Quinsam Capital (QCA) Q2 2025 earnings summary

Executive summary

• Q2 ended with a net loss of $0.2 million ($0.002 per share), mainly due to a decline in California Nanotechnologies' share price, but this was an improvement from a $0.4 million loss ($0.005 per share) in Q2 2024.

• Conversion of Music Royalties from a private to a public holding doubled its value after a favorable legal outcome, providing increased liquidity.

• Several portfolio companies, including Peninsula (U.S. residential real estate), TheraCann (indoor vegetable tech), and Electro Metals (mining), are preparing for public listings.

• Investment in Reeflex commenced trading, with modest share price change to date.

• Management remains optimistic for a rebound by year-end and continues to seek value-creating transactions.

Financial highlights

• Quarter was essentially break-even, with a small loss attributed to market value declines in key holdings.

• Net assets at June 30, 2025, were approximately $0.10 per share, with liquid investments totaling about $0.06 per share, up from last quarter.

• Publicly listed securities increased from CAD 0.05 to CAD 0.06 per share, mainly due to the Music Royalties transaction.

Outlook and guidance

• Anticipates positive NAV impact from upcoming listings of Peninsula, TheraCann (as Beyond Farming), and Electro Metals.

• Wealth Mortgage and A-Synaptic listings could further boost NAV, with potential realizations by year-end or within six months.

• Management remains optimistic about future prospects, particularly for Reeflex in the fall, but notes few new listings and emphasizes patience.