Canlan Reports Q2 Revenue Growth and Expansion of Game Deck(TM)

Executive Summary

• Canlan Ice Sports Corp. reported financial results for the second quarter and first half of 2025, showing growth in revenue and operating earnings compared to the prior year.
• For the six months ended June 30, 2025, the company reported net earnings of $4.0 million ($0.30 per share), an increase from $3.1 million ($0.23 per share) in the same period of 2024.
• The Board of Directors declared a quarterly dividend of $0.03 per common share, payable on October 15, 2025, to shareholders of record as of September 30, 2025.

Key Details

• Q2 2025 Revenue: Total operating revenue was $23.5 million, an increase of $1.6 million (7.5%) from Q2 2024.
• Q2 2025 Operating Earnings: Operating earnings were $2.0 million, an increase of $0.4 million (23.3%) from Q2 2024.
• H1 2025 Revenue: Total operating revenue for the six months ended June 30, 2025, was $51.5 million, an increase of $3.4 million (7.2%) from the prior year.
• H1 2025 Net Earnings: Net earnings were $4.0 million ($0.30 per share), compared to $3.1 million ($0.23 per share) in the prior year.
• Q2 2025 Net Loss: Net loss for the quarter was $0.2 million ($0.01 per share), compared to a net loss of $1.2 million ($0.09 per share) in Q2 2024.
• Revenue Drivers: Growth was attributed to increased pricing, higher tournament registrations, increased participation in spring/summer hockey and soccer leagues, and incremental revenue from sports simulator bays (Game Deck) and amusement games.
• Food & Beverage: Restaurant and concession sales increased by $0.2 million (6%) in Q2 and $0.6 million (8.2%) in the first half of 2025.
• Operating Expenses: Q2 operating expenses were $18.9 million (up 7.9%), driven by labor costs and a provision for an uncollectable customer account. H1 operating expenses were $35.9 million (up 6.0%).
• G&A Expenses: Q2 G&A expenses decreased by $0.1 million (3.9%) due to lower post-employment compensation accruals compared to the prior year. H1 G&A expenses increased by $0.2 million (3.3%) due to increased provisions for the Long-Term Incentive Plan (LTIP).
• Balance Sheet Highlights (June 30, 2025):
  • Cash and cash equivalents: $19.9 million.
  • Total Assets: $125.7 million.
  • Total Liabilities: $82.2 million.
  • Total Shareholders' Equity: $43.4 million.
  • Debt: $41.2 million.
• Dividend Details: The Board declared eligible dividends of $0.03 per common share. The payment date is October 15, 2025, with a record date of September 30, 2025.

Notable Quotes

• "The first half of 2025 has been an exciting and productive time for Canlan Sports. Not only did we surpass both our prior year's performance and our internal targets for league registrations, but we also saw major strides in the realization of key strategic investments. From restaurant renovations and the launch of Game Deck to the expansion of our turf fields at Canlan Sports - Libertyville, our teams have worked tirelessly to enhance our facilities and customer experience. The early results have been encouraging, and we remain committed to elevating every touchpoint of our guests' journeys through these new amenities," said Joey St-Aubin, President and CEO of Canlan Sports.