illumin (ILLM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue increased 20% year-over-year to CAD 35 million, driven by strong Exchange service growth.

• Exchange service revenue surged 45% year-over-year to CAD 17.4 million, while Managed service revenue rose 7% to CAD 9.3 million and Self-service was flat at CAD 8.4 million.

• Gross margin declined to 35.4% from 44.5% due to a shift toward lower-margin revenue lines.

• Net loss widened to CAD 3.2 million from CAD 1.9 million year-over-year, primarily due to lower gross profit and higher operating costs.

• CEO returned with renewed focus on profitability, margin improvement, and M&A opportunities, outlining plans to grow DSP revenues and reduce SG&A.

Financial highlights

• Revenue: CAD 35.0 million, up 20% year-over-year from CAD 29.1 million.

• Gross profit: CAD 12.4 million, down from CAD 12.9 million year-over-year.

• Adjusted EBITDA: loss of CAD 2.0 million vs. loss of CAD 0.4 million prior year.

• Net loss: CAD 3.2 million vs. CAD 1.9 million prior year.

• Cash and cash equivalents: CAD 37.5 million as of March 31, 2026.

Outlook and guidance

• Focus on growing DSP revenue, improving revenue mix, and returning to profitability with margin expansion and cost reduction.

• Plans to pursue M&A opportunities, targeting smaller companies with CAD 15–30 million in revenue.

• Continued investment in product development and platform upgrades to support growth.