Since completing its public listing in November 2025, Elevate has completed three strategic acquisitions, increased pro forma run-rate revenue to approximately $50 million, and demonstrated 17% organic growth from its core Infinity and FCM platform companies
Toronto, Ontario--(Newsfile Corp. - April 30, 2026) - Elevate Service Group Inc. (TSXV: SERV) ("Elevate" or the "Company") is pleased to announce that it has filed its audited annual financial statements for the fiscal year ended December 31, 2025, the related management discussion and analysis ("MD&A") and accompanying CEO and CFO certifications under its profile on SEDAR+. The financial statements reflect the operating results for the period of November 10, 2025 to December 31, 2025 for the acquisitions of Infinity Group Construction Inc. ("Infinity") and First Choice Maintenance Inc. ("FCM"), and full-year operating results for ElevateDesign Ventures Inc. ("EDVI"), Elevate's wholly-owned subsidiary established to complete a qualifying transaction in the commercial facility services sector. Elevate has provided further details in the MD&A and below discussing the full-year results for Infinity and FCM.
"We are proud of the progress Elevate has made since completing our public listing in November 2025," said Paul Bissett, Chief Executive Officer of Elevate. "Our core Infinity and FCM platform companies delivered 17% organic revenue growth in 2025, with strong margins and free cash flow conversion, and we also completed three strategic acquisitions that expanded our geographic reach, technician base and service capabilities. These results support our view that Elevate is building a scalable, national platform in a large and fragmented essential commercial services market."
Since its public listing, Elevate has focused on executing a disciplined buy-and-build strategy, increasing scale through acquisitions while continuing to grow its core operating platform organically.
Corporate Highlights
Elevate completed its qualifying transaction, equity offering and public listing in November 2025, acquiring Infinity Group Construction Inc. ("Infinity") and First Choice Maintenance Inc. ("FCM"), and establishing a scalable national platform to consolidate and modernize the facility maintenance industry.
Key highlights since inception are outlined below.
- Acquired Infinity and FCM, partnering with complementary industry leaders in commercial facilities services with a 20+ year track record as trusted providers.
- Raised $20 million to complete the qualifying transaction and provide growth capital, including $10 million of equity and a $10 million secured credit facility with a Schedule I bank.
- Commenced trading on the TSX Venture Exchange as a Tier 1 issuer under the ticker symbol "SERV".
- Acquired Charged Electric Services in January 2026 for $1.5 million in cash and shares, adding $6 million of annual revenue, an exceptional operating team, strong customer relationships, and a growing base of licensed technicians in Ontario.
- Acquired Think Green Solutions in April 2026 for $5.15 million in cash, shares, deferred payments and a promissory note, adding an LED lighting and controls vertical specializing in supply, installation and service for multi-location commercial customers. Think Green brings over $6 million of annual revenue, high-performance products and trusted, blue-chip customer relationships.
- Acquired JJ&A Mechanical in April 2026 for $0.7 million in cash and shares, solidifying Elevate's operating position in British Columbia with local leadership and in-house technicians.
- Increased the internal technician base to 70+ including licensed electricians, licensed plumbers, gas fitters, equipment technicians, and maintenance personnel across all markets in Canada.
- Expanded and diversified customer partnerships across foodservice, retail, property management, and industrial markets, delivering strong ROI with robust service quality, preventative maintenance offerings and tech-enabled solutions.
- Combined pro forma, run-rate revenue of approximately $50 million, representing a full-year contribution of Infinity and FCM, and the annualized contribution of the Charged, Think Green and JJ&A acquisitions.
Segmented Full-Year 2025 Results for Infinity and FCM
Although Elevate's audited financial statements include Infinity and FCM from only November 10, 2025 to December 31, 2025, management believes the full-year 2025 results of Infinity and FCM provide useful supplemental information regarding the scale and profitability of Elevate's core operating platform.
- Revenue of $34.6 million for 2025, reflecting organic growth of 17% over 2024 revenue of $29.5 million.
- Adjusted EBITDA of $4.0 million, with a 12% Adjusted EBITDA margin(1).
Elevate Service Group Financial Results
- Revenue of $5.8 million, gross profit of $1.9 million, and gross profit margin of 33%, reflecting Infinity and FCM's results from November 10 to December 31, 2025.
- Loss from operations of $2.2 million primarily due to i) $1.8 million of start-up costs, professional and advisory fees, and transaction expenses incurred by Elevate's subsidiary, ElevateDesign Ventures Inc. ("EDVI"); ii) non-cash listing charge of $0.8 million on the reverse takeover, and iii) share-based compensation of $0.1 million.
- Strong liquidity position with $6.5 million of cash, $14.7 million of total current assets, and $7.0 million of total current liabilities.
Strategic Priorities
Elevate's mission is to become a single trusted national partner for professional facility maintenance and essential commercial services. The Company's strategy is to execute against this vision through a disciplined buy-and-build approach.
- Strategic Acquisitions. Acquire profitable, owner-operated service businesses with recurring revenue, trusted customer relationships, experienced management teams, and opportunities for margin expansion through platform integration.
- Organic Growth: Grow organically by expanding service offerings with existing customers, adding new customers to the Company's national service network, and cross-selling services across the platform.
- Operational Integration: Increase the base of self-performing internal technicians and invest in systems, technology and operational integration to improve service quality, efficiency and margins.
Engagement of Market Maker and Investor Marketing Firm
The Company has engaged Independent Trading Group ("ITG") to provide market-making services in accordance with TSX Venture Exchange ("TSXV") policies. ITG will trade shares of the Company on the TSXV and other trading venues with the objective of maintaining a reasonable market and improving liquidity of the common shares. ITG will receive compensation of $6,000 per month. The agreement is for an initial term of one month and will renew monthly unless terminated by either party with 10 days' notice. There are no performance factors contained in the agreement and ITG will not receive shares or options as compensation. ITG and the Company are unrelated and unaffiliated entities and at the time of the agreement, neither ITG nor its principals have an interest, directly or indirectly, in the securities of the Company. The agreement remains subject to TSXV approval.
The Company has engaged Global One Media Limited ("Global One") to produce and distribute media content and company news for investor marketing and outreach. The term of the agreement commences on May 1, 2026 and ends October 31, 2026. The agreement may be renewed after the initial term with mutual agreement. Global One will receive compensation of US$4,500 per month. There are no performance factors impacting the compensation of Global One, and Global One will not receive any securities of the Company as compensation. To the Company's knowledge, Global One and its principals do not not have any interest, directly or indirectly, in the securities of the Company. The agreement remains subject to acceptance by the TSX Venture Exchange.
Elevate Service Group Inc.
Elevate is a national facilities management and essential commercial services platform focused on consolidating and modernizing this fragmented sector. Through its operating companies, Elevate brings over 20 years of experience as a trusted partner to national, blue-chip customers. Elevate's strategy is to integrate a portfolio of profitable operating businesses across a scalable, national platform supported by shared infrastructure, technology, and operational best practices. This approach drives efficiencies, expands service offerings, and enhances customer outcomes while extending Elevate's geographic reach. Elevate trades on the TSX Venture Exchange under the ticker "SERV".
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates, and projections as of the date of this news release. Any statement that discusses expectations, beliefs, plans, projections, objectives, assumptions, future events, or performance (often but not always using phrases such as "expects", "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budgets", "schedules", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events, or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.
In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to general business, economic, competitive, political, and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information, or otherwise.
(1)Cautionary Note Regarding Non-IFRS Measures
This press release makes reference to certain Non-IFRS measures that do not have a standardized meaning under IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies. The Company includes these measures as a means of measuring financial performance. More specifically, the Company makes reference to the following Non-IFRS measures:
EBITDA is defined as earnings before interest, taxes, depreciation and amortization.
Adjusted EBITDA as defined by the Company means EBITDA adjusted for one-time non-recurring items and non-cash items such as stock-based compensation expense, listing expense, transaction costs related to business combinations and the reverse acquisition, and other items that management does not consider indicative of ongoing operating performance.
Elevate Service Group
Paul Bissett, CEO
Frank Guo, CFO
info@elevateservicegroup.com
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SOURCE: Elevate Service Group Inc.
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Source: Elevate Service Group Inc.
