Troubled Canadian Subprime Lender Goeasy (GSY) Delays Its Financial Results

FomoAnxiety · 2026-03-24T15:18:34+00:00

Goeasy, a Canadian subprime lender, has delayed its financial results as it negotiates with creditors amid expected $331 million writedowns. Despite recent loan losses and a suspended dividend, it secured covenant waivers allowing continued operations.

FomoAnxiety

2026-03-24 15:18:34

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More bad news for Goeasy GSY) as the troubled Canadian subprime lender has delayed issuing its financial results as it negotiates with its creditors.

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Goeasy provides loans and lease-to-own agreements for people who have difficulty accessing traditional banks due to a poor financial history. The company was set to report financial results on March 25 but has now delayed its latest earnings print.

Management said they now expect to release fourth-quarter 2025 results after the market closes on March 31, followed by a conference call with analysts and media.

On Monday, Goeasy announced it has secured covenant waivers from its lenders and financiers, allowing it to remain compliant with agreed terms while booking an expected $331 million in writedowns for the three months ended Dec. 31.

“We are pleased to have reached this outcome with our lenders and other financing counterparties. The facilities … together with the strong cash flow generation of the business, provide goeasy with the liquidity to continue executing on our priorities,” Felix Wu, goeasy’s chief financial officer, stated in the news release.

Goeasy says the syndicated revolving credit facility will remain at $550 million and mature in July 2027.

Two weeks ago, Goeasy surprised investors by reporting hefty loan losses and suspending its dividend. That news sent shares down by more than 50 per cent on the Toronto Stock Exchange.

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