Revenue and profitability
- Revenue: USD 15,613,495 for QQ4 2024. YoY growth: 2,666.68%; QoQ growth: 2,020.11% (per ratiosInfo). The extraordinary YoY/QoQ expansions reflect a very low prior-year base and the company’s early-stage revenue ramp within the Canadian mortgage technology and brokerage stack.
- Gross Profit: USD 106,613 with a gross margin of 0.68% (0.0068). This near-zero margin indicates that the topline growth is not translating into meaningful profitability at the gross level.
- Operating Performance: Operating income of USD -1,586,853 and EBITDA of USD -1,369,300, with an EBITDA margin of approximately -8.77% and an operating margin of about -10.16%. The bulk of the loss is driven by high operating costs relative to revenue, despite a low cost-of-revenue base.
- Net Income and EPS: Net income USD -1,723,215 resulting in a net margin of about -11.0%. Reported EPS USD 0.34 despite a negative bottom line, suggesting potential irregularities in share count or rounding; the weighted-average shares outstanding were ~7.15 million for the period.
- Cash flow and liquidity: Net cash provided by operating activities USD -264,651; free cash flow USD -480,856. Cash at end of period USD 580,356. Financing activity contributed USD 431,821 (net), reflecting common stock issuance (USD 487,491 recorded as common stock issued) offsetting other cash outflows. The company also recorded a forex impact of USD -119,378, contributing to net cash decline of USD -168,413 in the period.
Balance sheet and leverage
- Total assets: USD 4,096,592; total liabilities: USD 2,747,276; total stockholders’ equity: USD 1,349,316.
- Liquidity and leverage: Current ratio 0.64 and quick ratio 0.64 indicate tight short-term liquidity. Cash and cash equivalents: USD 580,356; total debt: USD 977,107; net debt: USD 396,751; debt-to-equity around 0.72 (leverage moderate, but cash runway is limited).
- Working capital: Negative working capital signaling potential pressure to manage inflows/outflows more tightly as the business scales.
Operational context and noise
- The quarterly results include a meaningful amount of “other expenses” (~USD -941k) that contributed to the operating loss and may reflect one-time or non-recurring items that management may address in future quarters. Absent a more detailed disclosure of non-cash or non-operational items, the core operating weakness remains margin compression despite topline growth.