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illumin Holdings (ILLM) investor relations material
illumin Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Revenue for Q3 2025 rose 5% year-over-year to CAD 38.2 million, led by a 103% increase in Exchange service revenue, now representing 54% of total sales, while Managed service revenue declined due to economic uncertainty.
Self-service revenue was CAD 8.3 million, flat year-over-year due to a large client pause, but up 15% for the quarter and 34% year-over-year when adjusted for this client.
Net loss widened to CAD 2.1 million from CAD 1.1 million in Q3 2024, mainly due to lower gross profit, higher depreciation/amortization, and severance expenses.
Strategic investments in AI-powered, outcomes-based platforms and incrementality measurement are positioning the company for future growth.
Appointment of a new Chief Revenue Officer to drive global sales and support the transition to an outcomes-based platform.
Financial highlights
Q3 2025 revenue was CAD 38.2 million, up 15.4% sequentially and 5.2% year-over-year, with Exchange service revenue more than doubling to CAD 20.5 million.
Gross profit was CAD 14.4 million, with gross margin at 38% versus 47% in Q3 2024, reflecting a shift to lower-margin Exchange revenue.
Adjusted EBITDA was CAD 0.2 million, down from CAD 1.9 million in Q3 2024.
Net loss was CAD 2.1 million, compared to a net loss of CAD 1.1 million in Q3 2024.
Cash and cash equivalents were CAD 43.2 million at quarter end, down from CAD 48.3 million in the prior quarter and CAD 56.0 million at December 31, 2024.
Outlook and guidance
Gross margin is expected to rebound in Q4 as product mix normalizes.
Focus remains on scaling Exchange and Self-service, investing in product innovation, and driving profitability through operational efficiency.
Managed service is expected to improve as sales efforts are refocused and operational restructuring continues.
Continued investment in product roadmap, especially in incrementality measurement and AI-powered optimization.
Operational restructuring aimed at driving profitability and platform leverage as the company moves into 2026.
Future gross margin given product mix shift
Managed services: new target customer strategy
AI & incrementality: new customer acquisition
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Next illumin Holdings earnings date
Q4 202513 Mar, 2026
Next illumin Holdings earnings date
Q4 202513 Mar, 2026
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