Revenue more than triples year-over-year driven by successful integration of SanStone and continued performance at MDI
TORONTO, April 1, 2026 /CNW/ – Saltire Capital Ltd. (TSX: SLT.U) (TSX: SLT.WT.U) (OTCQX:SLTEF) (“Saltire” or the “Company“) today reported its financial results for the year ended December 31, 2025. The Company’s audited consolidated financial statements (“Financial Statements“) along with its management discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval Plus (“SEDAR+“) and may be viewed by shareholders and interested parties under the Company’s profile on SEDAR+ at www.sedarplus.ca. All references to “$” herein are to United States Dollars.
Saltire delivered strong year-over-year growth in 2025 as the Company marked a pivotal step forward in the third quarter following the successful acquisition and integration of SanStone Investments Limited (“Sanstone Investments“), a leading equipment dealer based in Atlantic Canada. The Company continued executing on its strategy to build a diversified portfolio of resilient, cash-generating operating businesses, focused on sectors that have been the backbone of the real-world economy for decades.
“The progress we made in 2025 demonstrates the value of our buy-and-build model and permanent capital structure,” said Andrew Clark, CEO of Saltire. “We aim to provide companies with the long-term investment and resources to scale effectively. We do this by seeking businesses backed by strong leadership teams, prioritizing management continuity – and importantly, ensuring alignment on business goals and growth opportunities.”
“Revenue more than tripled year-over-year as we significantly diversified our business with the integration of SanStone Investments, while Strong/MDI Screen Systems Inc. (“MDI“) delivered another solid year. These results highlight the strength and discipline of our investment approach, which we will continue to leverage as we pursue additional opportunities to scale and drive further value for Saltire’s shareholders.” Mr. Clark added.
2025 Annual Results
For the year ended December 31, 2025, revenue was $49.1 million, an increase of $33.4 million or 213% compared to $15.7 million for the year ended December 31, 2024. This increase was driven primarily by the acquisition of SanStone Investments, which contributed approximately $29.8 million of revenue following the August 1, 2025, acquisition date. The remaining $3.6 million increase relates to MDI, which recorded a 20% increase in cinema-related revenue, supported by continued upgrade activity from key customers including IMAX, Regal Cinemas, and AMC. Cinema-related revenue represented approximately 32% of total revenue, compared to 87% in the comparative period, reflecting a shift in revenue mix due to the acquisition of SanStone Investments. In addition, other product revenue increased by 43%, further contributing to overall growth at MDI.
Gross profit for the year ended December 31, 2025, was $15 million, compared to $6.3 million for the year ended December 31, 2024, an increase of $8.7 million, or 139%. Gross margin was 31%, compared to 40.0% in the prior year. The decrease reflects the consolidation of the margin profile of SanStone Investments’ dealership operations beginning August 1, 2025. MDI maintained margins in line with the prior-year due to a favourable product mix (higher Eclipse and IMAX-compatible screen sales) and pricing discipline.
Operating income for the year ended December 31, 2025, was $1.2 million, compared to $1.8 million in the prior year ended December 31. Despite higher gross profit, the decline reflects transaction expenses related to the acquisition of SanStone Investments. Operating income is expected to normalize as the Company achieves year-over-year comparability in future years.
The Company reported a net loss of $3.0 million for the year ended December 31, 2025, compared to a net loss of $47.4 million for the prior year ended December 31, 2024. The improvement is primarily attributable to the $44.6 million listing expense (the “Listing Expense“) recognized in the prior year related to the Company’s going public transaction in the fall of 2024. No such expense was recorded in 2025, however, however, $1.81m worth of acquisition expenses related to SanStone Investments Ltd. was recorded. The attributable net (loss) / income to the parent and non-controlling interest amounted to $3.2 million $0.2 million respectively.
Earnings before interest, taxes, depreciation and amortization (“EBITDA“) for the year ended December 31, 2025, was $3.5 million, compared to a loss of $46 million in the prior year ended December 31, 2024, which included the $44.6 million Listing Expense.
Adjusted EBITDA (“Adjusted EBITDA“) for the year ended December 31, 2025, was $3.94 million, compared to $2.69 million in the prior year ended December 31, 2024, an increase of $1.25 million, or 46.47%. The increase was primarily driven by improved underlying EBITDA, including the contribution from SanStone Investments Ltd. This was partially offset by the absence of listing expense add-backs in …