Revenue: As of FY2025, the actual value is USD 59.57 M.EPS: As of FY2025, the actual value is USD -0.1.EBIT: As of FY2025, the actual value is USD 494.82 K.<h4>Overall Financial Performance</h4>Canterbury Park Holding Corporation [坎特伯雷帕克控股] reported a net loss of -$529,000 for the year ended December 31, 2025, a decrease from a net income of $2,113,000 in 2024. Total net revenues decreased by $1,996,000, or 3.2%, to $59,568,000 in 2025 from $61,562,000 in 2024.<h4>Operational Metrics</h4><ul><li>Operating Expenses: Total operating expenses increased by $244,000, or 0.4%, to $57,106,000 in 2025 from $56,862,000 in 2024. As a percentage of net revenues, operating expenses increased to 95.9% in 2025 from 92.4% in 2024.</li><li>EBITDA: EBITDA was $1,216,807 in 2025, down from $4,586,115 in 2024.</li><li>Adjusted EBITDA: Adjusted EBITDA decreased by $1,395,000, or 12.9%, to $9,410,267 in 2025 from $10,804,911 in 2024. As a percentage of net revenue, Adjusted EBITDA was 15.8% in 2025 compared to 17.6% in 2024.</li><li>Income (Loss) Before Income Taxes: The company reported an income loss before income taxes of -$814,000 in 2025, a decrease from an income of $3,037,000 in 2024.</li><li>Income Tax Benefit (Expense): The company recognized an income tax benefit of $285,000 in 2025, a change from an expense of -$924,000 in 2024. The effective tax rate was 35.0% in 2025 and 30.4% in 2024.</li><li>Stock-Based Compensation: Stock-based compensation expense was $688,000 in 2025 and $572,000 in 2024.</li><li>Loss on Disposal of Assets: A net loss on disposal of assets of $56,000 was recorded in 2025, compared to $49,000 in 2024.</li></ul><h4>Segment Revenue</h4><ul><li>Casino Operations: Total Casino revenue decreased by $1,688,000, or 4.4%, to $37,087,000 in 2025 from $38,775,000 in 2024. This segment represented 62.3% of total net revenues in 2025 (63.0% in 2024). Poker Games Collection was $7,343,000 in 2025 vs. $7,581,000 in 2024, and Table Games Collection was $22,541,000 in 2025 vs. $24,768,000 in 2024.</li><li>Pari-mutuel Operations: Total pari-mutuel revenue decreased by $540,000, or 6.6%, to $7,686,000 in 2025 from $8,226,000 in 2024. Simulcast revenue was $3,321,000 in 2025 vs. $3,595,000 in 2024, Live racing revenue was $1,430,000 in 2025 vs. $1,557,000 in 2024, and Guest fees were $1,493,000 in 2025 vs. $1,702,000 in 2024.</li><li>Food and Beverage Operations: Revenue increased by $277,000, or 3.5%, to $8,245,000 in 2025 compared to 2024.</li><li>Other Revenues: Other revenues decreased by $44,000, or 0.7%, to $6,550,000 in 2025 compared to 2024.</li></ul><h4>Segment Operating Expenses</h4><ul><li>Purse Expense: Decreased by $845,000, or 10.7%, in 2025 compared to 2024. Casino-related purse expense was $4,457,000 in 2025 vs. $4,668,000 in 2024, Simulcast Racing purse expense was $1,281,000 in 2025 vs. $1,335,000 in 2024, and Live Racing purse expense was $1,325,000 in 2025 vs. $1,905,000 in 2024.</li><li>Salaries and Benefits: Increased by $315,000, or 1.2%, in 2025 compared to 2024.</li><li>Depreciation and Amortization: Increased by $377,000, or 10.4%, in 2025 compared to 2024.</li><li>Advertising and Marketing: Increased by $376,000, or 27.9%, in 2025 compared to 2024.</li><li>Professional and Contracted Services: Increased by $190,000, or 3.4%, in 2025 compared to 2024.</li></ul><h4>Cash Flow</h4><ul><li>Operating Activities: Net cash provided by operating activities was $8,900,209 in 2025, up from $6,487,814 in 2024.</li><li>Investing Activities: Net cash used in investing activities was -$5,453,398 in 2025, a decrease from -$17,348,931 in 2024. This included additions to land, buildings, and equipment of -$4,182,822 in 2025 (vs. -$11,984,131 in 2024) and additions for TIF eligible improvements of -$754,281 in 2025 (vs. -$4,244,238 in 2024).</li><li>Financing Activities: Net cash used in financing activities was -$1,310,127 in 2025, similar to -$1,293,218 in 2024.</li><li>Cash and Cash Equivalents: Cash, cash equivalents, and restricted cash increased by $2,136,684 to $15,824,102 at December 31, 2025, from $13,687,418 at December 31, 2024.</li></ul><h4>Unique Metrics</h4><ul><li>Live Racing Days: The Racetrack hosted 50 days of live racing in 2025, compared to 53 days in 2024.</li><li>ADW Source Market Revenue: The company collected approximately $1,326,000 in 2025 and $1,288,000 in 2024 from Advanced Deposit Wagering (ADW) source market fees.</li><li>TIF Receivable: As of December 31, 2025, the TIF receivable was approximately $19,986,000, representing $16,305,000 of principal and $3,681,000 of interest. The company received its first payment of $582,000 related to this in 2025.</li><li>Other Long-Term Receivables: A receivable of $2,097,463 from overpayment of purses for the 2024 and 2025 live race meet agreements is presented as an Other long-term receivable as of December 31, 2025.</li><li>Equity Investments (Losses): The company recorded a loss of -$2,739,000 in 2025 (vs. -$3,552,000 in 2024) from Doran Canterbury I, LLC, and a loss of -$2,205,000 in 2025 (vs. -$1,923,000 in 2024) from Doran Canterbury II, LLC.</li><li>Indemnity Agreements: The maximum indemnification for Doran Canterbury I, LLC was increased to $7,750,000 as of December 31, 2025, and for Doran Canterbury II, LLC to $2,750,000 as of December 31, 2025.</li></ul><h4>Outlook / Guidance</h4>Canterbury Park Holding Corporation’s [坎特伯雷帕克控股] long-term strategic direction aims to enhance its Racetrack as a unique gaming and entertainment destination and develop its remaining 35 acres of underutilized land. Management anticipates additional purse supplements within five years due to ongoing legislative efforts for sports wagering taxes. The company expects to spend the remaining $1,288,000 in tax increment financing over the next twelve months to complete tax increment related improvements.

Canterbury Park | 10-K: FY2025 Revenue: USD 59.57 M