illumin Holdings (TSE:ILLM)
TSX:ILLM
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illumin Holdings
(TSX:ILLM)
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Rating:43Neutral
Price Target:
C$0.87
▲(4.70% Upside)
Action:ReiteratedDate:04/12/26
The score is weighed down primarily by weakened financial performance (2025 revenue decline, margin compression, and a net loss) and bearish technicals (below key moving averages with negative MACD). A low-leverage balance sheet and still-positive 2025 free cash flow provide some support, but valuation is difficult to justify with a negative P/E and no dividend yield data.
Positive Factors
Low leverage / balance sheet resilience
Modest debt levels and low leverage give the company durable financial flexibility to fund operations, invest in product development, or weather ad‑spend cyclicality without relying on urgent external financing. This supports stability and optionality over the next several quarters.
Negative Factors
2025 revenue decline and margin compression
A decline in revenue combined with sharply compressed gross and operating margins signals weakening pricing power, adverse mix, or higher delivery costs. These trends erode earnings capacity and make multi‑period profitability recovery harder without structural changes or cost cures.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / balance sheet resilience
Modest debt levels and low leverage give the company durable financial flexibility to fund operations, invest in product development, or weather ad‑spend cyclicality without relying on urgent external financing. This supports stability and optionality over the next several quarters.
Read all positive factors
illumin Holdings (ILLM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$46.24M
Dividend YieldN/A
Average Volume (3M)85.44K
Price to Earnings (P/E)―
Beta (1Y)0.95
Revenue Growth2.28%
EPS Growth-1722.29%
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 Upside80.72% 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 08, 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
Neutral
0.83
Price Trends
0.88
Negative
0.95
Negative
1.25
Negative
Market Momentum
-0.02
Negative
50.90
Neutral
85.71
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ILLM, the sentiment is Neutral. The current price of 0.83 is above the 20-day moving average (MA) of 0.80, below the 50-day MA of 0.88, and below the 200-day MA of 1.25, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 50.90 is Neutral, neither overbought nor oversold. The STOCH value of 85.71 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$38.08M | -4.77 | 9.46% | ― | 32.71% | ― | |
61 Neutral | C$61.57M | -6.14 | -10.35% | ― | -14.23% | -37092.86% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
50 Neutral | C$14.56M | 10.63 | -22.44% | ― | 1.47% | 19.48% | |
44 Neutral | C$65.42M | -50.08 | 81.04% | ― | 5.43% | 68.55% | |
43 Neutral | C$46.24M | -3.66 | -20.47% | ― | 2.28% | -1722.29% | |
40 Underperform | C$10.77M | -1.28 | -26.90% | ― | -6.66% | -2074.34% |
* Communication Services Sector Average
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illumin Holdings Corporate Events
Business Operations and StrategyExecutive/Board Changes
Illumin Holdings Reinstates Co-Founder Tal Hayek as CEO After Leadership Shake-Up
Positive
Apr 7, 2026
Illumin Holdings Inc. has announced a leadership change, with Simon Cairns stepping down as Chief Executive Officer to pursue other opportunities and co-founder Tal Hayek returning to the CEO role effective April 7, 2026. The board highlighted Cai...
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...
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.