EMERGE Commerce Ltd., a portfolio of premium brands, announced Wednesday its financial results for the three months ended September 30, 2025, reporting that revenue grew significantly from a year ago.
EMERGE is an e-commerce / omni-channel portfolio of premium brands. Its subscription, marketplace, and retail businesses provide members with access to offerings across its grocery and golf verticals. truLOCAL is its flagship Canadian meat and seafood subscription service, connecting local farmers with a health-conscious audience. Its golf vertical includes its discounted tee-times/ experiences brand, UnderPar, and its discounted golf apparel and equipment brands, JustGolfStuff and Tee 2 Green.
“Q3 was another statement quarter for EMERGE. We delivered 58% year-over-year revenue growth, our third consecutive quarter of positive Adjusted EBITDA, and most importantly, exceptional cash flow generation, even in what is typically a more seasonal quarter for some of our brands,” said Ghassan Halazon, Founder and CEO, EMERGE.
“Both our grocery and golf verticals exhibited positive organic growth once again, and our cash position continued to strengthen, fueled by our overall sales growth as well as T2G’s cash-flow friendly deal structure. These results reflect the continued discipline of our team, Board, and partners. As we enter the peak Q4 holiday season, we remain focused on operational efficiency, profitable growth, and prudent capital management.”
Q3 2025 Financial Highlights compared to Q3 2024:
- Revenue grew to $7.0M vs. $4.4M, an increase of 58% YoY, marking the 6th consecutive quarter of revenue growth. Both grocery and golf verticals achieved positive organic growth;
- Gross profit grew to $2.4M vs. $1.8M. Excluding $167K fair value of inventory adjustment related to T2G, a non-cash item, gross margin would be approximately 37% vs. 40%;
- Adj. EBITDA improved to $261K vs. Adj. EBITDA loss of $254K, an increase of $514K YoY, marking the 3rd consecutive quarter of positive Adj. EBITDA;
- Net Income improved to $26K vs. net loss of $730K. Excluding $167K fair value of inventory adjustment related to T2G, a non-cash item, net income would be $193K;
- Cash flow from operations of $919K vs. ($411K) in Q3 2024, an increase of $1.3M YoY;
- Cash position grew to $4.1M (September 30, 2025) vs. $1.6M (September 30, 2024), a $2.5M increase YoY.
For Q4 2025, EMERGE said its management expects to achieve another quarter of strong YoY revenue growth, and positive Adjusted EBITDA.
“The Q4 holiday season is generally a high sales volume quarter, particularly at truLOCAL, including for B2B/ corporate gifting orders, as well as at UnderPar as golf courses introduce discounted pre-season (2026) offers,” said the company.
“EMERGE is now on track to achieve its full-year objectives of strong revenue growth, positive Adjusted EBITDA and positive cash flow for 2025.
“Building off our success in acquiring and accelerating T2G, which continued to perform exceptionally in Q3, EMERGE is selectively advancing accretive acquisition opportunities, specifically in grocery and golf verticals, as well as in adjacent B2B / e-commerce enablement technologies that can help super-charge the overall portfolio. EMERGE’s focus is exclusively on profitable acquisition candidates with $750K-$2M in Adj. EBITDA, with a long-standing track record of revenue stability and cash flow generation.”
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