Also trades as: MODVF (OTC) · $vol 0M

C$18.88 ($13.21)

+0.39 (+2.11%)

Weekly Expected Move ±2.3%

C$18 C$18 C$18 C$19 C$19

TSX · Real Estate · Real Estate - Development · Tech Score Sell · Power 45 · C$567.1M mcap · 10M float · 0.059% daily turnover

Revenue

$411M +17.5% ▲

5Y CAGR: +12.6%

Gross Profit

$188M +19.6% ▲

5Y CAGR: +13.9%

Operating Income

$160M +90.3% ▲

5Y CAGR: +6.9%

Net Income

$58M +73.0% ▲

5Y CAGR: +38.3%

EPS (Diluted)

$1.91 +75.2% ▲

5Y CAGR: +41.2%

EBITDA

$135M +62.7% ▲

5Y CAGR: +3.0%

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$316M	$242M	$315M	$350M	$411M
YoY Growth	+39.2%	-23.4%	+30.4%	+10.9%	+17.5%
Cost of Revenue	$176M	$123M	$173M	$192M	$222M
Gross Profit	$140M	$118M	$142M	$157M	$188M
Gross Margin	44.4%	48.9%	45.2%	45.0%	45.9%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$22M	$23M	$23M	$30M	$0
Operating Expenses	$53M	$23M	$35M	$73M	$28M
Operating Income	$82M	$127M	$107M	$84M	$160M
Operating Margin	26.0%	52.5%	33.9%	24.1%	39.0%
Interest Expense	$23M	$24M	$39M	$27M	$28M
Income Before Tax	$79M	$112M	$76M	$55M	$106M
Tax Expense	$23M	$23M	$13M	$21M	$48M
Net Income	$56M	$89M	$63M	$34M	$58M
Net Margin	17.8%	37.0%	20.0%	9.6%	14.1%
EPS (Diluted)	$1.70	$2.74	$2.03	$1.09	$1.91
EBITDA	$83M	$97M	$105M	$83M	$135M
Shares Outstanding	33M	33M	31M	31M	30M

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$60M	$171M	$51M	$100M	$73M	$187M	$45M	$62M
Cost of Revenue	$31M	$100M	$23M	$45M	$37M	$116M	$24M	$31M
Gross Profit	$29M	$70M	$27M	$55M	$36M	$71M	$22M	$31M
Gross Margin	48.1%	41.1%	53.8%	55.0%	49.6%	38.0%	47.5%	50.1%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$8M	$9M	$8M	$7M	$6M	$9M	$6M	$0
Operating Expenses	$53M	$17M	$12M	$11M	$12M	$9M	$6M	$6M
Operating Income	-$24M	$53M	$16M	$44M	$24M	$63M	$16M	$25M
Operating Margin	-40.4%	30.9%	31.2%	44.1%	32.4%	33.4%	34.6%	39.7%
Interest Expense	$6M	$7M	$6M	$6M	$6M	$6M	$6M	$5M
Income Before Tax	-$34M	$47M	$8M	$40M	$20M	$39M	$13M	$27M
Tax Expense	$606K	$14M	$3M	$32M	$6M	$7M	-$10M	$6M
Net Income	-$35M	$32M	$5M	$7M	$14M	$32M	$23M	$22M
Net Margin	-58.8%	19.0%	9.9%	7.2%	19.4%	16.9%	51.1%	35.4%
EPS (Diluted)	$-1.15	$1.05	$0.16	$0.24	$0.46	$1.05	$0.76	$0.73
EBITDA	-$28M	$54M	$14M	$46M	$27M	$45M	$20M	$33M
Shares Outstanding	30M	31M	31M	30M	31M	30M	30M	30M

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