November 14, 2025
Canlan Sports Reports Q3 Record Revenue and Continues Quarterly Dividend
Burnaby, B.C., November 13, 2025 – Canlan Ice Sports Corp. (the “Corporation” or “Canlan Sports”) (TSX: ICE) today reported its financial results for the third quarter ended September 30, 2025. Overview of Q3 2025 1. Total operating revenue reached $21.1 million, a $1.2 million or 5.9% increase from Q3 2024. 2. Total operating loss was […]
Burnaby, B.C., November 13, 2025 – Canlan Ice Sports Corp. (the “Corporation” or “Canlan Sports”) (TSX: ICE) today reported its financial results for the third quarter ended September 30, 2025.
Overview of Q3 2025
1. Total operating revenue reached $21.1 million, a $1.2 million or 5.9% increase from Q3 2024.
2. Total operating loss was $0.4 million compared to a loss of $0.7 million in 2024.
3. In August 2025, the Company paid a special dividend of $0.50 per share, in addition to its regular quarterly dividend of $0.03 per share.
4. Significant progress continued on facility upgrades, including roof remediation and replacement of refrigeration and HVAC systems.
Three Months and Nine Months Ended September 30, 2025 Results
|
(in thousands, unaudited) |
For the 3 months ended Sept 30 |
For the 9 months ended Sept 30 |
||
|
2025 |
2024 |
2025 |
2024 |
|
|
Ice rink & recreational facilities revenue |
$21,140 |
$19,958 |
$72,614 |
$67,992 |
|
Operating expense |
18,928 |
17,887 |
54,865 |
51,779 |
|
2,212 |
2,071 |
17,749 |
16,213 |
|
|
G&A expense |
2,593 |
2,801 |
7,658 |
7,705 |
|
Operating earnings (loss)1 |
($381) |
($730) |
$10,091 |
$8,508 |
|
Operating earnings (loss) per share |
($0.03) |
($0.05) |
$0.76 |
$0.64 |
|
Depreciation |
1,982 |
1,858 |
5,908 |
5,594 |
|
Interest |
693 |
510 |
1,911 |
1,752 |
|
Interest rate swap loss |
40 |
1,075 |
138 |
773 |
|
Foreign exchange (gain) loss & others |
(4) |
(8) |
8 |
(12) |
|
Income tax expense (recovery) |
(621) |
(1,545) |
574 |
(39) |
|
Net earnings (loss) |
($2,471) |
($2,620) |
$1,552 |
$440 |
|
Net earnings (loss) per share |
($0.19) |
($0.20) |
$0.12 |
$0.03 |
Key Balance Sheet Figures
|
Key Balance Sheet Figures (in thousands): |
Sept 30, 2025 | Dec 31, 2024 |
|
Cash and cash equivalents |
$14,586 | $21,677 |
|
Property plant and equipment |
94,944 | 97,679 |
|
Other assets |
12,395 | 11,146 |
|
Total assets |
$121,925 | $130,502 |
|
Debt |
$40,690 | $40,995 |
|
Lease liabilities |
8,724 | 7,478 |
|
Accounts payable and accrued liabilities |
13,082 | 15,249 |
|
Deferred revenue |
14,950 | 14,455 |
|
Other liabilities |
3,165 | 3,507 |
|
Total liabilities |
80,611 | 81,684 |
|
Share capital and contributed surplus |
63,652 | 63,652 |
|
Foreign currency translation reserve |
4,607 | 5,794 |
|
Deficit |
(26,945) | (20,628) |
|
Total shareholders’ equity |
41,314 | 48,818 |
|
Total liabilities and equity |
$121,925 | $130,502 |
Third Quarter Results
(three months ended September 30, 2025 compared with 2024)
1. Total operating revenue increased by $1.2 million or 5.9% due to league growth, third-party rentals, and food & beverage revenue.
2. F&B sales increased by $0.3 million or 11.1% due to tournament volumes and simulator/amusement game additions.
3. Operating expenses increased by $1.0 million or 5.8% due to higher labour and selling costs.
4. G&A expenses decreased by $0.2 million or 7.4%.
5. Operating loss was $0.4 million compared to a loss of $0.7 million in 2024.
6. Net loss was $2.5 million or $0.19 per share compared to $2.6 million or $0.20 per share in 2024.
Nine Months Ended September 30, 2025 Results
1. Total operating revenue of $72.6 million increased by $4.6 million or 6.8%.
2. F&B revenue increased by $0.9 million or 8.9%.
3. Operating expenses increased by $3.1 million or 6.0%.
4. G&A expenses were consistent with 2024.
5. Operating earnings before interest, depreciation, and taxes were $10.1 million, up 18.6%.
6. Net earnings were $1.6 million or $0.12 per share compared to $0.4 million or $0.03 per share in 2024.
Dividend Policy
Canlan’s Board of Directors approved continuation of its quarterly dividend policy. Eligible dividends totaling $0.03 per common share will be paid on January 15, 2026, to shareholders of record on December 31, 2025.
Filings
Q3 2025 financial statements and MD&A will be available via SEDAR+ on or before November 14, 2025 and on the Company’s website.
About Canlan
Canlan Sports is the North American leader in multi-purpose recreation and entertainment facilities, operating 15 facilities with 47 ice surfaces, 10 indoor soccer fields, and 18 hard courts. The stock trades under “ICE” on the TSX.
Caution concerning forward-looking statements
This News Release may contain forward-looking information…
For more information:
Canlan Ice Sports Corp.
Ivan Wu
CFO
604 736 9240
