CALGARY, AB, Aug. 8, 2025 /CNW/ – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX:CRWN) today announced its financial results for the three and six months ended June 30, 2025. Crown’s complete financial statements and management’s discussion and analysis are available on SEDAR at www.sedarplus.ca.
Q2 2025 Financial & Operating Overview
- Crown recognized a net loss of $(3.5) million ($0.62 loss per basic share) in Q2 2025 compared to a net loss of $(15.2) million ($2.71 loss per basic share) in Q2 2024.
- Adjusted EBITDA1 was $1.3 million in Q2 2025 compared to $1.9 million in Q2 2024 due primarily to decreased earnings from the Distribution Services, Network Services, Real Estate and Distributed Power segments, partially offset by reduced expenses of the Corporate and Other segment.
- Distribution services revenue was $10.8 million in Q2 2025 compared to $9.4 million in Q2 2024, an increase of 15.7%. This segment reported net loss before income taxes of $0.2 million (2024 – net income before income taxes $0.3 million) and Adjusted EBITDA of $0.8 million (2024 – $1.0 million), with the year-over-year decline primarily attributable to an increase in payments of lease obligations. Capacity utilization was 62% at June 30, 2025 (June 30, 2024 – 58%).
- Network services revenue was $6.1 million in Q2 2025 compared to $5.9 million in Q2 2024, an increase of 3.4% attributable to a year-over-year increase in revenues due to additional hardware sales in Galaxy and modest increases from Community Network Partners in respect of revenues from the high speed internet infrastructure project in Brooks, Alberta and the Ontario Connects: Accelerated High-Speed Internet Program (the “Ontario Connects Program”), partially offset by a decrease in revenues from the continued runoff of customer contracts in WireIE. This segment reported a net loss before income taxes of $(0.7) million (2024 –$(0.4) million) and Adjusted EBITDA of $0.5 million (2024 – $0.5 million).
- Real Estate segment revenue was $1.0 million in Q2 2025 compared to $1.2 million in Q2 2024, a decrease of 16.6% year-over-year due primarily to reduced leasing activity during the quarter. This segment recorded a net loss before income taxes of $(1.0) million (2024 – net income before income taxes of $0.3 million) and Adjusted EBITDA of $(0.05) million (2024 – $0.4 million).
- Distributed Power revenue was $0.1 million in Q2 2025 compared to $0.4 million in Q2 2024, a decrease of 64.3% due to softer power prices in the Alberta market. This segment reported a net loss before income taxes of $(0.3) million (2024 –$0.2 million) and Adjusted EBITDA of $(0.1) million (2024 – $(0.1) million).
- The Specialty Finance segment recorded a net loss before income taxes of $(0.01) million in Q2 2025 (Q2 2024 – $(13.6) million), representing Crown’s share of earnings of Crown Partners Fund, and Adjusted EBITDA of $nil (2024 – $0.2 million), representing income distributions received from Crown Partners Fund.
- Total equity at quarter-end decreased to $3.8 million from $8.6 million at the end of 2024 due primarily to a net loss attributable to shareholders of $(5.3) million. Total equity per share decreased to $0.64 per basic share from $1.53 per basic share as at December 31, 2024.
Q2 2025 Financial Results Summary
|
Three Months Ended |
Six Months Ended |
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|
FOR THE PERIODS ENDED JUN. 30 |
2025 |
2024 |
2025 |
2024 |
||||
|
Revenue: |
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|
Distribution services revenue |
$ 10,839 |
$ 9,368 |
$ 21,625 |
$ 17,577 |
||||
|
Network services revenue |
6,107 |
5,909 |
14,832 |
12,628 |
||||
|
Fees and other income |
1,397 |
1,709 |
2,763 |
3,720 |
||||
|
Distributed power interest revenue |
99 |
185 |
199 |
368 |
||||
|
Merchant power revenue |
19 |
195 |
161 |
799 |
||||
|
Total revenue |
18,461 |
17,366 |
39,580 |
35,092 |
||||
|
Share of (losses) earnings from investments in associates |
(70) |
(17,594) |
109 |
(15,367) |
||||
|
Loss attributable to Shareholders |
(3,513) |
(15,153) |
(5,309) |
(15,757) |
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|
Comprehensive loss attributable to Shareholders |
(3,334) |
(15,181) |
(5,127) |
(15,865) |
||||
|
Adjusted EBITDA1 |
1,312 |
1,885 |
2,995 |
2,986 |
||||
|
Total assets |
142,668 |
176,654 |
142,668 |
176,654 |
||||
|
Total equity |
3,838 |
38,228 |
3,838 |
38,228 |
||||
|
Per share: |
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|
– Net loss to Shareholders – basic |
$ (0.62) |
$ (2.71) |
$ (0.94) |
$ (2.82) |
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|
– Net loss to Shareholders – diluted |
(0.62) |
(2.71) |
(0.94) |
(2.82) |
||||
|
– Adjusted EBITDA per share – basic1 |
0.23 |
0.34 |
0.53 |
0.53 |
||||
|
– Total equity per share – basic |
0.64 |
6.84 |
0.64 |
6.84 |
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|
Number of common shares: |
||||||||
|
– Outstanding at end of period |
5,977,832 |
5,588,646 |
5,977,832 |
5,588,646 |
||||
|
– Weighted average outstanding – basic |
5,676,000 |
5,588,646 |
5,652,056 |
5,588,646 |
||||
|
– Weighted average outstanding – diluted |
5,676,000 |
5,588,646 |
5,652,056 |
5,588,646 |
||||
Quarterly reconciliations of loss before income taxes to Adjusted EBITDA
|
2025 |
2024 |
2023 |
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|
FOR THE PERIODS ENDED |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
||||||||
|
Loss before income taxes |
(3,372) |
(1,536) |
(10,883) |
(2,632) |
(14,885) |
(306) |
(5,414) |
(2,154) |
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|
Adjustments for amounts attributable to shareholders in relation to:1 |
||||||||||||||||
|
Depreciation and amortization |
2,995 |
3,036 |
3,125 |
2,826 |
2,802 |
2,718 |
3,122 |
2,314 |
||||||||
|
Finance costs |
2,613 |
1,990 |
2,533 |
2,413 |
1,975 |
2,057 |
1,828 |
1,754 |
||||||||
|
Payments of lease obligations |
(1,463) |
(1,453) |
(1,381) |
(1,350) |
(1,324) |
(1,299) |
(1,306) |
(1,273) |
||||||||
|
Share-based compensation (recovery) expense |
(92) |
(101) |
121 |
(358) |
(340) |
(138) |
(264) |
2 |
||||||||
|
Impairments of assets held for sale, inventory, property and |
– |
– |
8,162 |
– |
– |
– |
2,618 |
– |
||||||||
|
Loss on disposal of assets held for sale |
– |
– |
13 |
– |
22 |
– |
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