Pathfinder Ventures Inc. announced its financial and operating results for the three-month period, or “fourth quarter” (Q4), which ended December 31, 2022. The audited consolidated financial statements and MD&A can be viewed at www.sedar.com.
The financial information provided herein should be read in conjunction with, and is qualified by, additional information and disclosures contained in the consolidated financial statements and the MD&A.
According to the press release, in Q4 2022, Pathfinder reported an occupancy rate of 51%, up from 36% in Q4 2021. Occupied Site Nights increased to 14,873 from 11,855 in the same period last year. Revenue for the quarter came in at $592,537, compared to $465,575 in Q4 2021.
However, operating expenses also increased to $1,579,849 from $1,132,313 in the previous year. Consequently, the company reported a net loss and comprehensive loss of $1,013,398, an improvement from the $2,218,603 loss in Q4 2021. Net loss per share was reduced to $0.02 from $0.04.
For the full fiscal year 2022, Pathfinder reported an occupancy rate of 53%, up from 38% in 2021. Occupied Site Nights reached 63,308, an improvement from 51,502 in 2021. Annual revenue increased to $3,370,878 from $2,462,427, while operating expenses rose to $5,467,217 from $4,154,618.
The net loss and comprehensive loss for the year decreased to $2,255,274 from $3,369,887 in 2021. Net loss per share also dropped to $0.04 from $0.07.
In terms of advanced reservations, Pathfinder reported 25,523 booked site nights as of April 19, 2023, for the next 12 months forward, an increase of 28% from 19,939 booked site nights in the same period last year. The company continues to experience a growing volume of reservations in 2023.
The RV industry has experienced significant growth in recent years, with more Canadians seeking outdoor experiences in RVs. Pathfinder Ventures has capitalized on this trend by developing a network of premier branded, upscale, and family-friendly RV parks and campgrounds under the “Pathfinder Camp Resorts” name.
The company currently operates three camp resorts in British Columbia, with plans to expand its network through acquisitions and new construction.
According to industry reports, the demand for RVs has been on the rise, driven by an increasing number of people seeking affordable and flexible vacation options. This growth in demand has led to increased interest in RV parks and campgrounds, as travelers require convenient locations to park and enjoy amenities.
Companies like Pathfinder Ventures stand to benefit from this trend as they strive to cater to the evolving preferences of adventure-seeking individuals and families.