GENEVA, May 23, 2025 (GLOBE NEWSWIRE) — Etrion Corporation (“Etrion” or the “Company”, and, together with its subsidiaries, the “Group”) released today its condensed consolidated interim financial statements and related management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2025.
Q1-25 HIGHLIGHTS
- Etrion closed the first quarter of 2025 with an unrestricted cash balance of US$6.1 million and a positive working capital of US$5.9 million.
Management Comments:
Marco A. Northland, the Company’s Chief Executive Officer, commented, “The Company going forward will maintain very limited resources and proceed with a windup of the Company as previously disclosed.”
FINANCIAL SUMMARY
| Three months ended | ||||
| US$ thousands (unless otherwise stated) | Q1-25 | Q1-24 | ||
| Financial performance from continuing operations | ||||
| EBITDA | (129 | ) | (370 | ) |
| Net loss | (318 | ) | (535 | ) |
| Financial position | Mar 2025 | Dec 2024 | ||
| Unrestricted cash | 6,121 | 6,251 | ||
| Working capital | 5,946 | 6,210 | ||
| Total assets | 6,261 | 6,410 | ||
ADDITIONAL RETURN OF CAPITAL
On April 15, 2025, as a continuation step in the wind-up of the Company, the Company’s board of directors declared an additional distribution to shareholders of US$0.01173 per common share. The distribution is expected to occur on May 27, 2025. The distribution is being made as a return of capital to shareholders, and the capital of the common shares was reduced accordingly.
For additional information, please visit the Company’s website at www.etrion.com or contact:
Marco Northland – Chief Executive Officer and Chief Financial Officer
mnorthland@etrion.com
Non-IFRS Measures:
This press release includes non-IFRS measures not defined under IFRS, specifically earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted operating cash flow. Non-IFRS measures have no standardized meaning prescribed under IFRS and therefore such measures may not be comparable with those used by other companies. EBITDA is a useful metric to quantify the Company’s ability to generate cash before extraordinary and non-cash accounting transactions recognized in the financial statements. In addition, EBITDA is useful to analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting policy decisions. The most comparable IFRS measure to EBITDA is net income (loss). Refer to Etrion’s MD&A for the three months ended March 31, 2025, for a reconciliation of EBITDA and adjusted operating cash flow reported during the period.
Forward-Looking Information:
This press release contains certain “forward-looking information”. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, the date and nature of the distribution to shareholders and the wind up of remaining activities and dissolution of the Company) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, assumptions as to the date of the distribution and the accounting treatment of same, and the successful wind-up of the Company. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the implementation of the distribution in the time period anticipated by the Company, the risk that the Company may have insufficient funds to satisfy its future obligations, and uncertainties with respect to the timing of the windup and the dissolution of the Company.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
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