Highwood Asset Management Ltd.
Financial Statements (IFRS) · Amounts in CAD
Income Statement
Balance Sheet
Cash Flow
| Line Item | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|---|
| Total Revenue | 25.1M | 26.5M | 29.4M | 35.0M | 35.6M | -- |
| Operating Revenue | 25.1M | 26.5M | 29.4M | 35.0M | 35.6M | -- |
| Cost Of Revenue | 11.1M | 11.4M | 12.7M | 14.2M | 15.4M | -- |
| Gross Profit | 13.9M | 15.0M | 16.7M | 20.8M | 20.2M | -- |
| Selling General And Administration | 2.3M | 2.6M | 2.3M | 2.2M | 1.9M | -- |
| General And Administrative Expense | 2.3M | 2.6M | 2.3M | 2.2M | 1.9M | -- |
| Other Operating Expenses | 7.2M | 7.0M | 7.3M | 6.9M | 6.1M | -- |
| Operating Expense | 9.4M | 9.6M | 9.6M | 9.1M | 7.9M | -- |
| Operating Income | 4.5M | 5.4M | 7.1M | 11.7M | 12.2M | -- |
| EBIT | 2.4M | 20.8M | 5.1M | 4.9M | 23.3M | -- |
| Interest Expense | 2.0M | 1.8M | 1.8M | 2.2M | 2.5M | -- |
| Interest Expense Non Operating | 2.0M | 1.8M | 1.8M | 2.2M | 2.5M | -- |
| Interest Income | 29,000 | 12,000 | 17,000 | 17,000 | 9,000 | -- |
| Interest Income Non Operating | 29,000 | 12,000 | 17,000 | 17,000 | 9,000 | -- |
| Net Interest Income | -2.2M | -2.1M | -2.1M | -2.5M | -2.7M | -- |
| Other Income Expense | -1.8M | 15.6M | -1.7M | -6.5M | 11.4M | -- |
| Special Income Charges | 0.00 | -10,000 | 0.00 | -2,000 | -37,000 | -- |
| Restructuring And Mergern Acquisition | 0.00 | 10,000 | 0.00 | 2,000 | 37,000 | -- |
| Gain On Sale Of Security | -1.8M | 15.7M | -1.7M | -6.5M | 11.4M | -- |
| Pretax Income | 465,000 | 19.0M | 3.3M | 2.7M | 20.9M | -- |
| Tax Provision | 217,000 | 5.6M | 918,000 | 740,000 | 4.8M | -- |
| Tax Effect Of Unusual Items | -271,650 | 4.6M | -475,969 | -1.8M | 2.6M | -- |
| Net Income From Continuing And Discontinued Operation | 248,000 | 13.4M | 2.4M | 1.9M | 16.1M | -- |
| Net Income From Continuing Operation Net Minority Interest | 248,000 | 13.4M | 2.4M | 1.9M | 16.1M | -- |
| Net Income Including Noncontrolling Interests | 248,000 | 13.4M | 2.4M | 1.9M | 16.1M | -- |
| Net Income Common Stockholders | 248,000 | 13.4M | 2.4M | 1.9M | 16.1M | -- |
| Net Income | 248,000 | 13.4M | 2.4M | 1.9M | 16.1M | -- |
| EBITDA | 8.7M | 27.2M | 11.1M | 11.8M | 29.8M | -- |
| Normalized EBITDA | 10.5M | 11.6M | 12.8M | 18.3M | 18.4M | -- |
| Reconciled Depreciation | 6.2M | 6.4M | 6.0M | 6.9M | 6.5M | -- |
| Basic EPS | 0.02 | 0.92 | 0.16 | -- | 1.09 | 0.70 |
| Diluted EPS | 0.02 | 0.89 | 0.16 | -- | 1.07 | 0.69 |
| Basic Average Shares | 14.4M | 14.6M | 14.6M | -- | 14.8M | 14.9M |
| Diluted Average Shares | 14.8M | 15.0M | 15.0M | -- | 15.0M | 15.2M |
| Total Unusual Items | -1.8M | 15.6M | -1.7M | -6.5M | 11.4M | -- |
| Total Unusual Items Excluding Goodwill | -1.8M | 15.6M | -1.7M | -6.5M | 11.4M | -- |
| Tax Rate For Calcs | 0.15 | 0.30 | 0.28 | 0.28 | 0.23 | -- |
| Normalized Income | 1.8M | 2.4M | 3.6M | 6.6M | 7.3M | -- |
| Diluted NI Availto Com Stockholders | 248,000 | 13.4M | 2.4M | 1.9M | 16.1M | -- |
| Gain On Sale Of Ppe | -- | -- | -- | 0.00 | 0.00 | 0.00 |
| Net Income Continuous Operations | 248,000 | 13.4M | 2.4M | 1.9M | 16.1M | -- |
| Net Non Operating Interest Income Expense | -2.2M | -2.1M | -2.1M | -2.5M | -2.7M | -- |
| Other Gand A | 1.7M | 1.9M | 1.9M | 1.6M | 1.3M | -- |
| Reconciled Cost Of Revenue | 11.1M | 11.4M | 12.7M | 14.2M | 15.4M | -- |
| Salaries And Wages | 594,000 | 701,000 | 475,000 | 605,000 | 579,000 | -- |
| Total Expenses | 20.6M | 21.0M | 22.4M | 23.3M | 23.4M | -- |
| Total Operating Income As Reported | 2.9M | 21.3M | 5.6M | 5.4M | 23.9M | -- |
| Total Other Finance Cost | 258,000 | 310,000 | 312,000 | 312,000 | 292,000 | -- |
| Line Item | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|---|
| Cash And Cash Equivalents | 2.1M | 2.2M | 5.2M | 1.8M | 5.9M | -- |
| Cash Cash Equivalents And Short Term Investments | 2.1M | 2.2M | 5.2M | 1.8M | 5.9M | -- |
| Cash Financial | 2.1M | 2.2M | 5.2M | 1.8M | 5.9M | -- |
| Accounts Receivable | 20.1M | 19.2M | 17.3M | 24.2M | 19.1M | -- |
| Receivables | 22.5M | 22.6M | 21.1M | 26.6M | 22.8M | -- |
| Prepaid Assets | 4.8M | 4.4M | 2.3M | 2.4M | 2.3M | -- |
| Current Assets | 37.0M | 38.9M | 28.8M | 33.4M | 39.3M | -- |
| Gross PPE | 322.5M | 315.0M | 309.6M | 271.5M | 261.5M | -- |
| Accumulated Depreciation | -59.0M | -52.8M | -46.4M | -40.5M | -33.6M | -- |
| Net PPE | 263.6M | 262.2M | 263.1M | 231.0M | 227.8M | -- |
| Total Non Current Assets | 284.7M | 285.7M | 289.3M | 258.7M | 257.0M | -- |
| Total Assets | 321.7M | 324.6M | 318.1M | 292.1M | 296.3M | -- |
| Current Debt | -- | 2.5M | -- | -- | 16.1M | 12.2M |
| Current Debt And Capital Lease Obligation | 289,000 | 2.8M | 317,000 | 317,000 | 16.4M | -- |
| Payables And Accrued Expenses | 37.2M | 49.1M | 55.8M | 39.0M | 42.5M | -- |
| Other Current Liabilities | 1.6M | 1.6M | 2.4M | 2.0M | 1.4M | -- |
| Current Liabilities | 39.0M | 53.5M | 58.5M | 41.4M | 60.3M | -- |
| Long Term Debt | 107.1M | 95.6M | 94.1M | 90.7M | 75.5M | -- |
| Long Term Debt And Capital Lease Obligation | 107.1M | 95.7M | 94.2M | 90.9M | 75.8M | -- |
| Long Term Capital Lease Obligation | 0.00 | 49,000 | 133,000 | 213,000 | 292,000 | -- |
| Other Non Current Liabilities | -- | -- | -- | -- | -- | 98,000 |
| Total Non Current Liabilities Net Minority Interest | 134.4M | 123.2M | 125.2M | 118.6M | 105.7M | -- |
| Total Liabilities Net Minority Interest | 173.5M | 176.7M | 183.7M | 160.0M | 166.0M | -- |
| Common Stock | 58.9M | 59.6M | 60.2M | 60.9M | 61.5M | -- |
| Capital Stock | 58.9M | 59.6M | 60.2M | 60.9M | 61.5M | -- |
| Additional Paid In Capital | -- | -- | -- | -- | 4.3M | 3.8M |
| Retained Earnings | 81.3M | 81.0M | 67.7M | 65.3M | 63.4M | -- |
| Common Stock Equity | 148.2M | 147.9M | 134.4M | 132.1M | 130.3M | -- |
| Stockholders Equity | 148.2M | 147.9M | 134.4M | 132.1M | 130.3M | -- |
| Total Equity Gross Minority Interest | 148.2M | 147.9M | 134.4M | 132.1M | 130.3M | -- |
| Total Capitalization | 255.3M | 243.5M | 228.5M | 222.8M | 205.8M | -- |
| Net Tangible Assets | 148.2M | 147.9M | 134.4M | 132.1M | 130.3M | -- |
| Tangible Book Value | 148.2M | 147.9M | 134.4M | 132.1M | 130.3M | -- |
| Working Capital | -2.1M | -14.6M | -29.7M | -8.0M | -21.1M | -- |
| Invested Capital | 255.3M | 246.0M | 228.5M | 222.8M | 221.9M | -- |
| Total Debt | 107.4M | 98.5M | 94.5M | 91.2M | 92.3M | -- |
| Net Debt | 105.0M | 95.9M | 88.8M | 88.9M | 85.8M | -- |
| Share Issued | 15.2M | 15.2M | 15.2M | 15.2M | 15.2M | -- |
| Ordinary Shares Number | 14.3M | 14.5M | 14.6M | 14.7M | 14.8M | -- |
| Assets Held For Sale Current | 0.00 | 0.00 | 0.00 | 1.1M | 1.1M | -- |
| Capital Lease Obligations | 289,000 | 366,000 | 450,000 | 530,000 | 610,000 | -- |
| Current Capital Lease Obligation | 289,000 | 317,000 | 317,000 | 317,000 | 318,000 | -- |
| Derivative Product Liabilities | 0.00 | 0.00 | 0.00 | 244,000 | -- | 0.00 |
| Duefrom Related Parties Current | 1.3M | 2.9M | 2.1M | 1.7M | 2.3M | -- |
| Financial Assets | 1.3M | 3.4M | 459,000 | 615,000 | 1.8M | -- |
| Hedging Assets Current | 7.5M | 9.6M | 164,000 | 1.5M | 7.2M | -- |
| Liabilities Heldfor Sale Non Current | 27.3M | 27.5M | 31.0M | 27.5M | 29.8M | -- |
| Line Of Credit | -- | 2.5M | -- | -- | -- | -- |
| Non Current Deferred Assets | 19.9M | 20.1M | 25.7M | 26.6M | 27.4M | -- |
| Non Current Deferred Taxes Assets | 19.9M | 20.1M | 25.7M | 26.6M | 27.4M | -- |
| Non Current Prepaid Assets | 18,000 | 18,000 | 18,000 | 494,000 | 18,000 | -- |
| Other Current Borrowings | -- | -- | -- | -- | 16.1M | 12.2M |
| Other Equity Interest | 8.0M | 7.3M | 6.5M | 5.9M | 1.1M | -- |
| Other Properties | 322.5M | 315.0M | 309.6M | 271.5M | 261.5M | -- |
| Other Receivables | 1.4M | 856,000 | 2.0M | 1.1M | 1.8M | -- |
| Receivables Adjustments Allowances | -325,000 | -325,000 | -344,000 | -344,000 | -344,000 | -- |
| Treasury Shares Number | 843,368 | 704,783 | 585,826 | 482,060 | 369,010 | -- |
| Line Item | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | 7.2M | 16.1M | 16.3M | 18.4M | 16.5M | -- |
| Cash Flow From Continuing Operating Activities | 7.2M | 16.1M | 16.3M | 18.4M | 16.5M | -- |
| Depreciation Amortization Depletion | 6.2M | 6.4M | 6.0M | 6.9M | 6.5M | -- |
| Stock Based Compensation | 549,000 | 570,000 | 433,000 | 563,000 | 512,000 | -- |
| Deferred Tax | 217,000 | 5.6M | 918,000 | 740,000 | 4.8M | -- |
| Deferred Income Tax | 217,000 | 5.6M | 918,000 | 740,000 | 4.8M | -- |
| Change In Working Capital | -4.4M | 2.7M | 4.3M | 1.6M | -1.2M | -- |
| Change In Payables And Accrued Expense | -- | 0.00 | 0.00 | 0.00 | -117,000 | -70,000 |
| Change In Other Working Capital | -4.4M | 2.7M | 4.3M | 1.6M | -1.2M | -- |
| Other Non Cash Items | 173,000 | 567,000 | 555,000 | -777,000 | 305,000 | -- |
| Capital Expenditure | -7.5M | -9.0M | -34.2M | -11.0M | -20.7M | -- |
| Purchase Of PPE | -7.5M | -9.0M | -34.2M | -11.0M | -20.7M | -- |
| Net PPE Purchase And Sale | -7.5M | -9.0M | -33.2M | -11.0M | -20.7M | -- |
| Purchase Of Business | -- | -- | -- | -476,000 | 0.00 | -- |
| Sale Of Investment | 0.00 | -- | -- | -- | 0.00 | -- |
| Net Investment Purchase And Sale | 0.00 | -- | -- | -- | 0.00 | -- |
| Investing Cash Flow | -14.8M | -22.5M | -15.2M | -20.5M | -14.7M | -- |
| Cash Flow From Continuing Investing Activities | -14.8M | -22.5M | -15.2M | -20.5M | -14.7M | -- |
| Issuance Of Debt | 11.3M | -- | -- | 14.9M | 4.8M | 0.00 |
| Repayment Of Debt | -86,000 | -94,000 | -93,000 | -14.1M | -39,000 | -- |
| Net Issuance Payments Of Debt | 11.2M | 1.6M | 3.0M | 854,000 | 4.7M | -- |
| Issuance Of Capital Stock | -- | -- | -- | 0.00 | 0.00 | -- |
| Repurchase Of Capital Stock | -707,000 | -702,000 | -610,000 | -675,000 | -336,000 | -- |
| Net Common Stock Issuance | -707,000 | -702,000 | -610,000 | -675,000 | -336,000 | -- |
| Common Stock Payments | -707,000 | -702,000 | -610,000 | -675,000 | -336,000 | -- |
| Financing Cash Flow | 10.0M | 927,000 | 2.3M | -2.0M | 4.2M | -- |
| Cash Flow From Continuing Financing Activities | 10.0M | 927,000 | 2.3M | -2.0M | 4.2M | -- |
| Changes In Cash | 2.4M | -5.5M | 3.4M | -4.1M | 5.9M | -- |
| Beginning Cash Position | -272,000 | 5.2M | 1.8M | 5.9M | 11,000 | -- |
| End Cash Position | 2.1M | -272,000 | 5.2M | 1.8M | 5.9M | -- |
| Free Cash Flow | -210,000 | 7.1M | -18.0M | 7.4M | -4.3M | -- |
| Income Tax Paid Supplemental Data | 0.00 | -- | -- | -- | 0.00 | -- |
| Interest Paid Supplemental Data | 2.0M | -- | -- | -- | 2.0M | -- |
| Common Stock Issuance | -- | -- | -- | 0.00 | 0.00 | -- |
| Gain Loss On Investment Securities | 4.2M | -13.2M | 1.6M | 7.6M | -10.5M | -- |
| Long Term Debt Issuance | 11.3M | -- | -- | 14.9M | 4.8M | 0.00 |
| Long Term Debt Payments | -86,000 | -94,000 | -93,000 | -14.1M | -39,000 | -- |
| Net Business Purchase And Sale | -- | -- | -- | -476,000 | 0.00 | -- |
| Net Income From Continuing Operations | 248,000 | 13.4M | 2.4M | 1.9M | 16.1M | -- |
| Net Long Term Debt Issuance | 11.2M | 1.6M | 3.0M | 854,000 | 4.7M | -- |
| Net Other Financing Charges | -495,000 | -8,000 | -28,000 | -2.2M | -212,000 | -- |
| Net Other Investing Changes | -7.4M | -13.5M | 18.0M | -9.0M | 6.0M | -- |
| Operating Gains Losses | 4.2M | -13.2M | 1.6M | 7.5M | -10.5M | -- |
| Sale Of PPE | -- | -- | 1.1M | 0.00 | 0.00 | 0.00 |