07:59 AM EDT, 05/14/2025 (MT Newswires) -- CI Financial ( CIXXF ) on Wednesday reported a narrower first-quarter net loss.

The company reported a net loss attributable to shareholders of $8.5 million for the three-months ended March 31, compared with a net loss of $154.4 million, a year earlier. Adjusted diluted earnings per share for the quarter was $0.96 beating consensus estimate compiled by FactSet of $0.94.

Revenue increased to $787.7 million in Q1 compared with $645.7 million a year ago, also beating the $772.1 million consensus estimate compiled by FactSet. CI Financial ( CIXXF ) said U.S. wealth management revenue increased due to acquisitions during the quarter, which were partially offset by lower asset management fees.

It also added that due to the pending closing of the Mubadala Capital transaction, CI has obtained an exemption from the Toronto Stock Exchange's requirement to hold its annual meeting of shareholders on or before June 30. CI does not expect to hold another annual meeting of shareholders prior to the closing of the arrangement.

Shares of the company closed up 0.1% to $31.63 on Tuesday on the TSX.