Overview
Description
About
Suite 16
Toronto, M5V 1M1, ON
Canada
Latest press releases
TORONTO, Aug. 29, 2025 /CNW/ - Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) ("Argo" or the "Company"), a leader in next-generation transit solutions, announced its financial results for the quarter ended June 30, 2025 ("Q2 2025"). All figures are in Canadian dollars unless otherwise noted.
In Q2 2025, the Company began the deployment of its proprietary Smart Routing™ hardware and AI-powered software ecosystem, which includes vertically integrated hardware onboard its Argo X1 electric vehicles. This end-to-end platform combines real-time routing software, electric vehicles and full-service operations through Argo's fleet partners to deliver dynamic, on-demand transit services. The Company remains focused on demonstrating the continued success of its Smart Routing™ ecosystem and expanding the service to more municipalities.
- Town of Bradford West Gwillimbury, Ontario ("BWG"): Argo launched its first Smart Routing™ deployment in BWG in April 2025. By June 2025, the deployment had more than doubled the average daily transit ridership in BWG, with the town fully decommissioning its legacy fixed-route bus system, which had previously been operated by a private contractor.
- City of Brampton: The Company announced a landmark 12-month $10.9 million agreement with the City of Brampton. In the coming weeks, Argo's Smart Routing™ system will begin service in one of Canada's fastest-growing major cities, complementing a robust existing public transit network. The deployment will feature direct connections to fixed, high-density Brampton Transit and GO Transit lines, as well as integration with Ontario's PRESTO fare system.
- Fast Company Recognition: Argo was named a winner of Fast Company's 2025 World Changing Ideas Award, recognizing bold and transformative efforts that tackle the world's most pressing challenges.
- Financial Highlights: The Company ended Q2 2025 with $7.3 million in cash on a consolidated basis. General and administrative expenses included non-cash share-based compensation to retain senior technical talent, as well as legal and accounting costs related to the previously disclosed special stock dividend, the annual and special meeting of shareholders, and preparation of audited and interim financial statements.
For detailed information, please refer to Argo's unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2025, and 2024 ("Q2 2025 Financial Statements") and its management's discussion and analysis of financial condition and results of operations for the three and six months ended June 30, 2025, and 2024 (the "Q2 2025 MD&A"), filed on SEDAR+ at www.sedarplus.ca. The following table provides a summary of Argo's financial results for the three months ended June 30, 2025 and 2024:
For the three months ended June 30, 2025 | 2025 | 2024 | ||||
REVENUE | $373,405 | $338,471 | ||||
Cost of revenue | $312,983 | $262,538 | ||||
General and administration | 4,023,889 | 758,738 | ||||
Operational support | 802,289 | 448,570 | ||||
Research and development | 396,461 | 618,560 | ||||
Sales and marketing | 129,668 | 56,986 | ||||
Provision for trade and other receivables | - | - | ||||
Amortization & depreciation | 26,684 | 34,752 | ||||
Depreciation | 27,041 | 257 | ||||
Total operating expenses | 5,719,015 | 2,180,401 | ||||
OPERATING LOSS | (5,345,610) | (1,841,930) | ||||
OTHER INCOME (EXPENSES) | ||||||
Foreign exchange gain/(loss) | 158,900 | 76,389 | ||||
Interest expenses | (351,206) | (483,318) | ||||
Interest income | 1,177 | 1,012 | ||||
Loss from sale of equipment | - | (12,958) | ||||
Gain on termination | - | 249,279 | ||||
Accounts payable settlements | 195,559 | 537 | ||||
Loss on modification of convertible debt | (2,624,532) | - | ||||
Share of loss on an associate | - | (856,924) | ||||
Fair value gain (loss) on investments | (1,106,388) | (159,063) | ||||
Penalties and settlement | - | (9,664) | ||||
Loss on sale of investment | (1,871,538) | - | ||||
Net income/ (loss) from continuing operations | ($10,943,638) | ($3,036,640) | ||||
Discontinued Operations Net gain/(loss) from discontinued operations, net of tax | 28,014 | (309,171) | ||||
Gain from derecognition, net of tax | - | 2,410,028 | ||||
NET GAIN (LOSS) | ($10,915,624) | ($935,783) | ||||
Cumulative translation adjustment | (20,559) | (81,264) | ||||
Cumulative translation adjustment for discontinued operations | - | (42,695) | ||||
NET PROFIT (LOSS) AND COMPREHENSIVE PROFIT (LOSS) | ($10,936,183) | ($1,059,742) | ||||
(Loss) Profit per share (Loss) income per share from continuing operations – Basic and diluted |
($0.08) | ($0.02) | ||||
Income (loss) per share from derecognition and discontinued operations - Basic and diluted | $0.00 | $0.02 | ||||
Weighted average shares outstanding - Basic and diluted | 138,683,002 | 132,944,615 | ||||
All figures rounded to the nearest dollar. Prepared in accordance with IFRS. |
About Argo
Argo delivers the first-ever vertically and publicly integrated city transit system, designed to augment public transportation and create a network of intelligently routed vehicles that work together to serve and scale to the needs of entire cities, putting people in control of their mobility. You can learn more at www.rideargo.com.
Praveen Arichandran, CEO
Argo Corporation
(800) 575-7051
Forward-Looking Information
This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate," "estimate," and "intend," and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. The forward-looking information set out in this news release relates to future events or our future performance and includes, without limitation, statements concerning the expansion of Argo's transit system to other municipalities and timing of the launch of Argo's transit platform in the City of Brampton. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in the Company's securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements, and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. See "Cautionary Note Regarding Forward-Looking Information", "Financial Risk Management Objectives And Policies" and "Other Business Risks and Uncertainties" in the Company's Q2 2025 Financial Statements and its Q2 2025 MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks, and assumptions carefully when evaluating forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE ARGO CORPORATION
Former Head of Priority Initiatives in the Office of the Premier of Ontario brings years of public infrastructure and policy experience to Argo's leadership team
TORONTO, Aug. 25, 2025 /CNW/ - Argo Corporation (TSXV: ARGH) (OTCQX: ARGHF) ("Argo" or the "Company"), a leader in next-generation transit solutions, today announced the appointment of Jenna Bendayan as Head of Business Operations. Bendayan joins Argo following nearly seven years of experience in the Ontario government.
Bendayan served most recently as Head of Priority Initiatives in the Office of the Premier of Ontario, where she played a central role in delivering large-scale initiatives including infrastructure expansion, regulatory reform, and transit modernization. Prior to her role in the Office of the Premier of Ontario, she served as Chief of Staff to the President of the Treasury Board of Ontario, where she oversaw complex files related to fiscal planning and public procurement. Her portfolio included steering the largest sub-sovereign spending portfolio in the country during the post-pandemic recovery. Bendayan also served in Ontario's Ministry of Red Tape Reduction as Director of Stakeholder Relations. She was recognized by iPolitics in 2023 as one of Queen's Park's top 5 most influential government staffers.
"By expanding access to mobility, Argo is poised to reshape communities and change lives," said Bendayan. "I'm thrilled to help scale Argo's vision for a more connected, accessible, and prosperous future across Ontario and beyond."
"Jenna has dedicated her career to public service and improving quality of life for millions of Ontarians," said Praveen Arichandran, CEO and co-founder of Argo. "We're so proud to have her join our senior leadership team, where her multifaceted operational experience will help us build systems that scale rapidly to more communities at home and globally."
About Argo
Argo delivers the first-ever vertically and publicly integrated city transit system, designed to augment public transportation and create a network of intelligently routed vehicles that work together to serve and scale to the needs of entire cities, putting people in control of their mobility. You can learn more at www.rideargo.com.
Praveen Arichandran, CEO
Argo Corporation
(800) 575-7051
Forward-Looking Information
This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in the Company's securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE ARGO CORPORATION
