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Zedcor Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved record Q3 2025 revenues of CAD 16 million (USD 16.0 million), up 75% year-over-year and 18% quarter-over-quarter, with U.S. revenue accounting for 36% of total.
Adjusted EBITDA reached a record CAD 5.7 million, a 68% increase year-over-year, with a 36% margin.
Tower fleet grew to over 2,350 units, with 469 deployed in Q3 and production capacity at 40 towers per week.
Significant U.S. expansion, especially in Texas and the Southern U.S., and continued growth in Canada.
Customer base and recurring revenues remain robust, with high utilization rates above 90% and ongoing product innovation.
Financial highlights
Nine-month revenue ended September 30, 2025, was CAD 41 million (USD 41.0 million), up 81% from the prior year period.
Gross margin for Q3 was CAD 10.2 million, or 64% of revenues.
Adjusted EBITDA for Q3 2025 was CAD 5.7 million (USD 5.7 million); nine months: CAD 14.8 million (USD 14.8 million).
Adjusted free cash flow for Q3 2025 was CAD 7.7 million, up from CAD 3.7 million in Q3 2024.
Net income for Q3 2025 was CAD 131,000, down from CAD 310,000 in Q3 2024, due to higher G&A, depreciation, and finance costs.
Outlook and guidance
Production target for 2025 is 1,400 towers, with 2026 goal set at 1,800-2,000 towers.
U.S. expansion to continue, with Houston branch opening in Q1 2026 and focus on manufacturing capacity and new product development.
Margin expansion expected as U.S. operations scale, though near-term margins may be choppy due to growth investments.
No significant seasonality expected outside of minor regional effects; retail client decisions slow during holidays.
Aims to maintain high utilization rates and positive Adjusted EBITDA while growing shareholder value.
Explain Q3 2025 net income decrease
US tower production capacity and ramp-up plans
Impact of new customer verticals on growth
U.S. expansion impact on near-term margins
Retail client onboarding timeline
Gating factors for increased tower production
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Frequently asked questions
Zedcor Inc. is a Canadian company specializing in technology-based security and surveillance services. Founded in 2005, Zedcor provides a comprehensive range of security solutions, including the rental, service, and remote monitoring of its proprietary MobileyeZ security towers, surveillance and monitoring of fixed site locations, and a variety of security personnel services. The company's offerings cater to a wide array of sectors, including construction, mining, oil and gas, pipeline and facilities, commercial, retail, industrial manufacturing, warehouse, and automotive industries. The company is headquartered in Calgary, Alberta, and its shares are listed on the TSX.
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