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EMERGE Commerce (ECOM) investor relations material

EMERGE Commerce Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary27 Aug, 2025

Executive summary

  • Q2 2025 delivered 70% year-over-year revenue growth to $8.5M, marking the fifth consecutive quarter of organic revenue growth and the second consecutive quarter of positive adjusted EBITDA.

  • Adjusted EBITDA improved to $960K–$963K, a $1M swing from a prior year loss, and net income from continuing operations reached $201K, up from a net loss of $620K–$623K; excluding a non-cash inventory adjustment, net income would be $583K.

  • Cash position increased to $3.5M at quarter-end, despite $1.1M spent on the T2Green (T2G) acquisition, supported by $2M in cash flow from operations.

  • Strategic focus remains on grocery and golf, leveraging market-leading brands, a streamlined M&A strategy, and a proven acquisition playbook.

  • T2G acquisition delivered immediate synergies, exceeded purchase price within 90 days, and contributed strong organic growth in its first quarter under new ownership.

Financial highlights

  • Revenue rose 70% year-over-year to $8.5M, with gross merchandise sales up 39% to $11.4M.

  • Gross profit reached $3.1M; excluding a $380K–$382K non-cash adjustment, gross profit would be $3.5M with a 41% margin.

  • Adjusted EBITDA improved to $958K–$963K, compared to a loss of $40K–$43K in the prior year.

  • Cash on hand grew to $3.5M, up from $2.2M–$2.3M a year ago.

  • T2G generated $6.4M revenue, $1M adjusted EBITDA, and $700K net income in 2024 (unaudited).

Outlook and guidance

  • Management expects another quarter of double-digit revenue growth and positive adjusted EBITDA in Q3 2025.

  • Priorities for 2025 include driving organic growth, extracting synergies, pursuing accretive acquisitions, and enhancing cash flow.

  • Focus on cash flow positive acquisitions in grocery and golf, with multiple candidates in the pipeline.

  • TrueLocal and golf verticals expected to benefit from the Buy Canadian movement and resilience in a weak macro environment.

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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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