Connect with us
Prague Gaming & TECH Summit 2025 (25-26 March)

Fintech

Foremost Income Fund Reports Q2 2021 Results

Published

on

Reading Time: 5 minutes

Calgary, Alberta–(Newsfile Corp. – August 10, 2021) – Foremost Income Fund (“Foremost” or the “Fund“) announces the financial results for the three and six month period ended June 30, 2021.

Overview

The Fund is an unincorporated open end mutual fund trust conducting its business through three operating segments, Foremost Energy Equipment (FEE), Foremost Mobile Equipment (FME), and Corporate. FEE, with its focus on the oil and gas industry in Western Canada, consists of three active manufacturing and service locations across Alberta. The locations manufacture oil-treating systems, shop tanks, field tanks, agriculture equipment, oil and gas process-treating equipment, and gas separators. FME manufactures and services hydrovac and vacuum trucks and equipment; off-highway, large-wheeled and tracked vehicles; and equipment for the custom drilling, construction, water well, and mining sectors. FME focuses on custom-built vehicles for its global clientele whom it serves through two manufacturing and service locations across Alberta.

Message to Unitholders

Foremost’s financial performance improved in Q2 2021, as sales increased in key markets and profitability rose due to increased gross margins. Foremost Mobile Equipment revenue and gross margins were the main drivers in the Fund’s results. The effects of the worldwide pandemic slowdowns are still providing headwinds to revenue growth, but strong sales in the key markets of Mining and Construction have mitigated those effects.

Foremost Mobile Equipment (FME) produced revenues of $27.0 million versus $18.6 million in Q2 2020, a 45.1% increase. Gross margin was $5.4 million vs $3.4 million in Q2 2020, a 62.1% increase. Strong demand in the key regions of USA and South America drove strong revenue growth in the Vacuum Trucks, Drills, and Parts categories. This continued an upward trend for FME revenues and gross margin from the previous two quarters.

Foremost Energy Equipment (FEE) revenue improved over the previous two quarters as stronger commodity prices drove more business activity in Western Canada. FEE revenue was $5.7 million vs $5.0 million in Q2 2020 an increase of 14.5%, and gross margin was negative $0.6 million compared to negative $0.5 million in Q2 2020. Prices for FEE products remained depressed as the effect of the pandemic shutdowns continue to suppress demand growth in Western Canada. Sales in Ag bins were steady, and tracking higher than previous seasons.

At the time of this release, COVID-19 restrictions have been lifted in the Province of Alberta, allowing Foremost to resume normal business operations. Management continues to monitor the situation to ensure the safety of our employees during this phase of the pandemic.

The overview: key measurements for Q2 2021

Advertisement

Revenue was $32.6 million, an increase from the previous quarter of 12.3% or $3.6 million and a 38.2% increase from the Q2 2020 revenue of $23.6 million.

Gross margin increased 41.8% to $4.8 million, up from $3.4 million in Q1 2021 and a 60.7% increase from the Q2 2020 value of $3.0 million.

SG&A expenses increased from 10% of revenue in Q1 2021 to 11% of revenue in Q2 2021 and was consistent at 11% compared to Q2 2020. Total spend in Q2 2021 in this category was $3.5 million, compared to $3.0 million in Q1 2021 and $2.7 million in Q2 2020.

Adjusted EBIDTA is $2.3 million, an increase from the Q1 2021 value of $1.4 million and an increase from the Q2 2020 value of $1.2 million.

Re-classification – During the first quarter of 2021, certain costs were re-classified to better align with their function. This included moving (i) depreciation and amortization expense between cost of goods sold (for plant-level assets) and SG&A (for corporate-level assets) and (ii) office-related occupancy costs out of cost of sales and into administrative expenses. This results in reporting lower gross margin and higher SG&A expenses, while removing the Fund-wide amortization and depreciation expense from the statement of net income. The total amortization and depreciation continues to be shown on the statement of cash flows. These changes have been reflected in all comparative data in this quarter’s reports and will be followed for future reporting periods. Refer to note 3 of the Financial Statements for more information.

2021 outlook

Markets remain unpredictable as the response to the novel COVID-19 virus continues to evolve. Foremost is actively monitoring the latest developments and assessing the impact of the outbreak and the unprecedented drop in global economic activity. Significant uncertainty remains around the spread of the COVID-19 virus and the impact it will have on the Fund’s operations, the demand for the Fund’s products, global supply chains, and economic activity in general.

Kevin Johnson, President

Q2 2021 vs Q2 2020 Highlights

  • The mining industry has seen a surge in demand with increases in commodity prices and the ability for companies to resume operations safely during the pandemic. However, while the oil and gas industry experienced increases in commodity prices, it still faces significant challenges and uncertainties. For Foremost, this contributed to the increase in revenue of $9.0 million when comparing Q2 2021 to Q2 2020. The FME segment recognized $8.4 million more revenue in 2021 over 2020, while the FEE segment recognized a $0.6 million increase in revenue. More information is in the Segmented Results of Operations section of the MD&A.
  • Gross profit for Q2 2021 was $4.8 million and 15% of revenue. More information is in the Segmented Results of Operations section.
  • Administration costs increased to $3.5 million or 11% of revenue, up from $2.7 million in Q2 2020. The majority of spend in this category is related to personnel costs.
  • Adjusted EBITDA (defined on page 12 of the MD&A) was $2.3 million for Q2 2021 compared to $1.2 million in Q2 2020.
  • In the first quarter of 2021, certain costs were reclassified, which will result in a lower gross margin and higher SG&A expenses going forward. Refer to note 3 of the Financial Statements for more information.
  • The Trustees have determined that, as of August 10, 2021, the Fund will redeem tendered Trust Units at tangible book value of $6.35 per unit.

FORWARD-LOOKING STATEMENT

Certain statements in this news release may constitute “forward-looking” statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements use words such as “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. These statements include statements the Fund’s intention to proceed with a Unitholders’ meeting and information regarding the Trustees’ views of the future prospects and tax treatment of the Fund and tax treatment of the Special Redemption, the Fund’s expectations regarding the future availability of cash to meet redemption requests and the Trustee’s expectations for redemption prices in December 2011 and January 2012. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this news release. These forward-looking statements involve a number of risks and uncertainties, including: the impact of general economic conditions, industry conditions, changes in laws and regulations, increased competition, fluctuations in commodity prices and foreign exchange, and interest rates and stock market volatility.

Advertisement

For further Investor Relations information please contact:

Jackie Schenn, CA

Tel: (403) 295-5800 or toll free 1-800-661-9190 (Canada/US) – Fax: (403) 295-5832 E-mail: [email protected] – Website: www.foremost.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/92779

Powered by WPeMatico

Fintech

Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations

Published

on

fintech-pulse:-daily-industry-brief-–-a-dive-into-today’s-emerging-trends-and-innovations

 

The fintech landscape continues to redefine itself, driven by innovation, partnerships, and groundbreaking strategies. Today’s roundup focuses on the latest digital wallet offerings, evolving payment trends, strategic collaborations, and notable funding achievements. This editorial explores the broader implications of these developments, casting light on how they shape the future of fintech and beyond.


Beacon’s Digital Wallet for Immigrants: A Gateway to Financial Inclusion

Beacon Financial, a leading player in financial technology, recently launched a digital wallet tailored to meet the unique needs of immigrants moving to Canada. This offering bridges a critical gap, enabling seamless financial integration for newcomers navigating a foreign system.

By combining intuitive technology with user-centric features, Beacon aims to empower immigrants with tools for payments, savings, and remittances. This aligns with the growing demand for tailored financial products that resonate with specific demographics.

Op-Ed Insight:
Financial inclusion is more than just a buzzword; it’s a moral imperative in the fintech space. Products like Beacon’s digital wallet highlight the industry’s potential to create tangible change. As global migration trends increase, such offerings could inspire similar initiatives worldwide.

Source: Fintech Futures.


Juniper Research Highlights 2025’s Payment Trends

Juniper Research’s latest report unveils pivotal payment trends poised to dominate in 2025. Central themes include the adoption of instant payment networks, a surge in embedded finance solutions, and the rise of crypto-backed financial products.

The research underscores the rapid adoption of real-time payment systems, fueled by increasing consumer demand for speed and efficiency. Meanwhile, embedded finance promises to blur the lines between traditional banking and non-financial services, delivering personalized and context-specific solutions.

Op-Ed Insight:
As the lines between financial services and technology continue to blur, these trends emphasize the industry’s shift toward convenience and personalization. The growing role of crypto-based solutions reflects an evolving consumer mindset, where decentralization and digital-first experiences gain precedence.

Advertisement

Source: Juniper Research.


MeaWallet and Integrated Finance Partner to Revolutionize Digital Wallets

MeaWallet, a prominent fintech solutions provider, has partnered with Integrated Finance to advance digital wallet capabilities and secure card data access for fintech companies. This collaboration focuses on empowering fintechs to deliver better, safer digital payment experiences.

MeaWallet’s role as a technology enabler aligns seamlessly with Integrated Finance’s goal of simplifying complex financial infrastructures. Together, they aim to create scalable, robust platforms for secure payment solutions.

Op-Ed Insight:
Partnerships like this underscore the importance of collaboration in driving innovation. As security concerns grow in tandem with digital payment adoption, solutions addressing these challenges are essential for maintaining consumer trust. The fintech ecosystem thrives when synergy and innovation coalesce.

Source: MeaWallet News.


Nucleus Security Among Deloitte’s Fastest-Growing Companies

Nucleus Security has achieved a remarkable milestone, ranking 85th on Deloitte’s 2024 Technology Fast 500 list. This achievement is attributed to its robust cybersecurity solutions, which cater to the increasingly digital fintech environment.

With cyberattacks becoming more sophisticated, fintech companies are under immense pressure to safeguard their platforms. Nucleus Security’s growth reflects the rising demand for comprehensive, scalable security solutions that protect sensitive financial data.

Op-Ed Insight:
In a digital-first world, robust cybersecurity isn’t optional—it’s fundamental. The recognition of companies like Nucleus Security signals the growing importance of protecting fintech infrastructure as the industry scales globally.

Source: PR Newswire.


OpenYield Secures Funding to Transform the Bond Market

OpenYield has announced a successful funding round, aiming to revolutionize the bond market through innovative technology. The platform promises greater transparency, efficiency, and accessibility in fixed-income investments.

Advertisement

This funding underscores the growing appetite for digitizing traditionally opaque financial markets. By leveraging cutting-edge technology, OpenYield seeks to democratize bond investments, making them accessible to a broader audience.

Op-Ed Insight:
The bond market, long viewed as complex and inaccessible, is ripe for disruption. OpenYield’s efforts to modernize this space highlight fintech’s transformative potential to democratize finance and empower individual investors.

Source: PR Newswire.


Key Takeaways: Shaping the Future of Fintech

Today’s developments underscore several critical themes in the fintech landscape:

  1. Personalization and Inclusion: Products like Beacon’s wallet highlight the importance of understanding and addressing specific user needs.
  2. Collaborative Ecosystems: Partnerships, like that of MeaWallet and Integrated Finance, emphasize the power of collaboration in solving industry challenges.
  3. Emerging Technologies: Juniper Research’s predictions affirm the continued influence of blockchain, embedded finance, and instant payment networks.
  4. Security at the Core: The recognition of Nucleus Security underscores the essential role of cybersecurity in fintech.
  5. Market Transformation: OpenYield’s funding signifies the ongoing disruption of traditional financial markets, paving the way for broader accessibility.

 

The post Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations appeared first on News, Events, Advertising Options.

Continue Reading

Fintech

Fintech Pulse: Industry Updates, Innovations, and Strategic Moves

Published

on

fintech-pulse:-industry-updates,-innovations,-and-strategic-moves

 

As fintech continues to reshape the global financial landscape, today’s briefing highlights pivotal developments, strategic expansions, and innovative launches across the industry. This op-ed explores the latest advancements with commentary on their potential impacts and challenges.


Finastra Data Breach: A Wake-Up Call for Fintech Security

Source: KrebsOnSecurity

The cybersecurity landscape is buzzing after Finastra, one of the largest financial technology providers globally, confirmed an investigation into a potential data breach. Reports suggest unauthorized access to its systems, raising concerns about data security across its client base, which includes thousands of banks and financial institutions worldwide.

Implications and Challenges

While the details of the breach remain sparse, this incident underscores a glaring vulnerability in the fintech sector—cybersecurity. As financial services increasingly rely on interconnected ecosystems, breaches like these threaten not only individual institutions but also the trust customers place in fintech platforms.

The key takeaway for the fintech industry is clear: proactive cybersecurity strategies must go beyond compliance. Real-time threat detection, robust encryption standards, and regular audits are no longer optional but essential for maintaining operational integrity.

Future Considerations

This breach could trigger a domino effect, prompting regulators to tighten security standards and requiring fintech companies to double down on investments in data protection. Startups and mid-tier players, often lacking extensive cybersecurity budgets, may face significant pressure to keep pace.


PayPal Resurrects Money Pooling Feature

Source: TechCrunch

In a bid to stay ahead of the competition, PayPal is reintroducing its Money Pooling feature, a popular tool that was discontinued in 2021. The feature allows users to pool funds collectively, catering to families, small businesses, and social groups.

Advertisement

Strategic Revival

This move reflects PayPal’s commitment to customer-centric innovation. By reinstating a feature beloved by its user base, the company seeks to reclaim market share lost to emerging competitors offering similar functionalities.

Broader Industry Impacts

Money pooling represents a broader trend in fintech—customized solutions that cater to niche needs. This reintroduction may inspire competitors like Venmo and CashApp to refine their collaborative payment offerings.

While this move strengthens PayPal’s ecosystem, its success will depend on seamless integration with existing services and robust fraud prevention mechanisms to avoid abuse of the feature.


Santander Expands Fintech Reach in Mexico

Source: Yahoo Finance

Santander is making waves in the Latin American fintech space with the launch of a dedicated fintech unit in Mexico. The initiative aims to capitalize on Mexico’s growing fintech adoption and digital payments market, valued at billions of dollars annually.

Strategic Significance

Santander’s expansion into Mexico highlights the region’s untapped potential. Latin America is a burgeoning market for fintech, driven by increasing smartphone penetration, a youthful demographic, and demand for accessible financial services.

Challenges on the Horizon

While Mexico offers immense opportunities, regulatory complexities and market competition from local players like Clip and Konfío pose significant challenges. Santander will need to blend its global expertise with local adaptability to succeed in this dynamic market.


2024 Global Fintech Awards: Spotlighting Excellence

Source: PRNewswire

Benzinga has announced the winners of the 2024 Global Fintech Awards, honoring companies and individuals driving innovation in financial technology. This year’s winners spanned categories like blockchain, artificial intelligence, and payment solutions.

Recognizing Industry Leaders

Awards like these highlight the collaborative spirit and entrepreneurial drive fueling fintech growth. Recognizing trailblazers not only motivates incumbents but also inspires startups to push the boundaries of innovation.

Advertisement

What It Means for the Ecosystem

The awards also bring attention to emerging technologies. Categories such as blockchain and AI signal the industry’s continued focus on leveraging cutting-edge tech for efficiency and scalability.


Commonwealth Central Credit Union Partners with Jack Henry

Source: FinTech Futures

Commonwealth Central Credit Union (CCCU) has announced a partnership with Jack Henry, a leading financial technology provider, for a comprehensive tech upgrade. The collaboration focuses on enhancing member experience through improved digital services.

Modernizing Member Experiences

Credit unions have often lagged behind major banks in adopting advanced digital solutions. By partnering with Jack Henry, CCCU aims to bridge this gap, offering members streamlined services such as mobile banking, automated lending, and personalized financial tools.

A Growing Trend

This partnership reflects a broader trend in the financial industry—credit unions and smaller banks embracing fintech to remain competitive. As customer expectations evolve, partnerships like this may become the norm rather than the exception.


Key Takeaways for the Fintech Industry

  1. Cybersecurity is Critical: The Finastra breach underscores the need for robust security measures.
  2. Innovation Drives Loyalty: PayPal’s revival of its Money Pooling feature highlights the importance of listening to customers.
  3. Regional Opportunities: Santander’s expansion into Mexico showcases the untapped potential of emerging markets.
  4. Recognition Matters: Awards like Benzinga’s provide valuable visibility for companies and individuals shaping the industry.
  5. Partnerships Foster Growth: Collaborations between credit unions and fintech companies signify a trend towards modernized financial solutions.

 

The post Fintech Pulse: Industry Updates, Innovations, and Strategic Moves appeared first on News, Events, Advertising Options.

Continue Reading

Fintech

Fintech Pulse: Milestones, Partnerships, and Transformations in Fintech

Published

on

fintech-pulse:-milestones,-partnerships,-and-transformations-in-fintech

 

The fintech sector continues its relentless drive toward innovation and market dominance. Today’s highlights include a record-breaking customer milestone for Revolut, groundbreaking fintech solutions for women in the EU, open entries for the PayTech Awards 2025, implications of political shifts on funding, and notable recognition at the US FinTech Awards.

Revolut Hits 50 Million Customers: A Global Fintech Giant’s Milestone

Source: Revolut

Revolut, the UK-based financial super app, has achieved a monumental feat: surpassing 50 million customers worldwide. This milestone underscores its position as a leader in the global fintech landscape, furthering its ambition to create the world’s first truly global bank.

Key to this success has been Revolut’s strategy of expanding its offerings, from banking to travel and crypto services, all within a seamless user experience. The company’s recent ventures into emerging markets such as Latin America and Asia demonstrate its intent to bridge financial services gaps while retaining competitive differentiation through technology.

This milestone is not just a triumph for Revolut but a signal of fintech’s capacity to redefine traditional banking. It reinforces the narrative that digital-first strategies, customer-centric innovation, and international scalability can challenge long-standing financial institutions.

PayTech Awards 2025: Celebrating Excellence in Innovation

Source: FinTech Futures

The PayTech Awards 2025 are officially open for entries, promising to spotlight the brightest minds and most innovative projects in the payment technology sector. These awards are a testament to the industry’s commitment to advancing secure, seamless, and scalable payment systems.

This year, the focus is on emerging technologies that redefine how businesses and consumers interact financially. Categories will recognize achievements across multiple domains, including sustainability in payments, AI-driven solutions, and partnerships that push boundaries.

Advertisement

As fintech companies prepare their entries, the awards provide a timely reminder of the sector’s ongoing evolution and the collaborative efforts required to achieve meaningful breakthroughs.

U.S. Politics and the Fintech Sector: A New Era of Funding?

Source: American Banker

The U.S. fintech sector might witness an infusion of optimism as speculation about a second Trump presidency gains momentum. The Trump-era policies of deregulation and venture capital encouragement are remembered as catalysts for unprecedented fintech growth during his first term.

While it remains uncertain how regulatory landscapes will shift, the possibility of a more relaxed approach toward fintech compliance could rejuvenate funding inflows. Investors and startups alike are watching closely, weighing the potential benefits against long-term risks tied to reduced oversight.

A politically charged backdrop often spells volatility, but for fintech, it may also spell opportunity. Preparing to adapt quickly will be crucial for startups and established players in the face of any regulatory pivot.

Klara AI and Unlimit: Addressing the €1.3 Trillion Female Economy

Source: FF News

Klara AI has teamed up with Unlimit to launch a fintech solution aimed at empowering women across the EU. This collaboration targets the €1.3 trillion female economy by addressing the unique financial needs of women entrepreneurs and consumers.

The solution promises to integrate AI-powered tools with streamlined financial management services, enabling users to access credit, manage investments, and scale businesses effectively. By tailoring services to the underserved female demographic, the partnership hopes to drive financial inclusion and support economic growth.

This initiative stands as a blueprint for fintechs exploring niche markets, proving that innovation tailored to specific segments can yield transformative results.

Autire: Accounting Tech of the Year at US FinTech Awards

Source: Business Wire

Advertisement

Autire, a rising star in financial technology, has been crowned ‘Accounting Tech of the Year’ at the US FinTech Awards 2024. The award recognizes Autire’s ability to blend cutting-edge AI with intuitive user interfaces, delivering unparalleled accounting solutions for businesses of all sizes.

Autire’s platform has gained traction for automating complex accounting tasks, ensuring compliance, and delivering actionable insights through real-time analytics. Its emphasis on reducing administrative burdens for SMEs has been particularly impactful, enabling entrepreneurs to focus on growth rather than bookkeeping.

The recognition not only cements Autire’s reputation but also highlights the role of AI-driven accounting solutions in reshaping business operations globally.

Final Thoughts: A Fintech Revolution in Full Swing

From customer milestones to policy-driven opportunities, the fintech ecosystem is in constant evolution. Revolut’s ascent to 50 million users signals growing consumer trust in digital platforms. The PayTech Awards continue to inspire innovation, while political shifts could redefine the regulatory landscape. Initiatives like Klara AI and Unlimit emphasize the power of targeted solutions, and companies like Autire show how niche technologies can achieve broad impact.

The next phase of fintech growth will likely hinge on inclusivity, adaptability, and innovation—pillars that today’s news stories exemplify.

 

The post Fintech Pulse: Milestones, Partnerships, and Transformations in Fintech appeared first on .

Continue Reading

Trending