Quinsam Capital (QCA) Q1 2025 earnings summary

Executive summary

• First quarter was quiet with minimal trading activity and a small gain mainly from share price movements in BluMetric and California Nanotechnologies.

• Net income for Q1 2025 was $0.2 million, down from $0.5 million in Q1 2024.

• Investment portfolio saw modest value changes, with notable gains in BluMetric and exits from US cannabis-related holdings.

• Several private portfolio companies are nearing liquidity events or public listings, including Reflex Coil Solutions, VVT Medical, Peninsula, TheraCann, Exiteam, and Electro Metals.

• Shares continue to trade at a steep discount to NAV, with net assets at $0.10 per share and liquid investments at $0.05 per share as of March 31, 2025.

Significant events and developments

• Several private portfolio companies are preparing to list within the next one to three months, including Reflex Coil Solutions, VVT Medical, Peninsula, and TheraCann.

• Reflex Coil Solutions, a recent acquisition, will begin trading imminently and is developing a large-scale sprinkler system for forest fire prevention.

• VVT Medical, with an innovative varicose vein treatment, is expected to list within two weeks.

• Peninsula, a U.S. residential rental business, is expanding and targeting a listing within 90 days.

• TheraCann, previously written off, is pivoting to indoor agricultural technology and also preparing to list.

Financial highlights

• Q1 2025 net income was $0.2 million ($0.00 per share basic and diluted), compared to $0.5 million in Q1 2024.

• Net assets at quarter-end were approximately $0.10 per share.

• Liquid investments, including cash and public equities, totaled about $0.05 per share.