An Algoma Steel worker in Sault Ste. Marie. The company’s CEO says Donald Trump’s tariffs on steel are threatening U.S. business viability.Sean Kilpatrick/The Canadian Press
Algoma Steel Group Inc. ASTL-T chief executive Michael Garcia says 50-per-cent tariffs on Canadian steel imports could make the company’s U.S. business unviable.
U.S. President Donald Trump on Friday said he intends to double tariffs on steel and aluminum to 50 per cent from 25 per cent, effective on Wednesday.
His original tariffs, which were put in place in March, were framed around the need to protect the country’s national security. Mr. Trump says the higher tariffs are now necessary to eliminate any threat of foreign steel making its way into the U.S. market. They apply to all its imports of the metals, not just those from Canada.
The existing U.S. tariff has already caused considerable damage to Algoma. The percentage of its revenue coming from the U.S. has fallen to 50 per cent from as high as 65 per cent. A doubling of the tariff may ground its U.S. business to a halt entirely, Mr. Garcia said in an interview on Monday.
“Unless the price of steel rises to the 2020-2021 levels, paying a 50-per-cent tariff would be commercially unviable,” he said.
The price of U.S. Midwest domestic hot-rolled coil steel futures traded around US$900 a tonne on Monday. Mr. Garcia says a doubling of the steel price will be necessary to keep it in business in the U.S., if Mr. Trump forges ahead with his 50-per-cent tariff.The steel price hit almost US$2,000 a tonne in September, 2021.
“Our focus and our job is to get through the current environment for as long as we need to, and preserve liquidity,” Mr. Garcia added.
Algoma, based in Sault Ste. Marie, Ont., is Canada’s only independent steelmaker. In the Northern Ontario border city, Algoma employs around 2,750 people. Among the liquidity-saving measures the company has already rolled out are job cuts.
Bill Slater, president of United Steelworkers Local 2724, said the company recently informed the union that 35 job cuts are coming. Nineteen of those will be longer-term layoffs (greater than eight weeks), and they will take effect on July 21. The rest will be a mix of retirements and short-term contract workers whose contracts are ending early.
Mr. Slater said that while the 25-per-cent tariffs are clearly making Algoma less competitive in the U.S., market dynamics at homeare even tougher. That’s because foreign steelmakers are making deep inroads into Canada sincethey are being increasingly shut out of theU.S.
“All these other countries are dumping steel into Canada and that has reduced prices in Canada too much,” Mr. Slater said.
“We’re even losing more money in Canada than we are in the States.”
U.S. steel and aluminum prices spiked on Monday while shares of foreign steelmakers slumped after U.S. President Donald Trump said he would double tariffs on imports of the two metals to 50 per cent.
Reuters
Investigations into allegations of dumping in the steel industry are carried out by Canada Border Services Agency. If dumping has occurred, the Canadian International Trade Tribunal determines whether it has caused material injury to the industry, or threatens to do so. CBSA can then ultimately impose anti-dumping duties against offenders.
Canada has already taken action against China owing to its long record of dumping steel into the domestic market.
Ottawa late last year imposed 25-per-cent tariffs against China, after a similar crackdown made by then-U.S. president Joe Biden. But Algoma’s CEO has been clear that dumping into Canada goes far beyond Chinese steel mills. Earlier this year, he told The Globe and Mail that producers from South Korea, Malaysia, India, Vietnam, the Middle East and Turkey are also selling into the Canadian market at cutthroat levels.
Despite the massive uncertainty caused by the tariff dislocation in both the U.S. and Canadian steel markets, Mr. Garcia is hopeful that talks between Canada and the U.S. will lead to a breakthrough in trade and an eventual resetting of the relationship.
He even expressed optimism the steel producer over the longer term can emerge in a stronger position because of the increased focus on buying Canadian, the push to diversify Canada’s trade beyond the U.S. and the rollout of its new electric arc furnace technology, which should drive its costs down.
Federal Industry Minister Mélanie Joly said on Sunday that the government is committed to using Canadian steel and aluminum in major infrastructure projects, particularly in the defence sector.
“Whether it’s infrastructure or energy projects or defence projects, I think the market potential for the domestic steel industry is actually pretty bright for Canada,” Mr. Garcia said. “Algoma has the wherewithal to make it through.”
Shares in Algoma fell by 6.9 per cent on Monday on the Toronto Stock Exchange to close at $6.76 apiece.
In a city celebrated for its cultural diversity, Toronto’s most compelling art experiences are increasingly unfolding far beyond traditional museums and galleries. They pulse through the rush of commuters at Union Station, resonate in the bustling corridors of suburban shopping malls, and transform sterile office plazas into destinations. This shift isn’t accidental – it’s driven by a pioneering coalition of private sector giants and grassroots arts organizers who are proving that commerce and culture, far from being at odds, can create vibrant, accessible, and deeply meaningful artistic encounters for millions.
Fueled by a potent blend of civic vision, community accountability, and savvy business strategy, companies like Osmington Inc. (managing Toronto’s iconic Union Station) and Oxford Properties (one of Canada’s largest real estate developers) are partnering with innovative curators like MakeRoom Inc., and community organization The Remix Project, to democratize art access and amplify underrepresented voices. The result? A blueprint for how corporations can authentically integrate art into the daily fabric of urban life.
In partnership with Union Station, MakeRoom Inc. curated “A Transit Through Time” for the West Wing … More of Union.
Rocco Zoccoli
Union Station: From Transit Hub to Cultural Canvas
When Osmington Inc. won the fiercely competitive bid to manage Union Station’s retail and programming over a decade ago, Vice President Syma Shah described a profound sense of duty. “Osmington felt it was their civic duty to make Union Station a destination,” she explains. “We wanted it world-class and accessible for all.” The initial vision involved partnerships with giants like The Toronto International Film Festival (TIFF) and the Toronto Symphony Orchestra (TSO).
But Shah, drawing on her experience producing major festivals like North America’s largest South Asian festival, Masala! Mehndi! Masti!, knew authentic connection required deeper roots. The challenge? Union is first and foremost a regulated, heritage-designated transportation hub handling 300,000 people daily. “It’s a very different beast,” Shah notes. “You can’t just hang art everywhere.”
Her team literally walked the station “like a palette,” identifying spots where art could be safe, respected, seen, and wouldn’t compromise heritage elements – a process demanding close collaboration with the City of Toronto, the building’s owner. Osmington quickly recognized authentic representation required trusted partnerships. “I’m a woman of color of South Asian origin, but I can’t program something like Black art authentically myself. That should come from within that community,” Shah emphasizes.
A Transit Through Time opening at Union (l to r): Rico Poku, Segun Caezar, Heritier Bilaka, Destinie … More Adélakun, Camille Kiffin, Pixel Heller, Trevor Twells, Jordan Sook, Wan Lucas
Rocco Zoccoli
This led to transformative collaborations with organizations like MakeRoom Inc., the Nia Centre, and the Gord Downie & Chanie Wenjack Fund, the latter of which ensured Indigenous artists worked with Indigenous curators on exhibitions like 2023’s “We Are Still Here.” The approach involves setting clear parameters for artists: respecting the space’s functional realities and heritage status—no foul language or nudity—while encouraging stories tied to the themes of transit, connection, and community. Exhibits launch during heritage months but extend far beyond – Black History Month in February leads to exhibitions showcased nearly year-round, funded partly through sponsorships like TD Bank.
The impact is personal. Shah recounts the story of Black mature artist Gloria C. Swain, whose image was used in artist Anique Jordan’sMas’ at 94 Chestnut as part of the city’s 2021-2022 cohort of public art initiative ArtworxTO. Exhibited at Union Station, the photo was vandalized with a racist slave collar drawing. “Sorry isn’t enough,” Shah states. Osmington and MakeRoom responded by featuring Swain as the highlighted artist in the 2023 exhibition I Am Still Here. “It was meaningful to her, not only as a Black person, but as a senior artist, to say ‘I am still here,'” Shah says. “Every exhibition is like that. We ensure their story is told, and every year it’s elevated.”
BigArtTO projects art onto buildings in partnership with MakeRoom Inc.
MakeRoom Inc.
MakeRoom Inc.: The Radical Transparency Model
Trevor Twells, founder of MakeRoom Inc., is a key partner for Union and others. His organization exists to dismantle the nepotism and gatekeeping pervasive in the art world. “Our mission is platforming marginalized and underrepresented voices,” Twells states. “What makes us different is radical transparency and accountability.” MakeRoom Inc. operates on strict principles, including open calls with pre-determined themes but never pre-selected artists.
“All our public exhibits are open call,” Twells states unequivocally. “Artists know exactly how much they’re getting paid, and know exactly what criteria they’re selected from. We don’t care who you know or your prior experience so much as about the art submitted for the theme.”
Mature artist Gloria C. Swain speaking at the “I Am Here: Black Joy Is Resistance” Exhibit In Union. … More She’s flanked on either side by (l) Adetona Omokanye and MakeRoom Inc. founder Trevor Twells (r).
Spring Morris Photography
MakeRoom Inc. built its own digital platforms for submissions and partners with community artists and curators to jury the work, ensuring diverse perspectives select the art. According to Twells, Union has been an ideal partner precisely because they embraced this ethos. Through exhibitions sponsored by TD and co-curated in partnership with MakeRoom, Twells has been given carte blanche on projects. “They understood we needed full transparency, open calls, and their involvement was just helping with the jury process,” says Twells. This alignment allowed for powerful, year-round exhibitions. Theodore Walker Robinson’s large-scale Braille transcription of the Langston Hughes poem “Dreams” as part of 2024 exhibition Black Dreams and Aspirationscomes to mind,as does the currently running A Transit Through Time, celebrating the legacy and creativity of Black communities, alongside featured artist Jordan Sook’s butterfly-themed Nothing More, Nothing Less. “Union isn’t just Black-washing for February. The work is up two-thirds of the year,” Twells notes, countering superficial diversity efforts.
The human impact is Twells’ driving force. “Seeing a little Black girl looking up at artwork featuring someone like her… that felt transformational.” MakeRoom intentionally focuses on joy and possibility alongside historical narratives. “It’s well-received to focus on Black joy because people see themselves represented without the trauma porn aspect often presented through a white colonial lens.” He’s even been asked to give tours of MakeRoom exhibits at Union, more proof people are visiting the station specifically for the art.
Curated work courtesy The Remix Project at Scarborough Town Centre featuring artists Isa Rocha, … More Chawntay Barrett, Laneigh Ramirez, Lakia Sage, Amaiah Alexis, Rod Osei, MJ Shimaka, and Glo Romy.
Courtesy Oxford Properties
Oxford Properties: Malls as the Modern Town Square
While Union transforms a transit hub, Oxford Properties is reimagining the suburban shopping mall and Toronto’s office towers. Daniel O’Donnell, Senior VP of Corporate Affairs, articulates a clear philosophy: “We want our buildings, especially our shopping centers, to be like the town square — not just for commerce, but for socializing, connection, and experiencing culture. Art is integral to that.”
Their flagship initiative was with The Remix Project, a Toronto-based organization that provides mentorship and professional training to budding artists 16 to 24 years of age. This started at suburban malls including Scarborough Town Centre, Square One, Yorkdale, and offices in Toronto’s downtown financial district. “These malls are the downtown for their communities,” O’Donnell explains. “Scarborough Town Centre is where people hang out and meet friends. Putting art there feels authentic because it’s genuinely part of their community asset.”
Jaume Plensa’s “Dreaming” sculpture outside Oxford Properties Richmond-Adelaide Centre in Toronto’s … More Financial district.
Mark Neil Balson
Oxford leverages its colossal audience — 54 million visitors across its three suburban malls in 2023 and 2024 — to offer artists unprecedented visibility and career support. “It’s a win-win,” O’Donnell stresses. “It keeps the customer experience fresh, allows people to see themselves represented, and provides artists a huge platform. Who knows what connection or sale it might spark?” Beyond space, Oxford also provides direct financial support for equipment and materials that help young artists and creatives in their career pursuits.
The power of art to transform is evident in projects like Spanish artist Jaume Plensa’s “Dreaming” sculpture at Oxford’s Richmond Adelaide Centre. “Before, it was just a terrace in the financial core,” O’Donnell recalls. “Now, it attracts thousands daily.” He highlights the deliberate juxtaposition: Plensa’s modern sculpture alongside the historic, publicly accessible Group of Seven painter J.E.H. MacDonald’s mural nearby. “Art creates a sense of place and elevates us from the mundane while creating a sense of community and connection.”
Celebrating the beginning of National Indigenous History month by opening the Toronto Stock Exchange … More with drummers and hoop, grass and jingle dress dancers.
Brandon Abiog for Oxford Properties
The Toronto Blueprint: Shared Principles for Impact
Despite operating in different spaces—transit hubs, curated pop-ups, sprawling malls — Shah, Twells, and O’Donnell champion core principles driving this movement’s success. Authentic partnerships over tokenism, with corporations ceding significant curatorial control to trusted community organizations. A way of working authentically that isn’t about checking boxes, or having one-sided conversations. Toronto’s private sector, guided by passionate leaders and grassroots partners, is proving that supporting art is far more than corporate philanthropy. Enhanced brand value, deeper community connection, enriched customer experiences, and the profound satisfaction of empowering diverse voices are driving this movement.
Most importantly, it brings art directly to where people already are—in the rush of their commute, the routine of their shopping, the lunch break in a financial district. It democratizes access and proves that culture doesn’t just thrive behind the white walls of institutions, but also the vibrant, everyday tapestry of the city. When the private sector makes genuine, respectful space for art, where gallery walls vanish and the city becomes the canvas, everyone wins.
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Vancouver, British Columbia–(Newsfile Corp. – May 30, 2025) – Custom Health, Inc. (“Custom Health“), a technology-enabled healthcare solutions company providing innovative products and services designed to improve the well-being of individuals across North America, has entered into a definitive arrangement agreement dated May 30, 2025 (the “Arrangement Agreement“) with Queue Ventures Ltd. (“Queue“). The transaction is expected to provide Custom Health with access to growth capital to support the expansion of its existing business model and operations.
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In connection with the Transaction, Custom Health and Queue have also entered into an engagement letter with Stifel Nicolaus Canada Inc. (“Stifel“) with respect to (the “Offering“) (i) a commercially reasonable best efforts private placement of up to 3,000,000 subscription receipts of Custom FundCo (as defined below) (“FundCo Subscription Receipts“) at a price per FundCo Subscription Receipt of US$10.00 for aggregate gross proceeds of up to US$30 million, and (ii) a debt financing of up to US$30 million or such other amount and on such terms as may be agreed between Stifel, Queue and Custom Health (the “Debt Financing“).
“This milestone is a testament to the power of our model, the trust of our partners, and the dedication of our team,” said Shane Bishop, CEO of Custom Health. “We’re proud to announce a definitive agreement to take Custom Health public on the TSX – a transformative step that reflects our mission to personalize care at scale. As a public company, we’re excited to expand access to our innovative care solutions, improve outcomes for more patients, and deliver value to all our stakeholders.”
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The Transaction
Under the Arrangement Agreement with (i) Custom Health, a corporation existing under the laws of Delaware, and Queue, (ii) Custom Merger Sub, Inc. (“Merger Sub“), a corporation existing under the laws of Delaware and a wholly-owned subsidiary of Queue that has been formed for the sole purpose of participating in and facilitating the Arrangement (as defined below), (iii) Queue BC Subco Inc. (“Queue Subco“), a corporation existing under the laws of British Columbia and a wholly-owned subsidiary of Queue that has been formed for the sole purpose of participating in and facilitating the Arrangement, and (iv) Custom Fundco Inc. (“Custom Fundco“), a corporation existing under the laws of British Columbia that has been formed for the sole purpose of participating in and facilitating the Arrangement by conducting the Offering (as defined below), pursuant to which, among other things, Queue proposes to acquire all of the issued and outstanding shares in the capital of Custom Health (the “Custom Shares“) by way of a statutory plan of arrangement (the “Arrangement“) under the Business Corporations Act (British Columbia) (the “Transaction“).
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Pursuant to the Arrangement Agreement, and upon the satisfaction or waiver of the conditions set out therein, the following, among other things, will be completed in connection with the consummation of the Transaction: (i) Custom Health will merge with Merger Sub pursuant to the provisions of the Delaware General Corporations Law (the “Merger”); (ii) Custom Fundco will amalgamate with Queue Subco pursuant to the provisions of the Business Corporations Act (British Columbia) (the “Amalgamation“); (iii) the company resulting from the Merger will become a wholly-owned subsidiary of Queue; (iv) the company resulting from the Amalgamation will convey its assets to Queue and be subsequently wound-up; and (v) the securityholders of Custom Health will hold substantially equivalent securities of Queue (following the Transaction, the “Resulting Issuer“).
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Resulting Issuer
Following the completion of the Transaction (“Closing“), the Resulting Issuer will operate as a health technology and solutions company. Closing is subject to a number of conditions, which include, among others, closing of the Offering, receipt of all necessary board, shareholder and regulatory approvals, including the conditional approval of the listing of the common shares of the Resulting Issuer (“Resulting Issuer Shares“) on the Toronto Stock Exchange (the “TSX“) (the “Listing“). The Listing will be subject to satisfying all of the TSX’s initial listing requirements as an Industrial/Technology issuer. Custom Health will also convene a meeting of its shareholders for the purposes of approving the Merger.
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Immediately prior to Closing, the Resulting Issuer is expected to change its name to “Custom Health Holdings Inc.” or such other name as may be agreed to by the parties and accepted by applicable regulators.
The Offering
Stifel shall act as lead agent and sole bookrunner in connection with the Offering. Stifel has also been granted an option (the “Agents’ Option“) to increase the size of the Offering by up to 15% which Agents’ Option shall be exercisable in whole or in part at any time for up to 48 hours prior to the closing of the Offering (the “Offering Closing Date“).
Each FundCo Subscription Receipt will automatically convert into one common share in the capital of Custom FundCo (each, a “FundCo Share“) upon satisfaction of certain escrow release conditions (the “Escrow Release Conditions“), subject to adjustment in certain events, at no additional cost to the holder as described in a subscription receipt agreement to be entered into by the parties and a mutually acceptable escrow agent. In connection with Closing, each FundCo Share received by holders of the FundCo Subscription Receipts shall then be converted into one Resulting Issuer Share pursuant to the Amalgamation.
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In the event that the Escrow Release Conditions are not satisfied prior to the date that is 180 days after the Offering Closing Date or such later date as mutually agreed, the escrow agent will return to holders of FundCo Subscription Receipts an amount equal to the aggregate issue price of the FundCo Subscription Receipts held by them and their pro rata portion of any interest earned thereon.
Subject to the receipt of all requisite approvals, the Offering is expected to be completed on or about July 15, 2025 or such other date to be determined between Custom Health, Queue and Stifel.
The Resulting Issuer intends to use the net proceeds from the Offering for working capital and general corporate purposes.
Following completion of the Transaction, the Resulting Issuer Shares received upon conversion of the FundCo Shares will not be subject to a statutory hold period in Canada.
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Sponsorship
Under the policies of the TSX, the parties to the Transaction will be required to engage a sponsor for the Transaction unless an exemption or waiver from this requirement can be obtained.
Disclosure Document
In connection with the Transaction, Queue will file a management information circular or other disclosure document under Queue’s profile on SEDAR+ at www.sedarplus.ca, which will contain details regarding the Transaction, the Arrangement, the Offering, the Debt Financing, Queue, Custom Health and the Resulting Issuer (including applicable financial statements).
In the event any of the conditions set forth above are not completed or the Transaction does not proceed, Queue will notify shareholders.
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This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
About Queue Ventures Ltd.
Queue was formed under the Business Corporations Act (British Columbia) on October 29, 2021 and is an unlisted reporting issuer in each of British Columbia and Alberta. Queue has no commercial operations and no assets other than cash.
About Custom Health
Custom Health provides a comprehensive technology-enabled medication management and managed care solution, resulting in 98%1 medication adherence for its patients across the United States and Canada. Custom Health is focused on serving poly-med patients with chronic conditions, representing an estimated market of 78 million2 adults in North America. These patients take multiple medications several times throughout the day and often struggle to adhere to their prescription regimen, presenting a significant challenge and costing the North American healthcare system an estimated US$550 billion per year3.
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Further Information
Queue and Custom Health plan to issue additional press releases providing further details in respect of the Transaction, the Offering, the Debt Financing and other material information as it becomes available.
This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
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As noted above, completion of the Transaction is subject to a number of conditions. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or other disclosure document to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.
No stock exchange or regulatory authority has passed upon the merits of the Transaction or approved or disapproved of the contents of this news release.
All information contained in this news release with respect to Queue was supplied by Queue, and Custom Health and its directors and officers have relied on Queue for such information.
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Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Queue and Custom Health with respect to the Transaction, the Offering, the Debt Financing, the Listing, and the future business activities and operating performance of the Resulting Issuer. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding: expectations regarding whether the Transaction will be consummated and whether the Offering or Debt Financing will be completed, including whether conditions to the consummation of the Transaction and completion of the Offering and Debt Financing will be satisfied, the timing and terms for completing the Transaction and the Offering and Debt Financing, and expectations for the effects of the Transaction or the ability of the Resulting Issuer to successfully achieve business objectives.
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Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management of Queue and Custom Health’s management, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Queue and Custom Health believe that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. The reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to consummate the Transaction and/or the Offering and Debt Financing; the ability of Custom Health to meet its obligations under its material agreements; the ability to obtain requisite regulatory and other approvals and the satisfaction of other conditions to the consummation of the Transaction and/or the Offering and Debt Financing on the proposed terms and schedule; investor demand and interest in the Offering and Debt Financing; the potential impact of the announcement or consummation of the Transaction and/or the Offering and Debt Financing on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time on the Transaction and/or the Offering and Debt Financing. This forward-looking information may be affected by risks and uncertainties in the business of Queue and Custom Health and market conditions.
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Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward- looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Queue and Custom Health have attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Queue and Custom Health do not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
________________________
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Ottawa, Ontario–(Newsfile Corp. – May 30, 2025) – Enablence Technologies Inc. (TSXV: ENA) (“Enablence” or the “Company”), a leading provider of optical chips and sub systems that perform communications, sensing and computing datacom, telecom, automotive and artificial intelligence (AI) applications has filed its audited financial statements for the third quarter ending March 31, 2025 and related management’s discussion and analysis and certifications (collectively, the “Financial Statements”). Electronic copies of the Financial Statements are available on SEDAR (www.sedar.com) under Enablence’s issuer profile.
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Commenting on the Company’s third quarter, fiscal year 2025 performance, CEO, Todd Haugen stated, “The macro-economic outlook has been disrupted by recent, short-term geo-political events that impacted supply chain operations of Enablence and the industry at large. Despite the challenges posed by these extraordinary events, I am pleased to report that we have been able to minimize the global impact of these events on our operational plan for the time-being and can report another strong quarter. Consequently, we remain committed to the lower end of the previously stated guidance in respect of our revenue target for Fiscal Year 2025.”
“Our order book is strong, and we continue to grow revenue in our core datacom business which is strengthening in line with expectations,” said Haugen. “In addition, we are gaining new market share and customers in artificial intelligence and advanced vision businesses, especially in the LiDAR space as evidenced by the recent Light IC announcement unveiling the first FMCW chip for LiDAR applications. In terms of our strategic growth plan, I can report that demand continues to be strong across all three businesses – optical communications, optical sensing, and optical compute.”
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Financial Highlights
Enablence is pleased to provide the following highlights for the third quarter 2025FY (all dollar figures are expressed in thousands of United States dollars):
Revenue Growth: Revenue for the three months ended March 31, 2025 was $1,248 as compared to $412 for the same period in the prior year, an increase of $836 or 203%. For the nine months ended March 31, 2025, revenue was $2,869, up 294% from $977 in the same period last year.
Gross Margin Improvement: The company’s gross margin declined by $172, with a reported gross margin of $(782) for the quarter, compared to $(610) in the previous year. While there was a nominal decline, the gross margin percentage improved significantly as capacity increased.
Net Loss Increase: Enablence reported a net loss of $3,023, compared to a $2,069 net loss in the same quarter last year, an increase of 46%. The slightly higher loss was driven by investments in Sales & Marketing, R&D and investments in capacity.
Improved Comprehensive Loss Position: The company’s comprehensive loss increased to $4,384 for the quarter, compared to $2,954 in the same period last year.
Stronger Cash Position: Enablence ended the quarter with $3,422 in cash and cash equivalents, a significant increase from $614 as of March 31, 2024, supporting its ongoing operations and future growth initiatives.
Continuing Investment: Investors injected another $4,528 in new funding over the period as the Company continues to invest in manufacturing capacity and R&D as its products continue to gain significant traction.
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Outlook
Based on the Company’s current business outlook, management expects the overall performance for Fiscal Year 2025 to be as follows:
Guidance in respect of our revenue target for FY25 remains $6M +/- $0.5M
Based on current updated projections, we expect to become gross margin positive in calendar year 2025.
The “Financial Highlights” above are qualified in their entirety by the Financial Statements, which are available on SEDAR (www.sedar.com) under Enablence’s issuer profile. For additional information on the Company, please refer to the investor presentation of the Company, which is available on Enablence’s website (www.enablence.com/investors) in the “Corporate – Investors” tab.
About Enablence Technologies Inc.
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Enablence is a publicly traded company listed on the TSX Venture Exchange (TSXV: ENA) that designs, markets and sells optical chips and sub systems, primarily in the form of planar lightwave circuits (PLC), on silicon-based chips for datacom, telecom, automotive and artificial intelligence (AI) applications. Enablence products serve a global customer base, primarily focused today on data center and other rapidly growing end markets. Enablence also works with customers that have emerging market uses for its technology, including medical devices, automotive LiDAR, and virtual and augmented reality headsets. In select strategic circumstances, the Company also uses its proprietary, non-captive fabrication plant in Fremont, California to manufacture chips designed by third party customers. For more information, visit: www.enablence.com.
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Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements regarding the Company based on current expectations and assumptions of management, which involve known and unknown risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are forward-looking statements under applicable Canadian securities legislation. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. These statements are based on current expectations that involve several risks and uncertainties which could cause actual results to differ from those anticipated. Although the Company believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. We caution our readers of this news release not to place undue reliance on our forward-looking statements as a few factors could cause actual results or conditions to differ materially from current expectations. Additional information on these and other factors that could affect the Company’s operations are set forth in the Company’s continuous disclosure documents that can be found on SEDAR (www.sedar.com) under Enablence’s issuer profile.
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Enablence does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether because of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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