Global Receivables Management Reports Third Quarter Revenue Growth of 16% to $21.9 Million and Nine-Month Revenue Growth of 23% to $63.4 Million, as Adjusted EBITDA Improves Sequentially to $1.5 Million

Revenue growth is strong, but profitability gains remain modest and forward-looking.

What the company is saying

Global Receivables Management Inc. (TSXV:GRMI, OTCQB:GRMIF) highlights a 16% year-over-year revenue increase to $21.9 million for Q3 2026 and a 23% rise to $63.4 million for the nine months ended September 30, 2026. The company attributes this growth to organic client expansion and the ACT Credit Management Limited acquisition. Management emphasizes sequential improvement in Adjusted EBITDA, reaching $1.5 million in Q3 2026, up from $0.9 million in Q2 and $0.5 million in Q1, but notes that year-over-year Adjusted EBITDA is flat after adjusting for one-time items. The narrative stresses future gains, with new client contracts expected to add up to $6.0 million in annualized revenue at a 15% net margin once fully onboarded. Leadership changes are central: Gordon Reykdal is now Chairman and CEO as of November 5, 2026, Graham Rankin has resigned from all roles, and Barret Reykdal becomes President and COO. The tone is confident, focusing on operational progress and pipeline strength, while acknowledging that some improvements are still to be realized.

What the data suggests

The company’s revenue trajectory is positive, with Q3 2026 revenue up 16% year-over-year to $21.9 million and nine-month revenue up 23% to $63.4 million. Adjusted EBITDA from continuing operations improved sequentially in 2026, but on a comparable year-over-year basis, it was flat in Q3 ($1.5 million in both 2026 and 2025) and down for the nine months ($2.9 million in 2026 vs $3.7 million in 2025). GRM segment Adjusted EBITDA decreased 5% year-over-year in Q3 on a comparable basis ($2.1 million vs $2.2 million), while the Corporate segment loss narrowed to $(0.6) million from $(0.7) million. Net profit before tax swung to a loss of $(0.5) million in Q3 2026 from a $0.7 million profit in Q3 2025. The company’s claim that new contracts will add $6.0 million in annualized revenue with a 15% net margin is not yet reflected in results and depends on successful onboarding. The data shows strong top-line growth but only modest or flat profitability gains, with margin pressure and a current loss before tax.

Analysis

The announcement presents a positive tone, highlighting strong revenue growth (16% YoY for Q3 and 23% for the nine months) and sequential improvement in Adjusted EBITDA. However, year-over-year Adjusted EBITDA is down ($2.9M vs $3.7M), and net profit before tax has swung to a loss ($-0.5M vs $0.7M). The narrative emphasizes future improvements in Adjusted EBITDA based on investments in fee-earning capacity and onboarding of new client contracts, but these benefits are not yet realised and depend on successful execution. The claim that new contracts will add up to $6M in annualized revenue with a 15% net margin is forward-looking and contingent on full onboarding. The capital intensity flag is triggered by ongoing investments in capacity, with no immediate earnings impact. Overall, while the operational progress is real, the tone somewhat overstates the near-term financial improvement given the current profitability decline.

Risk flags

• ●Profitability remains under pressure, as Adjusted EBITDA for the nine months is down year-over-year ($2.9 million in 2026 vs $3.7 million in 2025) and net profit before tax has turned negative in Q3 2026. This raises questions about the company’s ability to convert revenue growth into sustainable earnings.
• ●The projected $6.0 million in annualized revenue from new client contracts with a 15% net margin is contingent on successful onboarding and client volume consistency. Delays or underperformance in these contracts could materially reduce expected margin gains.
• ●Leadership transition risk is present, with Gordon Reykdal newly appointed as Chairman and CEO and Graham Rankin departing from all roles. Such changes can disrupt strategic continuity and execution, especially during a period of operational scaling.
• ●Ongoing investment in fee-earning capacity and incremental salary costs are increasing capital intensity, which could further pressure margins if revenue conversion lags or onboarding is delayed.

Bottom line

Global Receivables Management Inc. is delivering strong revenue growth, up 16% in Q3 and 23% year-to-date, driven by both organic expansion and acquisitions. Despite this, profitability is not keeping pace: Adjusted EBITDA is flat or down year-over-year, and the company posted a net loss before tax in the latest quarter. Management’s optimism centers on new client contracts that could add $6.0 million in annualized revenue at a 15% margin, but these benefits are not yet realized and depend on successful onboarding. Leadership changes add a layer of execution risk during a critical growth phase. Investors should focus on whether margin improvement and contract onboarding materialize in the next two quarters. The key takeaway is that while revenue momentum is clear, sustainable earnings growth remains to be proven.

Announcement summary

(TSXV:GRMI) (OTCQB:GRMIF) Global Receivables Management Inc. reported financial results for the three and nine months ended September 30, 2026. Total revenue from continuing operations increased 16% to $21.9 million for the third quarter of 2026, compared to $18.8 million in the same period of 2025. For the nine months ended September 30, 2026, total revenue from continuing operations increased 23% to $63.4 million, compared to $51.6 million in the same period of 2025. The increase in revenue reflects organic client growth and the contribution of the ACT Credit Management Limited acquisition. Adjusted EBITDA from continuing operations improved sequentially, reaching $1.5 million for the third quarter of 2026, up from $0.9 million in the second quarter and $0.5 million in the first quarter of 2026. On a comparable basis, after excluding $1.1 million of suspense and overpayment income recognized in the third quarter of 2025, Adjusted EBITDA was $1.5 million for the third quarter of 2026, in line with the same period of 2025, and $2.9 million for the nine months ended September 30, 2026, compared to $3.7 million for the same period of 2025. Management expects Adjusted EBITDA to continue to improve as investments in fee-earning capacity and newly signed client mandates convert into revenue. Gordon Reykdal has been appointed Chairman of the Board and Chief Executive Officer of the Company, effective November 5, 2026. Graham Rankin has resigned as Chairman of the Board, Co-Chief Executive Officer (UK), and as a director of the Company, effective the same date. Barret Reykdal, previously Co-Chief Executive Officer (North America), has been appointed President and Chief Operating Officer of the Company, effective November 5, 2026. The company highlighted that previously announced client contracts are expected to add up to $6.0 million in annualized revenue with a 15% net margin once fully onboarded. For the third quarter of 2026, Adjusted EBITDA – GRM was $2.1 million, compared to $2.2 million for the same period of 2025, a decrease of 5% on a comparable basis. Adjusted EBITDA from the Corporate segment improved to $(0.6) million for the third quarter of 2026 from $(0.7) million for the same period of 2025. For the nine months ended September 30, 2026, Adjusted EBITDA – GRM was $5.5 million, compared to $6.0 million for the same period of 2025. For the nine months ended September 30, 2026, Adjusted EBITDA from continuing operations was $2.9 million, compared to $3.7 million for the same period of 2025. Net (loss) profit before tax for the third quarter of 2026 was $(0.5) million, compared to $0.7 million for the same period of 2025. The company operates across Canada and the United Kingdom. All figures are in Canadian dollars unless otherwise stated.

Disagree with this article?