Voxtur Analytics Corp.

For Q3 2024, continuing-operations revenue was $8.5 million versus $10.1 million a year ago, gross profit was $4.9 million versus $6.5 million, gross margin was 58% versus 64%, and adjusted EBITDA was negative $2.1 million versus negative $846,000. For the first nine months, continuing-operations revenue was $25.7 million versus $30.7 million, gross profit was $14.6 million versus $18.0 million, gross margin was 57% versus 59%, and adjusted EBITDA was negative $6.4 million versus negative $8.7 million. Management said it is trending to end 2024 with total gross profit of $25 million to $28 million including Blue Water, and it is modeling 2025 gross profit of $30.3 million to $33 million with operating expenses of about $26.6 million, which would support EBITDA positivity if achieved. Ryan Marshall also said current December expenses are tracking at about $1.6 million to $1.7 million per month in USD, compared with $2.7 million per month in January 2024 and an average of $2.1 million per month in Q3 2024.

Ryan Marshall’s message was that the company is being reset around focus, profitability, and operational discipline after what he described as a turbulent period. He said Voxtur shut down projects without a clear revenue path, separated products from business units to reduce conflicts, and is shifting from a service-heavy title model toward a more technology-driven approach. His tone was optimistic but cautious, repeatedly framing the numbers as trends and saying he does not want to overstate forecasts without clear visibility.

Jordan Ross, speaking in place of the CFO, said the Q3 decline was mainly driven by settlement services and software/data licensing, and that gross profit and adjusted EBITDA weakened because of lower revenue. He noted the Blue Water business is classified as a discontinued operation for IFRS purposes, but management is still operating it as part of the broader model while the sale process remains unresolved. He also highlighted that the company is functioning on continuing operations metrics for most of the discussion, with Blue Water carved out in the reported financial statements.

Analysts focused on the current run rate, the gross-profit outlook with and without Blue Water, cost reductions, and the debt/bank situation. Marshall said that without Blue Water, annual gross profit would be about $10 million to $11 million, while current trends still point to $25 million to $28 million including Blue Water; he also said operating expenses are trending down from $2.7 million per month in January to about $1.647 million per month, with the caveat that some cuts are still working through notice periods and severance. On Blue Water, he said the company is still evaluating multiple paths, including selling it, keeping it, or pursuing another strategic partnership, and that all scenarios currently point to gross profit slightly exceeding expenses if the cost reductions hold.