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EMERGE Commerce (ECOM) investor relations material
EMERGE Commerce Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
Q3 2025 revenue grew 58% year-over-year to CAD 7 million, marking the sixth consecutive quarter of positive organic growth, driven by strong performances in both grocery and golf segments, especially Tee 2 Green.
Adjusted EBITDA improved to $261,000, a $514,000 positive swing year-over-year, and year-to-date adjusted EBITDA reached $1.25 million, compared to a loss of $485,000 in 2024.
Net income from continuing operations was $26,000, compared to a net loss of $730,000 in Q3 2024; excluding a non-cash inventory adjustment, net income would have been $193,000.
Cash position increased to $4.1 million as of September 30, 2025, up $2.5 million year-over-year, supported by strong operating cash flow.
Financial highlights
Gross merchandise sales (GMS) grew 27% to $9.3 million, up from $7.3 million in Q3 2024.
Gross profit was $2.4 million, or $2.6 million excluding a non-cash inventory increment, with gross margin at 37% versus 40% last year.
Positive cash flow from operations of $919,000 in Q3, compared to an outflow of $414,000 in Q3 2024.
Year-to-date operating cash flow reached $2.5 million, versus a negative $411,000 in the first nine months of 2024.
For the nine months ended September 30, 2025, total revenue was $28.7 million, up from $22.8 million in the prior year period.
Outlook and guidance
Management expects double-digit revenue growth and positive adjusted EBITDA in Q4 2025, with strong holiday season performance anticipated at truLOCAL and UnderPar.
On track to achieve full-year 2025 objectives: strong revenue growth, positive adjusted EBITDA, and positive cash flow for the first time under the new operating model.
How will next acquisition impact debt-to-EBITDA ratio?
When would EMERGE prioritize organic growth over profit?
How did truLOCAL's price increases affect churn?
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Next EMERGE Commerce earnings date
Q4 202529 Apr, 2026
Next EMERGE Commerce earnings date
Q4 202529 Apr, 2026
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Frequently asked questions
Emerge Commerce Ltd. owns and operates a diverse portfolio of e-commerce marketplaces in Canada and the United States. Its key brands include truLOCAL.ca, UnderPar.com, JustGolfStuff.ca, WagJag.com, and BeRightBack.ca. These platforms offer a range of products and services across various verticals, including grocery and golf. Founded in 2016, the company focuses on acquiring and accelerating niche e-commerce brands, providing a subscription-based model and marketplace options to its members. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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