Latest news with #digitalplatform
Globe and Mail
3 hours ago
- Business
- Globe and Mail
VerticalScope Announces Second Quarter 2025 Financial Results
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 second quarter ended June 30, 2025 ("Q2" or "the quarter"). 'In Q2, our platform served 90 million MAUs and generated $14.5 million in revenue,' said Chris Goodridge, CEO of VerticalScope. 'The real story this quarter is the speed at which we've reshaped our teams and sharpened our focus to position the Company for long-term growth. Our profitable model and strong cash generation give us the firepower to invest decisively in high-impact initiatives, from expanding direct traffic to accelerating AI-powered innovation.' Mr. Goodridge added, 'The way people find and consume information is changing faster than ever, and that's creating new opportunities for platforms like ours. VerticalScope's communities deliver exceptional depth of expertise and engagement. As AI reshapes the digital landscape, we're focused on scaling what makes us unique — building stronger relationships with our large base of direct users, broadening how we monetize our audiences, and deploying AI to enhance user experience. We have the assets, the talent, and the strategy to capture meaningful growth in the years ahead.' Financial Highlights for the Three Months Ended June 30, 2025 Revenue decreased 13% to $14.5M, primarily due to a decline in MAUs, which impacted programmatic advertising. This follows a period of record-high MAU in the prior year. ARPU increased 17%, supported by a 41% year-over-year increase in e-commerce revenue. Adjusted EBITDA was $4.3M, down 39%, representing a 30% margin (compared to 42% in Q2 2024), reflecting lower revenue and increased investments in AI and traffic diversification. Operating Cash Flow increased 4% to $6.4M, inclusive of non-cash working capital changes from acquisitions. Free Cash Flow totaled $3.7M, reflecting 87% conversion of Adjusted EBITDA. Available Liquidity was $64.1M, comprised of $8.1M in unrestricted cash and $56.0M of undrawn revolver capacity. Net loss was $1.8M, compared to net income of $0.4M in the prior year, primarily due to lower revenue and $1.6M in one-time personnel and acquisition costs, partially offset by income tax recovery. 'Q2 demonstrated our ability to execute effectively while delivering a healthy Free Cash Flow conversion of 87% and a 30% Adjusted EBITDA margin,' said Vince Bellissimo, CFO of VerticalScope. 'Supported by a strong balance sheet and an efficient operating model, we continue to invest strategically in key initiatives that drive long-term value creation for our shareholders as we move into the second half of the year.' Earnings Conference Call and Webcast Management will host a conference call and webcast to discuss the Company's financial results at 7 a.m. ET on Wednesday, August 13, 2025. Live Call Registration and Webcast: Joining Live by Telephone: Canada: 1 833 950 0062 United States: 1 833 470 1428 Participant Access code: 628663 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 approximately 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, dependence on search algorithms and third-party traffic sources, potential disruption from artificial intelligence technologies, and the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 31, 2025, 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) 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. SOURCE VerticalScope Holdings Inc. Related Links The following table sets forth a reconciliation of Adjusted EBITDA and Free Cash Flow to net income (loss): (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands of US dollars) 2025 2024 2025 2024 Net income (loss) ($1,792) $423 ($4,208) ($561) Net interest and financing expense 816 1,075 1,563 2,238 Income tax expense (recovery) (935) 556 (1,389) 431 Depreciation and amortization 4,830 4,501 9,254 9,066 EBITDA 2,918 6,555 5,220 11,173 Share-based compensation (124) 368 1,128 789 Share performance related bonus (1) — — — (3) Unrealized loss (gain) from changes in derivative fair value of financial instruments (139) 19 (188) 75 Severance (2) 1,121 — 1,120 — Other income (2) — (2) — Gain on sale of assets (3) (1) (3) (5) Gain on sale of investments — — — (16) Foreign exchange loss 17 — 73 28 Realized other loss 26 — 94 — Unrealized other loss (26) — — — Other charges (3) 509 135 497 262 Adjusted EBITDA 4,299 7,076 7,940 12,302 Less capital expenditures (266) (399) (711) (834) Income taxes received (paid) (287) (120) (362) 258 Free Cash Flow $3,746 $6,557 $6,866 $11,726 (1) Share performance related bonus is included in wages and consulting on the condensed consolidated interim statements of income (loss) and comprehensive income (loss). (2) Severance is included in wages and consulting on the condensed consolidated interim statements of income (loss) and comprehensive income (loss). (3) Other charges are included in wages and consulting and general and administrative on the condensed consolidated interim statements of income (loss) and comprehensive income (loss). For the three months ended June 30, 2025, these charges include direct and incremental business acquisition related costs. June 30, December 31, Assets Current assets: Cash $8,143,612 $5,189,315 Restricted cash 102,967 97,244 Trade and other receivables 11,533,480 14,874,882 Lease receivable 49,302 326,267 Income taxes receivable 822,621 784,332 Prepaid expenses 886,005 761,652 Derivative instruments 43,140 — 21,581,127 22,033,692 Property and equipment 349,587 482,276 Right-of-use asset 1,288,772 1,564,687 Intangible assets 38,961,754 37,597,990 Goodwill 52,635,164 52,635,164 Other assets 144,288 154,497 Deferred tax asset 19,174,931 17,937,708 Total assets $134,135,623 $132,406,014 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $8,574,197 $6,864,256 Income taxes payable 224,015 426,778 Derivative instruments — 145,068 Deferred revenue 1,394,824 1,125,592 Current portion of long-term debt 646,004 687,875 Lease liability 683,650 946,626 11,522,690 10,196,195 Long-term debt 44,000,000 38,000,000 Lease liability 936,673 1,180,878 Deferred tax liability 7,585 315,607 Other long-term liabilities 26,612 26,612 Total liabilities 56,493,560 49,719,292 Shareholders' equity: Share capital 158,703,767 163,250,013 Contributed surplus 22,552,185 25,413,119 Other comprehensive loss (145,494) (145,494) Deficit (103,468,395) (105,830,916) 77,642,063 82,686,722 Total liabilities and shareholders' equity $134,135,623 $132,406,014 VERTICALSCOPE HOLDINGS INC. Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss) (In U.S. dollars, except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating expenses: Wages and consulting 8,276,004 6,822,678 15,438,208 13,762,711 Share-based compensation (124,142) 367,575 1,127,851 788,816 Platform and technology 2,074,497 1,675,344 3,714,095 3,218,879 General and administrative 1,382,546 1,268,179 2,443,011 2,460,804 Depreciation and amortization 4,830,349 4,500,984 9,253,924 9,065,612 16,439,254 14,634,760 31,977,089 29,296,822 Operating income (loss) (1,898,938) 2,052,756 (3,871,256) 2,114,138 Other expenses (income): Other income (1,824) — (1,824) — Gain on sale of assets (2,601) (1,098) (2,941) (4,718) Net interest and financing expense 815,644 1,074,882 1,563,462 2,237,814 Gain on sale of investments — — — (16,398) Foreign exchange loss 17,385 261 73,040 27,641 Realized other loss 26,453 — 94,030 — Unrealized other loss (26,453) — — — 828,604 1,074,045 1,725,767 2,244,339 Income (loss) before income taxes (2,727,542) 978,711 (5,597,023) (130,201) Income tax expense (recovery) Current (255,579) 163,747 155,905 252,365 Deferred (679,785) 391,866 (1,545,241) 178,929 (935,364) 555,613 (1,389,336) 431,294 Net income (loss) ($1,792,178) $423,098 ($4,207,687) ($561,495) Other comprehensive income (loss) Items that may be reclassified to net income (loss): Foreign currency differences on translation of foreign operations — (13,399) — 12,846 Total comprehensive income (loss) ($1,792,178) $409,699 ($4,207,687) ($548,649) Earnings (loss) per share: Basic ($0.08) $0.02 ($0.19) ($0.03) Diluted (0.08) 0.02 (0.19) (0.03) VERTICALSCOPE HOLDINGS INC. Condensed Consolidated Interim Statements of Cash Flows (In U.S. dollars) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash provided by (used in): Operating activities: Net income (loss) ($1,792,178) $423,098 ($4,207,687) ($561,495) Items not involving cash: Depreciation and amortization 4,830,349 4,500,984 9,253,924 9,065,612 Net interest and financing expense 815,644 1,074,882 1,563,462 2,237,814 Gain on sale of assets (2,601) (1,098) (2,941) (4,718) Gain on sale of investments — — — (16,398) Unrealized loss (gain) in derivative instruments (138,557) 19,035 (188,208) 74,703 Unrealized other gain (26,453) — — — Income tax expense (recovery) (935,364) 555,613 (1,389,336) 431,294 Share-based compensation (124,142) 367,575 1,127,851 788,816 2,626,698 6,940,089 6,157,065 12,015,628 Change in non-cash operating assets and liabilities 4,792,347 414,915 5,027,900 1,858,879 Interest paid (690,393) (1,070,476) (1,414,940) (2,233,328) Income taxes received (paid) (287,300) (119,557) (362,330) 257,529 6,441,352 6,164,971 9,407,695 11,898,708 Financing activities: Repayment of term loan — (625,000) — (1,250,000) Proceeds from issuance of revolving loan 3,000,000 — 6,000,000 — Repayment of revolving loan — (5,875,000) — (8,250,000) Cash settlement for vested RSUs (119,753) — (119,753) — Repurchase of share capital for cancellation (1,845,070) (435,859) (1,845,070) (669,085) Lease payments (232,372) (340,661) (555,651) (701,643) Proceeds from sublease 138,002 147,878 278,942 297,956 940,807 (7,128,642) 3,758,468 (10,572,772) Investing activities: Additions to property and equipment and intangible assets (268,712) (399,007) (714,654) (833,618) Proceeds from sale of assets 2,601 1,967 2,941 6,081 Proceeds from sale of investments — — — 16,398 Acquisitions (4,038,028) (200,178) (9,494,430) (200,178) Increase (decrease) in cash 3,078,020 (1,560,889) 2,960,020 314,619 Cash, beginning of period 5,014,293 7,908,036 5,189,315 6,015,184 Change in restricted cash balances (9,052) (3,287) (5,723) 979
National Post
3 hours ago
- Business
- National Post
VerticalScope Announces Second Quarter 2025 Financial Results
Article content Unless otherwise stated, all amounts are in US dollars. Article content TORONTO — 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 second quarter ended June 30, 2025 ('Q2' or 'the quarter'). Article content Article content 'In Q2, our platform served 90 million MAUs and generated $14.5 million in revenue,' said Chris Goodridge, CEO of VerticalScope. 'The real story this quarter is the speed at which we've reshaped our teams and sharpened our focus to position the Company for long-term growth. Our profitable model and strong cash generation give us the firepower to invest decisively in high-impact initiatives, from expanding direct traffic to accelerating AI-powered innovation.' Article content Mr. Goodridge added, 'The way people find and consume information is changing faster than ever, and that's creating new opportunities for platforms like ours. VerticalScope's communities deliver exceptional depth of expertise and engagement. As AI reshapes the digital landscape, we're focused on scaling what makes us unique — building stronger relationships with our large base of direct users, broadening how we monetize our audiences, and deploying AI to enhance user experience. We have the assets, the talent, and the strategy to capture meaningful growth in the years ahead.' Article content Financial Highlights for the Three Months Ended June 30, 2025 Article content Revenue decreased 13% to $14.5M, primarily due to a decline in MAUs, which impacted programmatic advertising. This follows a period of record-high MAU in the prior year. ARPU increased 17%, supported by a 41% year-over-year increase in e-commerce revenue. Adjusted EBITDA was $4.3M, down 39%, representing a 30% margin (compared to 42% in Q2 2024), reflecting lower revenue and increased investments in AI and traffic diversification. Operating Cash Flow increased 4% to $6.4M, inclusive of non-cash working capital changes from acquisitions. Free Cash Flow totaled $3.7M, reflecting 87% conversion of Adjusted EBITDA. Available Liquidity was $64.1M, comprised of $8.1M in unrestricted cash and $56.0M of undrawn revolver capacity. Net loss was $1.8M, compared to net income of $0.4M in the prior year, primarily due to lower revenue and $1.6M in one-time personnel and acquisition costs, partially offset by income tax recovery. Article content 'Q2 demonstrated our ability to execute effectively while delivering a healthy Free Cash Flow conversion of 87% and a 30% Adjusted EBITDA margin,' said Vince Bellissimo, CFO of VerticalScope. 'Supported by a strong balance sheet and an efficient operating model, we continue to invest strategically in key initiatives that drive long-term value creation for our shareholders as we move into the second half of the year.' Article content Earnings Conference Call and Webcast Article content Management will host a conference call and webcast to discuss the Company's financial results at 7 a.m. ET on Wednesday, August 13, 2025. Article content Live Call Registration and Webcast: Joining Live by Telephone: Canada: 1 833 950 0062 United States: 1 833 470 1428 Participant Access code: 628663 Article content If you are unable to join live, an archived recording of the webcast will be available at: Article content About VerticalScope Holdings Inc. Article content 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 approximately 100 million monthly active users. Article content Forward-Looking Statements Article content 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, dependence on search algorithms and third-party traffic sources, potential disruption from artificial intelligence technologies, and the factors discussed under 'Risk Factors' in the Company's Annual Information Form dated March 31, 2025, 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. Article content Non-IFRS Measures Article content 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. Article content The Company uses non-IFRS measures including: Article content 'EBITDA' is calculated as net income (loss) excluding interest, income tax expense (recovery), and depreciation and amortization. Article content '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) and other charges that include direct and incremental business acquisition related costs. Article content 'Free Cash Flow' means Adjusted EBITDA less capital expenditures and income taxes paid during the period. Article content 'Free Cash Flow Conversion' is equal to Free Cash Flow for the period divided by Adjusted EBITDA for the period. Article content '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. Article content Related Links The following table sets forth a reconciliation of Adjusted EBITDA and Free Cash Flow to net income (loss): Article content (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands of US dollars) 2025 2024 2025 2024 Net income (loss) ($1,792) $423 ($4,208) ($561) Net interest and financing expense 816 1,075 1,563 2,238 Income tax expense (recovery) (935) 556 (1,389) 431 Depreciation and amortization 4,830 4,501 9,254 9,066 EBITDA 2,918 6,555 5,220 11,173 Share-based compensation (124) 368 1,128 789 Share performance related bonus (1) — — — (3) Unrealized loss (gain) from changes in derivative fair value of financial instruments (139) 19 (188) 75 Severance (2) 1,121 — 1,120 — Other income (2) — (2) — Gain on sale of assets (3) (1) (3) (5) Gain on sale of investments — — — (16) Foreign exchange loss 17 — 73 28 Realized other loss 26 — 94 — Unrealized other loss (26) — — — Other charges (3) 509 135 497 262 Adjusted EBITDA 4,299 7,076 7,940 12,302 Less capital expenditures (266) (399) (711) (834) Income taxes received (paid) (287) (120) (362) 258 Free Cash Flow $3,746 $6,557 $6,866 $11,726 Article content (1) Share performance related bonus is included in wages and consulting on the condensed consolidated interim statements of income (loss) and comprehensive income (loss). (2) Severance is included in wages and consulting on the condensed consolidated interim statements of income (loss) and comprehensive income (loss). (3) Other charges are included in wages and consulting and general and administrative on the condensed consolidated interim statements of income (loss) and comprehensive income (loss). For the three months ended June 30, 2025, these charges include direct and incremental business acquisition related costs. Article content June 30, December 31, 2025 2024 Assets Current assets: Cash $8,143,612 $5,189,315 Restricted cash 102,967 97,244 Trade and other receivables 11,533,480 14,874,882 Lease receivable 49,302 326,267 Income taxes receivable 822,621 784,332 Prepaid expenses 886,005 761,652 Derivative instruments 43,140 — 21,581,127 22,033,692 Property and equipment 349,587 482,276 Right-of-use asset 1,288,772 1,564,687 Intangible assets 38,961,754 37,597,990 Goodwill 52,635,164 52,635,164 Other assets 144,288 154,497 Deferred tax asset 19,174,931 17,937,708 Total assets $134,135,623 $132,406,014 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $8,574,197 $6,864,256 Income taxes payable 224,015 426,778 Derivative instruments — 145,068 Deferred revenue 1,394,824 1,125,592 Current portion of long-term debt 646,004 687,875 Lease liability 683,650 946,626 11,522,690 10,196,195 Long-term debt 44,000,000 38,000,000 Lease liability 936,673 1,180,878 Deferred tax liability 7,585 315,607 Other long-term liabilities 26,612 26,612 Total liabilities 56,493,560 49,719,292 Shareholders' equity: Share capital 158,703,767 163,250,013 Contributed surplus 22,552,185 25,413,119 Other comprehensive loss (145,494) (145,494) Deficit (103,468,395) (105,830,916) 77,642,063 82,686,722 Total liabilities and shareholders' equity $134,135,623 $132,406,014 Article content VERTICALSCOPE HOLDINGS INC. Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss) (In U.S. dollars, except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $14,540,316 $16,687,516 $28,105,833 $31,410,960 Operating expenses: Wages and consulting 8,276,004 6,822,678 15,438,208 13,762,711 Share-based compensation (124,142) 367,575 1,127,851 788,816 Platform and technology 2,074,497 1,675,344 3,714,095 3,218,879 General and administrative 1,382,546 1,268,179 2,443,011 2,460,804 Depreciation and amortization 4,830,349 4,500,984 9,253,924 9,065,612 16,439,254 14,634,760 31,977,089 29,296,822 Operating income (loss) (1,898,938) 2,052,756 (3,871,256) 2,114,138 Other expenses (income): Other income (1,824) — (1,824) — Gain on sale of assets (2,601) (1,098) (2,941) (4,718) Net interest and financing expense 815,644 1,074,882 1,563,462 2,237,814 Gain on sale of investments — — — (16,398) Foreign exchange loss 17,385 261 73,040 27,641 Realized other loss 26,453 — 94,030 — Unrealized other loss (26,453) — — — 828,604 1,074,045 1,725,767 2,244,339 Income (loss) before income taxes (2,727,542) 978,711 (5,597,023) (130,201) Income tax expense (recovery) Current (255,579) 163,747 155,905 252,365 Deferred (679,785) 391,866 (1,545,241) 178,929 (935,364) 555,613 (1,389,336) 431,294 Net income (loss) ($1,792,178) $423,098 ($4,207,687) ($561,495) Other comprehensive income (loss) Items that may be reclassified to net income (loss): Foreign currency differences on translation of foreign operations — (13,399) — 12,846 Total comprehensive income (loss) ($1,792,178) $409,699 ($4,207,687) ($548,649) Earnings (loss) per share: Basic ($0.08) $0.02 ($0.19) ($0.03) Diluted (0.08) 0.02 (0.19) (0.03) Article content VERTICALSCOPE HOLDINGS INC. Condensed Consolidated Interim Statements of Cash Flows (In U.S. dollars) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash provided by (used in): Operating activities: Net income (loss) ($1,792,178) $423,098 ($4,207,687) ($561,495) Items not involving cash: Depreciation and amortization 4,830,349 4,500,984 9,253,924 9,065,612 Net interest and financing expense 815,644 1,074,882 1,563,462 2,237,814 Gain on sale of assets (2,601) (1,098) (2,941) (4,718) Gain on sale of investments — — — (16,398) Unrealized loss (gain) in derivative instruments (138,557) 19,035 (188,208) 74,703 Unrealized other gain (26,453) — — — Income tax expense (recovery) (935,364) 555,613 (1,389,336) 431,294 Share-based compensation (124,142) 367,575 1,127,851 788,816 2,626,698 6,940,089 6,157,065 12,015,628 Change in non-cash operating assets and liabilities 4,792,347 414,915 5,027,900 1,858,879 Interest paid (690,393) (1,070,476) (1,414,940) (2,233,328) Income taxes received (paid) (287,300) (119,557) (362,330) 257,529 6,441,352 6,164,971 9,407,695 11,898,708 Financing activities: Repayment of term loan — (625,000) — (1,250,000) Proceeds from issuance of revolving loan 3,000,000 — 6,000,000 — Repayment of revolving loan — (5,875,000) — (8,250,000) Cash settlement for vested RSUs (119,753) — (119,753) — Repurchase of share capital for cancellation (1,845,070) (435,859) (1,845,070) (669,085) Lease payments (232,372) (340,661) (555,651) (701,643) Proceeds from sublease 138,002 147,878 278,942 297,956 940,807 (7,128,642) 3,758,468 (10,572,772) Investing activities: Additions to property and equipment and intangible assets (268,712) (399,007) (714,654) (833,618) Proceeds from sale of assets 2,601 1,967 2,941 6,081 Proceeds from sale of investments — — — 16,398 Acquisitions (4,038,028) (200,178) (9,494,430) (200,178) (4,304,139) (597,218) (10,206,143) (1,011,317) Increase (decrease) in cash 3,078,020 (1,560,889) 2,960,020 314,619 Cash, beginning of period 5,014,293 7,908,036 5,189,315 6,015,184 Change in restricted cash balances (9,052) (3,287) (5,723) 979 Effect of movement of exchange rates on cash and restricted cash held 60,351 (22,881) — (9,803) Cash, end of period $8,143,612 $6,320,979 $8,143,612 $6,320,979 Article content Article content Article content Article content Article content Contacts Article content For further information Investor and media inquiries:
Zawya
16 hours ago
- Business
- Zawya
MoneyDo launches operations in KAFD
Riyadh, Saudi Arabia – MoneyDo, a leading Saudi digital real estate investment platform licensed by the Capital Market Authority, has announced the launch of its operations at King Abdullah Financial District (KAFD) — a premier financial center in the Middle East and North Africa, and the leading business and lifestyle hub in Riyadh. As the Kingdom's premier business and lifestyle destination, KAFD offers a sustainable, digitally integrated ecosystem at the heart of Riyadh. Spanning 1.6 million sqm with 95 iconic buildings, it is the world's largest LEED Platinum-certified mixed-use business district, designed to drive innovation and attract global investment in line with Vision 2030. By joining KAFD's vibrant community, MoneyDo benefits from its proximity to leading financial institutions, real estate developers, and key decision-makers. The district's world-class infrastructure and direct metro access create an ideal environment that empowers the company to scale its operations and deliver innovative real estate investment solutions. This launch marks a strategic step in MoneyDo's efforts to strengthen its position in Saudi Arabia's real estate investment landscape by establishing itself in an environment that fosters financial and technological innovation and contributes to building an integrated investment ecosystem. The move aims to develop high-value partnerships with leading real estate developers and financial institutions in the Kingdom. Mr. Nasser Al-Mubarak, CEO of MoneyDo, Board Member, and Head of its Executive Office, stated: 'Our presence in KAFD reflects our vision to be part of a flexible and secure investment environment — one that enables everyone to access real, transparent, and reliable real estate opportunities using the latest technologies, through an easy-to-use platform that makes investing simple and seamless.' Sultan Alobaida, Chief Commercial Officer at KAFD DMC, said: 'The digital real estate investment sector is witnessing remarkable growth in the Kingdom and globally, driven by advances in financial technologies and the growing demand for platforms that provide direct and transparent access to investment opportunities. By welcoming MoneyDo to KAFD, we reaffirm our commitment to providing a business environment that fosters innovation and empowers businesses to grow and transform their respective industries, in line with Saudi Vision 2030's goal of building a diverse digital economy.' MoneyDo's presence at KAFD is expected to enhance opportunities for collaboration and partnerships with key players in the financial and real estate sectors, paving the way for innovative investment projects that improve operational efficiency, increase market value, diversify risk, and boost competitiveness, positively contributing to the national economy. MoneyDo is a pioneering platform in Saudi Arabia's digital real estate investment space, offering innovative solutions that enable individuals to invest in a diverse range of real estate projects — including residential, commercial, and hospitality — while adhering to the highest standards of governance and compliance, and aligning with Vision 2030's objectives to boost the economy and diversify income streams. About KAFD Situated in the Saudi capital, Riyadh, KAFD is an iconic destination that merges the worlds of business and lifestyle in a digitally integrated and sustainable ecosystem, transforming the way contemporary communities live, work, and play. The destination is owned and managed by King Abdullah Financial District Development and Management Company (KAFD DMC), which was established in 2018 and is a PIF Company. With a vision to build a dynamic city of tomorrow, the Kingdom's first vertical city solution, spanning 1.6 million square meters with 95 buildings designed by 25 world-leading architectural firms, has not only shaped the skyline of Riyadh but also transformed the city's economic landscape and redefined the essence of urban living. It is the world's largest LEED platinum-certified business and lifestyle district, epitomizing Saudi Arabia's vision for economic diversification, quality of life, and sustainable development. For further details about KAFD, please visit Media Contact Please address any enquiries to media@ Follow KAFD on LinkedIn and X.
Associated Press
17 hours ago
- Business
- Associated Press
Wildberries launches ESG platform for charitable, environmental projects
MOSCOW, RUSSIA - Media OutReach Newswire - 12 August 2025 - Wildberries, a leading digital platform in Eurasia, has launched an online portal called RWB Participation that enables users to learn about the company's ESG projects and personally take part in charitable, social and environmental initiatives. The platform's Charity section features charitable foundations verified by the company that assist children, adults and the elderly, as well as supporting animals, environmental and cultural initiatives. Users will be able to support these foundations, with Wildberries to double the amount of user donations during the first month of the platform's operation. The platform also enables users to sign up for volunteering projects across Russia. 'This project enables us to systematize our social and environmental initiatives in one place, ensuring transparent and accessible information about the company's sustainability projects. But most importantly, the platform will unite the efforts of business, society, and foundations in socially significant and environmental projects, giving everyone the opportunity to easily contribute to charity, volunteering, and environmental care, as well as see the results of their involvement,' said Wildberries founder Tatyana Kim. 'I believe what matters is not how much you have, but how much you give to others.' RWB Participation responds to strong interest in ESG and charitable projects among Wildberries' customers: according to a survey carried out by the company in May, 79% of customers have taken part in charitable initiatives, with 42% saying they do so currently and another 30% saying they would like to start. More than half of customers (55%) also said they take steps to help the environment. Wildberries puts a strong emphasis on sustainability as part of its marketplace operations. The company has introduced AI-powered electric trucks with zero carbon emissions at its warehouses and sent more than 167,000 tons of waste for recycling in 2024. More than 1,600 Wildberries pick-up points are equipped with donation boxes for clothing and other items. Hashtag: #Wildberries The issuer is solely responsible for the content of this announcement. About Wildberries Established in 2004 in Russia, Wildberries is a leading digital platform operating in Armenia, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan, while also partnering with sellers in China and the UAE. Wildberries provides a state-of-the-art IT infrastructure to support customers and sellers, along with a developed logistics network spanning more than 135 facilities and 87,000 pick-up points across its markets. As of 2025, Wildberries serves over 79 million customers and processes more than 20 million orders per day.
Gulf Business
18 hours ago
- Automotive
- Gulf Business
Dubai's traffic woes: New AI platform slashes congestion in minutes
Image credit: WAM/Website The Roads and Transport Authority (RTA) has unveiled a cutting-edge digital platform, 'Data Drive – Clear Guide,' aimed at revolutionising traffic management in Dubai. The platform leverages historical and real-time traffic data from the past five years to deliver powerful insights that help alleviate congestion across the city. Read- By analysing live traffic conditions, road speeds, congestion hotspots, recurring patterns, and times of smooth traffic flow, the platform enables faster, more informed decisions. The initiative reflects RTA's broader strategy of integrating artificial intelligence (AI) into transport infrastructure to elevate Dubai's position as a global leader in smart mobility and sustainability, AI meets analytics for smarter roads 'Data Drive – Clear Guide' forms part of Using real-time notifications and instant updates, the system empowers traffic management teams to proactively address congestion issues and road incidents. It also enables the comparison of current traffic performance against historic trends, helping identify sudden bottlenecks or irregular speed drops. Such capabilities significantly enhance the authority's ability to respond quickly to changing road conditions, ultimately leading to faster commutes and improved safety for road users. From weeks to minutes: The power of real-time insights Previously, traffic data analysis relied heavily on manually collected reports from consultants and field teams, which delayed timely interventions. The new platform changes that paradigm. Information that once took weeks to gather and interpret can now be accessed and analysed within minutes. The system sources traffic data from global specialist firms, processes it through intelligent analytics tools, and presents an instant, accurate overview of road conditions. This shift marks a milestone in digital transformation for RTA and supports Dubai's ambition to be the smartest city in the world. Supporting smarter projects and faster responses One of the standout features of the platform is its ability to monitor and assess traffic during roadworks, diversions, or major events. The RTA teams can now evaluate the effectiveness of interventions in real time and take swift corrective action if necessary. The system also automates report generation for before-and-after analysis of road projects, making it easier to evaluate their impact and support evidence-based decision-making. By using continuously updated and reliable datasets, the platform ensures that infrastructure planning and traffic strategies are always informed by the latest insights. As Dubai continues its rapid transformation into a tech-driven global city, innovations like 'Data Drive – Clear Guide' signal a smarter, safer, and more efficient future for all road users.
