Zedcor Inc. Reports Quarterly Results, Including $16.0 Million in Revenue and $5.7 Million in Adjusted EBITDA for the Third Quarter 2025
Executive Summary
- Zedcor reported record Q3 2025 revenue of $16.0 M (+75% YoY, +18% QoQ) and record Adjusted EBITDA of $5.7 M (+68% YoY).
- Deployed 469 new MobileyeZ™ security towers in the quarter (1,016 for the nine‑month period), bringing total fleet to 2,351 units; U.S. revenue now represents ~36% of total.
- Completed a $25.3 M bought‑deal equity financing at $3.35/share (7.6 M shares) and increased its revolving credit facility from $30 M to $50 M to fund continued U.S. expansion.
Key Details
- Financial Highlights – Q3 2025 vs. Q3 2024
- Revenue: $16,020 k vs. $9,152 k (↑75%).
- Adjusted EBITDA: $5,739 k vs. $3,409 k (↑68%).
- Adjusted EBITDA margin: 36%.
-
Net income before tax: $131 k vs. $310 k (decline due to higher G&A, depreciation, stock‑based comp., finance costs).
-
Operating Highlights
- MobileyeZ™ security towers deployed: 469 in Q3; 1,016 for nine months.
- Total fleet at quarter end: 2,351 units (1,053 located in the U.S.).
- ZBox wall‑mounted units deployed >150 in Canada.
-
Fleet utilization rates remained strong across North America.
-
Geographic Growth
- U.S. revenue grew to 36% of total Q3 revenue; nine‑month U.S. share 33%.
-
Expanded footprint into major Texas metros, Denver, Phoenix, Las Vegas and other key U.S. markets.
-
Financing Activity
- Bought‑deal equity financing (Feb 5 2025): $25.311 M at $3.35 per share; 7.6 M common shares issued.
-
Banking facility increased to $50 M (from $30 M).
-
Liquidity & Capital Resources
- Operating cash flow (9‑mo) ↑56% YoY to $10,715 k.
- Financing cash flow (9‑mo) ↑146% YoY to $25,231 k.
-
Working capital turned negative ($4,822 k) due to higher current liabilities (incl. debt & lease obligations).
-
Credit Facilities (as of Sep 30 2025)
- Non‑revolving term loan: $20 M max, $16.8 M outstanding; interest Prime + 1.50%, mat Dec 2027.
-
Revolving operating loan: $10 M max, $6.5 M drawn; same terms.
-
Management Change
-
Lucas Tomei appointed Corporate Secretary (legal and M&A experience).
-
Outlook & Guidance
- Continue U.S. expansion, increase manufacturing capacity (35‑40 towers/week), pursue new product development (smaller mobile security unit, expanded ZBox production).
- Aim to sustain revenue growth, improve economies of scale, maintain positive Adjusted EBITDA and generate shareholder value.
Notable Quotes
- Todd Ziniuk, President & CEO: “Our third quarter results reflect the strength of Zedcor's business model…record revenue and EBITDA demonstrate that our innovative, technology‑enabled security solutions are resonating with customers across North America.”
All forward‑looking statements are subject to risks and uncertainties detailed in the release.