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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Aventus Capital
Aventus Capital (AVTS) investor relations material
Aventus Capital Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Q3 2026 net loss was $85.2M, or $2.56 per diluted share; nine-month net loss was $200.0M, or $6.01 per share.
Adjusted EBITDA loss narrowed to $68.7M from $79.8M in Q2; net insurance service loss narrowed to $31.6M from $56.8M.
Results reflected $39.2M of Q3 upfront losses on new onerous annuity contracts, investment valuation losses and Asset Management restructuring costs.
Cumulative annuity premiums reached $675.3M through September 30; AUM and Programmatic Capital reached nearly $5.5B by October 31.
2025 comparisons are not fully like-for-like following the prospective transition to operating-entity consolidation from April 2025.
Financial highlights
Q3 revenue was $12.9M versus $14.0M year over year; nine-month revenue was $40.5M versus $28.3M.
Net investment results were losses of $19.1M in Q3 and $22.4M in nine months; net insurance losses were $31.6M and $99.5M, respectively.
Net expenses were $48.8M in Q3 and $122.2M in nine months; they included $8.6M and $11.1M of arbitration costs, respectively.
Cash and cash equivalents were $370.2M at September 30, 2026, versus $283.1M at year-end 2025; shareholders’ equity was $481.5M versus $657.9M.
Total assets were $1,381.0M at September 30, 2026, versus $820.4M at year-end 2025; insurance contract liabilities were $666.6M versus $43.6M.
Outlook and guidance
Transformation actions target ~$16.0M in annualized run-rate savings, with cost-reduction benefits expected to take full effect beginning Q4 2026.
Insurance is expected to generate operating losses until annuity business gains scale; accounting impacts are expected to moderate as the in-force book grows.
First CLO closing is expected in early Q1 2027; two CLOs were in warehouse, including a second warehouse established after September 30.
New products and partnerships are being pursued to grow AUM through 2026 and 2027; policy applications are expected to grow as distribution-channel recognition builds.
Insurance cash is being deployed under its strategic asset allocation; FINCO portfolio monetization proceeds are intended for a similar strategy pending operating-segment deployment.
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Aventus Capital
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Frequently asked questions
The Westaim Corporation is a Canada-based investment company focused on building and managing businesses in the financial services sector. The company makes long-term investments in public and private entities, with a focus on insurance, reinsurance, asset management, and related financial industries. Westaim provides strategic oversight and capital support to its portfolio companies to drive growth and value creation. The company is headquartered in Toronto, Canada, and its shares are listed on the TSXV.