Canterbury Park Holding Corp

Listed Company

CPHCCIK 0001672909NasdaqNon-AcceleratedSmaller ReportingServices-Racing, Including Track OperationMinnesotaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-529.4K

Total Assets

$112.58M

Equity

$83.88M

Shares Out

5.12M

Op. Cash Flow

$8.90M

Business

Canterbury Park Holding Corp is a holding company that owns and operates racetrack, casino, food and beverage, and real estate development businesses through its subsidiaries. It offers pari‑mutuel wagering on live and simulcast thoroughbred and quarter horse races, unbanked card games (poker and table games), concessions, catering, event space, and mixed‑use real estate development and joint‑venture projects. The company reports four business segments: horse racing, Casino, food and beverage, and real estate development. Its primary market and distribution channels are on‑site operations at the Canterbury Park Racetrack and Casino in Minnesota, simulcast signals, ADW source‑market arrangements, and local development partnerships and joint ventures.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net Revenues	60	62	61	67	60
Purse expense	7	8	8	9	8
Minnesota Breeders Fund	981,583	1	1	1	1
Salaries and benefits	26	26	25	24	15
Depreciation and amortization	4	4	3	3	3
Advertising and marketing	2	1	2	3	2
Professional and contracted services	6	6	6	5	4
Loss on disposal of assets	56,248	49,214	157,160	157,435	0
Other operating expenses	5	6	5	5	5
Total Operating Expenses	57	57	56	56	43
Gain on transfer of land (Note 11)	0	2	6	—	—
INCOME FROM OPERATIONS	2	6	12	11	18
Loss from equity investment	−5	−5	2	−2	−3
Interest income, net	2	2	2	909,958	719,365
Net Other Loss	−3	−3	3	−657,864	−2
(LOSS) INCOME BEFORE INCOME TAXES	−814,000	3	15	10	16
INCOME TAX BENEFIT (EXPENSE) (Note 4)	285,000	−923,885	−4	−3	−4
NET (LOSS) INCOME	−529,431	2	11	8	12
Basic earnings (loss) per share (in dollars per share)	−0.1	0.42	2.15	1.55	2.47
Diluted earnings (loss) per share (in dollars per share)	−0.1	0.42	2.13	1.54	2.44
Weighted average basic shares outstanding (in shares)	5	5	5	5	5
Weighted average diluted shares (in shares)	5	5	5	5	5

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	12	10	22	13	12
Restricted cash	4	4	4	3	4
Short-term investments	5	5	5	5	0
Accounts receivable, net of allowance of $7,670 at December 31, 2025 and 2024	342,866	439,121	484,092	618,365	388,304
Inventory	269,419	250,658	249,370	262,073	248,389
Prepaid expenses	1	2	645,422	557,520	580,799
Income taxes receivable and prepaid income taxes	2	3	4	2	1
Total Current Assets	25	24	36	31	24
Deposits	99,147	19,650	0	27,000	29,500
Other prepaid expenses	15,972	19,951	10,978	41,774	66,632
TIF receivable	20	19	14	13	13
Operating lease right-of-use assets	0	27,674	53,026	0	22,786
Equity investment (Note 11)	5	7	7	7	6
Other long-term receivables (Note 9)	2	2	0	—	—
Land held for development	3	2	2	2	3
Land, buildings, and equipment, net (Note 3)	52	51	42	—	—
Total Long-term Assets	88	86	68	62	59
TOTAL ASSETS	113	110	105	92	83
Accounts payable	2	4	5	3	2
Casino accruals	2	2	3	3	3
Accrued wages and payroll taxes	2	2	2	2	2
Cash dividend payable	356,949	351,373	346,125	341,602	0
Accrued property taxes	1	1	741,215	795,646	774,324
Deferred revenue	541,236	311,244	274,898	413,442	733,292
Payable to horsepersons	873,065	870,775	763,383	993,529	923,423
Current portion of finance lease obligations	35,862	32,950	1,604	18,973	27,062
Current portion of operating lease obligations	0	27,674	25,352	0	22,786
Total Current Liabilities	10	11	11	10	10
Deferred income taxes (Note 4)	10	10	10	7	8
Investee losses in excess of equity investment	9	5	1	3	1
Finance lease obligations, net of current portion	81,319	117,182	7,770	0	18,973
Operating lease obligations, net of current portion	0	0	27,674	0	0
Other long-term liabilities	0	181,000	0	—	—
Total Long-term Liabilities	19	15	12	11	9
TOTAL LIABILITIES	29	26	23	21	19
Common stock, $.01 par value, 10,000,000 shares authorized, 5,121,331 and 5,036,717, respectively, shares issued and outstanding	51,213	50,367	49,626	48,890	48,121
Additional paid-in capital	31	29	27	26	25
Retained earnings	53	55	54	45	39
Total Stockholders Equity	84	84	82	71	64
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	113	110	105	92	83

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	687,970	571,632	527,762	449,891	548,282
Stock-based employee match contribution	913,586	875,798	850,998	618,735	557,396
Deferred income taxes	625,000	−454,015	—	—	—
Gain on transfer of land	0	−2	0	—	—
Accounts receivable	96,255	44,971	134,273	−230,061	−157,049
Increase in TIF receivable	−915,818	−681,332	−674,378	−791,594	−614,173
Inventory, prepaid expenses and deposits	−151,489	−1	−17,403	36,953	−158,387
Income taxes receivable and prepaid income taxes	759,608	896,899	−2	−788,308	3
Other long-term receivables	−500,000	−2	0	—	—
Operating lease right-of-use assets	27,674	25,352	24,524	22,786	22,271
Operating lease liabilities	−27,674	−25,352	−24,524	—	—
Accounts payable	−2	−2	−1	456,328	−901,150
Deferred revenue	229,992	36,346	−138,544	−319,850	297,426
Casino accruals	265,061	−508,250	−16,945	−572,833	929,283
Accrued wages and payroll taxes	−144,350	488,597	−151,952	45,301	619,476
Accrued property taxes	68,190	362,569	−54,431	21,322	−30,493
Other long-term liabilities	−181,000	181,000	0	—	—
Payable to horsepersons	2,290	107,392	−230,146	70,106	−1
Net cash provided by operating activities	9	6	12	11	13
Additions to land, buildings, and equipment	−4	−12	−8	−5	−4
Proceeds from disposal of assets	34,275	60,800	60,800	0	—
Additions for TIF eligible improvements	−754,281	−4	−4,160	0	0
Proceeds from TIF receivable	582,257	0	—	—	—
Proceeds from sale of short-term investments	10	7	5	0	—
Purchase of short-term investments	−10	−7	−5	−5	0
Cash dividends received from equity investments	82,861	36,480	30,368	337,192	0
Increase in related party receivable	−1	−1	−970,751	−376,521	−636,889
Net cash used in investing activities	−5	−17	−455,347	−9	−3
Proceeds from issuance of common stock	212,792	251,577	230,589	164,824	183,864
Cash dividend paid to shareholders	−1	−1	−1	−1	−1,706
Payments for taxes related to net share settlement of equity awards	−63,730	−108,887	−171,748	−212,608	−25,948
Principal payments on finance lease	−32,951	−30,272	−19,479	−27,062	−25,749
Net cash used in financing activities	−1	−1	−1	−1	130,461
Net increase (decrease) in cash, cash equivalents, and restricted cash	2	−12	10	507,250	11
Additions to land, buildings, and equipment funded through accounts payable	176,000	1	3	606,000	254,000
Additions to land, buildings, and equipment funded through prepaid expenses	726,000	0	—	—	—
Change in investee losses in excess of equity investments	4	4	−2	2	1
ROU assets obtained in exchange for operating lease obligations	0	171,000	87,430	0	—
Transfer of assets to Trackside Investments, LLC	0	583,000	0	—	—
Income taxes paid, net of refunds	−1	300,000	4	4	897,519
Interest paid	11,000	13,000	1,000	2,000	3,000

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