Westaim Reports Q4 2025 Results For the Quarter and Year Ended December 31, 2025
Executive Summary
- Westaim reported a Q4 2025 net loss of $18.7 M ($0.56 per diluted share), an improvement from the $21.3 M loss in Q4 2024.
- For the full year 2025, net loss widened to $38.0 M ($1.25 per diluted share) versus a $16.2 M loss in 2024.
- Asset Management segment posted a modest Adjusted EBITDA profit of $0.4 M, while the Insurance segment recorded an Adjusted EBITDA loss of $11.6 M.
Key Details
- Consolidated Shareholder Equity (controlling interests): $653.2 M at 12/31/2025.
- Common Shares Outstanding: 33,331,704; Book value per fully diluted share: $19.60 (C$26.89).
- Discount to Market: 5.2% vs. market price on 12/31/2025; 6.2% vs. closing price on 3/25/2026.
Segment Results – Q4 2025 (US$ millions)
| Segment | Revenue | Adjusted EBITDA | Net (Loss) Profit |
|---|---|---|---|
| Asset Management | 15.9 | +0.4 | (0.5) |
| Insurance | 4.1 | ‑11.6 | (12.5) |
| Corporate* | 2.0 | ‑3.5 | (5.3) |
| Eliminations | (1.2) | – | – |
| Consolidated | 20.8 | ‑14.7 | (18.7) |
*Corporate includes non‑segment activities such as corporate overhead, share‑based compensation recovery, and investments outside the two primary operating segments.
- Insurance Segment Highlights
- Launched MYGA policies in Sep 2025 – issued 275 policies generating $40 M of premiums.
- Over 300 agents active by year‑end.
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Introduced Fixed Index Annuity (FIA) product in Feb 2026, accelerating growth expectations.
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Asset Management Segment Highlights
- Adjusted EBITDA profit driven by $15.9 M performance allocations/fees and a $0.5 M investment gain.
- AUM (including programmatic capital) reached $4.5 B, up from $3.4 B YoY.
-
Fee‑paying AUM grew to $2.5 B (incl. $0.3 B from Insurance).
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Corporate & Other Investments
- Adjusted EBITDA loss of $3.5 M, primarily due to salaries/benefits ($1.8 M) and professional fees ($1.5 M).
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Share‑based compensation recovery offset part of the loss (+$1.3 M).
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Strategic Transaction (April 3 2025)
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Completed investment by CC Capital Partners, converting Westaim from an investment entity to an operating entity under IFRS.
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TSXV Disclosures
- Jan‑Mar 2026: subsidiary disposed of assets worth $534,976.48 to Arena Investors – deemed immaterial.
- Board amended long‑term incentive plan (removal of Ontario law reference & one‑year exercise period).
Notable Quotes
- “We have continued to build operating momentum… MYGA and FIA policy issuance … now pacing close to previous guidance… will drive asset growth for our Asset Management business.” – Cameron MacDonald, CEO
- “The leadership for both Ceres Life and Arena are continuing to execute on our growth plans, and we are encouraged by the positive momentum in both businesses.” – Chinh Chu, Executive Chairman
All forward‑looking statements are subject to risks and uncertainties described in Westaim’s MD&A and annual information form.