NowVertical Group (TSX-V: NOW) posted Q4 2025 revenue of $9.7M, an 11% YoY decline, primarily driven by Argentine peso devaluation and lower reseller revenue. Full-year net loss reached $4.01M vs. a profit of $1.59M in 2024. EPS stood at –$0.04. After-hours stock movement data was not disclosed in the press release.
About NowVertical Group
NowVertical Group Inc.(TSX-V: NOW; OTC: NOWVF) is a Toronto-based data analytics and artificial intelligence solutions company founded in 2019. The company operates as a global provider of AI-driven data solutions across the United States, Argentina, Brazil, Chile, the United Kingdom, and other international markets. It helps enterprise clients convert data investments into measurable business outcomes through a comprehensive suite of software and services.
As of April 2026, NowVertical carries a market capitalization of approximately CAD $15.92 million (roughly USD $11.7M). The company employs approximately 500 people and serves over 250 clients, including enterprise accounts such as Adobe, Disney, GSK, NHS, Nike, and AstraZeneca. NowVertical does not pay a dividend. The company trades at a P/E ratio of 11.33 on the TSX Venture Exchange.
Top Financial Highlights
- Revenue was $9.7 million in Q4 2025, an 11% decrease from $10.9 million in Q4 2024, driven by Argentine peso devaluation ($0.5M impact) and reduced reseller revenue
- Full-year FY 2025 revenue reached $37.3 million, a 5% decline from $39.4 million in FY 2024, impacted by a $2.1 million FX headwind and Chile restructuring
- Gross Profit came in at $5.1 million in Q4 2025, a 9% decrease from $5.7 million in Q4 2024
- Gross margin improved to 53% in Q4 2025, up from 52% in Q4 2024, showing underlying margin efficiency
- Administrative Expenses surged to $5.3 million in Q4 2025, a 79% increase from $3.0 million in Q4 2024, mainly due to higher share-based compensation and severance costs
- Income (Loss) from Operations was ($0.1 million) in Q4 2025, a 105% decrease from $2.7 million profit in Q4 2024
- Adjusted EBITDA was $1.8 million (19% margin) in Q4 2025, down 30% from $2.6 million in Q4 2024
- FY 2025 Adjusted EBITDA held steady at $7.2 million (19% margin), consistent with FY 2024 of $7.2 million
- Full-year net loss was $4.01 million for FY 2025, vs. net income of $1.59 million in FY 2024
- EPS was -$0.04 for the trailing twelve months
- Top 30 Strategic Accounts generated $25.0 million, representing 67% of total revenue, up from $21.9 million and 55% in the prior year
- Google Cloud-related revenue exceeded $3.4 million year-to-date through Q3 2025, with 20 new enterprise opportunities created
- The Company completed its One Brand integration in February 2026 and launched NowUnlock AI in March 2026
Beat or Miss?
Based on available analyst data and context from prior quarters (Q2 2025 analyst forecast was $10.5M vs. reported $8.2M), the table below reflects the reported figures against available context.
| Metric | Reported (Q4 2025) | Estimated / Context | Difference / Analysis |
| Q4 2025 Revenue | $9.7M | N/A (no Q4 consensus disclosed) | 11% below Q4 2024 actual of $10.9M |
| FY 2025 Revenue | $37.3M | N/A | 5% below FY 2024 of $39.4M |
| Gross Margin (Q4) | 53% | 52% (Q4 2024 baseline) | +100 bps improvement YoY |
| Adj. EBITDA (Q4) | $1.8M (19%) | $2.6M (Q4 2024) | -30% YoY miss vs. prior year |
| Adj. EBITDA (FY) | $7.2M (19%) | $7.2M (FY 2024) | Flat; margin expanded from 18% to 19% |
| FY Net Loss | -$4.01M | +$1.59M (FY 2024) | Swing from profit to loss, driven by share-based comp |
| EPS (TTM) | ($0.04) | N/A | Loss per share vs. prior year profitability |
What Leadership Is Saying
“Our FY 2025 results reflect a combination of external and transitional factors, including foreign exchange impacts in Argentina and lower reseller revenue in certain markets, which affected reported revenue for both the quarter and the year. At the same time, I am pleased that the underlying business continues to evolve in line with our strategy. In the year ended December 31, 2025, our top 30 Strategic Accounts generated $25.0 million and represented 67% of total revenue, up from $21.9 million and 55% in the prior year. With our integration now complete and NowUnlock launched, we are focused on executing against this model with discipline as we move into 2026.” – Sandeep Mendiratta, Chief Executive Officer
Historical Performance
NowVertical Group: Q4 2025 vs. Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $9.7M | $10.9M | -11% |
| Gross Profit | $5.1M | $5.7M | -9% |
| Gross Margin | 53% | 52% | +100 bps |
| Administrative Expenses | $5.3M | $3.0M | 79% |
| Income (Loss) from Operations | ($0.1M) | $2.7M | -105% |
| Adjusted EBITDA | $1.8M | $2.6M | -30% |
| Adj. EBITDA Margin | 19% | 24% | -500 bps |
NowVertical Group: FY 2025 vs. FY 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Revenue | $37.3M | $39.4M | -5% |
| Gross Profit | $18.8M | $20.5M | -8% |
| Administrative Expenses | $16.4M | $16.2M | 2% |
| Income from Operations | $2.4M | $4.3M | -45% |
| Adjusted EBITDA | $7.2M | $7.2M | 0% |
| Net Income (Loss) | ($4.01M) | $1.59M | N/M |
Competitor Comparison
NowVertical competes in the AI-driven data analytics and enterprise intelligence space. The table below reflects the most recent available annual or trailing twelve-month figures for comparable peers.
| Company | TTM / FY Revenue | YoY Revenue Change | Net Income (Loss) | Key Notes |
| NowVertical Group (NOW) | $37.3M (FY 2025) | -5% | ($4.01M) | AI data services, LATAM + North America |
| Alteryx | ~$961M (FY 2024) | N/A | Varies | Enterprise analytics platform, US-listed |
| Domo Inc. | ~$329M (FY 2024) | N/A | Net loss | Cloud BI and data visualization |
| LiveTiles | ~$19.4M (est.) | N/A | N/A | Digital workplace AI; similar revenue scale |
| SoluLab | ~$32.2M (est.) | N/A | N/A | AI/blockchain services; direct-scale competitor |
How the Market Reacted
NowVertical’s stock has been under pressure heading into and following the Q4 2025 release. Trading on the TSX Venture Exchange (NOW), the stock was priced at approximately CAD $0.225 as of April 10, 2026, reflecting a year-to-date decline of approximately 19.64% and a one-year decline of around 50%. The stock traded in a 52-week range of CAD $0.08 to $0.70, underscoring significant volatility.
Over the one-week period surrounding earnings, shares fell approximately 11.76%, consistent with a pattern of market caution that accompanied prior quarterly releases, including a 14.52% decline after Q3 2025 earnings.
The overall sentiment from the report is mixed: while gross margins improved and strategic account concentration deepened, the swing to a net loss and the sharp rise in administrative expenses weighed on investor confidence. The company’s long-term vision targeting $100 million in high-quality revenue and positive free cash flow in 2026 provides a bullish forward narrative, though near-term execution risk remains elevated.
