Q3 2025 Financial & Operating Overview
Crown recognized a net loss of $(0.3) million ($0.05 loss per basic share) in Q3 2025 compared to a net loss of $(2.7) million ($0.49 loss per basic share) in Q3 2024.
Adjusted EBITDAi was $3.9 million in Q3 2025 compared to $0.9 million in Q3 2024 due primarily to increased earnings from the Network Services, Distribution Services, Distributed Power and Real Estate segments, partially offset by an increase in expenses of the Corporate and Other segment.
Distribution services revenue was $11.4 million in Q3 2025 compared to $9.1 million in Q3 2024, an increase of 25.0%. This segment reported net income before income taxes of $0.9 million (2024, net loss before income taxes $(0.1) million) and Adjusted EBITDAi of $0.9 million (2024 - $0.6 million), with the year-over-year increase due primarily to an improved customer mix particularly in the Columbus warehouse as well as increased capacity utilization, primarily in the Calgary and Reno warehouses, which was 73% at September 30, 2025 (September 30, 2024 - 62%).
Network services revenue was $10.1 million in Q3 2025 compared to $7.0 million in Q3 2024, an increase of 45.2% attributable to a year-over-year increase in revenues due to additional hardware sales in Galaxy and modest increases from Community Network Partners in respect of revenues from the high speed internet infrastructure project in Brooks, Alberta and the Ontario Connects: Accelerated High-Speed Internet Program (the "Ontario Connects Program"), partially offset by a decrease in revenues from the continued runoff of customer contracts in WireIE. This segment reported net income before income taxes of $1.9 million (2024, net loss before income taxes $(0.5) million) and Adjusted EBITDAi of $3.0 million (2024 - $0.4 million).
Real Estate segment revenue was $1.2 million in Q3 2025 compared to $1.1 million in Q3 2024, an increase of 11.4% year-over-year due primarily to increased leasing activity during the quarter. This segment recorded a net loss before income taxes of $(0.3) million (2024, $(0.2) million) and Adjusted EBITDAi of $0.2 million (2024 - $(0.1) million).
The Specialty Finance and Distributed Power segments had minimal impact on the financial results for the three months ended September 30, 2025 and 2024.
Total equity at quarter-end decreased to $3.5 million from $8.6 million at the end of 2024 due primarily to a net loss attributable to shareholders of $(5.6) million. Total equity per share decreased to $0.58 per basic share from $1.53 per basic share as at December 31, 2024.
Change in Financial Year-End
The Corporation also announces that it is changing its financial year-end from December 31 to March 31. The change in financial year-end has been made to improve the Corporation's financial and operational efficiencies and to align with the availability of audit services. Crown's current financial year will end on March 31, 2026 and will include five calendar quarters.
Further details regarding the change in financial year-end, including the Corporation's ending dates of its financial reporting periods, its interim and annual financial statements to be filed for the Corporation's transition year and its new financial year, will be available in the Corporation's Notice of Change in Year-End prepared in accordance with Section 4.8 of National Instrument 51-102, and filed on the Corporation's SEDAR profile at www.sedarplus.ca.
Crown also announces that its auditor, KPMG LLP, has resigned effective October 14, 2025. The appointment of a new auditor is currently under review by the Corporation.
Q3 2025 Financial Results Summary
Three Months Ended
Nine Months Ended
FOR THE PERIODS ENDED SEP. 30(THOUSANDS, EXCEPT PER SHARE AND NUMBER OF COMMON SHARES)
2025
2024
2025
2024
Revenue:
Distribution services revenue
$ 11,357
$ 9,083
$ 32,982
$ 26,660
Network services revenue
10,095
6,951
24,927
19,579
Fees and other income
1,582
1,541
4,345
5,261
Distributed power interest revenue
112
157
311
525
Merchant power revenue
209
143
370
942
Total revenue
23,355
17,875
62,935
52,967
Share of (losses) earnings from investments in associates
(106)
235
3
(15,132)
Loss attributable to Shareholders
(294)
(2,731)
(5,603)
(18,488)
Comprehensive loss attributable to Shareholders
(376)
(2,688)
(5,503)
(18,553)
Adjusted EBITDAi
3,928
933
6,923
3,919
Total assets
149,657
172,361
149,657
172,361
Total equity
3,462
19,675
3,462
19,675
Per share:
- Net loss to Shareholders - basic
$ (0.05)
$ (0.49)
$ (0.97)
$ (3.31)
- Net loss to Shareholders - diluted
(0.05)
(0.49)
(0.97)
(3.31)
- Adjusted EBITDA per share - basici
0.66
0.17
1.20
0.70
- Total equity per share - basic
0.58
3.52
0.58
3.52
Number of common shares:
- Outstanding at end of period
5,977,832
5,588,646
5,977,832
5,588,646
- Weighted average outstanding - basic
5,977,832
5,588,646
5,761,841
5,588,646
- Weighted average outstanding - diluted
5,977,832
5,588,646
5,761,841
5,588,646
Quarterly reconciliations of loss before income taxes to Adjusted EBITDAi
2025
2024
2023
FOR THE PERIODS ENDED(THOUSANDS)
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Q4
Income (loss) before income taxes
530
(3,372)
(1,536)
(10,883)
(2,632)
(14,885)
(306)
(5,414)
Adjustments for amounts attributable to shareholders in relation to:1
Depreciation and amortization
2,760
2,995
3,036
3,125
2,826
2,804
2,718
3,122
Finance costs
2,294
2,613
1,990
2,533
2,413
1,975
2,057
1,828
Payments of lease obligations
(1,467)
(1,463)
(1,453)
(1,381)
(1,350)
(1,324)
(1,299)
(1,306)
Share-based compensation (recovery) expense
(33)
(92)
(101)
121
(358)
(340)
(138)
(264)
(Recovery of) impairments of assets held for sale, inventory, property and equipment, and property and equipment under development and related deposits
(25)
-
-
8,162
-
-
-
2,618
Loss on disposal of assets held for sale
-
-
-
13
-
22
-
-
Remeasurement of financial instruments
-
