Saltire Capital Ltd. Reports Q3 2025 Financial Results

Executive Summary

• Saltire Capital reported Q3 2025 revenue of $28.8 M, a 144% YoY increase, driven by the recent acquisition of SanStone Investments Ltd. and continued strength in MDI’s cinema‑related sales.
• Net loss narrowed dramatically to $3.2 M for the nine months ended Sep 30 2025 from $42.9 M a year earlier, primarily due to the absence of a $44.6 M listing expense recorded in 2024.
• The company drew $50.1 M under its US$100 M senior secured credit facility with Sagard Credit Partners II, leaving ample liquidity for future acquisitions and growth initiatives.

Key Details

• Revenue: $28.8 M (9‑month YoY +144% vs. $11.8 M).
• Gross Profit: $9.5 M (+91% YoY); gross margin 32.9% (down from 42% due to lower‑margin SanStone integration).
• Operating Income: $1.0 M (down from $2.4 M) reflecting higher public‑company costs post‑RTO and SanStone’s cost structure.
• Net Loss: $(3.2 M) vs. $(42.9 M) prior year; improvement driven by removal of one‑time $44.6 M listing expense.
• Adjusted EBITDA: $1.6 M (down from $2.8 M) – decline reflects non‑recurrence of prior year’s large adjustment.
• Normalized Operating Income: $3.4 M vs. $2.8 M prior year, indicating underlying operational strength.
• Cash Position: $4.1 M at quarter end; disciplined working‑capital management.
• Credit Facility Utilization: Drew $50.1 M under US$100 M senior secured facility with Sagard Credit Partners II; remaining availability to fund future acquisitions.
• SanStone Acquisition Impact: Added two dealership brands (Wilson Equipment, Tidal Tractor) serving agriculture, construction, forestry, and industrial markets in Atlantic Canada; contributed positively in its first two months of ownership.
• MDI Project Pipeline: Ongoing cinema, immersive, and simulation projects; exclusive supply agreements with major North‑American exhibitors; growth in Eclipse immersive screens and haptic flooring technologies.

Notable Quotes

“Q3 marked a pivotal step forward for Saltire,” said Andrew Clark, CEO of Saltire. “With SanStone now a part of the platform and MDI continuing to execute, we are building a foundation of steady, diversified growth.”