inc. ("FoodsUp") as of March 31, 2025. FoodsUp is one of Canada's leading restaurant supply platforms, with annual revenues of $108 million in fiscal 2024. As previously disclosed, the Company made significant progress towards the divestment of this ownership interest in Q1 2025: Sale of Shares: The Company received approximately $2.5 million in proceeds from the sale of an aggregate of 5,855 subordinate-voting shares of FoodsUp Inc. Option Agreements: The Company entered into two option agreements (collectively, the "Option Agreements") granting the holders thereof the irrevocable option to purchase up to a total of 45,932 subordinate-voting shares of FoodsUp. If the transactions contemplated by the Option Agreements are fully exercised, the Company has the potential to receive gross proceeds of between $21.6 million and $30.2 million. The Company's ability to complete the transactions provided for in the Option Agreements remain subject to any required approvals, including final approval of the TSX Venture Exchange and approval of the shareholders of the Company. In addition, in the second quarter of 2025, the Company announced that its board of directors declared a special stock dividend (the "Stock Dividend") intended to provide its legacy shareholders with their proportionate stake in the net proceeds realized upon the eventual sale by the Company of its ownership interest in FoodsUp. Pursuant to the Stock Dividend, all of the Company's common shareholders of record on August 13, 2025 (the "Record Date") will be entitled to receive, one Preferred Share, Series A of Argo for each common share of Argo held on the Record Date. The payment date for the Stock Dividend is August 20, 2025. Additional details regarding the Stock Dividend can be found in the Company's press release dated May 21, 2025. For detailed information, please refer to Argo's condensed interim consolidated financial statements for the three months ended March 31, 2025, and 2024 ("Q1 2025 Financial Statements") and its management's discussion and analysis of financial condition and results of operations for the three months ended March 31, 2025, and 2024 (the "Q1 2025 MD&A"), filed on SEDAR+ at The following table provides a summary of Argo's financial results for the three months ended March 31, 2025 and 2024: For the three months ended March 31 2025 2024 REVENUE $512,172 $219,585 Cost of revenue $115,987 $12,956 General and administration 2,570,907 966,946 Operational support 663,431 239,207 Research and development 224,492 49,174 Sales and marketing 10,648 34,802 Provision for trade and other receivables - - Amortization & depreciation 18,490 34,746 Depreciation 25,989 7,584 Total operating expenses 3,629,944 1,345,415 OPERATING LOSS ($3,117,772) ($1,125,830)OTHER INCOME (EXPENSES)Foreign exchange gain/ (loss) (14,791) (40,069) Interest expenses (427,312) (228,616) Interest income - 897 Loss on termination (996,968) - Write-off of accounts payable settlements - 98,202 Fair value gain (loss) on investments 2,726,221 - Gain on sale of investment 105,864 - Share of loss of an associate - (1,083,495) Net income/ (loss) from continuing operations ($1,724,758) ($2,378,911) Discontinued Operations Net gain/(loss) from discontinued operations, net of tax 497 (489,791) Gain from derecognition, net of tax - 1,341,770 NET GAIN (LOSS) ($1,724,261) ($1,526,932) Cumulative translation adjustment (342) 78,655 Cumulative translation adjustment for discontinued operations - (252,661) NET PROFIT (LOSS) AND COMPREHENSIVE PROFIT (LOSS) ($1,724,603) ($1,700,938) (Loss) Profit per share (Loss) income per share from continuing operations – Basic and diluted ($0.01) ($0.02) Income (loss) per share from derecognition and discontinued operations - Basic and diluted $0.00 $0.01 Weighted average shares outstanding - Basic and diluted 138,683,002 132,944,615 All figures rounded to the nearest dollar. Prepared in accordance with IFRS. About Argo Argo delivers the world's first fully vertically integrated transit system, combining Argo X1 electric vehicles, Smart Routing™ technology, and comprehensive operational management in a single end-to-end solution. By integrating every aspect of the transit experience, Argo enables municipalities to augment traditional fixed-route services to dynamically optimized on-demand service while maintaining standard public transit pricing. The company launched Argo School in September 2024 and began its first municipal deployment in Bradford West Gwillimbury in early 2025. Learn more at Praveen Arichandran, CEOArgo Corporation(800) 575-7051 Forward-Looking Information This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate," "estimate," and "intend," and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. The forward- looking information set out in this news release relates to future events or our future performance and includes, without limitation, statements concerning the recognition of revenue in future quarters, the future growth of the Company, the completion of the completion of the exercise of the options granted pursuant to the Option Agreements by the holders thereof, Argo's ability to obtain all necessary approvals in respect of the Option Agreements and the Stock Dividend, and Argo's intention with respect to the Stock Dividend. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in the Company's securities filings available at Actual events or results may differ materially from those projected in the forward-looking statements, and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. See "Cautionary Note Regarding Forward-Looking Information", "Financial Risk Management Objectives And Policies" and "Other Business Risks and Uncertainties" in the Company's Q1 2025 Financial Statements and its Q1 2025 MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks, and assumptions carefully when evaluating forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements. Neither the 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. SOURCE ARGO CORPORATION 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
Cision Canada
3 days ago
- Business
- Cision Canada
Argo Corporation Reports First Quarter 2025 Financial Results
TORONTO, May 30, 2025 /CNW/ - Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) (" Argo" or the " Company"), a leader in next-generation transit solutions, announced its financial results for the quarter ended March 31, 2025 (" Q1 2025"). All figures are in Canadian dollars unless otherwise noted. Municipal Deployments Argo has made significant progress in the commercialization of its Smart Routing™ technology. The Company's first municipal deployment in the town of Bradford West Gwillimbury launched in the second quarter of 2025, as previously announced by the Company. Argo also announced its landmark $10.9 million 12-month pilot with the City of Brampton in the second quarter of 2025, anticipated to launch later this year. While revenue from these agreements was not reflected in Q1 2025 results, the Company expects to begin recognizing related revenues in the second and third quarters of 2025. Argo continues to advance a robust pipeline of municipal opportunities, positioning the Company for continued growth. Research & Development of Smart Routing™ Transit System In Q1 2025, the Company continued its investment in research and development to enhance its proprietary Smart Routing™ hardware and AI-powered software ecosystem, including vertical integration hardware onboard its Argo X1 electric vehicles. This end-to-end platform combines real-time routing software, electric vehicles and full-service operations to deliver dynamic, on-demand transit services. FoodsUp Inc. The company held a 47.851% interest in FoodsUp Inc. (" FoodsUp") as of March 31, 2025. FoodsUp is one of Canada's leading restaurant supply platforms, with annual revenues of $108 million in fiscal 2024. As previously disclosed, the Company made significant progress towards the divestment of this ownership interest in Q1 2025: Sale of Shares: The Company received approximately $2.5 million in proceeds from the sale of an aggregate of 5,855 subordinate-voting shares of FoodsUp Inc. Option Agreements: The Company entered into two option agreements (collectively, the " Option Agreements") granting the holders thereof the irrevocable option to purchase up to a total of 45,932 subordinate-voting shares of FoodsUp. If the transactions contemplated by the Option Agreements are fully exercised, the Company has the potential to receive gross proceeds of between $21.6 million and $30.2 million. The Company's ability to complete the transactions provided for in the Option Agreements remain subject to any required approvals, including final approval of the TSX Venture Exchange and approval of the shareholders of the Company. In addition, in the second quarter of 2025, the Company announced that its board of directors declared a special stock dividend (the " Stock Dividend") intended to provide its legacy shareholders with their proportionate stake in the net proceeds realized upon the eventual sale by the Company of its ownership interest in FoodsUp. Pursuant to the Stock Dividend, all of the Company's common shareholders of record on August 13, 2025 (the " Record Date") will be entitled to receive, one Preferred Share, Series A of Argo for each common share of Argo held on the Record Date. The payment date for the Stock Dividend is August 20, 2025. Additional details regarding the Stock Dividend can be found in the Company's press release dated May 21, 2025. For detailed information, please refer to Argo's condensed interim consolidated financial statements for the three months ended March 31, 2025, and 2024 (" Q1 2025 Financial Statements") and its management's discussion and analysis of financial condition and results of operations for the three months ended March 31, 2025, and 2024 (the " Q1 2025 MD&A"), filed on SEDAR+ at The following table provides a summary of Argo's financial results for the three months ended March 31, 2025 and 2024: For the three months ended March 31 2025 2024 REVENUE $512,172 $219,585 Cost of revenue $115,987 $12,956 General and administration 2,570,907 966,946 Operational support 663,431 239,207 Research and development 224,492 49,174 Sales and marketing 10,648 34,802 Provision for trade and other receivables - - Amortization & depreciation 18,490 34,746 Depreciation 25,989 7,584 Total operating expenses 3,629,944 1,345,415 OPERATING LOSS ($3,117,772) ($1,125,830) OTHER INCOME (EXPENSES) Foreign exchange gain/ (loss) (14,791) (40,069) Interest expenses (427,312) (228,616) Interest income - 897 Loss on termination (996,968) - Write-off of accounts payable settlements - 98,202 Fair value gain (loss) on investments 2,726,221 - Gain on sale of investment 105,864 - Share of loss of an associate - (1,083,495) Net income/ (loss) from continuing operations ($1,724,758) ($2,378,911) Discontinued Operations Net gain/(loss) from discontinued operations, net of tax 497 (489,791) Gain from derecognition, net of tax - 1,341,770 NET GAIN (LOSS) ($1,724,261) ($1,526,932) Cumulative translation adjustment (342) 78,655 Cumulative translation adjustment for discontinued operations - (252,661) NET PROFIT (LOSS) AND COMPREHENSIVE PROFIT (LOSS) ($1,724,603) ($1,700,938) (Loss) Profit per share (Loss) income per share from continuing operations – Basic and diluted ($0.01) ($0.02) Income (loss) per share from derecognition and discontinued operations - Basic and diluted $0.00 $0.01 Weighted average shares outstanding - Basic and diluted 138,683,002 132,944,615 All figures rounded to the nearest dollar. Prepared in accordance with IFRS. About Argo Argo delivers the world's first fully vertically integrated transit system, combining Argo X1 electric vehicles, Smart Routing™ technology, and comprehensive operational management in a single end-to-end solution. By integrating every aspect of the transit experience, Argo enables municipalities to augment traditional fixed-route services to dynamically optimized on-demand service while maintaining standard public transit pricing. The company launched Argo School in September 2024 and began its first municipal deployment in Bradford West Gwillimbury in early 2025. Learn more at Praveen Arichandran, CEO Argo Corporation (800) 575-7051 Forward-Looking Information This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate," "estimate," and "intend," and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. The forward- looking information set out in this news release relates to future events or our future performance and includes, without limitation, statements concerning the recognition of revenue in future quarters, the future growth of the Company, the completion of the completion of the exercise of the options granted pursuant to the Option Agreements by the holders thereof, Argo's ability to obtain all necessary approvals in respect of the Option Agreements and the Stock Dividend, and Argo's intention with respect to the Stock Dividend. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in the Company's securities filings available at Actual events or results may differ materially from those projected in the forward-looking statements, and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. See "Cautionary Note Regarding Forward-Looking Information", "Financial Risk Management Objectives And Policies" and "Other Business Risks and Uncertainties" in the Company's Q1 2025 Financial Statements and its Q1 2025 MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks, and assumptions carefully when evaluating forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements. Neither the 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.
Malaysian Reserve
01-05-2025
- Business
- Malaysian Reserve
Argo Corporation Reports Fiscal Year 2024 Financial Results
TORONTO, May 1, 2025 /CNW/ – Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) ('Argo' or the 'Company'), leader in next-generation transit solutions, announced its audited financial results for the fiscal year ended December 31, 2024. Highlights include the launch of Argo's proprietary Smart Routing™ transit system, significant growth in the revenues of FoodsUp Inc., and a successful operational transition resulting in the removal of $13 million in liabilities from its balance sheet. In Q1 2025, the Company received approximately $2.5 million in proceeds from the sale of 5,855 subordinate-voting shares of FoodsUp Inc. All figures are in Canadian dollars unless otherwise noted. Launch of Smart Routing™ Transit System Argo developed and deployed the world's first fully vertically integrated Smart Routing™ transit system. This end-to-end platform combines real-time routing software, electric vehicles and full-service operations to deliver dynamic, on-demand transit services. Research & Development: The company invested $1.5 million in research and development to build its proprietary Smart Routing™ hardware and AI-powered software ecosystem, including vertical integration hardware onboard its Argo X1 electric vehicles. Argo Transit: In December, Argo signed a partnership with the town of Bradford West Gwillimbury to deploy the world's first vertically integrated Smart Routing™ transit system. The system is being rolled out gradually to replace the town's fixed-route bus system. Argo School: The company successfully launched Argo School in September, which continues to serve multiple schools across Ontario with safe, on-demand student transportation. FoodsUp Inc. The company held a 56.386% non-controlling interest in FoodsUp Inc. as of December 31, 2024. FoodsUp is one of Canada's leading restaurant supply platforms, with annual revenues of $108 million in fiscal 2024. Option Agreements: In Q1 2025, the Company entered into two option agreements granting the holders thereof the irrevocable option to purchase up to a total of 45,932 subordinate-voting shares of FoodsUp at a price per share of up to $658 in the coming quarters. The closing of the transactions contemplated under the option agreements is subject to any required approvals, which include approval of the TSX Venture Exchange. Distribution Transaction: The Company continues to pursue its plan to provide its shareholders with either the net proceeds of sale of the majority of its interest in FoodsUp to a third party, or an indirect or tracking ownership interest in FoodsUp as of a to-be-determined record date. Such a distribution transaction is subject to any required approvals, including approval of the TSX Venture Exchange. Operational Transition The company has made significant progress in its discontinuation of legacy operations related to prior ventures of the predecessor in its corporate entity. Sale of Assets: In Q3 2024, the company received $750,000 in proceeds for the sale of 14,200 shares of preferred stock in the capital of Westbrook Global Inc. The Company received approximately $2.5 million in proceeds from the sale of 5,855 subordinate-voting shares of FoodsUp Inc. in Q1 2025. Reduction in Legacy Liabilities: In 2024, Argo removed $13 million in liabilities from its balance sheet related to discontinued operations in two legacy subsidiaries, which were assigned into bankruptcy under the Bankruptcy and Insolvency Act in Canada, and to an assignee for liquidation under a General Assignment for the Benefit of Creditors pursuant to California Law, respectively. These removals were completed in accordance with IFRS and reflect the full discharge of those obligations. Additionally, in Q4 2024, the company filed a statement of claim in connection with a disputed office lease, which remains as a $2.4 million liability on the balance sheet as of December 31, 2024. For detailed information, please refer to Argo's 2024 Annual Consolidated Financial Statements and its Management Discussion and Analysis of Financial Condition and Results of Operations for the years ended December 31, 2024 and 2023 (the '2024 Annual MD&A'), filed on SEDAR+ at The following table provides a summary of Argo's financial results for the years ended December 31, 2024 and 2023: For the years ended December 31, 2024 2023 REVENUE $1,564,865 $14,834,490 Cost of revenue $236,091 $14,419,193 General and administration 6,560,070 3,831,910 Operational support 1,657,225 3,272,198 Research and development 1,454,184 606,765 Sales and marketing 186,324 521,852 Provision for trade and other receivables 115,207 726,112 Amortization & depreciation 383,311 1,376,311 Depreciation 56,271 704,511 Total operating expenses 10,592,412 24,754,341 OPERATING LOSS ($9,027,547) ($9,919,851) OTHER INCOME (EXPENSES) Government grant – (48,450) Foreign exchange gain/ (loss) (144,224) (14,191) Interest expenses (2,026,312) (278,525) Interest income 4,000 22,734 Other expense (538,660) – Loss on termination (30,712) – Loss on shares for debt settlements (90,763) Write-off of accounts payable settlements 392,462 – Gain/ (Loss) from the spin-off of a subsidiary – 33,791,897 Fair value gain (loss) on investments 568,402 (919,077) Loss on sale of investment (159,063) – Gain on forgiveness of debt 114,913 Penalties and settlement (36,671) Derecognition of right-of-use assets – (2,366,016) Share of loss of an associate (3,842,146) (5,737,886) Net income/ (loss) from continuing operations ($15,208,783) $14,530,635 Income tax recovery Deferred income tax recovery (129,595) (58,761) 33,468 69,967 Discontinued Operations Net loss from discontinued operations, net of tax (2,724,633) (14,224,918) Gain from derecognition, net of tax 14,387,684 NET GAIN (LOSS) ($3,734,088) $409,152 Cumulative translation adjustment 195,984 616,528 NET PROFIT (LOSS) AND COMPREHENSIVE PROFIT (LOSS) ($3,538,104) $1,025,680 (Loss) Profit per share (Loss) income per share from continuing operations – Basic and diluted ($0.12) $0.11 Income (loss) per share from derecognition anddiscontinued operations – Basic and diluted $0.09 ($0.10) Weighted average shares outstanding – Basic and diluted 133,586,040 132,944,615 All figures rounded to the nearest dollar. Prepared in accordance with IFRS. About Argo Founded in June 2024, Argo delivers the world's first fully vertically integrated transit system, combining Argo X1 electric vehicles, Smart Routing™ technology, and comprehensive operational management in a single end-to-end solution. By integrating every aspect of the transit experience, Argo enables municipalities to transition from traditional fixed-route services to dynamically optimized transit systems that deliver substantially better efficiency, coverage, and rider satisfaction while maintaining standard public transit pricing. The company launched Argo School in September 2024 and began its first municipal deployment in Bradford West Gwillimbury in early 2025. Learn more at Praveen Arichandran, CEOArgo Corporation(800) 575-7051 Forward-Looking Information This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'anticipate,' 'estimate,' and 'intend,' and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. The forward- looking information set out in this news release relates to future events or our future performance and includes, without limitation, statements concerning the completion of the the exercise of the options granted pursuant to the option agreements by the holders thereof, Argo's ability to obtain all necessary approvals in respect of the option agreements and the distribution transaction, and Argo's intention with respect to the distribution transaction. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in the Company's securities filings available at Actual events or results may differ materially from those projected in the forward-looking statements, and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. See 'Cautionary Note Regarding Forward-Looking Information', 'Financial Risk Management Objectives And Policies' and 'Other Business Risks and Uncertainties' in the Company's 2024 Annual MD&A and its interim Management's Discussion & Analysis for the three and nine months ended September 30, 2024 for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks, and assumptions carefully when evaluating forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements. Neither the 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.
Cision Canada
01-05-2025
- Business
- Cision Canada
Argo Corporation Reports Fiscal Year 2024 Financial Results
TORONTO, May 1, 2025 /CNW/ - Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) (" Argo" or the " Company"), leader in next-generation transit solutions, announced its audited financial results for the fiscal year ended December 31, 2024. Highlights include the launch of Argo's proprietary Smart Routing™ transit system, significant growth in the revenues of FoodsUp Inc., and a successful operational transition resulting in the removal of $13 million in liabilities from its balance sheet. In Q1 2025, the Company received approximately $2.5 million in proceeds from the sale of 5,855 subordinate-voting shares of FoodsUp Inc. All figures are in Canadian dollars unless otherwise noted. Launch of Smart Routing™ Transit System Argo developed and deployed the world's first fully vertically integrated Smart Routing™ transit system. This end-to-end platform combines real-time routing software, electric vehicles and full-service operations to deliver dynamic, on-demand transit services. Research & Development: The company invested $1.5 million in research and development to build its proprietary Smart Routing™ hardware and AI-powered software ecosystem, including vertical integration hardware onboard its Argo X1 electric vehicles. Argo Transit: In December, Argo signed a partnership with the town of Bradford West Gwillimbury to deploy the world's first vertically integrated Smart Routing™ transit system. The system is being rolled out gradually to replace the town's fixed-route bus system. Argo School: The company successfully launched Argo School in September, which continues to serve multiple schools across Ontario with safe, on-demand student transportation. FoodsUp Inc. The company held a 56.386% non-controlling interest in FoodsUp Inc. as of December 31, 2024. FoodsUp is one of Canada's leading restaurant supply platforms, with annual revenues of $108 million in fiscal 2024. Option Agreements: In Q1 2025, the Company entered into two option agreements granting the holders thereof the irrevocable option to purchase up to a total of 45,932 subordinate-voting shares of FoodsUp at a price per share of up to $658 in the coming quarters. The closing of the transactions contemplated under the option agreements is subject to any required approvals, which include approval of the TSX Venture Exchange. Distribution Transaction: The Company continues to pursue its plan to provide its shareholders with either the net proceeds of sale of the majority of its interest in FoodsUp to a third party, or an indirect or tracking ownership interest in FoodsUp as of a to-be-determined record date. Such a distribution transaction is subject to any required approvals, including approval of the TSX Venture Exchange. Operational Transition The company has made significant progress in its discontinuation of legacy operations related to prior ventures of the predecessor in its corporate entity. Sale of Assets: In Q3 2024, the company received $750,000 in proceeds for the sale of 14,200 shares of preferred stock in the capital of Westbrook Global Inc. The Company received approximately $2.5 million in proceeds from the sale of 5,855 subordinate-voting shares of FoodsUp Inc. in Q1 2025. Reduction in Legacy Liabilities: In 2024, Argo removed $13 million in liabilities from its balance sheet related to discontinued operations in two legacy subsidiaries, which were assigned into bankruptcy under the Bankruptcy and Insolvency Act in Canada, and to an assignee for liquidation under a General Assignment for the Benefit of Creditors pursuant to California Law, respectively. These removals were completed in accordance with IFRS and reflect the full discharge of those obligations. Additionally, in Q4 2024, the company filed a statement of claim in connection with a disputed office lease, which remains as a $2.4 million liability on the balance sheet as of December 31, 2024. For detailed information, please refer to Argo's 2024 Annual Consolidated Financial Statements and its Management Discussion and Analysis of Financial Condition and Results of Operations for the years ended December 31, 2024 and 2023 (the " 2024 Annual MD&A"), filed on SEDAR+ at The following table provides a summary of Argo's financial results for the years ended December 31, 2024 and 2023: For the years ended December 31, 2024 2023 REVENUE $1,564,865 $14,834,490 Cost of revenue $236,091 $14,419,193 General and administration 6,560,070 3,831,910 Operational support 1,657,225 3,272,198 Research and development 1,454,184 606,765 Sales and marketing 186,324 521,852 Provision for trade and other receivables 115,207 726,112 Amortization & depreciation 383,311 1,376,311 Depreciation 56,271 704,511 Total operating expenses 10,592,412 24,754,341 OPERATING LOSS ($9,027,547) ($9,919,851) OTHER INCOME (EXPENSES) Government grant – (48,450) Foreign exchange gain/ (loss) (144,224) (14,191) Interest expenses (2,026,312) (278,525) Interest income 4,000 22,734 Other expense (538,660) - Loss on termination (30,712) - Loss on shares for debt settlements (90,763) Write-off of accounts payable settlements 392,462 - Gain/ (Loss) from the spin-off of a subsidiary - 33,791,897 Fair value gain (loss) on investments 568,402 (919,077) Loss on sale of investment (159,063) - Gain on forgiveness of debt 114,913 Penalties and settlement (36,671) Derecognition of right-of-use assets - (2,366,016) Share of loss of an associate (3,842,146) (5,737,886) Net income/ (loss) from continuing operations ($15,208,783) $14,530,635 Income tax recovery Deferred income tax recovery (129,595) (58,761) 33,468 69,967 Discontinued Operations Net loss from discontinued operations, net of tax (2,724,633) (14,224,918) Gain from derecognition, net of tax 14,387,684 NET GAIN (LOSS) ($3,734,088) $409,152 Cumulative translation adjustment 195,984 616,528 NET PROFIT (LOSS) AND COMPREHENSIVE PROFIT (LOSS) ($3,538,104) $1,025,680 (Loss) Profit per share (Loss) income per share from continuing operations – Basic and diluted ($0.12) $0.11 Income (loss) per share from derecognition and discontinued operations - Basic and diluted $0.09 ($0.10) Weighted average shares outstanding - Basic and diluted 133,586,040 132,944,615 All figures rounded to the nearest dollar. Prepared in accordance with IFRS. About Argo Founded in June 2024, Argo delivers the world's first fully vertically integrated transit system, combining Argo X1 electric vehicles, Smart Routing™ technology, and comprehensive operational management in a single end-to-end solution. By integrating every aspect of the transit experience, Argo enables municipalities to transition from traditional fixed-route services to dynamically optimized transit systems that deliver substantially better efficiency, coverage, and rider satisfaction while maintaining standard public transit pricing. The company launched Argo School in September 2024 and began its first municipal deployment in Bradford West Gwillimbury in early 2025. Learn more at Praveen Arichandran, CEO Argo Corporation (800) 575-7051 Forward-Looking Information This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate," "estimate," and "intend," and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. The forward- looking information set out in this news release relates to future events or our future performance and includes, without limitation, statements concerning the completion of the the exercise of the options granted pursuant to the option agreements by the holders thereof, Argo's ability to obtain all necessary approvals in respect of the option agreements and the distribution transaction, and Argo's intention with respect to the distribution transaction. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in the Company's securities filings available at Actual events or results may differ materially from those projected in the forward-looking statements, and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. See "Cautionary Note Regarding Forward-Looking Information", "Financial Risk Management Objectives And Policies" and "Other Business Risks and Uncertainties" in the Company's 2024 Annual MD&A and its interim Management's Discussion & Analysis for the three and nine months ended September 30, 2024 for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks, and assumptions carefully when evaluating forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.
