illumin Holdings (TSE:ILLM)
TSX:ILLM
Top Page
illumin Holdings
(TSX:ILLM)
Select Model
Select Model
Rating:45Neutral
Price Target:
C$0.88
▲(11.14% Upside)
Action:ReiteratedDate:03/20/26
The score is held back primarily by deteriorating financial performance (2025 loss, margin compression, weaker revenue) and a bearish technical setup (below key moving averages with negative MACD). Offsetting factors include a low-leverage balance sheet and positive—but volatile—free cash flow, plus earnings-call evidence of growth in Exchange/Self service that is not yet translating into improved profitability.
Positive Factors
Exchange Revenue Growth
A rapid, sustained pivot to Exchange makes a majority of revenue outcome-driven and scalable. As Exchange grows to a larger base, the platform can capture more recurring spend, benefit from operating leverage, and reduce reliance on bespoke services—supporting steadier long‑term top-line expansion if adoption persists.
Negative Factors
Margin Compression & Net Loss
Sharp gross margin and net margin deterioration materially reduces sustainable cash generation and reinvestment capacity. If higher media or delivery costs and adverse mix persist, profitability recovery will take multiple quarters, eroding equity and limiting ability to fund growth initiatives organically.
Read all positive and negative factors
Positive Factors
Negative Factors
Exchange Revenue Growth
A rapid, sustained pivot to Exchange makes a majority of revenue outcome-driven and scalable. As Exchange grows to a larger base, the platform can capture more recurring spend, benefit from operating leverage, and reduce reliance on bespoke services—supporting steadier long‑term top-line expansion if adoption persists.
Read all positive factors
illumin Holdings (ILLM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$40.59M
Dividend YieldN/A
Average Volume (3M)85.44K
Price to Earnings (P/E)―
Beta (1Y)0.96
Revenue Growth17.97%
EPS Growth3.79%
CountryCA
Employees216
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)-0.09
Shares Outstanding51,380,810
10 Day Avg. Volume126,232
30 Day Avg. Volume85,445
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.81
Price to Sales (P/S)0.37
P/FCF Ratio50.43
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$1.50Price Target Upside89.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.13
Revenue Forecast (FY)C$150.26M
illumin Holdings Business Overview & Revenue Model
Company Description
illumin Holdings Inc., a technology company, provides digital media solutions in the United States, Canada, Europe, Latin America, and internationally. The company offers a programmatic marketing platform that enables advertisers to connect with t...
How the Company Makes Money
illumin Holdings primarily makes money by providing access to and usage of its advertising technology platform used to run digital advertising campaigns. Revenue is generally tied to customer spend and platform usage—i.e., fees associated with man...
illumin Holdings Earnings Call Summary
Earnings Call Date:Nov 07, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The call highlighted strong growth in Exchange and adjusted Self service revenues, but these were offset by significant declines in Managed services and gross margins, alongside an increased net loss. The strategic pivot and leadership changes are promising, but challenges in Managed services and profitability remain substantial.Positive Updates
Exchange Service Revenue Surge
Exchange service revenue rose 103% year-over-year to $20.5 million, now representing 54% of total sales. This growth reflects the company's successful strategic pivot towards outcomes-based platforms.
Negative Updates
Decline in Managed Service Revenue
Managed service revenue decreased significantly to $9.4 million from $17.8 million in Q3 2024, impacted by larger economic uncertainty and shifts in customer marketing spend.
Read all updates
Q3-2025 Updates
Positive
Negative
Exchange Service Revenue Surge
Exchange service revenue rose 103% year-over-year to $20.5 million, now representing 54% of total sales. This growth reflects the company's successful strategic pivot towards outcomes-based platforms.
Read all positive updates
Company Guidance
During the third quarter of 2025, illumin Holdings reported a 5% year-over-year revenue increase to $38.2 million, primarily driven by a 103% surge in Exchange service revenue, which now comprises 54% of total sales at $20.5 million. Self service revenue was relatively stable at $8.3 million, representing 22% of total revenue; however, when excluding the impact of a large client who paused spending, Self service sales grew by 15% for the quarter and 34% year-over-year. Managed service revenue declined to $9.4 million due to market conditions impacting advertisers' willingness to market on a full-funnel basis. Gross profit for the quarter was $14.4 million, with a gross margin of 38%, down from 47% in the same period last year, influenced by a product mix shift. Operating expenses decreased slightly to $17.5 million, constituting 45.8% of revenue, while adjusted EBITDA was $0.2 million, a decline from $1.9 million in Q3 2024. The company reported a net loss of $2.1 million, attributed to lower adjusted EBITDA and higher depreciation, amortization, and severance expenses. Looking forward, illumin aims to scale its Exchange and Self service lines, focusing on product innovation and operational restructuring to drive profitability, with an emphasis on incrementality measurement and AI-powered optimization.illumin Holdings Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
72
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 143.59M | 140.39M | 126.32M | 121.04M | 122.03M |
| Gross Profit | 51.43M | 65.46M | 60.30M | 60.79M | 63.56M |
| EBITDA | -8.69M | 323.00K | -5.89M | -665.00K | 19.01M |
| Net Income | -14.66M | 867.00K | -10.99M | -754.00K | 11.75M |
Balance Sheet | |||||
| Total Assets | 110.15M | 125.82M | 116.89M | 141.65M | 149.83M |
| Cash, Cash Equivalents and Short-Term Investments | 43.82M | 55.95M | 55.45M | 85.94M | 102.21M |
| Total Debt | 4.67M | 6.26M | 7.99M | 10.87M | 11.01M |
| Total Liabilities | 44.10M | 46.79M | 36.20M | 38.52M | 36.77M |
| Stockholders Equity | 66.05M | 79.03M | 80.70M | 103.13M | 113.06M |
Cash Flow | |||||
| Free Cash Flow | 1.06M | 4.18M | -6.63M | -2.05M | 17.37M |
| Operating Cash Flow | 3.97M | 10.13M | -1.39M | 1.78M | 19.69M |
| Investing Cash Flow | -11.93M | -5.95M | -5.24M | -3.83M | -2.33M |
| Financing Cash Flow | -3.22M | -7.54M | -22.99M | -19.35M | 58.81M |
illumin Holdings Technical Analysis
Negative
0.79
Price Trends
0.92
Negative
0.97
Negative
1.30
Negative
Market Momentum
-0.04
Positive
35.76
Neutral
12.75
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ILLM, the sentiment is Negative. The current price of 0.79 is below the 20-day moving average (MA) of 0.84, below the 50-day MA of 0.92, and below the 200-day MA of 1.30, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 35.76 is Neutral, neither overbought nor oversold. The STOCH value of 12.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ILLM.
illumin Holdings Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | C$37.42M | -4.77 | 9.46% | ― | 32.71% | ― | |
61 Neutral | C$62.87M | -6.14 | -10.35% | ― | -4.04% | -297.93% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
50 Neutral | C$15.11M | 10.63 | -22.44% | ― | 1.45% | 19.48% | |
45 Neutral | C$40.59M | -3.66 | -20.47% | ― | 17.97% | 3.79% | |
44 Neutral | C$66.11M | -50.08 | 81.04% | ― | 5.43% | 68.55% | |
43 Neutral | C$13.09M | -1.30 | -26.90% | ― | -6.22% | -439.10% |
* Communication Services Sector Average
TSE:ILLM
illumin Holdings
0.79
-1.07
-57.53%
TSE:EQ
EQ Inc
0.95
-0.04
-4.04%
TSE:KDOZ
Kidoz Inc
0.29
0.05
23.91%
TSE:SPN
Snipp Interactive
0.06
-0.01
-15.38%
TSE:EAGR
Leaf Mobile Inc
0.17
-0.26
-60.00%
TSE:FORA
VerticalScope Holdings
2.90
-5.16
-64.02%
illumin Holdings Corporate Events
Business Operations and StrategyProduct-Related Announcements
Illumin Taps FSBD for Privacy-Safe Audience Intelligence in Programmatic Ads
Positive
Mar 19, 2026
Illumin Holdings has formed a strategic partnership with Full Stack Big Data to integrate FSBD’s privacy-safe audience intelligence, including postal code-based modeling, directly into its programmatic advertising platform. The collaboration...
Business Operations and StrategyStock BuybackFinancial Disclosures
Illumin Shifts to Scalable Ad-Tech Platform as Margins Squeeze 2025 Earnings
Negative
Mar 13, 2026
Illumin reported fourth-quarter 2025 revenue of $43.1 million, down year-over-year but reflecting 13% sequential growth as exchange service revenue surged 48% and self-service rebounded 23% quarter-on-quarter, even as gross margin compressed to 36...
Business Operations and StrategyExecutive/Board Changes
Illumin Names Interim CFO Following Sudden Departure of Finance Chief
Neutral
Jan 8, 2026
Illumin Holdings Inc. announced an immediate change in its finance leadership, as Chief Financial Officer Elliot Muchnik has departed the company to pursue other opportunities. The company has appointed Michael Amaro, a CPA and long-time senior fi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.