The Westaim Corporation has reported a net loss of US$18.7 million for the fourth quarter of 2025, compared with a US$21.3 million loss in the same period a year earlier, as the company pointed to growing momentum in its insurance and asset management operations.
For the full year ended December 31, 2025, Westaim recorded a net loss of US$38.0 million, widening from a US$16.2 million loss in 2024.
Diluted loss per share was US$0.56 for Q4 2025, compared with a reported US$0.99 diluted figure in Q4 2024. For the full year, diluted loss per share was US$1.25, compared with US$0.75 in 2024.
Westaim said its insurance segment, primarily through Ceres Life Insurance Company, continued to build momentum following the launch of its multi-year guaranteed annuity (MYGA) products in September 2025.
During the year, the business issued 275 MYGA policies, generating US$40 million in premiums. The company also expanded its distribution footprint, ending 2025 with more than 300 active agents.
In February 2026, Ceres launched its fixed index annuity (FIA) offering, which the company said has already led to a rapid acceleration in policy issuance.
For Q4 2025, the insurance segment reported an Adjusted EBITDA loss of US$11.6 million, including US$0.7 million in platform build-out costs.
The asset management segment, operated through Arena Investors Group Holdings, delivered an Adjusted EBITDA profit of US$0.4 million in Q4 2025.
This included US$15.9 million in performance allocations and fee-related revenues, alongside a US$0.5 million gain from investments.
Assets under management (AUM) and programmatic capital increased to US$4.5 billion at December 31, 2025, up from US$3.4 billion a year earlier. Fee-paying AUM rose to US$2.5 billion from US$2.4 billion over the same period.
On a consolidated basis, Westaim reported total revenue of US$20.8 million for the fourth quarter. This comprised US$15.9 million from asset management, US$4.1 million from insurance, and US$2.0 million from corporate activity, offset by US$1.2 million in eliminations.
Total expenses, excluding depreciation, amortisation and income taxes, were US$29.3 million, resulting in a consolidated Adjusted EBITDA loss of US$14.7 million.
Loss before income taxes was US$17.1 million, with net loss attributable to controlling interests of US$18.7 million.
As of December 31, 2025, Westaim reported consolidated shareholders’ equity attributable to controlling interests of US$653.2 million, with 33,331,704 common shares outstanding.
Book value per fully diluted share stood at US$19.60 (CA$26.89), representing a 5.2% discount to market value at year-end and a 6.2% discount to the closing price as of March 25, 2026.
Corporate-level activity generated an Adjusted EBITDA loss of US$3.5 million in Q4 2025, driven by salaries and benefits of US$1.8 million, professional fees of US$1.5 million, a US$2.5 million investment loss and US$1.2 million in operating expenses, partially offset by a US$1.3 million share-based compensation recovery.
The company also disclosed that between January 1 and March 31, 2026, a subsidiary disposed of US$534,976.48 of assets to funds managed by Arena, transactions it said were not material to the overall business.
Leadership said both the insurance and asset management businesses are progressing in line with strategic plans, with continued focus on scaling annuity issuance and expanding asset management capabilities.
Westaim added that further details on its growth plans are expected to be shared at its upcoming annual general meeting in New York on May 19, 2026.
