#CDNtech companies Nuvei, WonderFi, Thinkific saw revenue growth in Q1 2024

NowVertical’s revenue for 2023 also increased by 91 percent year-over-year to $51.7 million.

It’s that time of year—a number of publicly listed Canadian tech companies have announced their quarterly earnings for the first quarter of 2024.

Nuvei, WonderFi, and Thinkific have reported their results for the three months ending March 31, 2024. All three posted positive earnings before interest, taxes, depreciation, and amortization (EBITDA) as well as revenue growth on either a yearly or quarterly basis. NowVertical also reported yearly revenue growth, with its latest earnings covering both the fourth quarter and full year of 2023.

BetaKit has compiled a guide on their performance. All figures are in USD unless otherwise noted.


Q1 2024 Highlights

  • Revenue increased 31 percent year-over-year to $335.1 million 
  • Adjusted EBITDA increased by 19 percent year-over-year to $114.9 million
  • Net loss was $4.8 million, down from $8.3 million in the same quarter last year
  • Net income per diluted share decreased by seven percent to $0.41 from $0.44

Montréal payments company Nuvei reported what may be one of its last quarterly earnings. In April, Nuvei, which trades on both the Toronto Stock Exchange (TSX) and Nasdaq, agreed to a takeover by American private-equity giant Advent International. This acquisition deal values Nuvei at approximately $6.3 billion USD.

Currently, the transaction is pending court and regulatory approvals, and is expected to be finalized by late 2024 or early 2025. Advent has proposed a purchase price of $34 per share for Nuvei, representing a 56 percent premium over its Nasdaq closing price on March 15. Following the acquisition, Nuvei’s founder, Philip Fayer, is set to remain as the chairman and CEO of the company.


Q1 2024 Highlights

  • Revenues increased 43.4 percent quarter-over-quarter to $18.5 million CAD
  • Generated EBITDA of $7 million, up from $6.7 million CAD in Q4 2023
  • Net income increased to $4.9 million CAD, or $0.01 CAD per share, compared to a net loss of $7.6 million CAD in Q1 2023

Toronto-based cryptocurrency firm WonderFi called Q1 2024 a “record” quarter for revenue. The company, which operates multiple cryptocurrency platforms and trades on the TSX, reported that its platforms handled $1.1 billion in trading volumes over the quarter, marking a 58 percent surge from the fourth quarter of 2023.

It was not all smooth sailing at WonderFi in Q1, however. In March, shareholders of WonderFi, including Kaos Capital and Vancouver-based Mogo, called for the company’s board to be replaced, claiming the company has underperformed amid the recent bull run in digital asset prices. 

Last week, WonderFi and Kaos signed a co-operation agreement whereby WonderFi will nominate nine directors to stand for election at the company’s 2024 annual meeting later this month.


Q1 2024 Highlights

  • Total revenue increased 13 percent year-over-year to $16 million
  • Adjusted EBITDA of $200,000 was positive for the third quarter in a row
  • Net loss for the first quarter of 2024 was $1.1 million, down from $7 million in Q1 2023.

Vancouver-based software company Thinkific Labs recorded double-digit growth and positive cash flow in Q1 2024. The company, which sells software to help entrepreneurs and businesses build and sell digital learning products, says it has been focused on sustainable, profitable growth in recent years.

Since going public on the TSX in 2021, Thinkific has made two rounds of layoffs in an effort to accelerate its path to profitability. In a statement, Thinkific CFO Corinne Hua said the company’s Q1 2024 results indicate that its strategy is proving fruitful. 

During the quarter, Thinkific inked a deal with Spotify to test a program that offers Thinkific courses in the Spotify app. The company also saw accounts for its AI tool, The Leap, grow to 20,000 during the quarter.


FY 2024 Highlights

  • Revenue increased 91 percent year-over-year to $51.7 million
  • Adjusted EBITDA was $5.4 million, an increase of 378 percent from 2022
  • Net loss was $5.9 million, a decrease year-over-year of 38 percent

NowVertical reported its earnings for the fourth quarter and full year of 2023. Since the end of last year, the Toronto-based data company has undergone a few significant changes, including the board replacing Sasha Grujicic with Sandeep Mendiratta as CEO of the company, which board chair Elaine Kunda described as a “difficult but necessary” decision aimed at putting the company “back on track for growth.”

Shortly following the CEO change, NowVertical’s founder, former CEO, and shareholder Daren Trousdell called for the board to be replaced, claiming the board presided over “an incredible erosion in shareholder value.” 

NowVertical responded to Trousdell, noting it planned to bring legal action against him for allegedly violating his separation agreement. Following an injunctionobtained by NowVertical against Trousdell, the parties settled and dismissed those legal proceedings.

In April, NowVertical entered into an agreement to settle its ongoing obligations in connection with NOW’s prior acquisition of Acrotrend. The agreement will allow NowVertical to reduce and defer its payment obligations over the next two years.

Feature image courtesy of TMX Group.

Isabelle Kirkwood

Isabelle Kirkwood

Isabelle is a Vancouver-based writer with 5+ years of experience in communications and journalism and a lifelong passion for telling stories. For over two years, she has reported on all sides of the Canadian startup ecosystem, from landmark venture deals to public policy, telling the stories of the founders putting Canadian tech on the map.

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