● Live statusTSX: DNDTrading: Resumed (9 Feb 2026)FFCTO: RevokedFilings: CurrentVerify current status →
DYE & DURHAM FILES
Current StatusIndependent investigative publication · Not affiliated with Dye & Durham Limited

Dye & Durham: Delayed Financials, Cease-Trade Orders, Debt Pressure and Corporate Turmoil

An independent examination of Dye & Durham Limited's financial reporting delays, regulatory restrictions, debt issues, losses, accounting adjustments, governance upheaval and shareholder battles.

Start with the filing crisis Current statusFacts vs. claimsKey questions

READ THE FILINGS. FOLLOW THE DEBT. TRACK THE BOARD. COMPARE THE CLAIMS. LET THE NUMBERS SPEAK.

The numbers, from the filings
FY2025 Net Loss
C$88.0M
FY2025 audited financials
FY2026 Net Loss
C$38.5M
FY2026 audited financials
FY2026 Revenue
C$410.7M
FY2026 results
YoY Revenue Decline
7%
FY2026 vs FY2025
FY2026 Adjusted EBITDA Decline
15%
FY2026 results
FY2026 Finance Costs
C$147.9M
FY2026 financials
Failure-to-File Cease Trade Order
Issued 15 Dec 2025
Revoked 6 Feb 2026
OSC FFCTO
Internal Controls
Material Weakness Disclosed
ICFR disclosure

Each figure links to its primary source. Hover any card to follow the filing.

Dye & Durham missed its financial filing deadlines

The sequence below traces the crisis from a missed annual deadline to a full cease-trade order — and its eventual resolution.

01FY2025 audited financial statements due
02Filings delayed
03OSC management cease trade order
04Q1 FY2026 filings also delayed
05Credit-agreement default / cure period
06Failure-to-file cease trade order
07Trading restricted in Canada
08Financial statements filed
09Cease trade order revoked
10Trading resumed
↓ each step followed the one above
Read the full chronology

Cornerstone investigations

OSC Action

Why Were Dye & Durham's Financial Statements Late?

The complete chronology of the missed filing deadlines that triggered regulatory action.

Read the filing
Cease Trade Order

The Failure-to-File Cease Trade Order

Why the OSC restricted trading in Dye & Durham securities — and why the order was later revoked.

Read the filing
Audited Financials

Dye & Durham Lost C$38.5M in FY2026

Revenue fell 7% as Adjusted EBITDA fell 15%. Read the filed numbers.

Read the filing
Material Weakness

Material Weakness in Financial Controls

What Dye & Durham disclosed about internal controls over financial reporting.

Read the filing
Shareholder Claim

Plantro vs Dye & Durham

The shareholder battle, the acquisition proposal and its withdrawal — claims and responses.

Read the filing
Debt Default

Debt, Leverage & the Credit Default

How a filing delay triggered a credit-agreement default — and how it was cured.

Read the filing

Timeline of the 2025–2026 crisis

Full timeline →
29 Sep 2025Original annual (FY2025) filing deadline passes without the audited financial statements being filed.
FILING
1 Oct 2025OSC issues a temporary management cease trade order (MCTO) at the company's request, restricting trading by certain insiders.
OSC
1 Oct 2025Co-founder Ronnie Wahi publicly seeks to substantially reconstitute the board and pursue a sale of the business.
SHAREHOLDER
7 Oct 2025Dye & Durham announces the divestiture of Credas Technologies Ltd. for £77.8m (approximately C$146.3m gross).
ASSET SALE
8 Oct 2025Company provides update on strategic review, referencing the Plantro proposal, Credas sale and a shareholder rights plan.
COMPANY
14 Nov 2025Q1 FY2026 interim filing deadline; filings are not completed, triggering a default under the senior credit agreement.
DEBT
Nov 2025Non-filing triggers a 30-day cure period under the senior credit agreement; lender waiver process disclosed.
DEBT
26 Nov 2025Company provides bi-weekly MCTO status report on Q1 filing default and cure period.
COMPANY
13 Dec 2025Extended MCTO deadline passes without required filings.
OSC
15 Dec 2025OSC issues a failure-to-file cease trade order (FFCTO) — trading in Dye & Durham securities restricted in Canada.
OSC
17 Dec 2025Company announces a further amendment to the senior credit agreement and a formal sale process.
COMPANY
20 Oct 2025Plantro withdraws its acquisition proposal, citing financial position, potential debt default and delayed financial statements.
SHAREHOLDER
31 Jan 2026Required financial filings (FY2025 audited statements, Q1 FY2026, MD&A, AIF) are submitted.
FILING
2 Feb 2026Company publicly announces completed filings and sets a date for the annual general and special meeting.
COMPANY
6 Feb 2026OSC revokes the failure-to-file cease trade order.
OSC
9 Feb 2026Trading in Dye & Durham securities resumes on the TSX.
TSX
25 May 2026Company announces changes to the board of directors and CFO transition.
GOVERNANCE
Jun 2026CEO transition announced; board changes continue.
GOVERNANCE
In Dye & Durham's own filings
  • ›FY2025 audited financial statements were not filed by the 29 September 2025 deadline.
  • ›The OSC issued a management cease trade order on 1 October 2025 and a failure-to-file cease trade order on 15 December 2025.
  • ›The failure-to-file cease trade order was revoked on 6 February 2026; trading resumed on 9 February 2026.
  • ›Dye & Durham reported an C$88.0m net loss for FY2025 and an C$38.5m net loss for FY2026.
  • ›The company disclosed a material weakness in internal controls over financial reporting as of 31 March 2026 and 30 June 2026.
  • ›At 30 June 2026 the company reported compliance with its financial-maintenance covenants and a Consolidated First Lien Net Leverage ratio of approximately 5.17x.

What also improved

This publication is critical but does not conceal subsequent improvements. These facts are part of the record:

✓FY2026 net loss improved substantially versus FY2025 (C$38.5m vs C$88.0m).
✓FY2026 operating cash flow remained positive at C$153.4m.
✓The failure-to-file cease trade order was revoked and trading resumed.
✓The company brought its required filings current.
✓Credas sale proceeds were used to reduce debt.
✓The company reported compliance with maintenance covenants at 30 June 2026.
✓Q4 FY2026 Adjusted EBITDA improved versus Q4 FY2025.
✓Accounting adjustments did not affect revenue, operating cash flow or Q3 Adjusted EBITDA, per the company.

Read the filings. Follow the debt. Track the board. Compare the claims. Let the numbers speak.

Document libraryKey questionsSource registryMethodology
DYE & DURHAM FILES

Independent Investigative Publication — Not Affiliated with Dye & Durham Limited

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Disclaimer: Dye & Durham Files is an independent publication and is not affiliated with Dye & Durham Limited. This website reports and analyzes information contained in securities filings, audited financial statements, SEDAR+ records, regulator actions, company announcements, shareholder communications and attributable news reporting. Statements made by activist shareholders or other interested parties are identified as such and are not presented as independent findings of fact. Historical regulatory restrictions are updated to reflect subsequent revocation, remediation or other material developments.

© 2026 Dye & Durham Files. For informational purposes only — not investment, legal or financial advice.

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