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Earnings

Swiss Water Reports Third Quarter 2025 Results

By The Northwire Desk — AI Analysis Nov 06, 2025 · 18:00 SWP · 4.68 SWISS WATER DECAFFEINATED COFFEE INC.
SWP · Price

Executive Summary

  • Swiss Water reported Q3 2025 revenue of C$62.7 M (+50% YoY) and year‑to‑date revenue of C$192.7 M (+56% YoY).
  • Net income turned positive at C$0.2 M for the quarter (vs. a loss of C$0.8 M in Q3 2024) and C$0.4 M YTD (vs. a loss of C$0.7 M YTD 2024).
  • Adjusted EBITDA increased to C$3.3 M for the quarter (+52% YoY) while YTD adjusted EBITDA fell to C$7.1 M (‑24% YoY); the company also renewed and expanded its operating credit facility to $80 M and repurchased outstanding warrants.

Key Details

  • Processed volumes: Q3 2025 up 7% YoY; YTD up 4% YoY.
  • Revenue: C$62,747 k (Q3) vs. C$41,778 k (Q3 2024); C$192,714 k (9‑mo) vs. C$123,880 k (9‑mo 2024).
  • Cost of sales: C$(56,307) k (Q3) vs. C$(35,342) k (Q3 2024); C$(173,739) k (9‑mo) vs. C$(104,664) k (9‑mo 2024).
  • Gross profit: C$6,440 k (Q3) vs. C$6,436 k (Q3 2024); C$18,975 k (9‑mo) vs. C$19,216 k (9‑mo 2024).
  • Operating expenses: C$(4,226) k (Q3) vs. C$(3,656) k (Q3 2024).
  • Operating income: C$2,214 k (Q3) vs. C$2,780 k (Q3 2024); YTD down 5%.
  • Net income: C$216 k (Q3) vs. a loss of C$(791) k (Q3 2024); YTD C$357 k vs. loss of C$(744) k (2024).
  • Adjusted EBITDA: C$3,294 k (Q3) vs. C$2,161 k (Q3 2024); YTD C$7,129 k vs. C$9,433 k (2024).
  • Earnings per share: Basic & diluted $0.02 (Q3) vs. $(0.08) (Q3 2024).
  • Credit facility: Renewed and expanded to $80 M.
  • Warrant repurchase: Agreement with Mill Road Capital to repurchase and cancel outstanding warrants.
  • Debt repayment: YTD construction debt repayment of C$4.0 M.
  • Tariff impact: U.S. tariff increase on Brazilian coffee (10% → 50%) effective Aug‑7‑2025, causing short‑term demand shift; company expects volume disruptions for next 3‑6 months.
  • Operational note: Swiss Water’s decaffeination process classified as “non‑transformational” by U.S. customs, preserving country‑of‑origin status for tariffs.

Notable Quotes

“We delivered good volume growth and improved profitability in the third quarter… generated cash that we directed toward debt repayment,” – Frank Dennis, CEO.

Conference call details and full MD&A are available on SEDAR+ and the company website.

Read the original news release →

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SEDAR Interim Financial Statements

None