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Zedcor Inc. Reports Record Q4 2025 Results with $17.8 Million in Revenue and $7.1 Million in Adjusted EBITDA, Capping a Year of 79% Revenue Growth and 82% Adjusted EBITDA Growth

Zedcor posts record Q4 2025 revenue and EBITDA, cementing its U.S. expansion momentum

By The Northwire Desk — AI Analysis Apr 08, 2026 · 00:47 ZDC · 5.07 Zedcor Inc.

Executive Summary

Date: 2026‑04‑08 – Quarterly earnings release for Q4 2025.
Financial highlights: Revenue $17.88 M (+73% YoY), Adjusted EBITDA $7.07 M (+77% YoY) delivering a 40% margin. Full‑year revenue up 79% to $58.9 M; full‑year Adjusted EBITDA up 82% to $22.3 M (implied).
Operational highlights: Mobileye™ security‑tower fleet now 2,786 units (435 deployed in Q4); U.S. towers represent 43% of quarterly revenue and total U.S. fleet 1,454 units. Utilization >83% in the United States. New deployments across Texas metros, Denver, Phoenix, Las Vegas, Sacramento, Jacksonville, Tampa.
Financing activity: Recent $25.3 M bought‑deal equity raise (Feb 5 2025) at $3.35/share and credit‑facility expansions – most recent increase to a $75 M revolving facility (Feb 11 2026).
Outlook 2026: Focus on U.S. expansion, continued fleet growth, in‑house component manufacturing, AI‑enabled product development, and achieving positive EPS.

Material Impact

Expectation vs. outcome: The company had previously signaled aggressive U.S. growth and a need for additional capital. The Q4 results confirm that those plans are on track – revenue and EBITDA growth exceed prior year by >70% and margin is stable at 40%. No surprise in guidance, but the magnitude of execution (fleet size, utilization) is better than typical market expectations for a TSX‑V security‑tech firm.
Liquidity: The $75 M revolving facility and earlier equity raise give ample runway; net working capital turned negative in Q4 (‑$2.6 M) but operating cash flow remains strong ($16.98 M YTD).
Risk mitigation: Diversified customer base, reduced reliance on any single client, and a growing U.S. revenue share (now 43% of quarterly revenue).
Overall materiality: The news is positive but largely routine given the company’s prior guidance and financing roadmap. It does not constitute a game‑changer; it reinforces the existing growth narrative.

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Company Overview

Core business: Design, manufacture, install, and monitor Mobileye™ security‑tower systems that combine video analytics, AI edge processing, and cloud connectivity for residential, commercial, and industrial customers.
Flagship product: Mobileye™ security‑tower fleet (currently ~2,800 units) – a hardware‑software platform delivering 24/7 monitoring with >80% utilization rates in North America.

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