Flow Capital (FW) Q3 2025 earnings summary

Executive summary

• Achieved record revenue of CAD 3.4 million in Q3 2025, up 38% year-over-year and marking the ninth consecutive quarter of sequential revenue growth.

• Recurring free cash flow reached $735 thousand for the quarter and $2.5 million for the nine months ended September 30, 2025, with a 15% year-over-year increase and 25 consecutive quarters of profitability.

• Book value per share rose by $0.05 from the previous quarter to $1.22, driven by profitability and FX impact.

• Total investments grew 24% year-over-year to over CAD 75 million as of September 30, 2025.

• Portfolio performance remains strong, with several early buyouts, successful exits, and a long-term IRR in the mid-20s over seven years.

Financial highlights

• Revenue reached CAD 3.4 million in Q3 2025, up 38% year-over-year and 5.6% sequentially.

• Operating income rose to $1.13 million in Q3 2025 from $154 thousand in Q3 2024.

• Net income for Q3 2025 was $1.24 million, compared to a net loss of $752 thousand in Q3 2024.

• Book value per share increased to $1.22, up $0.05 from Q2.

• Only CAD 4 million deployed in the quarter, below target.

Outlook and guidance

• Expectation to remain profitable going forward, with management highlighting continued revenue growth and strong recurring free cash generation.

• Anticipate more companies returning to the market for growth capital as VC focus shifts to AI-native firms.

• Pipeline remains strong with leads up 25% year-over-year.

• Forward-looking statements caution that actual results may differ due to significant risks and uncertainties.