Latest news with #Laidlaw
Yahoo
3 days ago
- Business
- Yahoo
Fury as cruise ship hit by sickness bug outbreak allows passengers out on Shetland town
An Italian cruise line has come under fire after thousands of passengers exposed to a sickness bug were allowed to disembark in a town in Shetland. Passengers on board Costa Cruises Costa Favolosa ship had reported symptoms of 'mild gastrointestinal illness' during a seven-day Northern European voyage from Hamburg before the vessel docked in Lerwick, Shetland, earlier this month. Both NHS Shetland and the Lerwick Port Authority said they had not been advised of any public health issues before the arrival of the cruise ship on 20 May. Dr Susan Laidlaw, director of Public Health at NHS Shetland, said that the body only received notification of illness on board Costa Favolosa 'through the Port Health route late in the afternoon of Tuesday 20 May'. 'However, we now understand that a small number of passengers with symptoms of gastroenteritis were being appropriately managed by the medical team on-board the vessel,' added Dr Laidlaw. Lerwick Port Authority added that 'vessels calling at the harbour are required to declare any concerns relating to passenger health' but on this occasion, the authority 'was not notified of any passenger ill-health on board the cruise ship Costa Favolosa'. Shore excursions for passengers in Lerwick were quickly cancelled by local operators when guests showed visible symptoms of a stomach bug. Sonia Robertson, managing director of R. Robertson and Son bus company, said that all island tours were stopped after a guest left a coach to be 'violently sick three times'. 'Something like this could have crippled the whole company and affect a lot of our staff and services,' she added, according to The Times. Almost 3,000 passengers crowded Lerwick's town centre before businesses were made aware that passengers had been taken ill with gastroenteritis on board. Celia Smith, owner of coffee shop Blyde Welcome, told The Shetland Times that locals had 'absolutely no warning' of the gastroenteritis breakout. She said: 'We could've been better prepared, we could've had more sanitiser and some businesses had face masks.' The 290-metre-long Costa Favolosa ship can carry almost 4,000 passengers. Dr Laidlaw advised hand washing and bleach-based cleaning products to help prevent the spread of gastrointestinal infections. Cruise operator Costa Cruises insisted that it had been permitted to dock in Lerwick. The cruise line said in a statement: 'During the May 15-22 cruise on Costa Favolosa, some guests reported mild gastrointestinal symptoms to the ship's medical centre. As a precaution, we immediately implemented enhanced disinfection and sanitation measures.' According to Lerwick Port Authority: 'The Authority has contacted parties involved, and agreed measures which will tighten up procedures ensuring documentation is completed correctly and timeously prior to a port call, to prevent recurrence.'
Hamilton Spectator
23-05-2025
- General
- Hamilton Spectator
‘Different from a textbook': Doig Day returns in 2025 to educate kids about Indigenous culture and language
DOIG RIVER, B.C. — With a little wind in the air, school buses parked in an area on the grounds of Doig River First Nation (DRFN) for the annual Doig Day. One by one, excited fourth graders filed off the vehicles on May 22nd, donning navy blue t-shirts for what has become a tradition for School District 60 students. Started in the 1970s in a classroom with a handful of students, the event has become a staple on the North Peace region's cultural calendar. Community members, industry partners and the public explored the area, with stations dedicated to hunting and trapping, smoking meat, preparing a moose hide to use for materials such as clothing and drums and even learning the Beaver alphabet. It's become routine for Elaine McEachern , who brought students from Baldonnel Elementary School and said a large takeaway was Indigenous communities traditionally 'waste nothing.' 'It's stunning,' said McEachern. '[We were shown] when you shoot a moose or a bison, what Indigenous folks do with it, because they waste nothing. They make beautiful clothing out of it. They dry the meat. There's everything from the heart to the nose. 'Letting kids see that, when you're really in touch with nature, nothing's wasted [and] everything's appreciated.' Hudson's Hope Elementary-Secondary School teacher Douglas Laidlaw, who came for the second year in a row with his class, said there is a 'difference between learning from a textbook' and experiencing Doig Day. Members of the DRFN community taught Laidlaw's students – and countless others – phrases in the Beaver language of the Dane-zaa people while they prepared smoked moose meat, including 'hello,' 'I'm fine' and 'thank you.' '[Just being here] seeing things, touching things, being able to interact and able to speak the language,' said Laidlaw. 'We're learning a little bit more Dane-zaa here. They came ready to say 'I'm fine' but they get to use the words they pick up.' DRFN community member Karen St. Pierre said it was 'very important' to pass the knowledge to the district's students, showing some steps in preparing an animal hide. 'Doig Day is very important to School District 60 that they come out every year with the grade fours,' said St. Pierre. 'To teach other children about our First Nations culture and teach them how we came about, teach them about our ancient ways and how we survived.' Around the festivities was DRFN Elder Gerry Attachie, who preached events such as Doig Day celebrate not only education, but harmony among the Indigenous and settler communities. 'We were too far apart,' said Attachie. 'Some of the people that were in line, we didn't know they're part Indian. One of them said 'we didn't know we were Métis. My dad never told us.' They just got their status back. 'Why? Because of prejudice and racism. It was so sad.' More details about Doig Day 2025 are available through DRFN's Facebook page .
1News
15-05-2025
- Sport
- 1News
The NZ team looming as biggest Super Rugby playoffs spoiler
Call it luck or good judgement, but the Hurricanes are looming as the most unpredictable threat in the run to the Super Rugby Pacific playoffs. Depending on tomorrow night's performance and result – a home match against a Highlanders side who have battled hard all season for few rewards – Clark Laidlaw's men, currently sixth on the table, may even quickly emerge as New Zealand's biggest threat behind the table-topping Chiefs. The key to their rejuvenation – after an inconsistent start to the season as they clearly missed the sabbatical-bound Jordie Barrett – is selections of the right players in the right positions. This was notable with Ruben Love at first-five and inside back Brett Cameron returning from injury in Wellington tomorrow will only increase the depth. Bailyn Sullivan is a dangerous outside back who scored four tries against the Chiefs recently – making up for Kini Naholo's season-ending knee injury – and Billy Proctor is the form centre in New Zealand. Cam Roigard's quality at halfback speaks for itself and Xavier Numia, Asafo Aumua, Pasilio Tosi, Zach Gallagher, Isaia Walker-Leawere, Brad Shields, Peter Lakai and Brayden Iose are an in-form pack and full of confidence. Laidlaw tomorrow also has the luxury of being able to bring the inspirational Du'Plessi Kirifi on the bench, although a similar move backfired in round four when they were beaten to the punch at the breakdown by an Ardie Savea-inspired Moana Pasifika (as if there is any other sort these days). Timing is everything, of course, and the Hurricanes appear to have that too. Such was their second-half demolition of the Chiefs before last weekend's bye, that aspect appears more favourable than it was last year. In 2024, the Hurricanes appeared almost unstoppable during the regular season. They beat the Blues, Crusaders, Highlanders and Chiefs (twice) to top the table (by one point over the Blues), and were on their way to hosting the grand final after winning playoff games against the Highlanders and Rebels. However, that was before they ran into a Chiefs inspired by new star Wallace Sititi and far better equipped for knockout rugby. Overall, Laidlaw's faith in Love in the No.10 jersey appears the most significant factor in his team's resurgence. Love cut a frustrated figure at fullback during the Crusaders' 31-24 victory at Sky Stadium last month – he had a dig off the ball against his opposite Will Jordan – and his distribution and leadership skills are such that he needs to be closer to the action at this level. 'He wants to take ownership of stuff, he wants to know the why; he wants to drive the team there's a lot of attributes of our traditional first-five,' Laidlaw told media recently of his new No.10. 'We're really enjoying that, but he doesn't have to have 10 on his back and start at 10 to do that, we need him to do that whether he's playing 15 or 10.' Love, 24, has played one Test (against Japan last year) when he replaced Stephen Perofeta at fullback and scored two tries in three minutes. A case can easily be made that he is the form first-five behind Chiefs' playmaker Damian McKenzie this year which will clearly boost his chances of being selected in Scott Robertson's squad for the July internationals against France. Indeed, Love is likely giving Robertson something to think about in terms of his back-up No.10. The Super Rugby championship is invariably won by the team with the best first-five, and it's here that the Hurricanes, who have only one title to their name (2016) could have the edge that will allow them to make up for lost time.
Yahoo
13-05-2025
- Business
- Yahoo
VerticalScope Announces First Quarter 2025 Financial Results
Unless otherwise stated, all amounts are in US dollars. TORONTO, May 13, 2025--(BUSINESS WIRE)--VerticalScope Holdings Inc. ("VerticalScope" or the "Company") (TSX: FORA; OTCQX: VFORF), a technology company that has built and operates a cloud-based digital platform for online enthusiast communities, today announced financial results for the first quarter ended March 31, 2025 ("Q1" or "the quarter"). "In Q1, we navigated some challenges, including a more uncertain macro environment, softness in video advertising rates and recent changes to Google's search algorithm which affected traffic on Fora communities. As a result, revenue was 8% lower than prior year," said Rob Laidlaw, Founder, Chair and CEO of VerticalScope. Mr. Laidlaw continued, "Like other user-generated platforms, we're adapting to an evolving search experience, one that requires optimizing our strategy for AI Overviews, and integrating our own proprietary AI-driven enhancements to improve engagement, accessibility and monetization over time. We are better equipped to handle these algorithm changes with the Fora platform, and the integration of AI, allowing us to roll out important upgrades very quickly. Despite the traffic volatility causing MAU's to be 8% lower in the quarter, we remain confident in our business model, the strength of our communities, and the long-term opportunities ahead." Financial Highlights for the Three Months Ended March 31, 2025 Revenue decreased 8% to $13.6M. This decline was primarily driven by weaker performance in programmatic video ads and a slower start for direct advertising due to timing-related shifts in campaign launches. Adjusted EBITDA decreased 30% to $3.6M, with a 27% Adjusted EBITDA Margin compared to 36% in the prior year, primarily driven by lower revenue and higher compensation and consulting costs, including strategic support for AI initiatives and SEO optimizations. Operating Cash Flow was $3.0M, and Free Cash Flow was $3.1M, reflecting an 86% Free Cash Flow Conversion. During the quarter, we deployed $5.5M in capital towards acquisitions, adding 23 online communities to our platform. Net loss increased by $1.4M to $2.4M, compared to a net loss of $1.0M in the prior year, resulting in a loss per share of $0.11. The increase was primarily driven by revenue declines and an $0.8M increase in share-based compensation, which included one-time performance-based incentives. "While Q1 presented challenges on the top line, our disciplined approach continues to deliver strong cash flow," said Vince Bellissimo, CFO of VerticalScope. "We generated $3.0M in Operating Cash Flow and $3.1M in Free Cash Flow, with a healthy conversion rate of 86%. These results reflect our ability to navigate a shifting environment while investing in growth initiatives. We remain focused on disciplined capital allocation and will deploy capital toward opportunities that we believe will drive long-term shareholder value. Year-to-date we have deployed $7.3M in capital towards M&A, and approximately $1.8M towards repurchasing 516K shares under our NCIB." "We've completed four acquisitions so far in 2025, and the newly added communities are already seeing performance gains from our advertising technology and platform integration. With a strong balance sheet and proven playbook, we're well positioned to capitalize on market volatility and continue scaling through strategic M&A," added Chris Goodridge, President and COO of VerticalScope. Earnings Conference Call and Webcast Management will host a conference call and webcast to discuss the Company's financial results at 8 a.m. ET on Wednesday, May 14, 2025. Live Call Registration and Webcast: Joining Live by Telephone:Canada: 1 833 950 0062United States: 1 833 470 1428Participant Access code: 610147 If you are unable to join live, an archived recording of the webcast will be available at: About VerticalScope Holdings Inc. Founded in 1999 and headquartered in Toronto, Ontario, VerticalScope is a technology company that has built and operates a cloud-based digital platform for online enthusiast communities in high consumer spending categories. VerticalScope's mission is to enable people with common interests to connect, explore their passions, and share knowledge about the things they love. Through targeted acquisitions and development, VerticalScope has built a portfolio of over 1,200 online communities and over 100 million monthly active users. Forward-Looking Statements This news release contains forward-looking information within the meaning of applicable securities legislation that reflects the Company's current expectations regarding future events. When used in this news release, words such as "should", "could", "intended", "expect", "plan" or "believe" and similar expressions indicate forward-looking statements. Forward-looking information, including the Company's plans for organic growth, deployment of capital, investments in our platform, the growth of revenue and MAU, information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, plans and objectives, is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurances can be given that actual results will be consistent with these forward-looking statements. Such risks and uncertainties include, but are not limited to, the implementation and effectiveness of the Company's capital allocation strategy, the availability of high-quality M&A opportunities, and the factors discussed under "Risk Factors" in the Company's Annual Information Form dated April 1, 2024, which is available on the Company's profile on SEDAR Plus at Actual results could differ materially from those projected herein. VerticalScope does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws. Non-IFRS Measures This press release references certain non-IFRS measures, including Adjusted EBITDA and Free Cash Flow, and Free Cash Flow Conversion as described below. This press release also makes reference to MAU, which is an operating metric used in our industry. These non-IFRS measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. The Company uses non-IFRS measures including: "EBITDA" is calculated as net income (loss) excluding interest, income tax expense (recovery), and depreciation and amortization. "Adjusted EBITDA" is calculated as EBITDA adjusted for share-based compensation, share performance related bonuses, unrealized gains or losses from changes in fair value of derivative financial instruments, severance, adjustments to contingent consideration liabilities measured at fair value through profit and loss, gain or loss on sale of assets, gain or loss on sale of investments, foreign exchange loss (gain), realized and unrealized other loss (gain), impairment and other charges that include direct and incremental business acquisition related costs. "Adjusted EBITDA Margin" measures Adjusted EBITDA as a percentage of revenue. "Free Cash Flow" means Adjusted EBITDA less capital expenditures and income taxes paid during the period. "Free Cash Flow Conversion" is equal to Free Cash Flow for the period divided by Adjusted EBITDA for the period. "Monthly Active Users" ("MAU") is defined as the number of individuals who have visited our communities within a calendar month, based on data as measured by Google Analytics. To calculate average MAU in a given period, we sum the total MAU for each month in that period, divided by the number of months in that period. Related Linkshttp:// The following table sets forth a reconciliation of Adjusted EBITDA and Free Cash Flow to net loss: (Unaudited) Three Months Ended March 31, (in thousands of US dollars) 2025 2024 Net loss ($2,416) ($985) Net interest and financing expense 748 1,163 Income tax recovery (454) (124) Depreciation and amortization 4,424 4,565 EBITDA 2,302 4,619 Share-based compensation 1,252 421 Share performance related bonus ⁽¹⁾ — (3) Unrealized loss (gain) from changes in derivative fair value of financial instruments (50) 56 Gain on sale of assets — (4) Gain on sale of investments — (16) Foreign exchange loss 56 27 Realized other loss 68 — Unrealized other loss 26 — Other charges ⁽2⁾ (12) 127 Adjusted EBITDA 3,641 5,227 Less capital expenditures (446) (435) Income taxes received (paid) (75) 377 Free Cash Flow $3,120 $5,169 (1) Share performance related bonus is included in wages and consulting on the condensed consolidated interim statements of loss and comprehensive loss. (2) Other charges are included in general and administrative on the condensed consolidated interim statements of loss and comprehensive loss. For the three months ended March 31, 2025 and March 31, 2024, these charges include non-recurring legal related costs. VERTICALSCOPE HOLDINGS INC. Condensed Consolidated Interim Statements of Financial Position (In U.S. dollars) (Unaudited) March 31, December 31, 2025 2024 Assets Current assets: Cash $5,014,293 $5,189,315 Restricted cash 93,915 97,244 Trade and other receivables 11,954,451 14,874,882 Lease receivable 187,936 326,267 Income taxes receivable 442,085 784,332 Prepaid expenses 891,834 761,652 18,584,514 22,033,692 Property and equipment 417,458 482,276 Right-of-use asset 1,426,728 1,564,687 Intangible assets 39,279,536 37,597,990 Goodwill 52,635,164 52,635,164 Other assets 116,556 154,497 Deferred tax asset 18,487,560 17,937,708 Total assets $130,947,516 $132,406,014 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $4,454,083 $6,864,256 Income taxes payable 423,025 426,778 Derivative instruments 95,417 145,068 Deferred revenue 987,415 1,125,592 Current portion of long-term debt 606,257 687,875 Lease liability 800,189 946,626 7,366,386 10,196,195 Long-term debt 41,000,000 38,000,000 Lease liability 1,031,312 1,180,878 Deferred tax liability — 315,607 Other long-term liabilities 26,612 26,612 Total liabilities 49,424,310 49,719,292 Shareholders' equity: Share capital 166,275,747 163,250,013 Contributed surplus 23,639,378 25,413,119 Accumulated other comprehensive loss (145,494) (145,494) Deficit (108,246,425) (105,830,916) 81,523,206 82,686,722 Total liabilities and shareholders' equity $130,947,516 $132,406,014 VERTICALSCOPE HOLDINGS INC. Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (In U.S. dollars, except per share amounts) (Unaudited) Three Months Ended March 31, 2025 2024 Revenue $13,565,517 $14,723,444 Operating expenses: Wages and consulting 7,162,204 6,940,033 Share-based compensation 1,251,993 421,241 Platform and technology 1,639,598 1,543,535 General and administrative 1,060,465 1,192,625 Depreciation and amortization 4,423,575 4,564,628 15,537,835 14,662,062 Operating income (loss) (1,972,318) 61,382 Other expenses (income): Gain on sale of assets (340) (3,620) Net interest and financing expense 747,818 1,162,932 Gain on sale of investments — (16,398) Foreign exchange loss 55,655 27,380 Realized other loss 67,577 — Unrealized other loss 26,453 — 897,163 1,170,294 Loss before income taxes (2,869,481) (1,108,912) Income tax expense (recovery) Current 411,484 88,618 Deferred (865,456) (212,937) (453,972) (124,319) Net loss ($2,415,509) ($984,593) Other comprehensive loss Items that may be reclassified to net loss: Foreign currency differences on translation of foreign operations — 26,245 Total comprehensive loss ($2,415,509) ($958,348) Loss per share: Basic ($0.11) ($0.05) Diluted (0.11) (0.05) VERTICALSCOPE HOLDINGS INC. Condensed Consolidated Interim Statements of Cash Flows (In U.S. dollars) (Unaudited) Three months ended March 31 2025 2024 Cash provided by (used in): Operating activities: Net loss ($2,415,509) ($984,593) Items not involving cash: Depreciation and amortization 4,423,575 4,564,628 Net interest and financing expense 747,818 1,162,932 Gain on sale of assets (340) (3,620) Gain on sale of investments — (16,398) Unrealized loss (gain) in derivative instruments (49,651) 55,668 Unrealized other loss 26,453 — Income tax recovery (453,972) (124,319) Share-based compensation 1,251,993 421,241 3,530,367 5,075,539 Change in non-cash operating assets and liabilities 235,553 1,443,964 Interest paid (724,547) (1,162,852) Income taxes received (paid) (75,030) 377,086 2,966,343 5,733,737 Financing activities: Repayment of term loan — (625,000) Proceeds from issuance of revolving loan 3,000,000 — Repayment of revolving loan — (2,375,000) Repurchase of share capital for cancellation — (233,226) Lease payments (323,279) (360,982) Proceeds from sublease 140,940 150,078 2,817,661 (3,444,130) Investing activities: Additions to property and equipment and intangible assets (5,902,344) (434,611) Proceeds from sale of assets 340 4,114 Proceeds from sale of investments — 16,398 (5,902,004) (414,099) Increase (decrease) in cash (118,000) 1,875,508 Cash, beginning of period 5,189,315 6,015,184 Change in restricted cash balances 3,329 4,266 Effect of movement of exchange rates on cash and restricted cash held (60,351) 13,078 Cash, end of period $5,014,293 $7,908,036 View source version on Contacts For further informationInvestor and media inquiries: VerticalScope — Vincenzo Bellissimo, Chief Financial Officer, Tel: 416-341-7166, IR@ FNK IR — Matt Chesler, CFA, Tel: 646-809-2183, fora@ Sign in to access your portfolio
Business Wire
13-05-2025
- Business
- Business Wire
VerticalScope Announces First Quarter 2025 Financial Results
TORONTO--(BUSINESS WIRE)--VerticalScope Holdings Inc. ('VerticalScope' or the 'Company') (TSX: FORA; OTCQX: VFORF), a technology company that has built and operates a cloud-based digital platform for online enthusiast communities, today announced financial results for the first quarter ended March 31, 2025 ("Q1" or "the quarter"). "In Q1, we navigated some challenges, including a more uncertain macro environment, softness in video advertising rates and recent changes to Google's search algorithm which affected traffic on Fora communities. As a result, revenue was 8% lower than prior year," said Rob Laidlaw, Founder, Chair and CEO of VerticalScope. Mr. Laidlaw continued, "Like other user-generated platforms, we're adapting to an evolving search experience, one that requires optimizing our strategy for AI Overviews, and integrating our own proprietary AI-driven enhancements to improve engagement, accessibility and monetization over time. We are better equipped to handle these algorithm changes with the Fora platform, and the integration of AI, allowing us to roll out important upgrades very quickly. Despite the traffic volatility causing MAU's to be 8% lower in the quarter, we remain confident in our business model, the strength of our communities, and the long-term opportunities ahead." Financial Highlights for the Three Months Ended March 31, 2025 Revenue decreased 8% to $13.6M. This decline was primarily driven by weaker performance in programmatic video ads and a slower start for direct advertising due to timing-related shifts in campaign launches. Adjusted EBITDA decreased 30% to $3.6M, with a 27% Adjusted EBITDA Margin compared to 36% in the prior year, primarily driven by lower revenue and higher compensation and consulting costs, including strategic support for AI initiatives and SEO optimizations. Operating Cash Flow was $3.0M, and Free Cash Flow was $3.1M, reflecting an 86% Free Cash Flow Conversion. During the quarter, we deployed $5.5M in capital towards acquisitions, adding 23 online communities to our platform. Net loss increased by $1.4M to $2.4M, compared to a net loss of $1.0M in the prior year, resulting in a loss per share of $0.11. The increase was primarily driven by revenue declines and an $0.8M increase in share-based compensation, which included one-time performance-based incentives. 'While Q1 presented challenges on the top line, our disciplined approach continues to deliver strong cash flow,' said Vince Bellissimo, CFO of VerticalScope. 'We generated $3.0M in Operating Cash Flow and $3.1M in Free Cash Flow, with a healthy conversion rate of 86%. These results reflect our ability to navigate a shifting environment while investing in growth initiatives. We remain focused on disciplined capital allocation and will deploy capital toward opportunities that we believe will drive long-term shareholder value. Year-to-date we have deployed $7.3M in capital towards M&A, and approximately $1.8M towards repurchasing 516K shares under our NCIB.' 'We've completed four acquisitions so far in 2025, and the newly added communities are already seeing performance gains from our advertising technology and platform integration. With a strong balance sheet and proven playbook, we're well positioned to capitalize on market volatility and continue scaling through strategic M&A,' added Chris Goodridge, President and COO of VerticalScope. Earnings Conference Call and Webcast Management will host a conference call and webcast to discuss the Company's financial results at 8 a.m. ET on Wednesday, May 14, 2025. Live Call Registration and Webcast: Joining Live by Telephone: Canada: 1 833 950 0062 United States: 1 833 470 1428 Participant Access code: 610147 If you are unable to join live, an archived recording of the webcast will be available at: About VerticalScope Holdings Inc. Founded in 1999 and headquartered in Toronto, Ontario, VerticalScope is a technology company that has built and operates a cloud-based digital platform for online enthusiast communities in high consumer spending categories. VerticalScope's mission is to enable people with common interests to connect, explore their passions, and share knowledge about the things they love. Through targeted acquisitions and development, VerticalScope has built a portfolio of over 1,200 online communities and over 100 million monthly active users. Forward-Looking Statements This news release contains forward-looking information within the meaning of applicable securities legislation that reflects the Company's current expectations regarding future events. When used in this news release, words such as 'should', 'could', 'intended', 'expect', 'plan' or 'believe' and similar expressions indicate forward-looking statements. Forward-looking information, including the Company's plans for organic growth, deployment of capital, investments in our platform, the growth of revenue and MAU, information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, plans and objectives, is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurances can be given that actual results will be consistent with these forward-looking statements. Such risks and uncertainties include, but are not limited to, the implementation and effectiveness of the Company's capital allocation strategy, the availability of high-quality M&A opportunities, and the factors discussed under "Risk Factors" in the Company's Annual Information Form dated April 1, 2024, which is available on the Company's profile on SEDAR Plus at Actual results could differ materially from those projected herein. VerticalScope does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws. Non-IFRS Measures This press release references certain non-IFRS measures, including Adjusted EBITDA and Free Cash Flow, and Free Cash Flow Conversion as described below. This press release also makes reference to MAU, which is an operating metric used in our industry. These non-IFRS measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. The Company uses non-IFRS measures including: 'EBITDA' is calculated as net income (loss) excluding interest, income tax expense (recovery), and depreciation and amortization. 'Adjusted EBITDA' is calculated as EBITDA adjusted for share-based compensation, share performance related bonuses, unrealized gains or losses from changes in fair value of derivative financial instruments, severance, adjustments to contingent consideration liabilities measured at fair value through profit and loss, gain or loss on sale of assets, gain or loss on sale of investments, foreign exchange loss (gain), realized and unrealized other loss (gain), impairment and other charges that include direct and incremental business acquisition related costs. 'Adjusted EBITDA Margin' measures Adjusted EBITDA as a percentage of revenue. 'Free Cash Flow' means Adjusted EBITDA less capital expenditures and income taxes paid during the period. 'Free Cash Flow Conversion' is equal to Free Cash Flow for the period divided by Adjusted EBITDA for the period. 'Monthly Active Users' ('MAU') is defined as the number of individuals who have visited our communities within a calendar month, based on data as measured by Google Analytics. To calculate average MAU in a given period, we sum the total MAU for each month in that period, divided by the number of months in that period. Related Links The following table sets forth a reconciliation of Adjusted EBITDA and Free Cash Flow to net loss: (1) Share performance related bonus is included in wages and consulting on the condensed consolidated interim statements of loss and comprehensive loss. (2) Other charges are included in general and administrative on the condensed consolidated interim statements of loss and comprehensive loss. For the three months ended March 31, 2025 and March 31, 2024, these charges include non-recurring legal related costs. Expand VERTICALSCOPE HOLDINGS INC. (In U.S. dollars, except per share amounts) (Unaudited) Three Months Ended March 31, 2025 2024 Revenue $13,565,517 $14,723,444 Operating expenses: Wages and consulting 7,162,204 6,940,033 Share-based compensation 1,251,993 421,241 Platform and technology 1,639,598 1,543,535 General and administrative 1,060,465 1,192,625 Depreciation and amortization 4,423,575 4,564,628 15,537,835 14,662,062 Operating income (loss) (1,972,318) 61,382 Other expenses (income): Gain on sale of assets (340) (3,620) Net interest and financing expense 747,818 1,162,932 Gain on sale of investments — (16,398) Foreign exchange loss 55,655 27,380 Realized other loss 67,577 — Unrealized other loss 26,453 — 897,163 1,170,294 Loss before income taxes (2,869,481) (1,108,912) Income tax expense (recovery) Current 411,484 88,618 Deferred (865,456) (212,937) (453,972) (124,319) Net loss ($2,415,509) ($984,593) Other comprehensive loss Items that may be reclassified to net loss: Foreign currency differences on translation of foreign operations — 26,245 Total comprehensive loss ($2,415,509) ($958,348) Loss per share: Basic ($0.11) ($0.05) Diluted (0.11) (0.05) Expand VERTICALSCOPE HOLDINGS INC. Condensed Consolidated Interim Statements of Cash Flows (In U.S. dollars) (Unaudited) Three months ended March 31 2025 2024 Cash provided by (used in): Operating activities: Net loss ($2,415,509) ($984,593) Items not involving cash: Depreciation and amortization 4,423,575 4,564,628 Net interest and financing expense 747,818 1,162,932 Gain on sale of assets (340) (3,620) Gain on sale of investments — (16,398) Unrealized loss (gain) in derivative instruments (49,651) 55,668 Unrealized other loss 26,453 — Income tax recovery (453,972) (124,319) Share-based compensation 1,251,993 421,241 3,530,367 5,075,539 Change in non-cash operating assets and liabilities 235,553 1,443,964 Interest paid (724,547) (1,162,852) Income taxes received (paid) (75,030) 377,086 2,966,343 5,733,737 Financing activities: Repayment of term loan — (625,000) Proceeds from issuance of revolving loan 3,000,000 — Repayment of revolving loan — (2,375,000) Repurchase of share capital for cancellation — (233,226) Lease payments (323,279) (360,982) Proceeds from sublease 140,940 150,078 2,817,661 (3,444,130) Investing activities: Additions to property and equipment and intangible assets (5,902,344) (434,611) Proceeds from sale of assets 340 4,114 Proceeds from sale of investments — 16,398 (5,902,004) (414,099) Increase (decrease) in cash (118,000) 1,875,508 Cash, beginning of period 5,189,315 6,015,184 Change in restricted cash balances 3,329 4,266 Effect of movement of exchange rates on cash and restricted cash held (60,351) 13,078 Cash, end of period $5,014,293 $7,908,036 Expand
