FLINT Announces Third Quarter 2025 Financial Results

Executive Summary

• Flint Corp. reported Q3 2025 revenue of C$148.8 M, down 29.7% YoY, but net income surged to C$30.6 M (up 485% YoY) driven by a tax recovery from its recent recapitalization.
• Adjusted EBITDAS fell to C$9.2 M (‑31.2% YoY), while gross profit margin improved modestly to 11.8%; SG&A expenses were cut 28.5% YoY, reflecting lower personnel and professional fees.
• The company completed a court‑approved recapitalization on Sept. 23 2025, consolidating shares 1‑for‑40 and eliminating senior secured notes, which markedly improved liquidity to C$109.5 M and reduced debt obligations.

Key Details

• Revenue: C$148,793 k (Q3) vs. C$211,594 k YoY (‑29.7%); up 0.3% vs. Q2 2025.
• Gross Profit: C$17,487 k (‑26.4% YoY); margin 11.8% (vs. 11.2% YoY).
• Adjusted EBITDAS: C$9,243 k (‑31.2% YoY); margin 6.2% (down 0.1 p.p.).
• Net Income: C$30,599 k (up 484.7% YoY) – primarily from a C$28.2 M deferred tax recovery linked to the recapitalization.
• SG&A Expenses: C$7,817 k (‑28.5% YoY); SG&A as % of revenue 5.3% (vs. 5.2% YoY).
• Liquidity: Cash & available credit facilities C$109.5 M at Sept. 30 2025 (↑125% YoY).
• Contract Bookings: New and renewal contracts totalling ≈C$318.3 M for Q3, plus C$2.0 M in early October; ~12.7% of work expected to be completed in 2025.
• Credit Facility: Asset‑based revolving facility up to C$50 M, maturing Apr. 14 2030; available borrowing base tied to accounts receivable.
• Recapitalization Transaction (Sept. 23 2025): Court‑approved plan of arrangement; 1‑for‑40 common share consolidation; settlement of all senior secured notes and preferred shares for additional common equity; substantially reduced debt and annual interest expense, enhancing long‑term financial flexibility.
• Share Capital: 110,001,239 common shares outstanding post‑consolidation.
• Forward‑Looking Statements: Management expects liquidity to remain sufficient through Sept. 30 2026 and activity levels for the remainder of 2025/2026 to be broadly consistent with the first nine months of 2025.

Notable Quotes

“As we previously announced, we have completed the Recapitalization in the third quarter of 2025, which is a transformational transaction we anticipate will support the advancement of our strategic initiatives and the long‑term success of our organization.” – Barry Card, CEO

“Despite market softness, we achieved an 11.8% gross profit margin and secured approximately C$320 M in contract bookings, positioning us well for continued performance into 2026.” – Barry Card, CEO