Consolidated Statements of Financial Position(Expressed in thousands of Canadian dollars)For the three months ended March 31, 2025 and 2024 March 31,2025 December 31,2024Assets Current assets Cash and cash equivalents $54,013 $55,952Accounts receivable 27,663 44,650Income tax receivable 417 613Prepaid expenses and other 3,439 2,864 85,532 104,079Non-current assets Other assets 117 115Property and equipment 7,102 7,406Intangible assets 11,099 9,352Goodwill 4,870 4,870 108,720 125,822 Liabilities Current liabilities Accounts payable and accrued liabilities 24,534 39,148Income tax payable 80 137Borrowings 15 48Lease obligations 1,212 1,513 25,841 40,846Non-current liabilities Deferred tax liability 661 1,241Lease obligations 4,553 4,702 31,055 46,789 Shareholders’ equity 77,283 79,033 108,720 125,822 illumin Holdings Inc.
Adjusted EBITDA loss was $0.4 million, compared to $0.0 million in the prior year period, primarily attributable to higher operating costs due to higher sales, sales support functions, and marketing costs, partly offset by higher revenue.Net loss was $(1.9) million, compared to $(1.1) million in Q1 2024.
We responded by adjusting our marketing tests week to week and made several advances in our selling process and sales team, which enabled us to exit the quarter with solid growth, led by a 148% rise in our Exchange service revenue and supported by solid performance in Self-service.” "In Exchange service, we continue to create and capture both new and recurring demand at surprising levels, as a result of product and selling investments that have given us some differentiation in a very crowded market.
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