illumin Reports Third Quarter 2025 Financial Results

Executive Summary

• illumin reported Q3 2025 revenue of C$38.2 M, a modest 5% YoY increase driven by a 103% surge in Exchange service revenue.
• Adjusted EBITDA fell to C$0.2 M from C$1.9 M a year earlier and the company posted a net loss of C$2.1 M, reflecting lower gross margins, higher depreciation/amortisation and severance costs.
• The firm appointed Brian Garrigan as Chief Revenue Officer and highlighted strategic focus on scaling Exchange and Self‑service offerings, including an upcoming generative AI‑powered Self‑service edition.

Key Details

• Revenue: C$38.2 M (up 5% YoY).
• Exchange Service Revenue: C$20.5 M (up 103% YoY).
• Self‑Service Revenue: C$8.3 M (stable vs. C$8.4 M YoY); excluding one paused client, up 15% Q/Q and 34% Y/Y.
• Managed Service Revenue: C$9.4 M (down due to market uncertainty).
• Gross Margin: 38% (down from 47% YoY) because of a higher mix of lower‑margin services.
• Net Revenue / Gross Profit: C$14.4 M vs. C$17.2 M prior year.
• Adjusted EBITDA: C$0.2 M vs. C$1.9 M prior year.
• Net Loss: C$2.1 M (vs. C$1.1 M loss in Q3 2024).
• Key Cost Drivers: Higher depreciation & amortisation, severance expenses from cost‑containment initiatives, and a foreign exchange gain offsetting some losses.
• Share Repurchase Activity (NCIB): 432,490 shares repurchased in the quarter at an average price of C$1.57/share; total consideration C$0.7 M.
• New CRO Appointment: Brian Garrigan hired in September 2025 to lead revenue growth across strategic partners and value‑added services.
• Operational Highlights: 23 net new Self‑service clients added; continued focus on AI‑driven platform enhancements and incremental measurement capabilities.
• Cash Position: End‑quarter cash & equivalents C$43.2 M (down from C$55.9 M).

Notable Quotes

“Our third quarter results demonstrate that our strategic pivot towards an integrated outcomes‑based platform … is meeting growing industry demand.” – Simon Cairns, CEO

“While changes in product mix affected our gross margin… cost reduction initiatives are helping us streamline operations and improve profitability as we move into 2026.” – Elliot Muchnik, CFO