Gamehost (GH) Q3 2025 earnings summary

Executive summary

• Operating revenue for Q3 2025 was $20.2M, down 0.8% year-over-year; nine-month revenue rose 1.6% to $62.2M.

• EBITDA for Q3 was nearly flat at $8.15M, with a slightly higher margin of 40.3% versus 40.1% last year.

• EPS for Q3 increased to $0.25 from $0.24 year-over-year; nine-month EPS up 10.5% to $0.76.

• Growth in table drop and cash play offset by lower table and slot hold; food and ancillary revenues improved year-over-year.

• Major property refreshes completed, with new tenants expected to begin operations before year-end.

Financial highlights

• Q3 gross profit was $8.10M, up 0.5% year-over-year; nine-month gross profit rose 5.1% to $25.3M.

• Profit from operating activities for Q3 was $7.07M, nearly flat year-over-year; nine-month profit up 5.8% to $21.99M.

• Q3 profit before income tax was $6.61M, up 2.3% year-over-year; nine-month profit before tax up 8.8% to $20.56M.

• Cash at quarter-end was $14.67M; total assets $174.5M; total debt $34.3M.

Outlook and guidance

• Deerfoot's World Series of Poker event, held in Q3 last year, will occur in Q4 2025, making Q3 results more notable.

• Cash play on electronic gaming devices at record levels, benefiting from robust population growth.

• Alberta's economy forecasted to remain strong through 2025 and 2026, but management remains cautious amid global uncertainties.