Toronto, Ontario--(Newsfile Corp. - October 23, 2025) - THS Maple Holdings Ltd. (TSXV: YAY) (the "Company" or "THS"), a leading producer and global distributor of maple syrup and maple-flavoured products, today announced its audited financial and operational results for the twelve-month period ended June 30, 2025. The Company continues to focus on strengthening its production infrastructure, expanding internationally, and investing in medium- to long-term growth.
| Financial Performance Highlights | June 30, 2025 | June 30, 2024 | November 30, 20231 |
| Sales | $14,438,038 | $5,808,042 | $10,308,047 |
| Cost of Sales | $11,289,318 | $4,649,351 | $8,469,227 |
| Gross Profit | $3,148,720 | $1,158,691 | $1,838,820 |
| Selling Expenses | $1,423,470 | $540,920 | $1,008,075 |
| Administrative Expenses | $2,588,529 | $1,474,235 | $1,675,522 |
| Operating Loss | $(863,279) | $(856,464) | $(844,777) |
| Listing Expense | - | $1,700,390 | - |
| Loss on settlement of debt | - | - | $911,314 |
| Finance costs and Other Income | $684,225 | $442,089 | $910,048 |
| Income Tax Expense | $136 | $405 | $414 |
| Pre-tax Loss | $(1,547,504) | $(2,998,943) | $(2,666,139) |
| Net Loss per share | $(0.026) | $(0.083) | $(0.133) |
1. Comparative Period for 2023 reflects the change in fiscal year end
Key Financial Highlights
Revenue Growth Over the Year: Sales for the twelve-month period ended June 30, 2025, reached $14.4 million, a 40% increase compared to $10.3 million for the twelve-month period ended November 30, 2023. The prior fiscal year covered only seven months and reported sales of $5.8 million.
Gross Margin Improvement: Gross margin increased to 21.8% in FY 2025, compared to 19.9% in FY 2024 and 17.8% in FY 2023, reflecting stronger sales volumes and continued operational efficiencies. Margin gains were partially offset by higher input costs and the use of more expensive syrup classes due to constrained supply of certain grades.
Reduced Net Loss and Positive EBITDA Trend: The Company reported a net loss of $1.55 million, compared to a loss of $3.0 million in FY 2024 and $2.7 million in FY 2023. EBITDA improved by $2.1 million to a loss of only $0.31 million, primarily due to higher gross profit and disciplined cost management.
Working Capital Strengthened: Working capital increased to $1.24 million, up from $0.24 million at June 30, 2024, reflecting higher accounts receivable and inventories supported by expanded financing capacity.
Financial Flexibility: The Company's bank increased its overdraft facility with the Company from $2.3 million to $5.0 million during the year, complemented by a $750,000 Standby Letter of Credit guaranteed by Export Development Canada (EDC) to secure maple syrup purchases through the PPAQ.
Adjusted EBITDA: The Adjusted EBITDA reached negative $0.31 million compared to negative $666K in the prior year showing an improvement of $0.36 million. This improvement reflects higher sales volumes, improved gross margins, and continued cost discipline. The Company's year-over-year progress underscores the benefits of its strategic investments in production efficiency and expanding market reach, even as higher input costs and selective use of premium syrup grades temporarily tempered margin gains.
Operational Highlights
U.S. Expansion: The Vermont warehouse and distribution centre became fully operational, supporting growth in the U.S. market under the New England Maple Farms brand. Revenue from U.S. customers nearly tripled, rising from $0.65 million in FY 2023 to approximately $1.9 million in FY 2025, reflecting the growing strength of the Company's U.S. footprint and brand presence.
Production Efficiency and Capacity Expansion: Additional space was leased and fitted out at the Granby facility, increasing packaging and warehousing capacity to meet rising demand.
International Growth: THS' products are now distributed in over 25 countries, with new purchase orders signed in five new markets during FY 2025.
Retail & Brand Development: The Company extended its Old Port of Montreal retail kiosk lease through 2026 and signed a new retail kiosk agreement in Grande Prairie, Alberta, effective October 1, 2025.
CEO Commentary
"Fiscal 2025 marked a turning point for THS," said Tom Zaffis, CEO of THS Maple Holdings Ltd. "We invested deliberately in infrastructure and brand expansion that position us for sustainable, medium- to long-term growth. With our U.S. operations now fully active, expanded production capacity in Granby, and an expanding international customer base, we're building the foundations for improved profitability and lasting shareholder value." Zaffis continued, "Since the end of the fiscal year, the Company committed to a multi-year lease on warehouse and office space in Delta, BC. to enable the Company to better serve and supply its BC-area customers and reduce corresponding freight costs. In addition, we opened our second retail location (in Grande Prairie, AB) as we continue to execute on our direct-to-consumer strategy."
Strategic Outlook
THS continues to focus on enhancing supply chain efficiencies, improving margins, and expanding market share in key regions. With increasing global demand for natural sweeteners and maple products, the Company remains confident in its ability to deliver long-term value for shareholders.
For additional information, please contact:
David Beutel
Chairman, THS Maple Holdings Ltd.
(647) 401-8834 david@oakwest.ca
Non-IFRS Financial Measures
Management uses "EBITDA" and "Adjusted EBITDA" as a measure to assess performance of the Company. EBITDA is a supplemental financial measure to further assist readers in assessing the Company's ability to generate income from operations before considering the Company's financing decisions, depreciation of property, plant and equipment and amortization of intangible assets. EBITDA comprises gross profit less operating costs before financial expenses, depreciation and amortization, non-cash expenses such as one-time and other unusual items, and income tax.
Adjusted EBITDA comprises EBITDA before non-recurring expenses including a listing expense included in the calculation of EBITDA for the year ended June 30, 2024.
EBITDA and Adjusted EBITDA do not represent the actual cash provided by the operating activities nor is it a recognized measure of financial performance under IFRS. Readers are cautioned that this measure should not be considered as a replacement for those as per the audited consolidated financial statements prepared under IFRS. The Company's definitions of this non-IFRS financial measure may differ from those used by other companies.
Neither the 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.
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SOURCE: THS Maple Holdings Ltd.