Quinsam Capital (QCA) Q3 2025 earnings summary

Executive summary

• Q3 2025 net income was $0.1 million ($0.00 per share), down from $1.2 million ($0.01 per share) in Q3 2024, with limited activity and flat performance during slow summer markets.

• Net assets at September 30, 2025, were approximately $0.10 per share, with shares trading at a steep discount to NAV.

• Key developments expected in Q4 include potential public listings for two major private investments, which could drive NAV growth.

Financial highlights

• Net income declined year-over-year from $1.2 million in Q3 2024 to $0.1 million in Q3 2025, with Q3 ending slightly in the black.

• Earnings per share remained at $0.00 (basic and fully diluted) for Q3 2025.

• More liquid investments, including cash and public equities, totaled about $0.06 per share.

• Conservative valuation adjustments made, notably writing down Newlox Gold to zero due to a cease trade order.

Outlook and guidance

• Two major private investments are expected to list in Q4, potentially at values above current carrying values, which could increase liquidity and NAV per share from CAD 0.06 to CAD 0.08 or higher if listings occur at expected prices.

• Q4 profitability is possible but subject to market volatility.

• Trading prices of several investments have increased in Q4 to date, but there is no certainty these trends will continue.

• The search for a value-creating transaction is ongoing, with patience emphasized due to few new listings.