In 2025, the Company made progress in the commercial and technical validation of its Smart Routing™ transit system's ability to deploy in different municipal contexts, including augmenting an existing municipal transit network in Brampton, a major city, and fully replacing a privately operated fixed-route bus system in Bradford West Gwillimbury ("BWG" or the "Town"), a smaller town. The end-to-end platform combines real-time routing software, electric vehicles and full-service operations to deliver dynamic, on-demand transit services.
Financial Highlights
Fiscal 2025 revenue from continuing operations was $2,208,862, an increase of 41% compared to $1,564,865 in Fiscal 2024. Q4 2025 revenue was $1,209,449, an increase of 117% compared to $557,329 in Q4 2024. Revenue growth reflected the Company's continuing transit operations, including continued revenues from BWG and the commencement of revenue recognition under the Brampton Transit agreement following the November 26, 2025 service launch. As a result, Fiscal 2025 reflects only a partial contribution from the Brampton deployment. Revenue under the agreement is expected to continue to be recognized through the remainder of the 12-month term, subject to continued service delivery, contract terms, and other risks described under "Forward-Looking Information". There can be no assurance as to the amount or timing of revenue ultimately recognized. While the Company continued to report a net loss from continuing operations, a significant portion of the loss reflected items not affecting cash. In Fiscal 2025, the Company reported a net loss from continuing operations after tax of $15.3 million, compared to a net loss from continuing operations of $15.4 million in Fiscal 2024. Fiscal 2025 included approximately $11.3 million of items not affecting cash, compared to approximately $10.2 million in Fiscal 2024. Cash provided by operating activities was $3.0 million in Fiscal 2025, compared to cash used in operating activities of $3.1 million in Fiscal 2024. The improvement in operating cash flow was primarily attributable to changes in non-cash working capital, including increases in deferred revenue and accounts payable and accrued liabilities.
Augmenting Existing Transit Networks
Brampton Transit: On November 26, 2025, Argo launched its Smart Routing™ transit system in the ...
