Jewett-Cameron Trading Company Ltd.

What they do

The company sells pet and fencing products, including patented Adjust-A-Gate and Fit-Right gate support systems, and distributes specialty industrial wood products through its Greenwood unit. It also owns a former seed processing facility in North Plains, Oregon, where operations ceased effective August 31, 2023. The company operates in three reportable segments under the 10-K: Pet, Fencing and Other; Industrial wood products; and Seed processing and sales, plus corporate and administrative services.

Revenue drivers

• Pet, Fencing and Other — Manufactures and distributes pet and fencing products, including patented gate support systems; the 10-K does not break out this segment's dollar share, but total Company sales were $41.3 million in fiscal 2025.
• Industrial Wood Products (Greenwood) — Wholesale distributor of specialty wood products focused on the transportation industry; total sales for fiscal 2025 and 2024 were 9% and 8% of total Company sales, respectively.
• Seed Processing and Sales (JCSC) — Former agricultural seed processing and sales operations that ended regular operations effective August 31, 2023; the 11.6-acre property was listed for sale or lease in July 2024.

Recent performance

Total Company sales were $41.3 million in fiscal 2025 and $47.1 million in fiscal 2024. Annual net income swung to a loss of $4.1 million in fiscal 2025 from $721,753 of net income in fiscal 2024, and diluted EPS was -$1.18 in fiscal 2025 versus $0.21 in fiscal 2024. Recent quarterly revenue was $10.4 million for the quarter ended August 31, 2025; $8.7 million for November 30, 2025; $10.5 million for February 28, 2026; and $9.9 million for May 31, 2026. As of May 31, 2026, total assets were $18.4 million, total liabilities $3.6 million, shareholder equity $14.8 million, and cash and equivalents $1.1 million. The 10-Q notes results are seasonal, with the first two fiscal quarters historically slower than the final two.

Strategy

Management states its near-term and long-term strategies focus on strengthening liquidity, which may involve selling real estate assets and excess inventory and increasing borrowing capacity under its Northrim credit line or securing alternative financing. The company listed its 11.6-acre JCSC property for sale or lease in July 2024 at a current asking price of $6.221 million. It continues to emphasize patented and trademarked fencing products, owning 7 US patents and 1 pending patent application in the United States, Canada, and Mexico as of August 31, 2025. The 10-K also states the company may seek additional financing or other ways to expand operations and improve margins.

Risks

• Liquidity and tariff exposure — The 10-K states the company will require additional cash to fund operations due to global tariff and trade uncertainty, and that present borrowing is approaching the maximum allowed under the credit line's current funding calculations.
• Declining revenue and net losses — Company sales fell from $62.9 million in fiscal 2022 to $41.3 million in fiscal 2025, and fiscal 2025 produced a net loss of $4.1 million.
• Competitive, non-differentiated wood products — The 10-K states Greenwood's wood products are not unique and are available from multiple suppliers and retail outlets.
• Reliance on credit line and real estate sale — The company depends on its Northrim credit line and states it may sell real estate assets, including the JCSC property with a $566,022 carrying value against a $6.221 million asking price, with no guarantee of sale.

Outlook

Management says it is focused on strengthening liquidity through asset sales and expanded borrowing, and it is in discussions with Northrim to increase available credit. The 10-Q states operating results are seasonal, with the first two fiscal quarters historically slower than the final two. The company notes in its 10-K that actual outcomes may differ materially from forward-looking statements and it undertakes no obligation to update them.