Pathfinder Reports Record Revenues in the Third Quarter 2022

VANCOUVER, B.C., November 29, 2022 – Pathfinder Ventures Inc. (TSXV: RV) (OTCQB: RVRVF) (the “Company,” “RV” or “Pathfinder.”) reported today its financial and operating results for the three-month period (or “third quarter” or “Q3”) ended September 30, 2022.

Q3 2022 Highlights

  • Revenues increased by 19% to $1,402,325 in Q3 2022, compared to Q3 2021
  • EBITDA increased by 7% to $374,545 in Q3 2022, compared to Q3 2021  
  • Net loss from operations decreased by 30% to -$121,136, compared to Q3 2021
  • Net loss and comprehensive loss decreased by 41% to -$91,997, compared to Q3 2021
  • Cash and cash equivalents on September 30, 2022, were $1,517,720 compared to $2,092,893 on December 31, 2021. The cash balance was utilized for land acquisition, increased debt servicing requirement and payment of continuing site improvement costs during the 9-month period ended September 30, 2022.
  • YTD cash provided by operating activities was $317,512, compared to cash used from operating activities of $436,594 in the comparative period, which was a result of an improved non-cash working capital position, which included deferred revenues from increased future reservations;
  • Occupancy increased by 17% to 71% in Q3 2022, compared to Q3 2021. The blended Q3 occupancy increase stated above included 36% increase in the Agassiz-Harrison location and 40% increase in the Parksville location, which started operating last year on May 22nd and July 17th, respectively. Further details were discussed in the October 4, 2022 press release:
  • 2,701 additional camp resort site nights (as defined below) were occupied, reaching 21,108 occupied site nights in Q3 2022, compared to 18,407 occupied site nights occupied in the comparative period.
  • “Our record revenues and increasing occupancies in the third quarter highlight the success of our compelling Pathfinder Camp Resorts brand and best-in-class portfolio of RV park assets in Western Canada.” said Joe Bleackley, President and CEO of Pathfinder Ventures.

Financial Summary

 Q3 2022Q3 2021
Occupied Site Nights (1)21,10818,407
Operating expenses1,456,8481,271,982
Net loss(121,136)(172,679)
Net loss per share(0.00)(0.00)
Adjusted EBITDA (loss) (2)374,545349,292

(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.


Financial Performance

For the third quarter ended September 30, 2022:

  • Revenues amounted to $1,402,325, an increase of $227,099, or 19%, compared to the same prior year period due to increased occupancy in the new properties acquired in Q4 2020. Except for Parksville, which had a mid-July opening in 2021, all three parks were fully operational in Q3 2021. The occupancy growth was slightly offset by the impact of an unusually high mosquito season.
  • Net loss from operations decreased to -$121,136 compared to -$172,679 in the same prior year period driven by the increased revenues.
  • Operating expenses increased to $1,456,848, compared to $1,271,982 in the same prior year period as a result of (i) increased interest expenses from the new mortgage taken in April 2022; (ii) increased property and staffing costs which are largely variable to the volume of revenues generated; and (iii) increased corporate overhead, driven by the increased activities as a publicly traded company following a Reverse Acquisition in October 2021. Slightly offsetting these increases were (i) decreased management compensation based on conversion to salaries; (ii) reduced stock-based compensation expense driven by the timing of options granted and vesting, as well as (iii) decreased supplies expense due to reduced purchase requirement in the current period.

For the nine-month period ended September 30, 2022:

  • Revenues amounted to $2,778,341, an increase of $781,489 or 39%, compared to the same prior year period. Increased revenues were largely due to all three sites being fully operational in Q2 2022 and mostly same period growth in Q3 2022. The growth in Q3 2022 was slightly offset by the impact of an unusually high mosquito season. Q1 2022 revenues were impacted by severe winter flooding in November 2021, the damage and repair work of which impacted site occupancies.
  • Net loss from operations increased by -$88,520 to -$1,270,174 compared to the same prior year period due to increased operating costs.
  • Operating expenses amounted to $3,887,368, an increase of $865,063 or 29%, compared to the same prior year period. This was due to (i) increased staffing and property costs required to support the full period of operation; (ii) increased depreciation, due to the Company’s increased investment in site infrastructure; (iii) higher interest expense, due to full period servicing of bank loans issued in 2021 and additional interest pertaining to a new mortgage loan taken in April 2022; and (iv) higher corporate overheads, driven by the increased activities as a public company following a Reverse Acquisition in October 2021. Slightly offsetting these increases were (i) decreased management compensation based on conversion to salaries; (ii) decreased consulting costs, pertaining to reduced development activities in the current period; and (iii) reduced professional fees after the Reverse Acquisition was completed in October 2021  

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 September 30, 2022 and 2021 for a reconciliation of these measures to reported IFRS results.

Pathfinder Engages Oak Hill Financial Inc. for Investor Relations

The Company has engaged Oak Hill Financial Inc. (“Oak Hill”), located in Ontario, to support the company with Investor Relations and Corporate Communications in accordance with the policies of the TSXV.  Oak Hill Financial is a leading Canadian marketing and distribution firm, focused on IIROC retail brokerage networks, servicing both asset managers and public companies. Oak Hill Financials’ experienced team of former asset management wholesalers, research analysts and capital market professionals specialize in building credibility for their clients to a network of over 10,000 Canadian IIROC retail brokers and over 300 North American funds.  Pursuant to the service agreement, the Company will pay Oak Hill a fee of $8,000.00 per month, for an initial term of (3) months. The term will resume on a month-to-month basis thereafter, unless terminated by either party upon 5 days’ written notice. 

Pathfinder Engages Red Cloud Securities

Subject to regulatory approval, the Company has engaged Red Cloud Securities Inc. (“RCSI”) to provide liquidity services in accordance with the policies of the TSXV.  RCSI will trade shares of the Company on the TSXV and all other trading venues with the objective of maintaining an orderly market and improving the liquidity of the Company’s common shares.  

Pursuant to the service agreement, the Company will pay RCSI a fee of C$5,000.00 per month for an initial term of three (3) months, which will automatically renew for subsequent three-month periods, unless terminated by either party upon 30 days’ written notice. There are no performance factors contained in the Agreement. RCSI will be responsible for the costs it incurs in its trades and no third party will be providing funds or securities for the market making activities. 

Red Cloud Securities Inc. is registered as an Investment Dealer in Ontario, Quebec. Alberta and British Columbia and is a member of the Investment Industry Organization of Canada (IIROC).  It is focused on providing unique comprehensive capital market services and innovative financing alternatives to the junior resource sector.  The company was founded by capital markets professionals who designed the firm to service small public and private companies.  This solution is a comprehensive platform that provides a full range of unconflicted corporate access services.  Offering these services as a unified platform provides the ultimate value proposition for issuer clients.

About Pathfinder Ventures

Pathfinder Ventures Inc. is developing a network of 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 acquisitions, management services and development.  Pathfinder is also seeking to acquire RV & Self Storage facilities to take advantage of the rapidly growing market of people 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, its projected revenues and earnings, 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.