logo
GLG Life Tech Corporation Reports 2025 First Quarter Financial Results

GLG Life Tech Corporation Reports 2025 First Quarter Financial Results

Yahoo31-05-2025
VANCOUVER, BC / / May 30, 2025 / GLG Life Tech Corporation (TSX:GLG) ("GLG" or the "Company"), a global leader in the agricultural and commercial development of high-quality zero-calorie natural sweeteners, announces financial results for the three months ended March 31, 2025. The complete set of financial statements and management discussion and analysis are available on SEDAR and on the Company's website at www.glglifetech.com.
FINANCIAL SUMMARY
The Company reported revenues of $3.2 million in the first quarter of 2025, compared to $3.5 million in revenue for the first quarter of 2024. This 8% decrease was attributable in part to a decrease in unit prices on many of the Company's products, particularly for the Company's largest customer amidst a competitive pricing landscape in the overall stevia market. The relative decrease in revenues was also attributable to a base effect arising from an atypical increase in orders in early 2024.
The Company continues its efforts to closely manage its SG&A expenses, reducing SG&A by $0.2 million or 44% in the first quarter of 2025, compared to the first quarter of 2024.
For the three months ended March 31, 2025, the Company had net loss attributable to the Company from continuing operations of $3.2 million, a decrease in net loss of $1.2 million over the comparable period in 2024 ($4.4 million). The Company reported a net loss per share from continuing operations of $0.08 for the first quarter of 2025, compared to a net loss per share of $0.11 for the first quarter of 2024.
CORPORATE DEVELOPMENTS
2025 AGM Voting Results
The Company held its Annual General and Special Meeting (the "Shareholder Meeting") on May 22, 2025. The shareholders voted in all five nominated directors, with favorable votes for each exceeding 99%. Dr. Luke Zhang continues as Chairman of the Board and Chief Executive Officer and Mr. Brian Palmieri continues as Vice Chairman of the Board. Madame Liu Yingchun, Mr. Simon Springett, and Mr. David Bishop continue as directors of the Company. (Mr. David Bishop was added as a fifth director by the Board of Directors on March 27, 2025.)
Disposition of Runhai Facility
One of the matters voted on at the Shareholder Meeting was the transfer of the Company's Anhui Runhai Joint Stock Technology Co., Ltd. ("Runhai") subsidiary to Fengyang Xiaogang Hongzhang Health Industrial Park Co. Ltd ("Xiaogang"). Given that the Company has a long-term exclusive contract manufacturing agreement with Qingdao Honghongyuan Health Industry Technology Co., Ltd. ("HHY") - which is staffed almost entirely by the Company's formerly employed production staff/management and utilizes the Company's formerly owned "Runde" facility to produce products for the Company and its customers, all under the production standards mandated by the Company - Management determined that it would be in the interests of the Company and its shareholders to transfer the Runhai subsidiary to a third party.
As described in particular in the Management Proxy Circular, dated April 28, 2025, and distributed to shareholders, the transfer of the subsidiary (including assets, other than intellectual property rights, and debts) for a nominal amount to a third party both brings net improvement to the Company's balance sheet and reduces the Company's exposure to potentially adverse action that could be taken by the government in China towards foreign-held assets. With shareholder's nearly unanimously approving the transfer (votes for the transfer exceeded 99.99%) at the May 22, 2025, meeting, Management expects to reflect the results of the transfer in its second quarter interim financial filings.
The Company will continue to maintain its production focus through the operations at HHY. Given that the production operations at HHY are in all but name essentially identical to the Company's former production operations at its Runde facility, with HHY committed to adhering to the Company's production requirements, the Company has been able to seamlessly service the needs of its global customers with ample headroom to grow its sales volumes. Opting for a contract manufacturing arrangement with HHY (a purely Chinese entity), instead of maintaining direct ownership of Chinese facilities, has enabled the Company to bring major improvements to its balance sheet and significantly mitigate risk of actions that could be taken by the Chinese government at a time where macroeconomic and geopolitical factors have in recent months become more chaotic.
Company Outlook
In recent years, management focused particularly on mitigating the losses - especially from a cash or EBITDA perspective - that the Company suffered over the last several years and to ameliorate the Company's financial position. As a result of those sustained losses, the Company has lacked the cash necessary to fully fund the business operations and strategic product initiatives. The Company continues to manage its cash flows carefully to mitigate risk of insolvency and Management's efforts have been successful in improving the Company's performance, particularly its cash flows, with the Company regularly producing positive EBITDA (on the other hand, interest charges, most of which continue to be accrued rather than paid, continue to have significant impact on the Company's income statement and balance sheet). As a result of these efforts, management has been successful in improving the Company's cash flows. Nevertheless, without an infusion of cash in the months ahead, the Company may not be able to realize its strategic plans and could eventually cease to be a going concern.
A factor that continues to contribute to the Company's financial situation is the competitive price pressure in the stevia market over the last few years that has reduced mainstream "Reb A" products (such as Reb A 80 and Reb A 97) to the lowest price levels in years; less mainstream products such as "Reb M" have also more recently been facing significant price pressure. Monk fruit prices have also become highly competitive in the marketplace. To maintain margins at sustainable levels, the Company has focused on improving production efficiencies, and continues to strive for a mix of products that is weighted more heavily on higher margin, specialty products, and has focused more on higher margin direct sales.
To address operating cash requirements, management previously negotiated revolving loan facilities with third parties for working capital purposes. Management continues to work with third parties for its working capital needs. This has been a significant departure from the Company's prior practice of arranging loans with related parties to fund the Company's operations and the Company has been successful in securing and managing these loan facilities.
Further, the Company's focus on maintaining positive cash flow led the Company to take decisive steps in the last few years to reduce its SG&A costs as well as its production costs. In that time period, both its North American operations and Chinese operations significantly reduced SG&A costs. For many years, the Company's production capacity had been far greater than its projected order levels, as it had then sought rapid increases in orders for Reb A products. Instead, the Company focused on "right-sizing" the Chinese operations - i.e., to optimize staffing and production planning to meet the Company's projected production requirements while retaining the ability to accommodate growth in future order volumes - management made significant progress in this area. These efforts have enabled the Company to sell its goods at more competitive and/or more profitable prices, although the competitive price pressures remain strong.
Management has also availed itself of opportunities to improve the Company's balance sheet - to improve the Company's working capital position and to alleviate the debt burden that has impeded the Company's progress for many years now. In 2020, management realized the sale of one of its two idle assets; the sale of the "Runhao" facility resulted in significant debt reduction. In 2023, the Company also realized significant debt reduction through the bankruptcy liquidation of its other long-idled asset, "Runyang". Shareholders, on May 22, 2025 (and as noted further above), approved the transfer of the Company's Runhai facility on terms similar to the previously consummated transfer of the Company's Runde facility. The Company has thereby removed Chinese bank debt from its books, with only long-held related party debt and third-party working capital loans reflected as debt on its balance sheet.
Revenue trends have been and remain encouraging, as Management's efforts to increase sales have brought generally increasing revenues in the last two years . Further, these efforts have resulted in positive EBITDA the last two completed fiscal years. Increasing revenues is important to the Company's goals of maintaining and improving positive cash flow and positive EBITDA.
Against this backdrop of sales growth, the Company has faced significant regulatory hurdles. It is currently cease-traded, as a result of its delay in filing its 2023 full-year financials (since filed, on June 28, 2024), pursuant to a British Columbia Securities Commission order (the failure-to-file cease trade order or "FFCTO"). As a result of that filing delay, the Company was also delayed in filing its interim first quarter financials for 2024 (filed on July 23, 2024). Further, the Company was under a delisting review initiated by the TSX, on the basis of the Company's share price and market capitalization remaining lower than the TSX's requirements, as well as the Company's sustained losses over the years and negative working capital situation, that as noted above, culminated in a decision by the TSX to delist the Company's shares effective close of business September 3, 2024.
The Company has since transferred its listing to the NEX exchange, where it is currently listed (as of September 4, 2024). While the FFCTO had been in effect during the transition to the NEX exchange, the Company was recently notified by the BCSC (on May 21, 2025) that the FFCTO has been lifted and Management is now working on the steps necessary for the Company's issue to resume trading on the NEX exchange.
Although the regulatory hurdles are substantial, Management continues to have a positive outlook, at least in the near term, on the Company's revenues, particularly compared to 2023 and 2024, as sales volumes remain at elevated levels approaching the end of 2024 and entering 2025. As Management seeks to have the Company's stock trading again, Management continues to focus on maintaining and increasing revenues, notwithstanding pricing pressures, as well as on maintaining and improving margins and increase cash flows.
Cease-Trade Status
As noted in the Outlook section above, while the Company has been cease-traded since April of 2024, the FFCTO was revoked on May 21, 2025. Management is now working on the remaining steps necessary for the Company's issue to resume trading on the NEX exchange.
SELECTED FINANCIALS
As noted above, the complete set of financial statements and management discussion and analysis for the three months ended March 31, 2025, are available on SEDAR and on the Company's website at www.glglifetech.com.
Results from Operations
The following results from operations have been derived from and should be read in conjunction with the Company's annual consolidated financial statements for 2024 and the condensed interim consolidated financial statements for the three-month period ended March 31, 2025.
In thousands Canadian $, except per share amounts
3 Months Ended March 31
% Change
2025
2024
Results from Continuing Operations
Revenue
$
3,166
$
3,457
(8
%)
Cost of Sales
$
(2,714
)
$
(2,862
)
5
%
% of Revenue
(86%
)
(83%
)
(3
%)
Gross Profit
$
452
$
594
(24
%)
% of Revenue
14
%
17
%
(3
%)
Expenses
$
(297
)
$
(528
)
44
%
% of Revenue
(9%
)
(15%
)
6
%
Income/(Loss) from Operations
$
155
$
66
135
%
% of Revenue
5
%
2
%
3
%
Other Income/(Expenses)
$
(3,370
)
$
(4,471
)
25
%
% of Revenue
(106%
)
(129%
)
23
%
Net Income/(Loss)
$
(3,215
)
$
(4,405
)
(27
%)
% of Revenue
(102%
)
(127%
)
26
%
Net Income/(Loss) Attributable to GLG
$
(3,215
)
$
(4,397
)
(27
%)
% of Revenue
(102%
)
(127%
)
26
%
Net Earnings/(Loss) Per Share Attributable to GLG
$
(0.08
)
$
(0.11
)
(27
%)
Consolidated Results (Consolidating Continued and Discontinued Operations)
Net Income/(Loss) - Continuing Operations
$
(3,215
)
$
(4,405
)
(27
%)
Net Income/(Loss) - Discontinued Operations
$
(586
)
$
(2,620
)
(78
%)
Net Income/(Loss)
$
(3,801
)
$
(7,025
)
(46
%)
Net Income/(Loss) Attributable to GLG
$
(3,794
)
$
(6,988
)
(46
%)
Net Earnings/(Loss) Per Share Attributable to GLG
$
(0.10
)
$
(0.18
)
(46
%)
Other Comprehensive Income/(Loss)
$
(19
)
$
(326
)
94
%
Comprehensive Net Income/(Loss)
$
(3,820
)
$
(7,351
)
(48
%)
Comprehensive Net Income/(Loss) Attributable to GLG
$
(3,875
)
$
(7,304
)
(47
%)
Revenue
Revenue for the three months ended March 31, 2025, decreased by 8% to $3.2 million, a $0.3 million decrease compared to $3.5 million for the same period in 2024. This 8% decrease was attributable in part to a decrease in unit prices on many of the Company's products, particularly for the Company's largest customer amidst a competitive pricing landscape in the overall stevia market. The relative decrease in revenues was also attributable to a base effect arising from an atypical increase in orders in early 2024. International (ex-China) sales comprised 100% of revenues in the first quarter (100% in first quarter of 2024).
Cost of Sales
For the three months ended March 31, 2025, the cost of sales decreased to $2.7 million, compared to a cost of sales of $2.9 million for the same period last year (a decrease in cost of sales of 5%). Cost of sales as a percentage of revenues was 86% for the first quarter, a three-percentage point increase compared to the first quarter of 2024 (83%). This three-percentage point increase in cost of sales as a percentage of revenues is attributable in part to a decrease in unit selling prices in the first quarter of 2025, relative to the first quarter of 2024, that was driven primarily by competitive pricing pressures, despite raw material costs for much of the Company's product portfolio either remaining static or increasing.
Gross Profit (Loss)
Gross profit for the three months ended March 31, 2025, decreased by 24% to $0.5 million, compared to $0.6 million in gross profit for the same period last year. This 24% decrease in gross profit was driven by the decrease in revenues for the first quarter of 2025 compared to the first quarter of 2024 as well as by the decrease in unit prices attributable to increasingly competitive pricing in the stevia marketplace. The gross profit margin was 14% for the first quarter of 2025, compared to 17% in the first quarter of 2024, for the same reasons as described above for the year-over-year comparison of cost of sales as a percentage of revenues.
Selling, General and Administration Expenses
Selling, General and Administration ("SG&A") expenses include sales, marketing, general and administration costs ("G&A"), stock-based compensation, and depreciation and amortization expenses on G&A fixed assets. A breakdown of SG&A expenses into these components is presented below:
In thousands Canadian $
3 Months Ended March 31
% Change
2025
2024
Results from Continuing Operations
G&A Expenses
$
287
$
515
(44
%)
Depreciation Expenses
$
10
$
13
(23
%)
Total
$
297
$
528
(44
%)
G&A expenses for the three months ended March 31, 2025, decreased by $0.2 million to $0.3 million, compared to $0.5 million in the same period in 2024. The $0.2 million decrease in G&A expenses for the first quarter of 2025 was driven primarily by a reduction in consulting fees. G&A-related depreciation and amortization expenses were $nil million for each of the three-month periods ended March 31, 2025 and 2024.
Net Loss Attributable to the Company
In thousands Canadian $
3 Months Ended March 31
% Change
2025
2024
Net Income/(Loss) - Continuing Operations
Net Income/(Loss)
$
(3,215
)
$
(4,405
)
27
%
% of Revenue
(102%
)
(127%
)
26
%
Net Income/(Loss) Attributable to NCI
$
0
$
(7
)
--
Net Income/(Loss) Attributable to GLG
$
(3,215
)
$
(4,397
)
27
%
% of Revenue
(102%
)
(127%
)
26
%
Net Earnings/(Loss) Per Share Attributable to GLG
$
(0.08
)
$
(0.11
)
27
%
For the three months ended March 31, 2025, the Company had net loss attributable to the Company from continuing operations of $3.2 million, a decrease in net loss of $1.2 million over the comparable period in 2024 ($4.4 million). This $1.2 million decrease is attributable to decreases in (1) foreign exchange loss ($1.1 million) and (2) SG&A expenses ($0.2 million), which were offset by (3) a decrease in gross profit ($0.1 million).
Quarterly Basic and Diluted Loss per Share
The basic and diluted loss per share from continuing operations was $0.08 for the three months ended March 31, 2025, compared with a basic and diluted net loss per share from continuing operations of $0.11 for the comparable period in 2024.
Additional Information
Additional information relating to the Company, including our Annual Information Form, is available on SEDAR (www.sedar.com). Additional information relating to the Company is also available on our website (www.glglifetech.com).
For further information, please contact:Simon Springett, Investor RelationsPhone: +1 (604) 669-2602 ext. 101Fax: +1 (604) 662-8858Email: ir@glglifetech.com
About GLG Life Tech Corporation
GLG Life Tech Corporation is a global leader in the supply of high-purity zero calorie natural sweeteners including stevia and monk fruit extracts used in food and beverages. GLG's vertically integrated operations, which incorporate our Fairness to Farmers program and emphasize sustainability throughout, cover each step in the stevia and monk fruit supply chains including non-GMO seed and seedling breeding, natural propagation, growth and harvest, proprietary extraction and refining, marketing and distribution of the finished products. Additionally, to further meet the varied needs of the food and beverage industry, GLG, through its Naturals+ product line, supplies a host of complementary ingredients reliably sourced through its supplier network in China. For further information, please visit www.glglifetech.com.
Forward-looking statements: This press release may contain certain information that may constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
While the Company has based these forward-looking statements on its current expectations about future events, the statements are not guarantees of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors include amongst others the effects of general economic conditions, consumer demand for our products and new orders from our customers and distributors, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing forward-looking statements. Specific reference is made to the risks set forth under the heading "Risk Factors" in the Company's Annual Information Form for the financial year ended December 31, 2024. In light of these factors, the forward-looking events discussed in this press release might not occur.
Further, although the Company has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
As there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, readers should not place undue reliance on forward-looking statements.
SOURCE: GLG Life Tech Corporation
View the original press release on ACCESS Newswire
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

1 Magnificent Canadian Energy Stock Down 22% to Buy and Hold for Decades
1 Magnificent Canadian Energy Stock Down 22% to Buy and Hold for Decades

Yahoo

timean hour ago

  • Yahoo

1 Magnificent Canadian Energy Stock Down 22% to Buy and Hold for Decades

Written by Andrew Walker at The Motley Fool Canada Canadian Natural Resources (TSX:CNQ) saw its share price take a hit over the past year as oil prices fell from their 2024 highs. Investors who missed the bounce off the April low are wondering if CNQ stock is still undervalued and good to buy for a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) focused on dividends and total returns. Canadian Natural Resources stock price CNRL trades near $43 per share at the time of writing. The stock is down from a high around $55 last year. It slipped as low as $35 during the market rout a few months ago. CNRL is a giant in the Canadian energy patch. The company owns a diversified portfolio of assets, including oil sands, conventional heavy oil, conventional light oil, offshore oil, natural gas liquids, and natural gas production and reserves. CNRL is typically the sole owner or majority owner of its businesses. This gives management the flexibility to quickly move capital around the portfolio to take advantage of positive shifts in commodity prices. In addition, CNRL's size and strong balance sheet enable the company to make large strategic acquisitions at opportune times to boost earnings and reserves. For example, the company spent US$6.5 billion in 2024 to buy the Canadian assets owned by Chevron. CNRL says its breakeven West Texas Intermediate (WTI) oil price is around US$40 to US$45 per barrel. At the time of writing, WTI trades near US$66 per barrel. That's down from more than US$80 last year, but still at a level where CNRL can generate decent margins. The large natural gas division provides a good hedge against lower oil prices. Natural gas prices are higher in 2025 than they were through most of the past two years. Oil market outlook Aside from brief spikes due to geopolitical events, the price of oil has trended lower over the past year. This is due to weak demand from China and concerns that tariffs imposed by the United States will lead to a recession in the American and global economies. At the same time, OPEC intends to increase supply to regain lost market share. Non-OPEC producers, including Canada and the United States, are also increasing production. As such, analysts widely expect oil prices to remain under pressure through the rest of 2025 and into 2026. That being said, a major geopolitical disruption in the Middle East or an announcement of a concrete trade deal between the U.S. and China could push oil prices higher as traders adjust demand and supply expectations. Dividends CNRL raised its dividend in each of the past 25 years. This is a great track record for a business that relies on commodity prices to determine its margins. Investors who buy CNQ stock at the current level can get a dividend yield of 5.5%. The company continues to generate solid earnings through increased production from acquisitions and the drilling program. This should support ongoing dividend growth. Time to buy? Near-term volatility is expected and the stock could easily retest the 2025 low if trade negotiations between the U.S. and its largest trading partners go off the rails. That being said, dividend investors might want to start nibbling on the stock at this price point and look to add to the position on further weakness. At the current yield, you get paid well to ride out some turbulence. The post 1 Magnificent Canadian Energy Stock Down 22% to Buy and Hold for Decades appeared first on The Motley Fool Canada. Should you invest $1,000 in Canadian Natural Resources right now? Before you buy stock in Canadian Natural Resources, consider this: The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and Canadian Natural Resources wasn't one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years. Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the 'eBay of Latin America' at the time of our recommendation, you'd have $24,927.94!* Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 30 percentage points since 2013*. See the Top Stocks * Returns as of 6/23/25 More reading 10 Stocks Every Canadian Should Own in 2025 3 Canadian Companies Powering the AI Revolution A Commonsense Cash Back Credit Card We Love The Motley Fool recommends Canadian Natural Resources. The Motley Fool has a disclosure policy. Fool contributor Andrew Walker has no position in any stock mentioned. 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

How to dispute errors on your credit reports
How to dispute errors on your credit reports

Yahoo

timean hour ago

  • Yahoo

How to dispute errors on your credit reports

The information in your credit reports might not be as accurate as you would think. A 2024 study on credit report accuracy found that more than 44% of people who checked their credit reports found at least one error. If you're like most of the people I've worked with as a certified credit counselor and financial educator, you find your credit reports hard to read. And when you see errors in your reports, you may feel powerless to get them fixed. One potential solution is to hire a "credit repair company" you find on TikTok or hear about on the radio, but these companies often charge illegal fees and use dishonest marketing. What's the best way to get credit report errors fixed? Many people don't know they can file a dispute on their own — for free — and it usually takes just a few minutes to do online. This embedded content is not available in your region. Why do my credit reports have errors? The most common reason for credit report errors is identity theft. If someone steals your sensitive personal information and then applies for credit in your name, they might cause all kinds of incorrect details to show up on your credit reports, from a misspelling of your name to a credit card that doesn't belong to you. However, credit report errors can also simply be mistakes. For example, if a credit card company incorrectly reports that you missed a payment, the missed payment will appear on your credit reports. Here are some examples of credit report errors that were reported to the Consumer Financial Protection Bureau (CFPB) in 2024: Inaccurate balance information Fraudulent accounts Incorrect payment status Collection debt that resulted from unauthorized charges Applications for new credit that were not made by the consumer Why is it important to fix errors on credit reports? Certain credit report errors can cause major problems, from being denied a new credit card or loan to paying higher interest rates than necessary on new credit. Here's a look at the types of credit report errors that can impact you, and the consequences of each one: Incorrect identity information If there's an error when it comes to your name, date of birth, or Social Security number, you could have a variety of issues with your credit, including: Trouble accessing your credit reports: You have to verify your identity in order to pull your credit reports. But if your identity information is incorrect, you'll have to take extra steps to confirm your identity before you can get access. Debt accounts that don't belong to you: If you have someone else's identifying information on your credit reports, their accounts could end up on your reports and cause damage to your scores. In my experience reviewing thousands of credit reports, some of the most common reasons you might have incorrect identity information on your reports are if you have a family member with a similar name to yours, or if you've changed your name. Negative account history Your credit scores are calculated based on debt information in your credit reports. If the negative debt information in your reports is inaccurate, your credit scores will be lower than they should be. As a result, you might have trouble finding affordable loans or getting approved for mortgages, credit cards, or even apartments. Here are some negative marks that can severely reduce your credit scores: Missed debt payments (payments made at least 30 days late) Closed accounts with outstanding balances Debt that doesn't belong to you Credit card balances that are high due to credit card fraud or identity theft Credit applications made by someone else Each time you apply for a new credit card or loan (which results in a hard inquiry on your credit reports), your credit scores can be impacted. You usually lose anywhere from one to five points for each application. If someone steals your identity and uses your information to apply for credit, your scores could take a big hit. For example, if they apply for five to 10 different loans, your scores could drop by as much as 25 to 50 points. Up Next Up Next How to dispute credit report errors Many people think filing a dispute is a daunting process, but it doesn't have to be. If you find an error on your credit reports, here are the steps I recommend taking to have the best chance of getting a dispute resolved in your favor. 1. Make a list of errors. List out each error you find on your credit reports. If you find the same error on multiple credit reports, you'll need to file a dispute for each one. 2. Gather documents. If possible, find documents that support your claim. Depending on the error, this could include something like a name change document or a bank statement proving you made your loan payment on time. 3. Consider contacting the creditors. If you have incorrect account information, contact the creditor (that's the lender or credit card issuer) before filing your dispute. They may be able to fix it on their end and update the information they report to the credit bureaus. 4. Visit the credit bureau's website. You can file disputes by mail or phone, but the fastest way to do it is online through these websites: Equifax Experian TransUnion 5. Follow the prompts. You'll likely see a digital version of your credit report, where you can select the error(s) and provide a brief statement explaining the issue. If you have supporting documentation, be sure to upload copies. 6. Review and submit. Take a second look to ensure the information you provided is correct, and then submit your claim. How long does it take to fix a credit report error? The process of fixing a credit report error can take 35 to 50 days from start to finish. The credit bureau is legally required to investigate your claim within 30 days, though in some cases, they can extend to 45. During that time, they'll try to determine if they can resolve the issue on their own. If not, they'll reach out to the company that furnished the information, and the furnisher will investigate. Once the investigation is complete, the bureau has five days to send you the results. Should I hire someone to fix my credit? Chances are, you've seen TikTok posts or heard radio ads promoting credit repair. After all, it's a nearly $7 billion industry, and there are an estimated 46,000 or more credit repair businesses in the U.S. However, credit repair companies can be dangerous to work with. Most of them are sole proprietorships, meaning they're one-person operations. Even if you find a seemingly reputable agency, remember that they're still charging you to do something you can do on your own for free. On top of that, the CFPB has found that a dispute submitted by a credit repair company is less likely to be investigated than one you submit on your own behalf. So, if you find a credit report error, it's usually best to attempt a dispute on your own.

3 Canadian Tech Stocks to Buy Now for High Growth Potential
3 Canadian Tech Stocks to Buy Now for High Growth Potential

Yahoo

time2 hours ago

  • Yahoo

3 Canadian Tech Stocks to Buy Now for High Growth Potential

Written by Chris MacDonald at The Motley Fool Canada The Canadian tech sector is chock full of growth stocks long-term investors have done well owning, particularly during this most recent bull market following the Global Financial Crisis. Indeed, the tech sector continues to be on a roll, as investors look for any way to play the surge in adoption AI should bring to many top technology platforms. I'm going to highlight three such players I think could have massive upside on the TSX, and why now is the time to consider diving into these particular names. Without further ado, let's dive in! Open Text Open Text (TSX:OTEX) is among the leading Canadian software providers that's yet to see a significant uptick despite its strong fundamentals. This is a stock that's down over the past year, and down roughly 30% over the past five years. No doubt, some investors may be wondering why this stock made the list to begin with. For one, I think Open Text has among the most attractive valuations in its sector, with a price-earnings ratio of just 12 times. That's less than half the industry average, and one that's not pricing in a heck of a lot of growth moving forward. Now, the company did see revenue decline by around 13% on a year-over-year basis, so some of this discount is warranted. But for long-term investors who believe the company can return to growth, it may be worth picking up shares before this stock rebounds. That's the approach I think makes the most sense right now. Constellation Software Constellation Software (TSX:CSU) is the next top tech stock on my list. That's for good reason. The stock chart above tells a story that I think is really compelling. The company's long-term growth trajectory is truly world-class, and Constellation Software remains one of my top bullish picks in this sector for this reason. Of course, past performance is no guarantee of future results, and plenty will need to go right for the company to see the kind of continued growth many investors are expecting. That said, the company's long-term growth profile has been driven by an acquisition model that still holds. Constellation continues to acquire and integrate small and mid-cap tech companies into its portfolio, improving their ROI as the company grows. Until the tech market becomes less fragmented and owner-operators choose not to sell, this is a stock to simply hold and buy more on dips. Kinaxis As far as Canadian tech stocks are concerned, Kinaxis (TSX:KXS) is the latest addition to my watch list of stocks I think investors may want to have a closer look at. Kinaxis' upside really comes from the company's recent AI integrations, with its core platform seeing strong growth in recent quarters. The company's revenue is expected to grow at a double-digit pace in the coming years, with recent quarters seeing robust growth of a similar magnitude. Indeed, if the AI revolution is as big as everyone's saying and these are the results of the company's efforts thus far, I think there's more upside on the table long term. The company's valuation is much steeper than that of most in the Canadian tech sector. But with the sort of fundamental growth drivers Kinaxis has at play, there are few better options in the market right now in my view. The post 3 Canadian Tech Stocks to Buy Now for High Growth Potential appeared first on The Motley Fool Canada. Should you invest $1,000 in Constellation Software right now? Before you buy stock in Constellation Software, consider this: The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and Constellation Software wasn't one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years. Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the 'eBay of Latin America' at the time of our recommendation, you'd have $24,927.94!* Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 30 percentage points since 2013*. See the Top Stocks * Returns as of 6/23/25 More reading 10 Stocks Every Canadian Should Own in 2025 3 Canadian Companies Powering the AI Revolution A Commonsense Cash Back Credit Card We Love Fool contributor Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool recommends Constellation Software and Kinaxis. The Motley Fool has a disclosure policy. 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store