SEDAR Interim Financial Statements

[
  {
    "metadata": {
      "companyName": "Topicus.com Inc.",
      "reportingPeriodEnd": "2025-09-30",
      "reportStatus": "Unaudited",
      "auditorName": null,
      "auditorKeyMatters": []
    },
    "balanceSheet": {
      "cash": 276061,
      "restrictedCash": 248473,
      "accountsReceivable": 135892,
      "unbilledRevenue": 60002,
      "inventories": 8381,
      "derivatives": 101686,
      "otherCurrentAssets": 73295,
      "totalCurrentAssets": 903790,
      "propertyAndEquipment": 26918,
      "rightOfUseAssets": 93954,
      "deferredIncomeTaxes": 24917,
      "investmentsAccountedForUsingEquityMethod": 195533,
      "otherNonCurrentAssets": 9583,
      "intangibleAssets": 1172236,
      "totalNonCurrentAssets": 1523140,
      "totalAssets": 2426930,
      "accountsPayableAndAccruedLiabilities": 306940,
      "deferredRevenue": 239324,
      "provisions": 2015,
      "acquisitionHoldbackPayables": 18604,
      "leaseObligations": 29382,
      "incomeTaxesPayable": 33532,
      "topicusRevolvingCreditFacilityAndCurrentPortionOfTermAndOtherLoans": 403598,
      "totalCurrentLiabilities": 1033395,
      "termAndOtherLoans": 338818,
      "deferredIncomeTaxesNonCurrent": 195249,
      "acquisitionHoldbackPayablesNonCurrent": 38866,
      "leaseObligationsNonCurrent": 66196,
      "otherLiabilities": 55920,
      "totalNonCurrentLiabilities": 695048,
      "totalLiabilities": 1728443,
      "capitalStock": 39412,
      "accumulatedOtherComprehensiveIncomeLoss": 122414,
      "retainedEarnings": 260396,
      "nonControllingInterests": 276266,
      "totalEquity": 698488,
      "totalLiabilitiesAndEquity": 2426930,
      "cashPerShare": 0.0033,
      "workingCapitalPerShare": -0.0016
    },
    "incomeStatement": {
      "revenue": {
        "license": 894,
        "professionalServices": 94545,
        "hardwareAndOther": 6875,
        "maintenanceAndOtherRecurring": 277574,
        "totalRevenue": 387888
      },
      "expenses": {
        "staff": 205209,
        "hardware": 4032,
        "thirdPartyLicenseMaintenanceAndProfessionalServices": 34723,
        "occupancy": 3272,
        "travelTelecommunicationsSuppliesSoftwareAndEquipment": 15454,
        "professionalFees": 6150,
        "otherNet": 5242,
        "depreciation": 10890,
        "amortizationOfIntangibleAssets": 43429,
        "totalExpenses": 328402
      },
      "impairmentOfIntangibleAndOtherNonFinancialAssets": 7,
      "bargainPurchaseGain": null,
      "financeAndOtherIncomeExpenses": -61539,
      "increaseDecreaseInFairValueOfEquitySecurities": null,
      "revaluationOfInvestmentAccountedForUsingEquityMethodToCost": 221748,
      "financeCosts": 9175,
      "incomeLossBeforeIncomeTaxes": -109905,
      "currentIncomeTaxExpenseRecovery": 18921,
      "deferredIncomeTaxExpenseRecovery": -7887,
      "incomeTaxExpenseRecovery": 11035,
      "netIncomeLoss": -120940,
      "netIncomeLossAttributableToEquityHoldersOfTopicus": -78192,
      "netIncomeLossAttributableToNonControllingInterests": -42748,
      "weightedAverageSharesOutstandingBasic": 83169753,
      "weightedAverageSharesOutstandingDiluted": 129841819,
      "earningsLossPerCommonShareBasic": -0.94,
      "earningsLossPerCommonShareDiluted": -0.94
    },
    "cashFlowStatement": {
      "netIncomeLoss": -120940,
      "adjustmentsForDepreciation": 10890,
      "adjustmentsForAmortizationOfIntangibleAssets": 43429,
      "adjustmentsForImpairmentOfIntangibleAndOtherNonFinancialAssets": 7,
      "adjustmentsForBargainPurchaseGain": null,
      "adjustmentsForFinanceAndOtherExpensesIncome": -61539,
      "adjustmentsForIncreaseDecreaseInFairValueOfEquitySecurities": null,
      "adjustmentsForFinanceCosts": 9175,
      "adjustmentsForRevaluationOfInvestmentsAccountedForUsingEquityMethodToCost": 221748,
      "adjustmentsForIncomeTaxExpenseRecovery": 11035,
      "adjustmentsForTransactionCostsAssociatedWithEquitySecuritiesClassifiedAsFvoci": null,
      "changeInNonCashOperatingAssetsAndLiabilities": -51340,
      "netCashFlowsFromUsedInOperatingActivities": 48446,
      "interestPaidOnLeaseObligations": -807,
      "interestPaidOnOtherFacilities": -2881,
      "incomeTaxesPaidReceived": -14019,
      "proceedsFromIssuanceOfLoan": 257000,
      "proceedsFromIssuanceOfTermAndOtherLoans": null,
      "increaseDecreaseInBankIndebtedness": 4262,
      "increaseDecreaseInLoanFromVelaSoftwareGroup": -83,
      "returnOfCapitalToNonControllingInterests": null,
      "repaymentsOfTermAndOtherLoans": -2066,
      "creditFacilityTransactionCosts": -190,
      "paymentsOfLeaseObligations": -7805,
      "otherFinancingActivities": null,
      "dividendsPaidToNonControllingInterests": -1718,
      "dividendsPaidToShareholdersOfTheCompany": null,
      "netCashFlowsFromUsedInFinancingActivities": 245426,
      "acquisitionOfBusinesses": -11437,
      "cashObtainedWithAcquiredBusinesses": 2338,
      "propertyAndEquipmentPurchased": -8906,
      "purchaseOfEquitySecuritiesOfAssecoPolandSA": null,
      "increaseDecreaseInRestrictedCash": -246775,
      "interestDividendsAndOtherProceedsReceivedNetOfIncomeTaxesPaid": -376,
      "postAcquisitionSettlementPaymentsNetOfReceipts": -1653,
      "netCashFlowsFromUsedInInvestingActivities": -266810,
      "effectOfForeignCurrencyOnCashAndCashEquivalents": -256,
      "increaseDecreaseInCash": 26807,
      "cashBeginningOfPeriod": 249254,
      "cashEndOfPeriod": 276061
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Equity Investment",
        "description": "Investment in Asseco Poland S.A.",
        "ownershipPercentage": 24.83,
        "value": 389658,
        "notes": "Initially purchased 9.99% (8,300,029 shares) on Jan 31, 2025. Acquired an additional 14.84% (12,318,863 treasury shares) on Oct 1, 2025 (subsequent event). Accounted for using the equity method from Sep 25, 2025. Fair value based on share price at Sep 30, 2025."
      }
    ],
    "shareStructure": {
      "authorizedShares": "Unlimited",
      "issuedShares": 83338874,
      "classesOfShares": [
        "Subordinate Voting Shares",
        "Super Voting Share"
      ],
      "warrants": [],
      "options": [],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": null,
    "otherRelatedPartyTransactions": [
      {
        "counterparty": "Constellation Software Inc. (CSI)",
        "description": "Management fees and expense reimbursements",
        "amount": 950,
        "period": "Three months ended September 30, 2025"
      },
      {
        "counterparty": "Constellation Software Inc. (CSI)",
        "description": "Management fees and expense reimbursements",
        "amount": 11035,
        "period": "Nine months ended September 30, 2025"
      },
      {
        "counterparty": "Entities under control of CSI",
        "description": "Professional services revenue provided by Topicus",
        "amount": 2644,
        "period": "Three months ended September 30, 2025"
      },
      {
        "counterparty": "Entities under control of CSI",
        "description": "Professional services revenue provided by Topicus",
        "amount": 7379,
        "period": "Nine months ended September 30, 2025"
      },
      {
        "counterparty": "Vela Software Group",
        "description": "Loan to Topicus (non-interest bearing, matures 2029). USD amount converted at spot rate.",
        "amount": null,
        "period": "Outstanding as of September 30, 2025"
      },
      {
        "counterparty": "Vela Software Group",
        "description": "Dividends paid to Vela from GeoSoftware and Geoactive subsidiaries.",
        "amount": 3313,
        "period": "Nine months ended September 30, 2025"
      }
    ],
    "subsequentEvents": [
      {
        "eventDate": "2025-10-01",
        "description": "Completed acquisition of 12,318,863 treasury shares (14.84%) of Asseco Poland S.A. at PLN 85 per share for total consideration of EUR 246,172.",
        "impactValue": 246172
      },
      {
        "eventDate": null,
        "description": "Shareholders' agreement with the Adam Góral Family Foundation governing cooperation as shareholders in Asseco became effective.",
        "impactValue": null
      },
      {
        "eventDate": "After 2025-09-30",
        "description": "Completed or has open commitments to acquire businesses in transit, asset management, social media, financial services, aviation, ERP, and local government verticals for aggregate cash consideration of EUR 29,929 plus deferred payments of EUR 15,074 (total EUR 45,003).",
        "impactValue": 45003
      }
    ]
  }
]