{"id":22033,"date":"2026-03-13T11:03:19","date_gmt":"2026-03-13T15:03:19","guid":{"rendered":"https:\/\/illumin.com\/?post_type=news_and_press&#038;p=22033"},"modified":"2026-03-18T10:04:14","modified_gmt":"2026-03-18T14:04:14","slug":"illumin-reports-fourth-quarter-and-full-year-2025-financial-results-3","status":"publish","type":"news_and_press","link":"https:\/\/illumin.com\/news-press\/illumin-reports-fourth-quarter-and-full-year-2025-financial-results-3\/","title":{"rendered":"illumin reports fourth quarter and full year 2025 financial results"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><em>Fourth Quarter Revenue Reaches $43.1 Million<\/em><br><em>Exchange Service Revenue Up 48% YoY<\/em><br><em>Self Service Revenue Up 23% Sequentially<\/em><br><em>Entering 2026 With Improved Operating Structure<\/em><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><em>(All monetary figures are expressed in thousands of Canadian dollars unless otherwise stated)<\/em><\/strong><\/p>\n\n\n\n<p>TORONTO \u2013 March 13, 2026 \u2013 illumin Holdings Inc. (TSX: ILLM) (OTCQB: ILLMF) (\u201cillumin\u201d or \u201cCompany\u201d), a leader in digital advertising technology that empowers marketers to make smarter decisions about communicating with online consumers, today announced its financial results for the fourth quarter and full year ended December 31, 2025.<\/p>\n\n\n\n<p><strong><u>Fourth Quarter 2025 Highlights<\/u><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue was $43.1 million, compared to $49.9 million in the year ago period.<\/li>\n\n\n\n<li>Exchange service revenue increased by 48% year-over-year to $19.7 million, representing 46% of total revenue.<\/li>\n\n\n\n<li>Self service revenue was $10.2 million, compared to $13.0 million in the year ago period, but was up 23% sequentially and added 41 net new clients in the quarter.<\/li>\n\n\n\n<li>Managed service revenue was $13.3 million.<\/li>\n\n\n\n<li>Overall, revenue improved sequentially throughout 2025, culminating in 13% quarter-over-quarter growth in the fourth quarter, reflecting sustained momentum as the year progressed.<\/li>\n\n\n\n<li>Gross margin was 36%, compared to 45% in the prior year period, primarily reflecting a shift in revenue mix.<\/li>\n\n\n\n<li>Net revenue or gross profit (revenue less media-related costs) was $15.6 million, compared with $22.7 million in the prior year period, primarily due to lower gross margins.<\/li>\n\n\n\n<li>Adjusted EBITDA was a loss of $0.9 million for the fourth quarter, compared to a profit of $3.9 million in the prior year period, primarily attributable to lower revenue and lower gross margins, which was partly offset by decreased operating expenses.<\/li>\n\n\n\n<li>Q4 2025 net loss was $4.8 million, compared to net income of $4.1 million in Q4 2024, primarily as a result of the lower Adjusted EBITDA and a net foreign exchange loss of $1.1 million versus a gain of $3.6 million in the prior year period.<\/li>\n\n\n\n<li>Cash and cash equivalents was $43.8 million as at December 31, 2025.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><strong><u>Fiscal Year 2025 Highlights<\/u><\/strong><strong><u><\/u><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Full year revenue rose to $143.6 million, compared to $140.4 million in 2024.<\/li>\n\n\n\n<li>Gross margin was 40%, compared to 47% in the prior year.<\/li>\n\n\n\n<li>Adjusted EBITDA was a loss of $2.2 million, compared to a profit of $6.3 million in the prior year, primarily attributable to lower gross margins due to product mix.<\/li>\n\n\n\n<li>Net loss for the year was $14.7 million, compared to net income of $0.9 million in the prior year.<\/li>\n\n\n\n<li>The Company implemented restructuring initiatives that reduced its North American workforce and resized operating expenses to align with revenue levels. These actions have largely been completed as we entered 2026.<\/li>\n\n\n\n<li>On December 23, 2024, the Company commenced a normal course issuer bid (\u201c2024 NCIB\u201d) for its common shares that remained open until December 22, 2025. For the three and twelve months ended December 31, 2025, the Company purchased 281,441 and 1,025,552 common shares, respectively, pursuant to the 2024 NCIB at an average price of $1.22 and $1.53 per share, respectively, for total consideration of approximately $342,000 and $1,571,000, respectively. The Company established another NCIB on December 31, 2025, to purchase for cancellation up to 3.8 million of its outstanding common shares and will remain open until December 30, 2026.<\/li>\n\n\n\n<li>At December 31, 2025, the Company had Cash and cash equivalents of $43.8 million, compared to $56.0 million as of December 31, 2024. This decrease was primarily attributable to investments in our platform, payments on leases, the repurchase of the Company\u2019s common shares, and a foreign exchange loss on Cash and cash equivalents, partly offset by positive cash from operations.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>Simon Cairns, illumin\u2019s Chief Executive Officer, commented, \u201c2025 was a year in which illumin repositioned the business toward more scalable, platform-driven revenue. Exchange service scaled significantly during the year. Self service returned to sequential growth in the fourth quarter, and Managed service remained a stable contributor despite broader industry headwinds.<\/p>\n\n\n\n<p>While the roll-off of two large client engagements in late 2024 affected our year-over-year comparisons, underlying revenue trends improved progressively throughout 2025.<\/p>\n\n\n\n<p>During the year, we also completed restructuring initiatives that aligned our operating structure with the evolving platform strategy and strengthened our sales leadership. We continued investing in platform capabilities that enable marketers to understand campaign performance better and make real-time decisions, including the rollout of in-app, in-real-time incrementality tools so that marketers could make decisions while campaigns are still in flight \u2013 a powerful differentiator.<\/p>\n\n\n\n<p>We enter 2026 with an expanded sales pipeline. With the platform investments made in 2025 and a more efficient operating structure now in place, we believe illumin is well-positioned to translate that momentum into sustained revenue growth.\u201d<\/p>\n\n\n\n<p>Michael Amaro, illumin\u2019s Interim Chief Financial Officer, commented, \u201cWe closed the year with $43.8 million in cash, no debt, and positive cash from operations. Investments made in product development and platform upgrades during 2025 position us to support revenue growth efficiently as scalable segments expand. As we continue to improve operational efficiency, capital allocation remains disciplined. Despite changes in product mix affecting our gross margins, we expect to see increasing benefits from the restructuring actions we\u2019ve taken as we continue throughout 2026.\u201d<\/p>\n\n\n\n<p><strong><u>Strategic Developments During 2025<\/u><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Strengthened sales leadership with the appointment of a new Chief Revenue Officer in Q4 2025.<\/li>\n\n\n\n<li>Reduced North American workforce as part of strategic restructuring initiatives.<\/li>\n\n\n\n<li>Invested $9.0 million in software development related to platform enhancements.<\/li>\n\n\n\n<li>Launched platform upgrades focused on real-time performance visibility and key AI-powered \u2018outcomes\u2019 that launched in January 2026.<\/li>\n\n\n\n<li>Continued share repurchase initiative under the NCIB program.<br><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><strong><em>The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the periods <\/em><\/strong><strong><em>indicated<\/em><\/strong><strong><em>:<\/em><\/strong><strong><em><\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td colspan=\"2\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Three months ended<\/td><td colspan=\"2\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twelve months ended<\/td><\/tr><tr><td>&nbsp;<\/td><td>December 31,<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp; December 31,<\/td><td>December 31,<\/td><td>&nbsp;&nbsp; December 31,<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024<\/td><td>2025<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024<\/td><\/tr><tr><td>Net income (loss) for the period<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,842)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,127<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (14,658)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867<\/td><\/tr><tr><td>Adjustments:<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Finance income, net<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (373)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (414)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,395)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,821)<\/td><\/tr><tr><td>Foreign exchange loss (gain)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,065<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,617)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,410<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,066)<\/td><\/tr><tr><td>Depreciation and amortization<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,596<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,309<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,088<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,355<\/td><\/tr><tr><td>Income tax expense (benefit)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 826<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (138)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988<\/td><\/tr><tr><td>Share-based compensation<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,454<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,732<\/td><\/tr><tr><td>Severance expenses<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,606<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,195<\/td><\/tr><tr><td>Nasdaq-related costs<sup>1<\/sup><\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736<\/td><\/tr><tr><td>Other non-recurring expenses<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347<\/td><\/tr><tr><td>Total adjustments<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,926<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (180)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,504<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,466<\/td><\/tr><tr><td><strong>Adjusted EBITDA<\/strong><\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (916)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,947<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,154)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,333<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Nasdaq-related costs are listing fees and directors\u2019 and officers\u2019 insurance specific to the Company\u2019s Nasdaq listing and have been reclassed below Adjusted EBITDA as they are not recurring.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Conference Call Details:<\/strong><\/p>\n\n\n\n<p>Date: Friday, March 13, 2026<\/p>\n\n\n\n<p>Time: 8:30AM Eastern Time<\/p>\n\n\n\n<p>To register for the conference call webcast and presentation, please visit <a href=\"https:\/\/events.illumin.com\/q4-2025-earnings-call.\">https:\/\/events.illumin.com\/q4-2025-earnings-call.<\/a><\/p>\n\n\n\n<p>Please connect 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast. A recording of the conference call webcast will be available after the call by visiting the Company\u2019s website at <a href=\"https:\/\/illumin.com\/investor-information\/\">https:\/\/illumin.com\/investor-information\/<\/a><br><\/p>\n\n\n\n<p><strong><u>Non-IFRS Measures<\/u><\/strong><\/p>\n\n\n\n<p>This press release makes reference to certain non-IFRS Accounting Standard measures (\u201cnon-IFRS measures\u201d). These measures are not recognized measures under IFRS Accounting Standards (\u201cIFRS\u201d), do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management\u2019s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures including \u201crevenue less media-related costs\u201d, \u201cGross margin\u201d, and \u201cAdjusted EBITDA\u201d (as well as other measures discussed elsewhere in this press release).<\/p>\n\n\n\n<p>The term \u201cGross margin\u201d refers to the amount that \u201crevenue less media-related costs\u201d represents as a percentage of total revenue for a given period. Gross margin is used for internal management purposes as an indicator of the performance of the Company\u2019s solution in balancing the goals of delivering excellent results to advertisers while meeting the Company\u2019s margin objectives and, accordingly, the Company believes it is useful supplemental information. \u201cAdjusted EBITDA\u201d refers to net income (loss) after adjusting for finance costs (income), impairment loss, fair value gain, income taxes, foreign exchange loss (gain), depreciation and amortization, share-based compensation, acquisition and related integration costs, severance expenses, adjustments to the carrying value of investment tax credits receivable, and other non-recurring items. The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company\u2019s main business activities before taking into consideration how those activities are financed and taxed and prior to taking into consideration depreciation of property and equipment and certain other items listed above. It is a key measure used by the Company\u2019s management and board of directors to understand and evaluate the Company\u2019s operating performance, to prepare annual budgets and to help develop operating plans.<\/p>\n\n\n\n<p>These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers, and that these non-IFRS measures are relevant to their analysis of the Company.<strong><u><\/u><\/strong><\/p>\n\n\n\n<p><strong><u>About illumin:<\/u><\/strong><\/p>\n\n\n\n<p>illumin is a strategic advertising platform built to help marketers see more and act faster across the open web. By reducing fragmentation and keeping campaigns connected, illumin helps brands and agencies get more from every campaign. Headquartered in Toronto, Canada, illumin serves clients across North America, Latin America, and Europe. For more information, visit <a href=\"http:\/\/www.illumin.com\">www.illumin.com<\/a><\/p>\n\n\n\n<p>See More. Achieve More.<strong><u><\/u><\/strong><br><\/p>\n\n\n\n<p><strong><u>Disclaimer with regard to forward looking statements<\/u><\/strong><\/p>\n\n\n\n<p>Certain statements included herein constitute \u201cforward-looking statements\u201d within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies.&nbsp; Investors are cautioned not to put undue reliance on forward-looking statements.&nbsp; Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.<\/p>\n\n\n\n<p><strong>For further information, please contact:<\/strong><\/p>\n\n\n\n<p>Steve Hosein<br>Investor Relations<br>illumin Holdings Inc.<br>416-369-4202<br>investors@illumin.com<\/p>\n\n\n\n<p><em>Please note that the following financial information is an extract from the Company\u2019s Consolidated Financial Statements for the three and twelve months ended December 31, 2025 and 2024 (the \u201cFinancial Statements\u201d) provided for readers\u2019 convenience and should be viewed in conjunction with the Notes to the Financial Statements, which are an integral part of the statements. The full Financial Statements and MD&amp;A for the period may be found by accessing SEDAR+ at <\/em><a href=\"http:\/\/www.sedarplus.com\" target=\"_blank\" rel=\"noopener\"><em>www.sedarplus.com<\/em><\/a><em>.<\/em><em><\/em><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>&nbsp;<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>December 31,<\/strong> <strong>2025<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>December 31,<\/strong> <strong>2024<\/strong><\/td><\/tr><tr><td><strong>Assets<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Current assets<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Cash and cash equivalents<\/td><td>&nbsp;<\/td><td>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,820<\/td><td>&nbsp;<\/td><td>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,952<\/td><\/tr><tr><td>Accounts receivable<\/td><td>&nbsp;<\/td><td>36,094<\/td><td>&nbsp;<\/td><td>44,650<\/td><\/tr><tr><td>Income tax receivable<\/td><td>&nbsp;<\/td><td>463<\/td><td>&nbsp;<\/td><td>613<\/td><\/tr><tr><td>Prepaid expenses and other<\/td><td>&nbsp;<\/td><td>2,186<\/td><td>&nbsp;<\/td><td>2,864<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>82,563<\/td><td>&nbsp;<\/td><td>104,079<\/td><\/tr><tr><td><strong>Non-current assets<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Other assets<\/td><td>&nbsp;<\/td><td>113<\/td><td>&nbsp;<\/td><td>115<\/td><\/tr><tr><td>Property and equipment<\/td><td>&nbsp;<\/td><td>7,835<\/td><td>&nbsp;<\/td><td>7,406<\/td><\/tr><tr><td>Intangible assets<\/td><td>&nbsp;<\/td><td>14,766<\/td><td>&nbsp;<\/td><td>9,352<\/td><\/tr><tr><td>Goodwill<\/td><td>&nbsp;<\/td><td>4,870<\/td><td>&nbsp;<\/td><td>4,870<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>110,147<\/td><td>&nbsp;<\/td><td>125,822<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Liabilities<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Current liabilities<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Accounts payable and accrued liabilities<\/td><td>&nbsp;<\/td><td>39,154<\/td><td>&nbsp;<\/td><td>39,148<\/td><\/tr><tr><td>Income tax payable<\/td><td>&nbsp;<\/td><td>274<\/td><td>&nbsp;<\/td><td>137<\/td><\/tr><tr><td>Borrowings<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>48<\/td><\/tr><tr><td>Lease obligations<\/td><td>&nbsp;<\/td><td>598<\/td><td>&nbsp;<\/td><td>1,513<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>40,026<\/td><td>&nbsp;<\/td><td>40,846<\/td><\/tr><tr><td><strong>Non-current liabilities<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Deferred tax liability<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>1,241<\/td><\/tr><tr><td>Lease obligations<\/td><td>&nbsp;<\/td><td>4,072<\/td><td>&nbsp;<\/td><td>4,702<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>44,098<\/td><td>&nbsp;<\/td><td>46,789<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Shareholders\u2019 equity<\/strong><\/td><td>&nbsp;<\/td><td>66,049<\/td><td>&nbsp;<\/td><td>79,033<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>110,147<\/td><td>&nbsp;<\/td><td>125,822<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>&nbsp;<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025<\/strong><\/td><td><strong>2024<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Revenue<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>$&nbsp;&nbsp; 143,592<\/td><td>&nbsp;&nbsp; $&nbsp;&nbsp; 140,389<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Media-related costs<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86,075<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74,931<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Gross profit<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,517<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65,458<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Operating expenses<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Sales and marketing<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,392<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,200<\/td><\/tr><tr><td>Technology<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,545<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,134<\/td><\/tr><tr><td>General and administrative<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,819<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,069<\/td><\/tr><tr><td>Share-based compensation<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,454<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,732<\/td><\/tr><tr><td>Depreciation and amortization<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,088<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,355<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72,298<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70,490<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Loss<\/strong><strong> <\/strong><strong>from operations<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp; (14,781)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,032)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Finance income, net<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,395)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,821)<\/td><\/tr><tr><td><strong>Foreign exchange (gain) loss<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,410<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,066)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,887)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Net income (loss) before income taxes<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp; (14,796)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,855<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Income tax expense (benefit)<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (138)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Net income (loss) for the year<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp; (14,658)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Basic and diluted net income (loss) per share<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Other Comprehensive Loss<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Items that may be subsequently reclassified to net income (loss):<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;&nbsp;&nbsp;&nbsp; Exchange loss on translating foreign operations<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (398)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (980)<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Comprehensive loss for the year<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp; (15,056)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong><br><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <strong>2025<\/strong><strong><\/strong><\/td><td>&nbsp;<\/td><td><strong>2024<\/strong><\/td><\/tr><tr><td><strong>Cash provided by (used in)<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Operating activities<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Net income (loss) for the year<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,658)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867<\/td><\/tr><tr><td>Adjustments to reconcile net income (loss) to net cash flows<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Depreciation and amortization<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,088<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,355<\/td><\/tr><tr><td>Finance income, net<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,395)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,821)<\/td><\/tr><tr><td>Share-based compensation<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,454<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,732<\/td><\/tr><tr><td>Foreign exchange loss (gain)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,410<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,066)<\/td><\/tr><tr><td>Unpaid severance expense<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 947<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789<\/td><\/tr><tr><td>Income tax expense (benefit)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (138)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988<\/td><\/tr><tr><td>Change in non-cash operating working capital<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Accounts receivable<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,346<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,578)<\/td><\/tr><tr><td>Prepaid expenses and other<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,361<\/td><\/tr><tr><td>Other assets<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53)<\/td><\/tr><tr><td>Accounts payable and accrued liabilities<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,144)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,883<\/td><\/tr><tr><td>Income taxes (paid) refunded, net<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (684)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,573<\/td><\/tr><tr><td>Interest received<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,764<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,101<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,973<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,131<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Investing activities<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Additions to property and equipment<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,909)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,690)<\/td><\/tr><tr><td>Additions to intangible assets<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9,018)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,257)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,927)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,947)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Financing activities<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Repayment of international loans<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130)<\/td><\/tr><tr><td>Payment of leases<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,784)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,132)<\/td><\/tr><tr><td>Repurchase of common shares for cancellation<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,571)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,310)<\/td><\/tr><tr><td>Proceeds from the exercise of stock options<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,218)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,539)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><a><\/a><strong>Decrease in cash and cash equivalents<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,172)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,355)<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Impact of foreign exchange on cash and cash equivalents<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (960)<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,852<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Cash and cash equivalents \u2013 beginning of year<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,952<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,455<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Cash and cash equivalents \u2013 end of year<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,820<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,952<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Supplemental disclosure of non-cash transactions<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Unpaid additions (reversals) to property and equipment, net<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (734)<\/td><\/tr><tr><td>Unpaid taxes on share repurchases<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211;<\/td><td>&nbsp;<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"featured_media":21555,"parent":0,"menu_order":0,"template":"","class_list":["post-22033","news_and_press","type-news_and_press","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/illumin.com\/wp-json\/wp\/v2\/news_and_press\/22033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/illumin.com\/wp-json\/wp\/v2\/news_and_press"}],"about":[{"href":"https:\/\/illumin.com\/wp-json\/wp\/v2\/types\/news_and_press"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/illumin.com\/wp-json\/wp\/v2\/media\/21555"}],"wp:attachment":[{"href":"https:\/\/illumin.com\/wp-json\/wp\/v2\/media?parent=22033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}