SEDAR Interim Financial Statements

[
  {
    "companyName": "Pason Systems Inc.",
    "reportingPeriodEnd": "2025-09-30",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "assets": {
        "currentAssets": {
          "cashAndCashEquivalents": 73461,
          "shortTermInvestments": 2143,
          "tradeAndOtherReceivables": 82823,
          "prepaidExpenses": 8091,
          "inventory": 17228,
          "incomeTaxesRecoverable": 1304,
          "totalCurrentAssets": 185050
        },
        "nonCurrentAssets": {
          "propertyPlantAndEquipment": 197429,
          "investments": 3254,
          "intangibleAssetsAndGoodwill": 206220,
          "totalNonCurrentAssets": 406903
        },
        "totalAssets": 591953
      },
      "liabilitiesAndEquity": {
        "currentLiabilities": {
          "tradePayablesAndAccruals": 55599,
          "incomeTaxesPayable": 2031,
          "stockBasedCompensationLiability": 7980,
          "leaseLiability": 2452,
          "obligationUnderPutOption": 5119,
          "totalCurrentLiabilities": 73181
        },
        "nonCurrentLiabilities": {
          "deferredTaxLiability": 13621,
          "leaseLiability": 13941,
          "stockBasedCompensationLiability": 7780,
          "totalNonCurrentLiabilities": 35342
        },
        "equity": {
          "shareCapital": 165769,
          "shareBasedBenefitsReserve": 40485,
          "foreignCurrencyTranslationReserve": 49485,
          "equityReserve": -8375,
          "retainedEarnings": 246318,
          "totalEquityAttributableToEquityHoldersOfTheCompany": 493682,
          "nonControllingInterest": -10252,
          "totalEquity": 483430
        },
        "totalLiabilitiesAndEquity": 591953
      },
      "cashPerShare": 0.9408,
      "workingCapitalPerShare": 1.4329
    },
    "incomeStatement": {
      "periods": [
        {
          "period": "Three Months Ended September 30, 2025",
          "revenue": 100962,
          "operatingExpenses": 39371,
          "depreciationAndAmortization": 15680,
          "grossProfit": 45911,
          "researchAndDevelopment": 13770,
          "sellingGeneralAndAdministrative": 9389,
          "stockBasedCompensation": 2527,
          "otherIncomeExpenses": 3839,
          "incomeBeforeIncomeTaxes": 16386,
          "incomeTaxProvision": 4545,
          "netIncome": 11841,
          "netIncomeAttributableToShareholders": 12526,
          "netIncomeAttributableToNonControllingInterest": -685,
          "basicEarningsPerShare": 0.16,
          "dilutedEarningsPerShare": 0.16,
          "weightedAverageSharesOutstanding": 78083251
        },
        {
          "period": "Nine Months Ended September 30, 2025",
          "revenue": 310555,
          "operatingExpenses": 124866,
          "depreciationAndAmortization": 43765,
          "grossProfit": 141924,
          "researchAndDevelopment": 41208,
          "sellingGeneralAndAdministrative": 29734,
          "stockBasedCompensation": 7348,
          "otherIncomeExpenses": 2935,
          "incomeBeforeIncomeTaxes": 60699,
          "incomeTaxProvision": 17204,
          "netIncome": 43495,
          "netIncomeAttributableToShareholders": 45183,
          "netIncomeAttributableToNonControllingInterest": -1688,
          "basicEarningsPerShare": 0.57,
          "dilutedEarningsPerShare": 0.57,
          "weightedAverageSharesOutstanding": 78696670
        }
      ]
    },
    "cashFlowStatement": {
      "periods": [
        {
          "period": "Three Months Ended September 30, 2025",
          "netIncome": 11841,
          "depreciationAndAmortization": 15680,
          "stockBasedCompensation": 2527,
          "deferredIncomeTaxes": -2380,
          "unrealizedForeignExchangeLossAndOther": 3154,
          "fundsFlowFromOperations": 30822,
          "decreaseInTradeAndOtherReceivables": -7611,
          "decreaseInPrepaidExpenses": -1161,
          "increaseInIncomeTaxesPayableRecoverable": 6606,
          "increaseInTradePayablesAccrualsAndStockBasedCompensationLiability": 9700,
          "decreaseInInventory": 1742,
          "effectsOfExchangeRateChanges": -1855,
          "cashGeneratedFromOperatingActivities": 38243,
          "incomeTaxPaid": -8818,
          "netCashFromOperatingActivities": 29425,
          "proceedsFromExerciseOfStockOptions": 335,
          "paymentOfDividends": -10118,
          "repurchaseAndCancellationOfSharesUnderNCIB": -2999,
          "repaymentOfLeaseLiability": -791,
          "netCashUsedInFinancingActivities": -13573,
          "maturityOfShortTermInvestments": 179,
          "additionsToPropertyPlantAndEquipment": -10046,
          "developmentCosts": -1254,
          "proceedsOnDisposalOfPropertyPlantAndEquipment": 519,
          "changesInNonCashWorkingCapital": 83,
          "netCashUsedInInvestingActivities": -10519,
          "effectOfExchangeRateOnCashAndCashEquivalents": 1056,
          "netIncreaseInCashAndCashEquivalents": 6389
        },
        {
          "period": "Nine Months Ended September 30, 2025",
          "netIncome": 43495,
          "depreciationAndAmortization": 43765,
          "stockBasedCompensation": 7348,
          "deferredIncomeTaxes": -3271,
          "unrealizedForeignExchangeLossAndOther": 2512,
          "fundsFlowFromOperations": 93849,
          "decreaseInTradeAndOtherReceivables": 8053,
          "decreaseInPrepaidExpenses": 3184,
          "increaseInIncomeTaxesPayableRecoverable": 18439,
          "decreaseInTradePayablesAccrualsAndStockBasedCompensationLiability": -8156,
          "decreaseInInventory": 3554,
          "effectsOfExchangeRateChanges": -5602,
          "cashGeneratedFromOperatingActivities": 113321,
          "incomeTaxPaid": -23723,
          "netCashFromOperatingActivities": 89598,
          "proceedsFromExerciseOfStockOptions": 995,
          "paymentOfDividends": -30605,
          "repurchaseAndCancellationOfSharesUnderNCIB": -18997,
          "repaymentOfLeaseLiability": -1679,
          "netCashUsedInFinancingActivities": -50286,
          "purchaseOfShortTermInvestments": 0,
          "maturityOfShortTermInvestments": 1188,
          "additionsToPropertyPlantAndEquipment": -40392,
          "developmentCosts": -4087,
          "proceedsOnDisposalOfPropertyPlantAndEquipment": 2090,
          "changesInNonCashWorkingCapital": 28,
          "netCashUsedInInvestingActivities": -41173,
          "effectOfExchangeRateOnCashAndCashEquivalents": -1875,
          "netDecreaseInCashAndCashEquivalents": -3736
        }
      ]
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Joint Venture",
        "description": "50% interest in Rawabi Pason Company (Rawabi JV)",
        "ownershipPercentage": 50,
        "value": 3254,
        "notes": "Provider of specialized data management systems for drilling rigs in the Kingdom of Saudi Arabia."
      }
    ],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 78022240,
      "classesOfShares": ["common", "preferred"],
      "warrants": [],
      "options": [],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "threeMonthsEndedSeptember302025": {
          "salary": null,
          "bonus": null,
          "shareBased": 2527
        },
        "nineMonthsEndedSeptember302025": {
          "salary": null,
          "bonus": null,
          "shareBased": 7348
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": []
    },
    "subsequentEvents": [
      {
        "eventDate": "2025-11-06",
        "description": "Declared a quarterly dividend of $0.13 per share on the Company’s common shares. The dividend will be paid on December 31, 2025 to shareholders of record at the close of business on December 17, 2025.",
        "impactValue": null
      }
    ]
  }
]