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Earnings Routine +

Saltire Capital Ltd. Reports 2025 Annual Financial Results

By The Northwire Desk — AI Analysis Apr 01, 2026 · 10:41 SLT · 5.3 SALTIRE CAPITAL LTD COMMON SHARES CAD
SLT · Price

Executive Summary

  • Revenue surged 213% to $49.1 M YoY, driven primarily by the August 1 2025 acquisition of SanStone Investments ($29.8 M contribution).
  • Net loss narrowed dramatically to $3.0 M from $47.4 M a year earlier after eliminating a $44.6 M listing expense recorded in 2024.
  • Adjusted EBITDA rose 46% YoY to $3.94 M, reflecting stronger underlying operating performance despite acquisition‑related costs and fair‑value adjustments.

Key Details

  • Revenue: $49,076,328 (2025) vs. $15,698,623 (2024); +213%.
  • Revenue Mix: Cinema‑related revenue 32% of total (down from 87%); SanStone contributed ~$29.8 M; MDI cinema revenue up 20%; other product revenue up 43%.
  • Gross Profit: $14,984,694 vs. $6,282,270; +139%; gross margin fell to 31% from 40% due to lower‑margin SanStone operations.
  • Operating Income: $1,206,906 vs. $1,785,561; decline reflects acquisition transaction expenses ($1.81 M).
  • Net Loss: $(3,016,039) vs. $(47,346,405); improvement driven by removal of prior year $44.6 M listing expense.
  • EBITDA: $3,465,506 vs. a loss of $(45,961,618) in 2024 (including the listing expense).
  • Adjusted EBITDA: $3,939,359 vs. $2,689,536; +46% YoY. Adjustments include fair‑value movements on financial instruments (≈ $5.48 M) and acquisition costs ($1.81 M).
  • Liquidity: Cash balance $5.1 M as of Dec 31 2025.
  • Debt Activity: Drew $50.1 M under a $100 M senior secured term loan with Sagard Credit Partners II on Aug 1 2025 to refinance debt, fund the SanStone acquisition, and cover transaction costs.
  • Going Concern: Management disclosed material uncertainty due to classification of borrowings as current; however, covenant compliance is expected and dialogue with lenders is ongoing.
  • Future Outlook: Full‑year contribution from SanStone anticipated in 2026; management expects improved earnings and cash flow generation supporting debt service obligations.

Notable Quotes

“The progress we made in 2025 demonstrates the value of our buy‑and‑build model and permanent capital structure,” – Andrew Clark, CEO
“Revenue more than tripled year‑over‑year as we significantly diversified our business with the integration of SanStone Investments…” – Andrew Clark, CEO

Read the original news release →

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