Operator

Good morning, ladies and gentlemen. Welcome to Flow Capital's Earnings Call for Q4 and Year-end 2025. [Operator Instructions]

I would like to welcome everyone to remind everyone that today's discussions may contain forward-looking statements that reflect current views with respect to future events. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For more information on Flow Capital's risks and uncertainties related to these forward-looking statements, please refer to the YE 2025 Company's Management Discussion and Analysis, which is available on SEDAR. Today's call is being recorded on Friday, April 17, 2026.

I would now like to turn the meeting over to Alex Baluta, Chief Executive Officer of Flow Capital.

Alexander Baluta
President, CEO & Non-Independent Director

Thank you very much, Joelle, and thank you, everybody, for joining here for our Q4 and 2025 year-end financial results. I am joined by our CFO, Michael Denny. You can find our results filed on SEDAR or in the Investor Relations section on our website.

For the 12 months ended December 31, we recorded $13.2 million in revenue. That's up 41% from the year earlier period. We had a 79% increase in recurring free cash flow to $3.4 million. On a per share basis, that was $0.11, up from $0.06. We also deployed almost $28 million in new capital during the year. And book value per share is up to $1.27 from $1.20 at the end of the prior year. All in all, it was an excellent year. That is the highest growth rate we've recorded in revenue and the highest revenue that we recorded since we transitioned to actually, forever