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Yahoo
29-05-2025
- Business
- Yahoo
Builders Capital Mortgage Corp. Reports First Quarter 2025 Results
Total revenues increase 50.1% quarter-on-quarter Calgary, Alberta--(Newsfile Corp. - May 29, 2025) - Builders Capital Mortgage Corp. (TSXV: BCF) ("Builders Capital" or "the Company") announced today the release of its first quarter financial results for the period ended March 31, 2025. Highlights include: Achieved highest-ever quarterly revenue of $1.77 million, representing a 50.1% increase compared to the same period in 2024. This growth was fueled by the full deployment of equity capital and additional funds raised through the closing of two tranches of our bond offering. Distributed $0.20 per share to our Class A public shareholders, maintaining our consistent track record of meeting our distribution target every quarter since our inception over 11 years ago. Subsequent to the quarter-end, we distributed $0.40 per share to our Class B shareholders based on Q1 2025 earnings. This provided an annualized 16% return on the original $10.00 share issue price. Our mortgage portfolio grew by 64.7% year-over-year, increasing to $53.1 million reflecting strong demand for construction financing and the successful launch of our participating bond offering. This strategic capital increase has also contributed to improved revenue and turnover. We continue to adopt a conservative lending approach, adjusting loan loss provisions in response to softening market conditions in British Columbia and increasing uncertainty due to factors such as trade tariffs and rising construction costs. The company's mortgage portfolio turnover rate remained strong at approximately 7 months, exceeding the target of nine months, indicating efficient capital deployment. Financial OverviewQuarter ended March 31, 2025$ Quarter ended March 31, 2024$ Quarter ended March 31, 2023$ Quarter ended March 31, 2022$ Revenues 1,770,360 1,179,354 1,084,900 844,516 Total comprehensive earnings 920,014 816,435 829,315 664,861 Net mortgages receivable, end of period 51,582,788 31,436,269 35,236,623 29,426,045 Total assets 52,173,588 32,957,219 36,010,916 30,682,037 Shareholders' equity 29,324,740 29,378,505 29,482,917 26,951,410 Earnings per share 0.29 0.26 0.26 0.23 Cash dividends declared 806,499 814,499 710,434 624,450 Cash dividends declared per Class A share 0.20 0.20 0.1972 0.1972 Cash dividends declared per Class B share 0.40 0.40 0.2898 0.2521 A detailed discussion of the Company's financial results can be found in Builders Capital's First quarter 2025 Financial Statements and Management's Discussion and Analysis, which has been posted on the Company's website ( and filed on SEDAR ( About Builders Capital Builders Capital is a mortgage lender providing short-term course-of-construction financing to builders of residential, wood-frame properties in Western Canada. The Company commenced active operations on December 12, 2013 on the closing of its initial public offering, whereupon it acquired a portfolio of mortgages from two predecessor companies. Builders Capital's investment objective is to generate attractive returns, relative to risk, in order to provide stable and consistent distributions to shareholders while remaining focused on capital preservation and satisfying the criteria mandated for mortgage investment corporations ("MIC") as defined in the Income Tax Act. As an MIC, Builders Capital is not subject to income tax provided that it distributes all of its taxable income as dividends to shareholders within 90 days of its December 31st year-end. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same tax position as if their proportionate share of mortgage investments made by the company had been made directly by the shareholder. Forward-Looking Information This news release contains forward-looking statements within the meaning of applicable securities legislation, including statements with respect to management's beliefs, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intent", "estimate", "anticipate", "believe", "should", "plans" or "continue" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. These statements are not guarantees of future performance and are based on estimates and assumptions that are subject to risks and uncertainties which could cause actual results to differ materially from the forward-looking statements contained in this news release. These include, among other things, risks associated with mortgage lending, competition for mortgage lending, real estate values, interest rate fluctuations, environmental matters and the general economic environment. The company cautions that the foregoing list is not exhaustive, as other factors could adversely affect its results, performance or achievements. Readers are cautioned against undue reliance on any forward-looking statements. Although the forward-looking information contained in this news release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Except as required by applicable law, Builders Capital undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For more information, please contact: Sandy Loutitt, CEOTelephone: (403) 685-9888 Email: info@ Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit 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
Yahoo
12-05-2025
- Business
- Yahoo
Resource Centrix Announces Appointment of New CEO
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2025) - Resource Centrix Holdings Inc. (CSE: RECE) (the "Company"), announces the appointment of Mr. Cheuk Chung (Billy) Chan as CEO of the Company. Mr. Chan has been serving as the director of Company since the listing of the Company and has expertise as a capital markets and corporate finance professional with over 20 years of experience in investments, mergers and acquisitions group projects. Billy graduated from York University in Ontario, Canada, and has served in top-tier private banks and asset management companies with extensive practical experience in managing investment portfolios for ultra-high net worth clients and handling various international M&A transactions. Mr. Ron Ozols has resigned as CEO effective May 12, 2025, but remains a director of the Company. The Company thanks Mr. Ozols for his past contributions as CEO and looks forward to continuing to work with Mr. Ozols in the role of director. Resource Centrix Holdings Inc. For further information, please contact: Derrick Gaon, CFO & Director E-mail: resourcecentrix@ Phone: (416) 904 - 1478 Disclaimers: This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The company disclaims any intention or obligation to revise or update such statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators which is posted on This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. No regulatory authority accepts responsibility for the adequacy or accuracy of this release. The Company does not undertake to update this news release unless required by applicable law. To view the source version of this press release, please visit 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
Yahoo
26-03-2025
- Automotive
- Yahoo
Kelso Technologies Inc. Financial Results for the Year Ended December 31, 2024
WEST KELOWNA, British Columbia and BONHAM, Texas, March 25, 2025 (GLOBE NEWSWIRE) -- Kelso Technologies Inc. ('Kelso' or the 'Company'),(TSX: KLS) reports that the Company has released the audited consolidated financial statements and Management Discussion and Analysis for the year ended December 31, 2024. The audited year-end financial statements were prepared in accordance with International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board ('IASB'). All amounts herein are expressed in United States dollars (the Company's functional currency) unless otherwise indicated. The Company's audited consolidated financial statements and MD&A for the year ended December 31, 2024 were approved by the Board of Directors on March 25, 2025. HIGHLIGHTS: Kelso sustains a gross profit margin of 44%, exceeding industry averages, attributable to maintaining production efficiency and effectiveness through per order-based pricing models. For FY2024, revenue decreased by approximately 2% to $10.68 million compared to $10.82 million in FY2023. Despite a decline in year-over-year revenue, Kelso successfully increased its gross profit to $4.69 million from $4.58 million in FY2023, primarily due to management's implementation of effective expense reduction strategies. In FY2024, the Company optimized its balance sheet by reassessing inventory levels and the carrying value of KXI HD system (KXI). Consequently, the company incurred a significant loss of $4.6 million in FY2024 due to one-time expenses and write-offs. The persistent weakness in tank car demand in FY2024 presented significant challenges for the Company. Management remains committed to achieving sustainable revenue growth despite these market conditions. For FY2025, the company expects sales growth to be flat or slightly positive, ranging from 0% to 5%, compared to fiscal year 2024. The primary focus for FY2025 will be in maintaining cost discipline as the company prepares for the projected increase in new tank car builds starting in 2026/2027. This strategy aims to position the company to take advantage of the anticipated demand and optimize profitability. Frank Busch was appointed Chief Executive Officer. Management is continuing to focus its attention on increasing shareholder value by reducing expenses associated with KXI. We recognize the potential value of the underlying technology and are actively exploring strategic options to maximize its future. Specifically, we are pursuing potential joint venture partnerships and assessing the value of the project's core technology. SUMMARY OF FINANCIAL PERFORMANCE Year Ended December 31 2024 2023 2022 Revenues $10,680,468 $10,819,916 $10,931,188 Gross Profit $4,693,632 $4,582,447 $4,908,996 Gross profit margin 44% 42% 45% Expenses including non-cash items $9,315,929 $6,684,333 $6,264,413 Net income (loss) ($4,622,297) ($2,101,886) ($1,355,417) Basic earnings (loss) per share - continuing ops ($0.03) ($0.00) $0.00 Basic earnings (loss) per share - discontinued ops ($0.06) ($0.04) ($0.03) Non-cash expenses $3,136,518 $1,085,924 $1,105,811 Adjusted EBITDA (loss) * ($1,249,326) ($845,487) ($83,575) Liquidity and Capital Resources Working capital $2,125,386 $5,026,580 $7,000,568 Cash $153,147 $1,433,838 $2,712,446 Accounts receivable $1,091,303 $1,065,411 $1,381,979 Net Equity $4,229,030 $8,720,248 $10,781,672 Total assets $6,570,345 $9,703,271 $12,147,143 Common shares outstanding 54,551,139 54,337,995 54,320,086 * Reconciliation of Net Income (Loss) to Adjusted EBITDA Year Ended December 31 2024 2023 2022 Net Income (Loss) ($4,622,297) ($2,101,886) ($1,355,417) Unrealized foreign exchange loss (gain) ($1,852) $1,154 ($31,648) Amortization $1,209,648 $785,505 $1,044,222 Income Taxes $236,453 $170,475 $166,031 Gain on revaluation of derivative warrant liability $0 ($3,665) ($263,446) Gain on repurchase of RSUs ($6,030) ($40,785) ($45,806) Write down of inventory $588,505 $214,225 $260,040 Impairment of assets on discontinued operations $1,171,494 Gain(loss) on sale of property, plant, and equipment $9,243 $0 ($20,602) Share based expense $165,510 $129,490 $163,051 Adjusted EBITDA (loss) ($1,249,326) ($845,487) ($83,575) Adjusted EBITDA (loss) represents net earnings or loss for the year ended December 31, 2024 before interest, taxes and tax recoveries, amortization, deferred income tax recovery, unrealized foreign exchange losses, non-cash share-based expenses (Black-Scholes option pricing model) and write-off of assets. Adjusted EBITDA (loss) removes the effects of items that do not reflect the Company's underlying operating performance and are not necessarily indicative of future operating results. Adjusted EBITDA (loss) is not an earnings measure recognized by IFRS and does not have a standardized meaning prescribed by IFRS. Management believes that Adjusted EBITDA (loss) is an alternative measure in evaluating the Company's operational performance and its ability to generate cash to finance business operations. Readers are cautioned that Adjusted EBITDA should not be construed as an alternative to net income as determined under IFRS; nor as an indicator of financial performance as determined by IFRS; nor a calculation of cash flow from operating activities as determined under IFRS; nor as a measure of liquidity and cash flow under IFRS. The Company's method of calculating Adjusted EBITDA may differ from methods used by other issuers and, accordingly, the Company's Adjusted EBITDA may not be comparable to similar measures used by any other issuer. LIQUIDITY AND CAPITAL RESOURCES As at December 31, 2024 the Company had cash on deposit in the amount of $153,147, accounts receivable of $1,091,303, prepaid expenses of $30,876 and inventory of $3,042,749, compared to cash on deposit in the amount of $1,433,838, accounts receivable of $1,065,411 prepaid expenses of $134,349 and inventory of $3,376,005 at December 31, 2023. The Company had income tax payable of $68,024 at December 31, 2024 compared to $10,024 at December 31, 2023. The working capital position of the Company as at December 31, 2024 was $2,125,386 compared to $5,026,580 as at December 31, 2023. The Company anticipates that its capital resources and operations will enable it to continue conducting business as planned for the foreseeable future. Total assets of the Company were $6,570,345 as at December 31, 2024 compared to $9,703,271 as at December 31, 2023. Net assets of the Company were $4,229,030 as at December 31, 2024 compared to $8,720,248 as at December 31, 2023. The Company had no interest-bearing long-term liabilities or debt as at December 31, 2024 or December 31, 2023. During the year ended December 31, 2024, the Company also obtained a line of credit of $500,000. Amounts drawn on the line of credit bear interest at the Wall Street Journal primate rate (WSJ Prime Rate) plus 1.00%. At December 31, 2024, the WSJ Prime Rate was 7.50%. The line of credit is secured by a general security agreement over the Company's assets. As at December 31, 2024, no amounts had been drawn on the line of credit. Subsequently in Q1-2025, the Company has drawn down $250,000 and has $250,000 available on the line of credit as of March 25, 2025. Management takes all necessary precautions to minimize risks, however additional risks could affect the future performance of the Company. Business risks are detailed in the Risks and Uncertainties section of the MD&A. OUTLOOK The company is emerging from a challenging financial landscape, influenced by market dynamics and strategic initiatives in 2024. The new management team has focused on improving operational efficiency and reducing overhead costs, anticipating a positive impact on profitability for 2025. Kelso Technologies Inc. anticipates sales growth to be flat to slightly positive, in the range of 0% to 5%, compared to fiscal year 2024. A key focus for FY2025 will be maintaining cost discipline as the company prepares for the anticipated upswing in new tank car builds expected to begin starting 2026. This strategic approach will position the company to capitalize on the increased demand and maximize profitability. Kelso is actively pursuing full Association of American Railroads (AAR) approval for its Bottom Outlet Valve (BOV) and Angle Valve (AV), both of which are well into their required service trial periods. This approval is expected to open new revenue streams, especially given the higher value of complete package offerings for both the general purpose and pressure cars. The outlook for tank car deliveries has improved slightly from recent history. After averaging just over 8,700 cars per year from 2021 to 2023, actual tank car deliveries for 2024 reached just over 10,000 cars and FTR projects a slight improvement to 10,325 in 2025. This level of production represents a 15.8% increase over the 2021-2023 average and an opportunity for improved results. Industry projections for 2026 and beyond show a positive trend, with anticipated growth to 13,000 units in 2027. Kelso's strategic focus on obtaining AAR approvals aligns with this projected market upturn, positioning the company to capitalize on future demand increases. DISCONTINUED OPERATIONS During the year ended December 31, 2024, the Company considered its KXI project (KIQ X Industries Inc.) to have met the definition of discontinued operations and as such, assets, liabilities, and results of operations that can be distinguished operationally and for financial reporting purposes from the rest of the Company have been terminated and reported separately in the consolidated financial statements. A recent review of the KXI project, conducted in accordance with accounting standards, has provided valuable insights into its current status and potential future pathways. This review has highlighted some key challenges in securing funding for continued development, leading to a prudent adjustment in the project's carrying value. While the project faces uncertainties, we recognize the potential value of the underlying technology and are actively exploring strategic options to maximize its future. Specifically, we are pursuing potential joint venture partnerships and assessing the value of the project's core technology. As a result of this review, the capitalized research and development (R&D) was lowered to a nominal $1 as well as the prototype costs were also lowered to $1. For the years ended December 31, 2024, 2023 and 2022, the loss from discontinued operations relate to the following: 2024 2023 2022 Expenses Consulting fees $109,489 $155,692 $3,822 Accounting and legal $78,529 $98,247 $303,122 Office and administration $493,199 $402,317 $386,755 Research $986,307 $594,870 $593,737 Travel $9,753 $23,985 $10,820 Marketing $62,611 $82,274 $122,404 Foreign exchange (gain) loss ($55,360) $85,468 $10,878 Amortization $115,227 $75,576 $78,726 Loss Before the Following: $1,799,755 $1,518,429 $1,510,264 Loss on sale of equipment $9,243 - $20,602 Termination settlement - $465,360 - Gain on lease reduction ($11,050) - - Impairment of prototypes and intangibles $1,171,494 - - Net Loss from Discontinued Operations $2,969,442 $1,983,789 $1,530,866 Cash flows 2024 2023 2022 Operating Activities ($581,933) ($1,306,561) ($922,625) Investing activities ($746,761) ($846,832) ($875,495) Financing activities ($106,099) ($130,081) ($100,310) Cash flows from discontinued operations ($1,434,793) ($2,283,474) ($1,898,430) SUMMARY The Company believes it is positioned for new value creation and anticipates further success in established rail markets. With no interest-bearing long-term debt and improved sales prospects from larger, diverse markets, Kelso can concentrate on enhancing its equity value through financial performance driven by a broader range of new proprietary products. About Kelso Technologies Kelso is a diverse transportation equipment company that specializes in the creation, production, sales and distribution of proprietary products used in rail and automotive transportation. The Company's rail equipment business has been developed as a designer and reliable domestic supplier of unique high- quality rail tank car valves that provide for the safe handling and containment of commodities during rail transport. Kelso products are specifically designed to address the challenging issues of public safety, worker well-being and potential environmental harm while providing effective and efficient operational advantages to customers. Kelso's innovation objectives are to create products that diminish the potentially dangerous effects of human and technology error through the use of the Company's portfolio of proprietary products. For a more complete business and financial profile of the Company, please view the Company's website at and public documents posted under the Company's profile on SEDAR in Canada and on EDGAR in the United States. On behalf of the Board of Directors, Frank Busch, CEO Legal Notice Regarding Forward-Looking Statements: This news release contains 'forward-looking statements' within the meaning of applicable securities legislation. Forward-looking statements indicate expectations or intentions. Forward-looking statements in this news release include that our new rail products will sell once AAR approvals are secured; and that current working capital and anticipated sales activity are expected to protect the Company's ability to conduct ongoing business operations for the foreseeable future. Although Kelso believes the Company's anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, they can give no assurance that such expectations will prove to be correct. The reader should not place undue reliance on forward-looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Kelso to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information, including without limitation that the risk on the rail industry including tariffs, high interest rates, inflation and short supply chain issues may reduce or delay business orders from customers; that the development of new products may proceed slower than expected, cost more or may not result in a saleable product; that tank car producers may produce or retrofit fewer cars than expected and even if they meet expectations, they may not purchase the Company's products for their tank cars; capital resources may not be adequate enough to fund future operations as intended; that the Company's products may not provide the intended economic or operational advantages to end users; that the Company's new rail products may not receive regulatory certification; that customer orders may not develop or be cancelled; that competitors may enter the market with new product offerings which could capture some of the Company's market share; that a new product idea under research and development may be dropped if ongoing product testing and market research reveal engineering and economic issues that render a new product concept infeasible; and that the Company's new equipment offerings may not capture market share as well as expected. Except as required by law, the Company does not intend to update the forward-looking information and forward-looking statements contained in this news release. For further information, please contact: Frank BuschChief Executive Officer Email: busch@ Sameer UplenchwarChief Financial OfficerEmail: sameer@ Head office:305 – 1979 Old Okanagan Hwy,West Kelowna, BC V4T
