CGC earnings name for the interval ending December 31, 2024.
Picture supply: The Motley Idiot.
Cover Development (CGC -2.72%)
Q3 2025 Earnings Name
Feb 07, 2025, 10:00 a.m. ET
Contents:
- Ready Remarks
- Questions and Solutions
- Name Contributors
Ready Remarks:
Operator
Good morning. My identify is Joanna, and I might be your convention operator at this time. I wish to welcome you to Cover Development’s third-quarter fiscal 2025 monetary outcomes convention name. Presently, all contributors are in a listen-only mode.
I’ll now flip the decision over to Tyler Burns, director, investor relations. Tyler, you might start the convention name.
Tyler Burns — Director, Investor Relations
Good morning, and thanks for becoming a member of us. On our name at this time, we’ve Cover Development’s chief government officer, Luc Mongeau; and chief monetary officer, Judy Hong. Earlier than monetary markets opened at this time, Cover Development issued a information launch saying the monetary outcomes for our third-quarter fiscal yr 2025 ended December thirty first, 2024. The information launch and filed monetary statements have been filed on EDGAR and SEDAR and might be accessible on our web site underneath the Traders tab.
Earlier than we start, I wish to remind you that our dialogue throughout this name will embody forward-looking statements which might be based mostly on administration’s present views and assumptions and that this dialogue is certified in its entirety by the cautionary notice concerning forward-looking statements included on the finish of the information launch issued at this time. Please evaluation at this time’s earnings launch and Cover’s reviews filed with the SEC and on SEDAR for numerous components that might trigger precise outcomes to vary materially from projections. As well as, reconciliations between any non-GAAP measures to their closest reported GAAP measures are included in our earnings launch. Please notice that each one monetary data is offered in Canadian {dollars} except in any other case acknowledged.
Following remarks from Luc and Judy, we’ll conduct a question-and-answer session the place we’ll take questions from analysts. With that, I’ll flip the decision over to Luc.
Luc Mongeau — Chief Government Officer
Thanks, Tyler. Good morning, everybody, and thanks for becoming a member of our Quarter 3 fiscal yr 2025 earnings convention name. My identify is Luc Mongeau, and I am proud to affix you for my first earnings name as CEO of Cover Development. I am really excited to steer the corporate ahead as we begin a brand new yr and embark on a recent chapter for Cover.
I wish to begin by expressing my gratitude for the assist that the Cover Board of Administrators and our whole crew have given me as I start on this new function. I may also wish to thank David Klein for his management and assist by the transition. For me, becoming a member of Cover and entering into the function of CEO to steer this Canadian and world group is an honor and a privilege. And earlier than we get into the outcomes from Q3, which Judy will cowl in higher depth, I might wish to share some particulars about my prior expertise, why I’ve joined as CEO, and converse at a excessive degree about my view on the corporate, the sector, and our path forward.
During the last 25 years, I’ve had the privilege of main and dealing inside organizations throughout the buyer packaged items trade. Corporations like Weston Meals, Mars Petcare, and Procter & Gamble. In all my roles, I’ve devoted myself to figuring out essentially the most promising value-creation alternatives, working to know the wants and needs of customers and prospects whereas constructing higher group that meets and exceeds demand with high-quality revolutionary merchandise. I’ve led product innovation and R&D, revamped advanced provide chains, executed world advertising and marketing campaigns, and developed recent takes on industrial methods the right way to energy development and profitability.
This brings me to Cover. After I first bought concerned with Cover two years in the past by my engagement with the board, I noticed one thing distinctive. Hashish, in my opinion, represents one of the vital thrilling shopper traits at this time. The sector is evolving quickly, and we’re nonetheless in the beginning of remodeling how individuals view and expertise hashish merchandise.
Whether or not it is delivering new experiences or redefining approaches to wellness, hashish has the capability to form and affect the way forward for the buyer items sector whereas broadening cultural and way of life traits world wide. Nevertheless, my optimism is balanced with our actuality at this time. As everyone knows, the hashish sector has confronted actual challenges: laws haven’t advanced as quick as anticipated; some shopper traits like drinks have taken longer to develop; the illicit market nonetheless endures; and at last, the trail to full legalization within the U.S. stays unsure.
However for me, that is the thrilling half. The alternatives forward are simply starting to unfold. We proceed to see extra individuals transfer away from alcohol and as a substitute select hashish to reinforce their social lives and assist their wellness. The shift in behaviors isn’t just a passing pattern.
It is a signal of deep, lasting change that may solely proceed to develop. As I transfer ahead, my focus is obvious, to drive Cover quickly towards sustained profitability and optimistic money technology. Proper now, I am working with the crew to establish key areas of enchancment to reinforce Cover in each method doable for the good thing about our customers, our individuals, our enterprise companions, and our shareholders. I will have far more to say on this after we’re collectively for Cover’s This autumn convention name in Might.
For now, I wish to spotlight a number of the areas of our enterprise which might be displaying promise and powerful efficiency. First, our medical hashish enterprise. Whether or not in Canada or throughout our worldwide markets, Cover is a acknowledged chief in medical hashish. In Canada, our Spectrum Therapeutics crew has constructed a robust status for excellent service and for assembly the various wants of medical hashish sufferers by an ever-expanding product portfolio.
Internationally, we’ve established a strong place throughout the markets with the very best potential, Germany, Poland, and Australia. Throughout Europe, regulatory modifications are serving to energy current momentum. In Germany, we’re bringing new and excessive THC pressure to market from our Canadian platform. As well as, collaboration with Europe-based flower suppliers helps us ship the number of merchandise that sufferers are searching for.
General, I consider we will actually construct upon Cover’s medical hashish enterprise and proceed to drive development within the quarters and years forward. Subsequent, in our adult-use enterprise, I might like to focus on the current launch of the award-winning Claybourne model in Canada. In lower than six weeks, Claybourne has risen to change into the No. 3 infused pre-roll in British Columbia and Ontario.
This showcases our potential to efficiently introduce revolutionary merchandise that resonate with customers and may rapidly make an influence available in the market. General, I consider our Canadian adult-use enterprise has the important thing substances essential to develop our share of the market. One other instance of Cover’s power is our Storz & Bickel model with its providing of premium vaporizers, together with the enduring Volcano and the brand new excessive efficiency VENTY. Storz & Bickel is an unparalleled chief within the premium vaporizer house.
We’re working to drive new innovation for Storz & Bickel and sustain the momentum for what’s already a number one portfolio. I am actually enthusiastic about the place this model is thus far in addition to the place it is going. Subsequent, I wish to converse to Cover USA. Cover USA is an thrilling, differentiated platform that we really feel is properly positioned to capitalize on its ecosystem of manufacturers and operations.
With the acquisitions of Wana, Jetty, and Acreage finalized, Cover USA is already properly superior on the method of integration. It’s also now realizing value synergies, in addition to advertising and marketing and joint gross sales benefits, throughout key markets and classes. As a last aspect of bringing Cover USA to life as a single cohesive group, Brooks Jorgensen was appointed because the group’s first president in early January. Brooks brings a wealth of expertise and a sturdy observe report in constructing hashish companies having just lately led Kiva, the most important hashish distributor within the U.S.
Along with the broader CUSA crew, Brooks is targeted on driving strategic execution and development of the Cover USA platform. We see actual potential in Cover USA and anticipate to see much more development as they proceed to construct and refine their presence. As I wrap up at this time, I wish to reiterate that I consider we’ve the best substances for fulfillment, and I am targeted on positioning Cover to develop profitably and sustainably. I sit up for sharing extra element concerning the firm’s plans and up to date technique in nice element after we launch our full-year financials on the finish of Might this yr.
Thanks. Judy will now converse to the outcomes from the quarter.
Judy Hong — Chief Monetary Officer
Thanks very a lot, Luc, and good morning, everybody. I will begin by strolling by our Q3 fiscal 2025 outcomes, together with efficiency by key enterprise models. I will then talk about progress on our stability sheet and money movement, adopted by a dialogue on our priorities and outlook for the stability of fiscal 2025 and into fiscal 2026. Let’s start with our third-quarter outcomes.
Q3 was a strong quarter marked by continued momentum in medical hashish and Storz & Bickel, in addition to enchancment in our adult-use enterprise in Canada. And mixed with value efficiencies, we considerably narrowed our adjusted EBITDA loss within the quarter. Cover delivered consolidated web income of 75 million in Q3, a lower of 5% and or up 8%, excluding the influence of divested companies in comparison with Q3 of final yr. Consolidated gross margin in Q3 was 32%, down in comparison with 36% a yr in the past however broadly in step with our goal vary.
Q3 adjusted EBITDA was a lack of 3 million, an enchancment of 61% versus final yr. And free money movement was an outflow of 28 million, an enchancment of 17% in comparison with Q3 of fiscal ’24 and a big enchancment relative to the first-half run fee of the present fiscal yr. I might wish to now evaluation the outcomes of our key companies in additional element, beginning with Canada. Q3 web income was 41 million, a rise of 1% in comparison with a yr in the past.
Canada medical continued its momentum, marking one other report income quarter and posting year-over-year income development of 16%. We’re gaining market share with a rising variety of insured sufferers, and we have expanded our product assortment to fulfill the wants of our medical customers. The expansion relative to Q2 was additionally pushed by a return of Wana gummies in addition to contribution from our newly launched Claybourne infused pre-rolls. Our adult-use enterprise was down 10% yr over yr however elevated 15% quarter over quarter.
The advance was pushed by, one, Claybourne infused pre-rolls launched in mid-November are off to a powerful begin. Two, Wana gummies returned to cabinets after Q2 provide disruptions. And three, elevated bulk flower gross sales as we seize alternatives to promote to different producers. And whereas a few of our core manufacturers are nonetheless going through aggressive stress within the market, we have deployed focused investments, that are starting to achieve traction.
And we’re targeted on accelerating development within the adult-use market with the continued Claybourne rollout, a powerful pipeline of recent merchandise, and an enhanced area gross sales technique to additional develop doorways and factors of distribution. Canada gross margin in Q3 was 25%, and money gross margin including again noncash depreciation value was 35%. The expansion in Canada medical continues to be a optimistic contributor to general Canada gross margin with the decline in gross margin within the quarter, primarily attributable to increased preliminary value to supply Claybourne. We’re targeted on enhancing the associated fee construction of Claybourne and anticipate money gross margins to return to at the least mid- to excessive 30% focused vary based mostly on the historic channel combine.
Worldwide markets hashish web income of 12 million in Q3 FY 2025 was up 14% in comparison with Q3 of final yr. Inside worldwide, we once more generated outsized development in Poland. Germany additionally noticed sturdy development from further product registrations that we have secured in prior quarters. We launched Tweed branded flower merchandise in Germany throughout Q3 and have secured further EU-based provide for the upcoming launch of further Tweed flower merchandise.
The expansion in Europe was partially offset by the decline in gross sales in Australia medical hashish enterprise in addition to U.S. CBD gross sales, that are not a part of Cover’s enterprise. In Australia, the medical hashish market is increasing steadily, however there was elevated competitors. We’re sharpening our focus in Australia, transitioning the S&B enterprise in Australia to S&B Germany, to make sure devoted assist for our medical hashish enterprise in Australia.
Worldwide markets hashish gross margin was 41% in Q3 of FY ’25, up 100 foundation factors from Q3 FY 2024, pushed by elevated gross sales in Poland, which carry increased gross margin. Storz & Bickel had one other sturdy quarter with income of twenty-two million in Q3, up 19% in comparison with final yr. Q3 is historically a powerful quarter for S&B given the vacation promoting season. The expansion was additionally led by strong direct-to-consumer on-line gross sales, continued sturdy contribution from VENTY, which was launched throughout Q3 of final yr, in addition to development in Germany.
Storz & Bickel gross margin was 41% in comparison with 51% final yr attributable to increased oblique prices, together with delivery prices. our SG&A bills for Q3 of fiscal 2025, gross sales and advertising and marketing and G&A bills declined 24% yr over yr, primarily because of the value discount program undertaken throughout fiscal 2024. 12 months thus far, our G&A prices, excluding the influence of divestitures, have additionally declined by roughly 10 million versus the prior yr, and we’re properly on our approach to reaching 10 million to fifteen million in G&A price financial savings by the tip of this fiscal yr. Q3 fiscal 2025 adjusted EBITDA was a lack of 3 million, in comparison with a lack of 9 million a yr in the past.
This was led by optimistic EBITDA contribution from all three enterprise models offset by unallocated company overhead prices, together with public firm prices. I might wish to now evaluation our money movement and stability sheet. Free money movement was an outflow of 28 million in Q3, an enchancment of 17% in comparison with the prior yr. Money used from persevering with operations was 27 million.
This included money curiosity funds within the quarter of 17 million, which was down from 21 million in Q3 of final yr. As I indicated in the course of the earlier name, working capital improved considerably in comparison with the primary half run fee, pushed by timing of sure funds and tight working capital administration. Turning to the stability sheet. As of December 31, 2024, we had 178 million in money and short-term investments and whole principal debt stability of 460 million.
In October, we additional decreased our time period mortgage stability by USD 100 million by making an early prepayment within the quantity of USD 97.5 million, bringing time period mortgage principal stability to roughly USD 250 million. We have now an choice to additional lengthen maturity of the time period mortgage to September 2027 from December 2026 by making further USD 100 million fee at 97.5% to par earlier than the tip of March of this yr. Beneath the present ATM program that was launched in June, we have generated whole gross proceeds of USD 228 million, together with further USD 41 million that was accomplished submit the tip of Q3. We consider we’ve ample money on our stability sheet to fulfill our near-term obligations, and the remaining ATM program also needs to present us with the flexibleness to put money into development initiatives.
I might wish to now briefly talk about Cover USA. Following the completion of Acreage acquisition in December of 2024, Cover USA has now moved ahead with the complete integration of the three companies to seize income and value synergies as rapidly as doable. On condition that it is solely somewhat over a month since Acreage acquisition has closed and fewer than a month for the reason that new president has been in place, we plan to supply extra particulars across the enterprise efficiency and financials of Cover USA after we report our year-end earnings in late Might. I might wish to now present our key priorities and outlook for the stability of fiscal ’25 and into fiscal ’26.
In Canada hashish, we anticipate continued power in our medical enterprise and improved efficiency in our adult-use enterprise as we give attention to constructing on the preliminary success of the Claybourne launch, new product introductions, and continued efforts to drive expanded distribution, and improved velocity of our merchandise. In worldwide market hashish, we anticipate continued momentum in our European enterprise as we give attention to guaranteeing constant product availability, increasing factors of distribution, and launching new merchandise. In Australia, we’re within the technique of transitioning Storz & Bickel gross sales to Storz & Bickel Germany to make sure elevated give attention to the medical hashish enterprise in that market. For This autumn, we notice that worldwide markets hashish gross sales in This autumn of final yr included over 1.7 million of gross sales in U.S.
CBD, which is not a part of our enterprise. For Storz & Bickel, we anticipate one other strong quarter in This autumn, however year-over-year development is more likely to be challenged given the powerful year-ago comparability. Observe that This autumn FY ’24 benefited from outsized development from VENTY as manufacturing caught up with gross sales following provide constraints in Q3 of final yr. And at last, the influence from divested companies plus the U.S.
CBD gross sales might be roughly 2.1 million in This autumn. Based mostly on our expectation of continued momentum throughout our medical companies, enchancment in Canada adult-use, and continued value self-discipline, we consider reaching optimistic adjusted EBITDA on the consolidated degree is firmly in sight within the coming quarters. And as we sit up for FY ’26, we’re targeted on driving long-term sustainable development in our companies whereas additional enhancing our profitability and money movement. This concludes my ready feedback.
We are going to now take questions.
Questions & Solutions:
Operator
Thanks. Women and gents, we’ll now start the question-and-answer session. [Operator instructions] We ask that you just please restrict your self to at least one query and will rejoin the queue when you have further questions. The primary query comes from Aaron Gray at Alliance International Companions.
Please go forward.
Aaron Gray — Analyst
Hello, Luc and Judy. Thanks for the query right here. Simply wished to dig a bit deeper by way of plans for worldwide to capitalize on a number of the development there. I do know you talked about some further provide agreements that have been signed.
However curious for those who consider the asset-light mannequin will allow you to seize and preserve a wholesome share of the rising worldwide pie. After which would that preclude you from producing extra strong margins in comparison with being vertical internationally? So, any coloration by way of the outlook that you’ve for worldwide given the expansion we’re seeing from a number of the opponents on the market. Thanks.
Judy Hong — Chief Monetary Officer
Certain. Thanks, Aaron, and I will begin, and Luc could have his view as properly. So, to start with, I do wish to simply name out that we did have a really sturdy worldwide efficiency within the European markets specifically. Should you have a look at our general income of 12 million in worldwide market segments, it’s a must to actually bifurcate the European efficiency versus the Australian efficiency.
Simply to offer you a context, the European enterprise, which incorporates key markets like Poland and Germany, account for roughly 60% of the worldwide market section. We have now a powerful place within the Polish market, and we’re seeing continued outsized development in that market. And as I alluded to on the decision, we have additionally had very sturdy development in Germany from further provide that we’ve secured. General, our European enterprise in Q3 was up in extra of 70%.
The Australian enterprise, nevertheless, was down on a year-over-year foundation. We did name out final quarter that we noticed elevated competitors, notably within the medical gross sales enterprise for medical hashish gross sales for Australia. That a part of the enterprise additionally consists of our S&B gross sales in Australia, and we’re actually attempting to transition that enterprise into Germany to make sure that the Australian crew can actually give attention to enhancing the efficiency of the medical hashish gross sales in that market. Now, if we step again and take into consideration the enterprise going ahead, primary, the market is rising.
Based mostly on the optimistic modifications to regulation in Germany, the market is rising, and we predict that, that gives us the tailwind to profit from the market development. Secondly, as I mentioned, we’re partnering up with further provide companions, and we predict that, that provides us alternative to essentially provide the market in an asset-light mannequin. Take into account, we even have our Kincardine facility in Canada that’s GMP licensed, and we’re leveraging that facility, our low-cost construction there to service the worldwide market. So, the mixture of our Canadian provide, in addition to our third-party companions within the European markets, we consider we’ve the best substances to essentially make the most of the expansion alternatives in that market.
Luc Mongeau — Chief Government Officer
Yeah. Thanks, Judy. Good morning, Aaron. Good to fulfill you, and thanks for the query.
Constructing a bit on that, I am 5 weeks in proper now. The medical market, each in Canada and internationally, has very sturdy fundamentals. We have got some strong parts in place. As I dig deep within the enterprise and have a look at the technique, the method, the useful resource allocation, these are all issues that I am contemplating and I will have extra to share on the subsequent name, however it’s a particularly enticing class.
Operator
Thanks. The subsequent query comes from Invoice Kirk at ROTH Capital Companions. Please go forward.
Invoice Kirk — Analyst
Hey, good morning. Luc, I wished to maintain going there on that sort of administration and technique philosophy dialog. Prefer it’s been, I feel, 5 weeks. However in what methods do you view the corporate and alternatives in another way than your predecessor? And in what method to date that you have seen do you agree with the trail and technique that was in place?
Luc Mongeau — Chief Government Officer
Good morning, Invoice. Thanks for the query. The — it is a bit too early for me to inform. What I can inform you within the 5 weeks that I’ve been within the enterprise is that I’m impressed with the standard of the expertise general, the standard of the processes, the standard of the availability chain.
And for me, I am working very intently with the crew proper now, doing the evaluation, doing the validation, proving mistaken a number of the hypotheses and the approaches which might be there proper now. And I am extraordinarily inspired with what I see. Extra to return on the subsequent name.
Operator
Thanks. The subsequent query comes from Matt Bottomley at Canaccord Genuity. Please go forward.
Matt Bottomley — Canaccord Genuity — Analyst
Good morning, everybody. Thanks for taking the questions. This query may be extra for Judy. Simply questioning understanding a number of the success that you just guys have had on the cost-cutting initiatives.
You’ve got had various quarters now the place the free money movement burn has come down. However for those who have a look at that type of the ATM line there, 250-some-odd million of raises this yr for the primary 9 months. I am simply questioning the place you see the cadence of that going simply as you proceed to progress towards breakeven? And clearly, the query all of us get simply given the truth that the fairness valuations proper now proceed to be challenged within the sector general.
Judy Hong — Chief Monetary Officer
Sure. Hey, good morning. So, as you mentioned, we actually did make important progress on our stability sheet, and our money movement has improved considerably on a year-over-year foundation and over the previous few years. We do anticipate additional enchancment in FY 2026 from a money movement perspective.
Actually, the expectations for improved operations and improved profitability throughout our companies might be a contributor. We’re additionally , on a year-over-year foundation, enchancment in money curiosity bills following the paydown of our time period mortgage that we made in October. We even have an choice to pay down further 100 million within the coming months as properly. So, once you unpack our money movement for subsequent yr, actually a good portion of the outflow is predicted to be within the curiosity bills line.
We anticipate comparatively modest capex investments within the yr. And there is some extra money prices associated to the legacy amenities that we’re nonetheless incurring, however we have made important progress additionally in lowering a few of these money prices as properly. So, we predict that the mixture of the money stability that we’ve, continued actions that we’re taking to enhance our money movement and scale back our leverage will actually present us an ample flexibility to reinvest into the enterprise as properly to proceed to gas development alternatives in our portfolio.
Operator
Thanks. [Operator instructions] The subsequent query comes from Frederico Gomes at ATB Capital Markets. Please go forward.
Frederico Gomes — Analyst
Hello, good morning. Thanks for taking my query. Only a query on Poland. I feel, Judy, you talked about that you just noticed outsized development in that market.
So, might you speak somewhat bit extra about that market particularly? What is the measurement proper now? How briskly it’s rising? How the aggressive surroundings in Poland appears to be like like by way of market share that you’ve in that market? Any additional coloration concerning the Poland market? Thanks.
Judy Hong — Chief Monetary Officer
Certain, positive. Thanks for the query. So, inside our European enterprise, as you referred to as out, Poland has actually been one of many strongest contributors to that development in Europe. Should you have a look at {the marketplace} itself, it’s extra insulated from a number of the aggressive stress simply because the federal government really points import permits.
And we have been in a position to safe these imports by actually offering constant provide and high quality of the merchandise that the sufferers are demanding. And so, proper now, we’re successfully fulfilling the entire import registrations that we’ve. Its demand is exceeding provide. It has been — demand has been exceeding provide over the past couple of years.
We perceive that there could also be some market dynamics and laws that might evolve over time. However at this level, we’re very excited concerning the market dynamics and our management place in that market and our potential to essentially fulfill the entire import permits that we’ve secured in that market.
Operator
Thanks. The subsequent query comes from Pablo Zuanic at Zuanic & Associates. Please go forward.
Pablo Zuanic — Analyst
Sure. Good morning, everybody, and thanks for the questions. Look, first, I wish to ask concerning Constellation Manufacturers. And perhaps only a bit a reminder for the viewers, in comparison with three, 4 years in the past, how concerned is Constellation Manufacturers within the board, within the course of Cover Development? And may you leverage the distribution belongings of Constellation Manufacturers within the U.S.
as Wana begins to roll out their by-product merchandise? That is one query. And the second, if I could ask proper now, I imply, in fact, congratulations on the 60% development in Europe, very spectacular quantity. Possibly Judy, only a reminder for us, by way of the power of your go-to-market capabilities there, distribution capabilities, we’re starting to comprehend that one factor is exporting from Canada and different issues with the ability to distribute the product there. So, simply remind us whether or not that — these belongings have been impacted by value cuts prior to now or whether or not they’re sturdy or do that you must rebuild them a bit? Thanks.
Judy Hong — Chief Monetary Officer
Certain. Why do not I begin with the second a part of the query, after which we’ll tackle your first a part of your query as properly. So, the — our worldwide infrastructure is primarily, we’ve provide coming in from Canada in addition to a third-party companions in these markets. And we’ve distribution companions.
We have labored intently with our companions each in Germany and in some situations, even within the U.Okay. to ensure that we’ve collaboration throughout these markets to have distribution channels accessible to us in these markets. I might say, for those who take a step again in worldwide markets, the largest constraint over the past couple of years has actually been about provide. I feel as you already know, we have gone by massive enchancment by way of our flower high quality and provide continuity within the Canadian market.
And that’s additionally serving to our worldwide enterprise with improved flower high quality, extra constant provide and better THC going into these markets. So, I do not suppose there’s anticipated to be a giant step change by way of actually the investments required to alter our enterprise in that market. I feel it is actually leveraging what we’ve, from a product perspective, our partnership with distributors’ perspective and benefiting from the market development. Out of your query on Constellation, I imply, I feel, as you already know, they continue to be our largest shareholder.
They’re now extra of a passive shareholder given the exchangeable share possession that they’ve in Cover. We nonetheless have relationship with them within the context of simply sharing greatest practices or simply altering concepts. However I feel from their perspective, it is actually about investments and as an investor in Cover, much less about operational exchanges in that sense.
Operator
Thanks. This concludes Cover Development’s third-quarter fiscal 2025 monetary outcomes convention name. A replay of this convention name might be accessible till Might eighth, 2025 and will be accessed following the directions offered within the firm’s press launch issued earlier at this time. Cover Development’s investor relations crew might be accessible to reply further questions.
[Operator signoff]
Period: 0 minutes
Name contributors:
Tyler Burns — Director, Investor Relations
Luc Mongeau — Chief Government Officer
Judy Hong — Chief Monetary Officer
Aaron Gray — Analyst
Invoice Kirk — Analyst
Matt Bottomley — Canaccord Genuity — Analyst
Frederico Gomes — Analyst
Pablo Zuanic — Analyst
