07:14 AM EDT, 08/22/2025 (MT Newswires) -- The Westaim Corporation ( WEDXF ) , an integrated insurance and alternative asset management company, overnight Thursday reported a smaller loss in the second quarter.

For the three-months ended June 30, the company reported a narrowed net loss attributable to controlling interests of $0.2 million compared with $17.1 million a year earlier.

Revenue for the quarter increased to $10.5 million, compared with $3.5 million, a year-ago.

"As expected, Westaim's ( WEDXF ) Q2 2025 was populated by substantial accounting activity, with significant one-time expenses and non-cash gains associated with the implementation of the new business strategy," said Westaim ( WEDXF ) Chief Executive Cameron MacDonald. "Notably, Ceres Life has secured necessary licenses, approvals, and received its AM Best Financial Strength Rating of B++. They will officially launch in the first week in September with their distribution partner, Advisors Excel."

Shares of the company closed up 0.4% at $28.6 on Thursday on the TSX Venture Exchange.