Elevate Service Group posts $20.5M Q2-2026 revenue

Quarterly revenue increased 170% over Q1-2026; pro forma Q2-2026 revenue reached $24.6 million following three strategic acquisitions

Toronto, Ontario--(Newsfile Corp. - August 31, 2026) - Elevate Service Group Inc. (TSXV: SERV) (FSE: Y19) (" Elevate " or the " Company ") is pleased to announce its financial results for the fiscal quarter ended June 30, 2026. Elevate delivered a significant step-change in scale during the second quarter, generating revenue of $20.5 million, compared with $7.6 million in Q1-2026, as the Company continued to execute its acquisition and integration strategy. Q2-2026 included partial-period contributions from three strategic acquisitions completed during the quarter: Think Green Solutions Inc. (" Think Green ") and JJ&A Mechanical Ltd. (" JJ&A "), both completed on April 15, 2026, and TFI Food Equipment Solutions (" TFI "), completed on May 6, 2026. Had all three acquisitions been completed on April 1, 2026, pro forma Q2-2026 revenue would have been $24.6 million. The Company has filed its quarterly financial statements, related management discussion and analysis (" MD&A ") and accompanying CEO and CFO certifications under its profile on SEDAR+.

Key Financial Highlights

Q2-2026 total revenue of $20.5 million, representing 170% growth from Q1-2026 revenue of $7.6 million. Pro forma Q2-2026 revenue would have been $24.6 million had TFI, Think Green and JJ&A all been acquired on April 1, 2026, highlighting the expanded scale of the operating platform following the three acquisitions completed during the quarter.

Consolidated gross profit of $6.9 million, representing a gross margin of 33.8%.

Q2-2026 Adjusted EBITDA (1) of $1.9 million, after adjusting reported EBITDA for acquisition-related transaction costs, non-cash share-based compensation and certain other non-recurring items that management does not consider indicative of ongoing operating performance. Adjusted EBITDA (1) margin was 9.3% for Q2-2026.

Q2-2026 loss from operations of $0.9 million, primarily reflecting non-cash share-based compensation, amortization of acquired intangible assets, acquisition-related transaction costs and professional fees.

Key Operating Business Highlights

Completed the acquisition of Think Green Solutions on April 15, 2026, adding a complementary LED lighting supply and service capability to Elevate's growing facilities services platform.

Completed the acquisition of JJ&A Mechanical on April 15, 2026, expanding Elevate's mechanical service capabilities and strengthening the Company's operating presence in British Columbia.

Completed the acquisition of TFI Food Equipment Solutions on May 6, 2026, significantly expanding Elevate's national service footprint and building a leadership position in commercial restaurant equipment distribution and servicing, supported by three exclusive distribution partnerships, over 70 field service technicians and access to thousands of customer locations across major foodservice and retail brands.

Strengthened the Company's balance sheet and acquisition capacity subsequent to quarter-end through an upsized $10.0 million bought deal equity offering and an announced $25.0 million acquisition credit facility, which remains on track to close in Q3-2026.

"Q2-2026 was a milestone quarter for Elevate and demonstrated the pace at which we are building the platform," commented Paul Bissett, Chief Executive Officer. "Revenue increased to $20.5 million from $7.6 million in Q1, while pro forma Q2 revenue reached $24.6 million following the three acquisitions completed during the quarter. More importantly, we materially expanded our capabilities, geographic reach and field-service infrastructure. We believe we are building the foundation for a much larger national facilities management and essential commercial services platform."

"Our strategy remains centered on disciplined capital allocation and building long-term shareholder value," stated Romeo Di Battista Jr., Executive Chairman. "The recently completed $10 million equity financing, together with our announced $25 million acquisition credit facility, provides additional financial flexibility as we evaluate opportunities to continue expanding the platform. We intend to remain selective and focused on businesses where we believe Elevate can create meaningful value through our operating platform, shared infrastructure and access to capital."

Elevate Service Group Inc.

Elevate is a national facilities management and essential commercial services platform focused on building an integrated platform through disciplined acquisitions and organic growth. Through its operating companies, Elevate brings over 20 years of experience serving national, blue-chip customers. The Company is building a scalable platform supported by shared infrastructure, technology and operational best practices. This approach drives efficiencies, expands service offerings, and delivers superior customer outcomes. Elevate trades on the TSX Venture Exchange under the ticker "SERV".

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates, and projections as of the date of this news release. Any statement that discusses expectations, beliefs, plans, projections, objectives, assumptions, future events, or performance (often but not always using phrases such as "expects", "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budgets", "schedules", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events, or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to general business, economic, competitive, political, and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information, or otherwise.

(1) Cautionary Note Regarding Non-IFRS Measures

This press release makes reference to certain Non-IFRS measures that do not have a standardized meaning under IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies. The Company includes these measures as a means of measuring financial performance. More specifically, the Company makes reference to the following Non-IFRS measures:

EBITDA is defined as earnings before interest, taxes, depreciation and amortization.

Adjusted EBITDA as defined by the Company means EBITDA adjusted for one-time non-recurring items and non-cash items such as stock-based compensation expense, transaction costs related to business combinations, and other items that management does not consider indicative of ongoing operating performance.

Elevate Service Group Paul Bissett, CEO Frank Guo, CFO info@elevateservicegroup.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

SOURCE: Elevate Service Group Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/312299

TMX Newsfile

August 31, 2026 - 3:10 PM PDT

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