Pathfinder Announces 2023 Second Quarter Financial Results

VANCOUVER, B.C., August 29, 2023 – Pathfinder Ventures Inc. (TSXV: RV) (the “Company,” or “Pathfinder.”), a growing campground owner and operator reports today on its financial and operating results for the three-month period (or “second quarter” or “Q2”) ended June 30, 2023.

The Company reports a YTD increase in revenue of $1,982 to $1,377,998 driven by the successful build-out of winter stay programs in both Agassiz and Parksville earlier in the year. Advanced site nights booked for the FY24 spring and summer season are up 23% YoY following a successful marketing campaign promoting advanced bookings for the next season.

While Q2 2023 occupancy is down slightly at 48% compared to 50% in Q2 2022, occupancy increased 15% YoY this July compared to last, and the Company is seeing continued strong demand. The Company expects to meet or exceed 2022 revenues this year ending 2023.

The consolidated financial statements and Management Discussion and Analysis (“MD&A”) can be viewed at 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, including the notes thereto, and the MD&A.

Financial and Operational Highlights


Q2 2023

Q2 2022




Occupied Site Nights (1)




$ 865,614

$ 916,938

Operating expenses

($ 1,357,806)

($ 1,251,658)

Net loss and comprehensive loss

($ 553,838)


Net loss per share



Adjusted EBITDA (loss) (2)

($ 70,455)

$ 54,227


YTD 2023

YTD 2022




Occupied Site Nights (1)




$ 1,377,998

$ 1,376,016

Operating expenses

($ 2,513,856)

($ 2,430,520)

Net loss and comprehensive loss

($ 1,241,953)


Net loss per share



Adjusted EBITDA (loss) (2)

($ 305,009)

$ (253,436)




Advanced Site Nights booked (3) 



FY24 Spring/Summer only 



  1. Occupied Site Nights is the sum of all actual nights the sites were occupied by visitors to the camp resorts when summing all occupied sites across the Company’s three camp resorts (for example: 1 camp site is available 7 Site Nights per week).
  2. Adjusted EBITDA is a non-GAAP financial measure that is calculated as income (loss) from operations before depreciation and amortization, interest, accretion, financing costs, and share-based compensation. Adjusted EBITDA calculations may be adjusted from period to period to reflect updated calculation methodology. Management will continue to drive towards positive Adjusted EBITDA through additional cost cutting initiatives and maximizing the operating capacity of the camp resort parks.
  3. Advanced Site Nights booked is the sum of all reserved nights for the available sites for the next 12 months forward.

2023/2024 Advanced Reservations

Advanced site nights booked for the FY24 spring and summer season are up 23% YoY following a successful marketing campaign promoting advanced bookings for the next season. While campers are tending to book closer to their travel dates, we are pleased with the advance booking interest and will continue to promote advance bookings.

Q2 2023 Summary – for the second quarter ended June 30, 2023

Revenue in Q2 2023 decreased by 6% or $51,324 from same period last year to $865,614. The Management of the Company views this decrease as a return to normal RV industry conditions. Factors that affect RV travel and campgrounds include weather, a return to office workforce, gas prices and general cost of travel. RV sales have softened but there is constant new supply and campers of all ages that are looking to be mobile and use their RVs and other campground accommodation options. All factors considered, we continue to believe that the demand for RV travel will remain strong and our locations are proving resilient as reflected in our advance FY24 reservations.

Adjusted EBITDA decreased by $124,682 to a -$70,455 loss in the current period as a result of both decreased revenue and increased costs. Management continues to find efficiencies and address costs of operations at each site and corporately.

Net loss and comprehensive loss increased by 38% or $153,517 to $555,138 due to decreased revenues and operational costs increase as explained above, as well as increased interest and accretion expense as a result of the Parksville refinancing and extension and amendment of the Company’s corporate debt instruments.

Cash and on June 30, 2023 was $446,321 compared to $982,482 in December 31, 2022. YTD cash used in operating activities was $144,877 largely due to the increased receivables by $224,423 from December 31, 2022 to $340,840. Receivables comprised mainly of holdbacks from credit card processors for the purpose of mitigating the liquidity risk of the financial intermediary. YTD net loss further contributed to the reduction in cash.
Working capital deficiency decreased by $2,898,413 to $5,203,912 from $8,102,325 reported at December 31, 2022, mainly due to a reduction of current liabilities of $3,127,144 in the current period, partially offset by decreased cash and increased loan value of the consolidated Parksville mortgage post refinancing.

YTD Summary – for the six-month period ended June 30, 2023

YTD revenue increased by $1,982 from same period last year to $1,377,998 due to increased revenues in Q1 driven by the successful build-out of winter stay programs in the newly opened properties in Agassiz and Parksville, offset by the decreased Q2 revenues explained above.

YTD adjusted loss before interest, taxes, depreciation and amortization increased by 20% or $51,573 to $305,009 in the current period as a result of lower Q2 revenues as well as increased labour costs and corporate overheads, partially offset by decreased property costs.

YTD net loss and comprehensive loss increased by 12% or $132,611 to $1,282,490 due to the operational cost increases as explained above, additional interest and accretion expense resulting from Parksville refinancing and corporate debt amendments in Q2, and an additional mortgage loan secured in connection with the acquisition of land at the Agassiz property in April 2022.

Non-IFRS Financial Measures

The discussion of consolidated financial results in this press release includes references to “Adjusted EBITDA” (earnings before interest, taxes, depreciation, and amortization), which is a non-IFRS performance measure. The Company presents these measures to provide additional information regarding the Company’s financial results and performance. Please refer to the Company’s MD&A for the three months ended March 31, 2023 and 2022 for a reconciliation of these measures to reported IFRS results.

About Pathfinder Ventures

Pathfinder Ventures Inc. is developing a network of premier branded, upscale and family-friendly RV parks and campgrounds under the “Pathfinder Camp Resorts” name. Pathfinder currently has three camp resorts located in B.C. and is focused on growing its network through both acquisitions and new construction. The Corporation is taking advantage of the rapidly growing market of Canadians who want to experience the great outdoors in an RV.

To learn more about Pathfinder Camp Resorts, click the link below:

On behalf of the board of directors of the Corporation:

Joe Bleackley
Chief Executive Officer, Founder and Director
Pathfinder Ventures Inc.

Company Contact:

Joe Bleackley
Chief Executive Officer, and Director
Phone: (604) 914 2575
Website: ||

Investor Relations Contact:

Anthony Simone
Simone Capital Corp.
Phone: (416)-881-5154

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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information Cautionary Statement

This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation’s expectations include risks detailed from time to time in the filings made by the Corporation with securities regulations.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Corporation does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release.

In the case of RV, this news release includes certain “forward-looking statements” which are particular to RV and are not comprised of historical facts. Forward-looking statements include estimates and statements that describe RV’s future plans, objectives or goals, including words to the effect that RV or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to RV, RV provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, RV’s objectives, goals or future plans, statements, refinancing and funding, and anticipated future growth in new markets. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the ability of the RV to successfully implement its development strategy and whether this will yield the expected benefits; competitive factors in RV’s industry sector; the success or failure of product development programs; currently existing applicable laws and regulations or future applicable laws and regulations that may affect RV’ s business; decisions of regulatory authorities and the timing thereof; Covid-19 related risks, availability of properties; the economic circumstances surrounding RV’s business, including general economic conditions in Canada, the US and worldwide; changes in exchange rates; changes in the equity market; inflation; uncertainties relating to the availability and costs of financing needed in the future; and those other risks disclosed in the filing statement or other disclosure document prepared and supplied on Sedar. Although RV believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. RV disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.