CALGARY, Alberta, Nov. 19, 2025 (GLOBE NEWSWIRE) -- Quorum Information Technologies Inc. (TSXV:QIS) ("Quorum"), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers ("OEMs") rely on for their operations, released its results today for the third quarter of 2025, ended September 30, 2025. Financial references are expressed in Canadian dollars unless otherwise indicated. Please refer to the MD&A and Financial Statements posted onto SEDAR related to non-IFRS measures and risk factors.
"Quorum delivered its second consecutive quarter of Cash EBITDA growth, reflecting the success of our profitability improvement plan initiated in late Q1 2025. Cash EBITDA rose from $1.0 million in Q1 to $1.4 million in Q2 and $1.5 million in Q3," stated Maury Marks, President and CEO. "During Q3 2025, Quorum also delivered 2% organic growth in recurring revenue. We are also pleased to announce that subsequent to September 30, 2025, we paid down an additional $0.4 million on our BDC Capital Mezzanine Loan Facility."
"I would like to sincerely thank our employees, whose efforts were crucial in delivering our Q3 2025 plan and solid quarterly results," said Mr. Marks. "Their efforts are complemented by our integrated suite of 13 essential software solutions and services. This product suite is fundamental to our profitable growth strategy, as it facilitates product cross-selling and plays a vital role in driving the success of our dealerships, thereby increasing value for both Quorum and its customers."
"Q3 2025 was also an exciting quarter as we announced the acquisition of Quorum by an affiliate (the "Purchaser") of Valsoft Corporation Inc. ("Valsoft") following a thorough review of strategic alternatives. Valsoft is the ideal partner for Quorum, bringing long-term investment and a collaborative approach that empowers our team to continue delivering exceptional service to our customers."
The Purchaser will acquire all of the issued and outstanding common shares of Quorum for $0.80 per share in cash pursuant to a statutory plan of arrangement, subject to shareholder approval. In addition to shareholder approval, the Transaction is subject to approval by the Court of King's Bench of Alberta (the "Court") and certain other third-party key consents, as well as the satisfaction of certain other customary closing conditions for a transaction of this nature. The Arrangement Agreement contains customary non-solicitation, "fiduciary out" and "right to match" provisions, as well as a $2.2 million termination fee payable to the Purchaser if the Arrangement Agreement is terminated in certain circumstances. Subject to the satisfaction or waiver, where permitted, of all conditions to closing, the Transaction is expected to close in Q4 2025. In connection with and subject to the closing of the Transaction, Quorum will apply to have its Shares delisted from the TSX-V and to cease to be a reporting issuer under Canadian securities laws. The Transaction is not subject to a financing condition. Please refer to the September 22, 2025, press release announcing the definitive Agreement for full details of the transaction."
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1 Cash EBITDA (non-GAAP), Adjusted EBITDA less stock-based compensation, reoccurring acquisition-related expenses, repayment of lease liability, purchase of property and equipment and software development costs.
Consolidated Results for Q3 2025
Q3 2025
%Change
Q3 2024
YTD 2025
%Change
YTD 2024
Total Revenue
$10,006,672
1%
$9,931,695
$30,441,005
2%
$29,945,434
SaaS Revenue
$7,177,707
(1%)
$7,223,897
$21,695,381
0%
$21,656,041
BDC Revenue
$2,692,912
