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Zedcor (OTC: ZDCAF) reported record Q3 2025 results for the three months ended September 30, 2025: $16.0 million revenue (+75% YoY, +18% QoQ) and $5.7 million Adjusted EBITDA (+68% YoY) with an Adjusted EBITDA margin of 36%. The company exited Q3 with a 2,351-unit fleet (1,053 in the U.S.) after deploying 469 towers in the quarter and 1,016 year‑to-date. Capital activity included a $25.311 million bought‑deal equity financing and an increase in the banking facility to $50.0 million. Operational notes: U.S. revenue was 36% of Q3 revenue and Houston production reached 35–40 towers/week.
Zedcor (OTC: ZDCAF) ha riportato risultati record nel terzo trimestre 2025 per i tre mesi chiusi al 30 settembre 2025: 16,0 milioni di dollari di ricavi (+75% YoY, +18% QoQ) e 5,7 milioni di dollari di EBITDA rettificato (+68% YoY) con una margine EBITDA rettificato del 36%. L’azienda ha chiuso il trimestre con una flotta di 2.351 unità (1.053 negli Stati Uniti) dopo aver dispiegato 469 torri nel trimestre e 1.016 nell’anno a oggi. L’attività di capitale ha incluso un finanziamento azionario a collocamento privato da 25,311 milioni di dollari e un aumento della facility bancaria a 50,0 milioni di dollari. Nota operative: i ricavi negli Stati Uniti rappresentavano 36% del ricavo del Q3 e la produzione a Houston ha raggiunto 35–40 torri/settimana.
Zedcor (OTC: ZDCAF) informó resultados récord del tercer trimestre de 2025 para los tres meses terminados el 30 de septiembre de 2025: 16,0 millones de dólares de ingresos (+75% interanual, +18% secuencial) y 5,7 millones de dólares de EBITDA ajustado (+68% interanual) con un margen de EBITDA ajustado del 36%. La empresa cerró el T3 con una flota de 2.351 unidades (1.053 en EE. UU.) tras desplegar 469 torres en el trimestre y 1.016 en lo que va del año. La actividad de capital incluyó una financiación de acciones en colocación privada de 25,311 millones de dólares y un aumento de la facilidad bancaria a 50,0 millones de dólares. Notas operativas: los ingresos en EE. UU. representaron 36% de los ingresos del T3 y la producción en Houston alcanzó 35–40 torres/semana.
Zedcor (OTC: ZDCAF) 2025년 9월 30일 종료된 3개월 동안의 3분기 기록적 실적을 보고했습니다: 1,600만 달러의 매출(+전년비 75%, +분기비 18%)과 570만 달러의 조정 EBITDA(+전년비 68%) 및 조정 EBITDA 마진 36%. 회사는 3분기 말에 2,351대의 플릿을 보유했고(미국 내 1,053대), 분기에 469대의 타워를 배치하고 연초 대비 1,016대를 배치했습니다. 자본 활동으로는 25.311백만 달러의 상장 공모 자금 조달과 은행 시설을 5천만 달러로 확대했습니다. 운영 메모: 미국 매출은 3분기 매출의 36%를 차지했고 휴스턴 생산은 주당 35–40타워를 달성했습니다.
Zedcor (OTC: ZDCAF) a publié des résultats record au T3 2025 pour les trois mois terminés le 30 septembre 2025 : 16,0 millions de dollars de revenus (+75 % YoY, +18 % QoQ) et 5,7 millions de dollars d’EBITDA ajusté (+68 % YoY) avec une marge EBITDA ajustée de 36 %. L’entreprise a terminé le T3 avec une flotte de 2 351 unités (1 053 aux États-Unis) après avoir déployé 469 tours au cours du trimestre et 1 016 à ce jour dans l’année. L’activité de capital comprenait un financement en actions par placement privé de 25,311 millions de dollars et une augmentation de la facilité bancaire à 50,0 millions de dollars. Notes opérationnelles : les revenus USA représentaient 36 % des revenus du T3 et la production à Houston a atteint 35–40 tours/semaine.
Zedcor (OTC: ZDCAF) meldete Rekord-Ergebnisse im dritten Quartal 2025 für die drei Monate bis zum 30. September 2025: 16,0 Millionen USD Umsatz (+75% YoY, +18% QoQ) und 5,7 Millionen USD bereinigtes EBITDA (+68% YoY) mit einer bereinigten EBITDA-Marge von 36%. Das Unternehmen beendete das dritte Quartal mit einer Flotte von 2.351 Einheiten (1.053 in den USA) nach der Installation von 469 Türmen im Quartal und 1.016 year-to-date. Kapitalaktivitäten umfassten eine private Platzierungsfinanzierung von 25,311 Millionen USD und eine Erhöhung der Bankfazilität auf 50,0 Millionen USD. Operative Notizen: US-Umsatz machte 36% des Quartalsumsatzes aus, und die Produktion in Houston erreichte 35–40 Türme/Woche.
Zedcor (OTC: ZDCAF) أبلغت عن نتائج قياسية في الربع الثالث من 2025 للثلاثة أشهر المنتهية في 30 سبتمبر 2025: 16.0 مليون دولار من الإيرادات (+75% على أساس سنوي، +18% على أساس ربع سنوي) و 5.7 مليون دولار EBITDA المعدلة (+68% على أساس سنوي) مع هامش EBITDA المعدلة 36%. أنهت الشركة الربع الثالث بمحصلة أسطول من 2,351 وحدة (1,053 في الولايات المتحدة) بعد نشر 469 برجاً خلال الربع و1,016 حتى تاريخه في السنة. تشمل الأنشطة الرأسمالية تمويلاً أسهمياً مُباعاً بقيمة 25.311 مليون دولار وزيادة في تسهيل بنكي إلى 50.0 مليون دولار. ملاحظات تشغيلية: كان الإيراد في الولايات المتحدة 36% من إيرادات الربع الثالث وبلغ إنتاج هيوستن 35–40 برجاً/أسبوع.
Positive
- Revenue +75% year-over-year to $16.0M
- Adjusted EBITDA +68% year-over-year to $5.7M
- Adjusted EBITDA margin of 36%
- Fleet size 2,351 MobileyeZ towers at quarter end
- U.S. revenue was 36% of Q3 2025 revenue
- Raised $25.311M equity and banking facility increased to $50.0M
Negative
- Working capital deficit of $(4.8)M at Sept 30, 2025 (vs $1.7M)
- Investing cash outflow increased to $(40.2)M for nine months (204% increase)
- Net income before tax down to $0.131M in Q3 2025 from $0.310M in Q3 2024
11/12/2025 – 07:39 PM
Calgary, Alberta – Zedcor Inc. (TSXV: ZDC), a provider of mobile security and surveillance solutions, announced robust financial and operating results for the third quarter of 2025, ended September 30. The company reported record revenue and adjusted EBITDA, driven by strong demand for its MobileyeZ security towers and ZBox units across North America.
- Record quarterly revenue of $16.0 million, marking a 75% year-over-year increase and an 18% quarter-over-quarter rise.
- Record quarterly Adjusted EBITDA of $5.7 million, a 68% increase compared to the same period last year.
- Adjusted EBITDA margin reached 36%, fueled by strong contribution margins in Canada, continued growth in the U.S. market, and enhanced operational efficiency attributed to its AI at-the-edge cameras.
- Deployment of 469 MobileyeZ security towers during the quarter, bringing the year-to-date total to 1,016. Total fleet size reached 2,351 MobileyeZ security towers by the end of Q3 2025.
- Product innovation with deployments of the wall-mounted ZBox units surpassing 150 in Canada.
- Strong total fleet utilization rates maintained throughout the quarter.
- U.S. revenue accounted for 36% of total revenue for Q3 2025 and 33% of total revenue for the nine months ended September 30, 2025.
Zedcor’s strong Q3 performance reflects the increasing adoption of its technology-driven security solutions. The company’s ability to deploy new MobileyeZ towers while maintaining high utilization rates underscores the scalability and efficiency of its business model. However, it’s important to note the company’s working capital deficit of $(4.8) million as of Sept 30, 2025, compared to a $1.7 million surplus the previous year.
The company attributes its revenue growth to the strategic initiative for U.S. expansion, diversification of its customer base, and meeting strong customer demand through the production and deployment of MobileyeZ towers. The expansion into the U.S. market has been a key driver of growth, with U.S. revenue now representing a significant portion of the company’s total revenue.
Todd Ziniuk, President and CEO of Zedcor, highlighted the company’s commitment to customer service as a critical factor in its success. “Our third quarter results reflect the strength of Zedcor’s business model and the dedication of our entire team. Delivering record revenue and EBITDA is a testament to how our innovative, technology-enabled security solutions are resonating with customers across North America,” Ziniuk stated. He further emphasized the company’s focus on scalable innovation, operational excellence, and exceptional service.
The company raised equity of $25.311 million and increased its banking facility to $50.0 million. These measures are expected to allow accelerate its growth in the US.
Financial Highlights and Analysis:
The table below provides a summary of Zedcor’s financial and operating results for the three and nine months ended September 31, 2025:
| Three months ended September 30 |
Nine months ended September 30 |
Three months ended June 30 | ||||
| (in $000s) | 2025 | 2024 | 2025 | 2024 | 2025 | |
| Revenue | 16,020 | 9,152 | 41,032 | 22,658 | 13,536 | |
| EBITDA | 4,309 | 2,488 | 11,823 | 7,753 | 4,038 | |
| Adjusted EBITDA1 | 5,739 | 3,409 | 14,779 | 8,002 | 4,933 | |
| Adjusted EBITDA per share – basic1 | 0.05 | 0.04 | 0.14 | 0.09 | 0.05 | |
| Adjusted EBIT1,2 | 750 | 708 | 2,802 | 1,494 | 991 | |
| Net income | 131 | 310 | 1,213 | 1,249 | 460 | |
| Net income per share | ||||||
| Basic | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | |
| Diluted | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | |
1 See Financial Measures Reconciliations below.
The company’s financial performance is further detailed in the Management’s Discussion and Analysis (MD&A) available on SEDAR.
Overall, Zedcor’s Q3 2025 results demonstrate a strong growth trajectory, particularly in the U.S. market. The company’s focus on technology-enabled solutions and customer service positions it well for continued success in the mobile security industry. Investors should watch for continued execution on US expansion, as well as ability to resolve the working capital deficit.
FAQ
What were Zedcor (ZDCAF) Q3 2025 revenue and adjusted EBITDA figures?
Q3 2025 revenue was $16.0M and Adjusted EBITDA was $5.7M.
How much did Zedcor (ZDCAF) revenue grow year‑over‑year in Q3 2025?
Revenue grew 75% year‑over‑year for the three months ended September 30, 2025.
How large is Zedcor’s MobileyeZ fleet and how many are in the U.S. as of Q3 2025?
Zedcor exited Q3 2025 with a total fleet of 2,351 towers, including 1,053 units in the U.S.
What capital raises did Zedcor (ZDCAF) complete in 2025 to support U.S. expansion?
The company completed a $25.311M bought‑deal equity financing and increased its banking facility to $50.0M.
What production capacity did Zedcor report at its Houston facility in Q3 2025?
Houston production capacity increased to approximately 35–40 towers per week.
Are there liquidity or working capital concerns in Zedcor’s Q3 2025 results?
As of Sept 30, 2025 the company reported a working capital deficit of $(4.8)M, up from $1.7M a year earlier.
