Sep 3, 2026 earnings call — Real-Time SRP powers U.S. growth
Company reported record revenue of CAD 38.8 million and strong SRP growth, with CAD 220 million new fundings in Q3.
Revenue $0.0B (est $0.0B) · EPS $0.27 (est $0.34)
Key quotes
"During the quarter, we took the value proposition of our SRP to an entirely new level with the launch of an AI-enabled Real-Time SRP, which enable our partners to finance their loans with even more efficiency, cost-effectiveness with lower risk."
"I am very pleased to report that subsequent to quarter end, for the first time, we surpassed CAD 7 billion in total assets. In fact, as of yesterday, we were at CAD 7.2 billion."
"That said, it was another noisy quarter in terms of costs with a number of items which total over CAD 4.6 million that are not part of our go-forward cost structure in 2027."
Analyst Q&A 4
Net interest margin recovery
Q (Joe Yanchunis · Raymond James): Analyst asked what must happen for NIM to return to about 2.3% and whether that would occur by Q4; also asked what drives the recovery (liquidity, deposit mix, SRP yields).
A: Management said higher liquidity was held for U.S. startup and Canada deposit anomalies cost a few basis points. They expect liquidity to fall to about 5%-5.5%, more homegrown SRPs yield about 250 basis points, and they expect NIM to return to around 2.30 for next quarter and the rest of the year.
"I would say NIM will get back to around 230 for next quarter and the rest of the year." — David Taylor (PRESIDENT)
Risk weighting and 2027 expense base
Q (Tim Switzer · KBW): Analyst asked the process and timing to get lower risk weighting on SRP loans, and what base of core expenses to use for 2027 in CAD.
A: Management said they aim for a mid-2027 outcome for the full risk-weighting change, with intermediate steps possible sooner like using insurance or B-tranche solutions. For 2027 core expenses, they said the current run rate is CAD 19.8 and AI should drive savings in processing and credit work.
"CAD 19.8 is kind of like the run rate that we have right now, Tim." — Nicolas Ospina (CFO)
U.S. funding and NIM difference
Q (Andrew Scutt · ROTH Capital): Analyst asked how U.S. deposits are funded and whether U.S. growth yields higher spreads than Canada; also whether the US$3 billion growth will be held on balance sheet or securitized.
A: Management said they use deposit brokers in both countries and can raise deposits quickly; they plan to keep the US growth on the work center balance sheet. They noted Canadian NIM was compressed by a 70 basis point margin over risk-free, while U.S. margin is about 10-15 basis points over U.S. Treasuries.
"We'll keep the whole work center balance sheet, Andrew, just for a quick answer." — David Taylor (PRESIDENT)
Real-Time SRP rollout and volume split
Q (Eli Rodney · Bullpen): Analyst asked if the CAD 3 billion target should assume a 90/10 funded/sold split, how partners like Financeit and ECN are ramping to real-time, and whether new deals will be chunky or many small ones.
A: Management said they expect to do 100% homegrown on-balance securitization for the growth and that Canadian partners are moving to the Real-Time SRP. They said Financeit's entire flow will go to real-time, U.S. prospects are large and chunky like Financeit, and recent growth was CAD 300 million in about 30 days.
"I think their entire flow henceforth is going through the real-time program." — David Taylor (PRESIDENT)