Technology
Lumine Group Inc. Announces Results for the Three Months Ended March 31, 2025
Published
1 year agoon
By
TORONTO, May 1, 2025 /CNW/ – Lumine Group Inc. (“Lumine Group” or “the Company”) (TSXV: LMN) announces financial results for the three months ended March 31, 2025. All amounts referred to in this press release are in US dollars unless otherwise stated.
The following press release should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements for the three months ended March 31, 2025, and management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2025, which can be found on SEDAR+ at www.sedarplus.ca. Additional information about Lumine Group is also available on SEDAR+ and on Lumine Group’s website www.luminegroup.com.
Q1 2025 Headlines:
Revenue grew 27% to $178.7 million compared to $141.1 million in the same quarter prior year (including -4% organic growth after adjusting for foreign exchange impacts).The Company generated operating income of $59.5 million during the quarter, a 34% increase from $44.5 million in the same quarter prior year.The Company generated net income of $20.8 million during the quarter, from net loss of $304.3 million in the same quarter prior year.Cash flows from operations (“CFO”) increased $5.1 million to $40.1 million compared to $34.9 million in Q1 2024, representing an increase of 15%.Free cash flow available to shareholders (“FCFA2S”) increased $6.2 million to $35.0 million compared to $28.8 million in Q1 2024, representing an increase of 22%.
Total revenue for the three months ended March 31, 2025 was $178.7 million, an increase of 27%, or $37.6 million, compared to $141.1 million for the comparable period in 2024. The increase for the three months compared to the same period in the prior year is attributable to revenues from new acquisitions. The Company experienced organic growth of -5% for the three months ended March 31, 2025 or -4% after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business. For acquired companies, organic growth is calculated as the difference between actual revenues achieved by each business in the financial period following acquisition, compared to the estimated revenues they achieved in the corresponding financial period preceding the date of acquisition by the Company. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.
Operating income for the three months ended March 31, 2025 was $59.5 million, an increase of 34%, or $15.0 million, compared to $44.5 million for the same period in 2024. The increase is primarily attributable to growth from acquisitions. Operating income is not a standardized financial measure and might not be comparable to measures disclosed by other issuers. See “Non-IFRS Measures”.
Net income for the three months ended March 31, 2025 was $20.8 million compared to net loss of $304.3 million for the same period in 2024. The increase in net income is primarily attributable to growth from acquisitions and the Mandatory Conversion of Preferred and Special Securities on March 25, 2024 such that no further preferred and special securities expense was booked in the current quarter.
For the three months ended March 31, 2025, CFO increased $5.1 million to $40.1 million compared to $34.9 million for the same period in 2024 representing an increase of 15%. The change is primarily attributable to the higher operating income partly offset by changes in non-cash operating assets and liabilities exclusive of effects of business combinations.
For the three months ended March 31, 2025, FCFA2S increased $6.2 million to $35.0 million compared to $28.8 million for the same period in 2024 representing an increase of 22%. The change is mainly driven by higher CFO compared to the same periods in 2024. FCFA2S is a non-IFRS Measure. See “Non-IFRS Measures”.
Non-IFRS Measures
Operating income (loss) refers to income (loss) before income taxes, amortization of intangible assets, redeemable preferred and special share expense, and finance and other expenses (income). We believe that operating income is useful supplemental information as it provides an indication of the profitability of the Company related to its core operations. Operating income (loss) is not a recognized measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, readers are cautioned that operating income (loss) should not be construed as an alternative to net income (loss).
The following table reconciles operating income to net income:
(Unaudited)
Three months ended
March 31,
2025
2024
Net income (loss)
20.8
(304.3)
Adjusted for:
Amortization of intangible assets
26.0
22.8
Redeemable preferred and special securities expense
–
317.4
Finance and other expense (income)
5.1
4.3
Income tax expense (recovery)
7.6
4.3
Operating income (loss)
59.5
44.5
Free cash flow available to shareholders ”FCFA2S” refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on bank debt, transaction costs on bank debt, repayments of lease obligations, Interest, dividends and other proceeds received and property and equipment purchased. The Company believes that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if Lumine Group does not make any acquisitions, or investments, and does not repay any debts. While the Company could use the FCFA2S to pay dividends or repurchase shares, the Company’s objective is to invest all of its FCFA2S in acquisitions which meet the Company’s hurdle rate.
FCFA2S is not a recognized measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities.
The following table reconciles FCFA2S to net cash flows from operating activities:
(Unaudited)
Three months ended March 31,
2025
2024
Net cash flows from operating activities:
40.1
34.9
Adjusted for:
Interest paid on lease obligations
(0.1)
(0.2)
Interest paid on other facilities
(3.8)
(2.5)
Credit facility transaction costs
(0.0)
(1.7)
Payment of lease obligations
(1.6)
(1.6)
Interest, dividends and other proceeds received
0.7
0.1
Property and equipment purchased
(0.3)
(0.4)
Free cash flow available to shareholders
35.0
28.8
Forward Looking Statements
Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Lumine Group or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Lumine Group assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.
About Lumine Group Inc.
Lumine Group acquires, strengthens, and grows, vertical market software businesses in the communications and media industry. Learn more at www.luminegroup.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Lumine Group Inc.
Condensed Consolidated Interim Statements of Financial Position
(In thousands of USD. Due to rounding, numbers presented may not foot.)
March 31, 2025
December 31, 2024
Assets
Current assets:
Cash
$ 252,096
$ 210,983
Accounts receivable, net
164,954
158,048
Unbilled revenue
41,637
35,982
Inventories
517
693
Other assets
55,247
47,183
514,451
452,889
Non-current assets:
Property and equipment
6,895
7,457
Right of use assets
5,928
6,949
Deferred income taxes
11,236
9,536
Other assets
12,112
12,467
Intangible assets and goodwill
774,530
797,888
810,701
834,297
Total assets
$ 1,325,152
$ 1,287,186
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities
$ 104,387
$ 107,861
Due to related parties, net
3,764
2,972
Current portion of bank debt
3,512
3,190
Deferred revenue
105,422
88,442
Provisions
16
156
Acquisition holdback payables
19
17
Lease obligations
3,464
4,249
Income taxes payable
14,920
10,278
235,504
217,165
Non-current liabilities:
Deferred income taxes
102,145
107,044
Bank debt
275,605
275,443
Lease obligations
3,262
3,621
Other liabilities
5,003
5,191
386,015
391,299
Total liabilities
621,519
608,464
3
Equity:
Capital stock
490,669
490,669
Contributed surplus
185,142
185,142
Accumulated other comprehensive income (loss)
(9,480)
(13,612)
Retained earnings (deficit)
37,302
16,523
703,633
678,722
Subsequent events
Total liabilities and equity
$ 1,325,152
$ 1,287,186
Lumine Group Inc.
Condensed Consolidated Interim Statements of Income (Loss)
(In thousands of USD, except per share amounts. Due to rounding, numbers presented may not foot.)
Three months ended March 31,
2025
2024
Revenue
License
$ 12,327
$ 11,720
Professional services
31,277
24,933
Hardware and other
9,070
2,417
Maintenance and other recurring
126,018
102,029
178,692
141,099
Expenses
Staff
83,904
73,028
Hardware
4,659
1,520
Third party license, maintenance and professional services
11,203
8,539
Occupancy
996
896
Travel, telecommunications, supplies, software and equipment
9,022
6,757
Professional fees
3,840
2,832
Other, net
3,295
946
Depreciation
2,270
2,115
Amortization of intangible assets
26,014
22,821
145,203
119,454
Redeemable Preferred and Special Securities expense
–
317,362
Finance and other expenses (income)
5,134
4,272
5,134
321,634
Income (loss) before income taxes
28,355
(299,989)
Current income tax expense (recovery)
14,570
8,346
Deferred income tax expense (recovery)
(6,994)
(3,998)
Income tax expense (recovery)
7,576
4,348
Net income (loss)
$ 20,779
$ (304,337)
Weighted average shares outstanding:
Basic
256,620,388
86,111,920
Diluted
256,620,388
253,336,756
Earnings (loss) per share:
Basic and diluted
$ 0.08
$ (3.53)
Lumine Group Inc.
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
(In thousands of USD. Due to rounding, numbers presented may not foot.)
Three months ended March 31,
2025
2024
Net income (loss)
$ 20,779
$ (304,337)
Items that are or may be reclassified subsequently to net income (loss):
Foreign currency translation differences from foreign operations and other
4,132
(3,625)
Other comprehensive (loss) income for the period, net of income
4,132
(3,625)
Total comprehensive income (loss) for the period
$ 24,911
$ (307,962)
Lumine Group Inc.
Condensed Consolidated Interim Statement of Changes in Equity
(In thousands of USD. Due to rounding, numbers presented may not foot.)
Three months ended March 31, 2025
Capital stock
Contributed
surplus
Accumulated other
comprehensive
(loss) income
Retained
earnings
(deficit)
Total equity
Balance at January 1, 2025
$ 490,669
$ 185,142
$ (13,612)
$ 16,523
$ 678,722
Total comprehensive income (loss) for the period:
Net income (loss)
–
–
–
20,779
20,779
Other comprehensive income (loss):
Foreign currency translation differences from foreign operations and other
–
–
4,132
–
4,132
Total other comprehensive income (loss) for the period
–
–
4,132
–
4,132
Total comprehensive income (loss) for the period
–
–
4,132
20,779
24,911
Balance at March 31, 2025
$ 490,669
$ 185,142
$ (9,480)
$ 37,302
$ 703,633
Lumine Group Inc.
Condensed Consolidated Interim Statement of Changes in Equity
(In thousands of USD. Due to rounding, numbers presented may not foot.)
Three months ended March 31, 2024
Capital stock
Contributed
surplus
Accumulated other
comprehensive
(loss) income
Retained earnings
(deficit)
Total equity
Balance at January 1, 2024
$ –
$ (1,015,661)
$ (6,296)
$ (2,820,478)
$ (3,842,435)
Total comprehensive income (loss) for the period:
Net income (loss)
–
–
–
(304,337)
(304,337)
Other comprehensive income (loss):
Foreign currency translation differences from foreign operations and other
–
–
(3,625)
–
(3,625)
Total other comprehensive income (loss) for the period
–
–
(3,625)
–
(3,625)
Total comprehensive income (loss) for the period
–
–
(3,625)
(304,337)
(307,962)
Mandatory Conversion of Special and Preferred Shares
403,301
1,200,803
–
3,095,910
4,700,014
Settlement of Preferred and Special Share Dividends in Subordinate Voting Shares
87,368
–
–
–
87,368
Balance at March 31, 2024
$ 490,669
$ 185,142
$ (9,921)
$ (28,905)
$ 636,985
Lumine Group Inc.
Condensed Consolidated Interim Statements of Cash Flows
(In thousands of USD. Due to rounding, numbers presented may not foot.)
Three months ended March 31,
2025
2024
Cash flows from (used in) operating activities:
Net income (loss)
$ 20,779
$ (304,337)
Adjustments for:
Depreciation
2,310
2,115
Amortization of intangible assets
26,014
22,821
Contingent consideration adjustments
(113)
43
Preferred and Special Securities expense (income)
–
317,362
Finance and other expenses (income)
5,828
4,339
Income tax expense (recovery)
7,576
4,348
Change in non-cash operating assets and liabilities exclusive of effects of business combinations
(17,514)
(8,125)
Income taxes (paid) received
(4,809)
(3,637)
Net cash flows from (used in) operating activities
40,071
34,928
Cash flows from (used in) financing activities:
Interest paid on lease obligations
(105)
(154)
Interest paid on bank debt
(3,813)
(2,472)
Cash transferred from (to) Parent
100
(2,107)
Proceeds from issuance of bank debt
–
90,000
Repayments of bank debt
(243)
(244)
Transaction costs on bank debt
(19)
(1,655)
Payments of lease obligations
(1,583)
(1,566)
Net cash flows from (used in) in financing activities
(5,663)
81,802
Cash flows from (used in) investing activities:
Post-acquisition settlement payments, net of receipts
(937)
(685)
Interest, dividends and other proceeds received
694
67
Property and equipment purchased
(254)
(361)
Other investing activities
4,337
6
Net cash flows from (used in) investing activities
3,840
(972)
Effect of foreign currency on cash and cash equivalents
2,865
(2,479)
Increase (decrease) in cash
41,113
113,280
Cash, beginning of period
210,983
146,509
Cash, end of period
$ 252,096
$ 259,789
SOURCE Lumine Group Inc
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AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future
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Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda
BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.
Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.
Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.
VOICES FROM THE SUMMIT
“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei
“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand
“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA
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— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF
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— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)
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— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS
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— Shannedy Ong, CTO of Surge Indonesia
“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia
“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom
“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei
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— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU
“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)
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A CONVERGING VIEW
Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.
WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.
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View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ai-powered-connectivity-apac-charts-a-path-to-a-smarter-digital-future-302829032.html
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Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer
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July 18, 2026By
Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.
NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.
The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.
Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”
Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.
The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.
The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.
For more information on Laifen, please visit LaifenTech.com.
About Laifen:
Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.
Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.
View original content to download multimedia:https://www.prnewswire.com/news-releases/laifen-expands-us-retail-footprint-with-costco-launch-of-best-selling-se-hair-dryer-302828573.html
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NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.
For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html.
View original content to download multimedia:https://www.prnewswire.com/news-releases/pillsbury-notice-of-data-breach-302828892.html
SOURCE Pillsbury Winthrop Shaw Pittman LLP
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