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Visual21 Nov 2025
Data center suppliers
Flow Capital (FW) investor relations material
Flow Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Achieved record revenue of CAD 3.4 million in Q3 2025, up 38% year-over-year and marking the ninth consecutive quarter of sequential revenue growth.
Recurring free cash flow reached $735 thousand for the quarter and $2.5 million for the nine months ended September 30, 2025, with a 15% year-over-year increase and 25 consecutive quarters of profitability.
Book value per share rose by $0.05 from the previous quarter to $1.22, driven by profitability and FX impact.
Total investments grew 24% year-over-year to over CAD 75 million as of September 30, 2025.
Portfolio performance remains strong, with several early buyouts, successful exits, and a long-term IRR in the mid-20s over seven years.
Financial highlights
Revenue reached CAD 3.4 million in Q3 2025, up 38% year-over-year and 5.6% sequentially.
Operating income rose to $1.13 million in Q3 2025 from $154 thousand in Q3 2024.
Net income for Q3 2025 was $1.24 million, compared to a net loss of $752 thousand in Q3 2024.
Book value per share increased to $1.22, up $0.05 from Q2.
Only CAD 4 million deployed in the quarter, below target.
Outlook and guidance
Expectation to remain profitable going forward, with management highlighting continued revenue growth and strong recurring free cash generation.
Anticipate more companies returning to the market for growth capital as VC focus shifts to AI-native firms.
Pipeline remains strong with leads up 25% year-over-year.
Forward-looking statements caution that actual results may differ due to significant risks and uncertainties.
What is the strategy for declining deal count?
Explain the 90% return on the failed exit.
How does evergreen fund structure influence deployment?
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Frequently asked questions
Flow Capital Corp is an investment firm that provides growth capital to emerging companies through flexible financing solutions. The company primarily focuses on offering revenue-based financing, venture debt, and other alternative funding structures to small and medium-sized enterprises (SMEs) in sectors such as technology, healthcare, and industrials. Flow Capital helps businesses scale by providing non-dilutive capital that aligns with their growth trajectories, allowing companies to maintain control while accessing the funding they need for expansion. The company is headquartered in Toronto, Ontario, and its shares are listed on the TSX.
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