)

ADF Group (DRX) investor relations material
ADF Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenues for Q2 2025 were $53 million, with six-month revenue at $108.5 million, both down significantly year-over-year due to U.S. tariffs and reduced fabrication hours.
Net income for Q2 was $898,000 ($0.03/share), and YTD net income was $9.6 million ($0.34/share), both down sharply from last year.
Order backlog as of July 31, 2025, was $468 million, up 60% from January 31, 2025, not including pending Groupe LAR acquisition backlog.
U.S. steel tariffs caused non-recoverable delays and reduced fabrication hours, especially at the Turcotte/Terrebonne plant.
Announced a multi-year infrastructure contract in Quebec and the acquisition of Groupe LAR to increase Canadian content and reduce U.S. exposure.
Financial highlights
Q2 gross margin was 20.7%, down from 36.9% last year; YTD gross margin was 21.3%, down from 32.3%.
Adjusted EBITDA for Q2 was $3.7 million; YTD adjusted EBITDA was $14.1 million, both down year-over-year.
SG&A expenses for Q2 were $8.8 million, up $4.6 million year-over-year due to mark-to-market DSU/PSU valuation; YTD SG&A was $12.2 million, $1.7 million lower than last year.
Cash and cash equivalents at quarter-end were $50.9 million; working capital was $105.5 million.
Operating cash flow for the six months was $7.4 million; $3 million spent on CapEx and intangibles.
Outlook and guidance
Full-year CapEx expected to be approximately $11 million, mainly for new equipment at Turcotte and project requirements.
A major five-year contract in Quebec, valued at $35–$40 million per year, was awarded, with an option to extend another five years, potentially totaling $400 million.
Groupe LAR acquisition expected to close soon, adding $104.5 million backlog and expanding presence in hydroelectric and heavy industry markets.
New nuclear certification positions the company for Ontario market opportunities in the next 5–10 years.
Focus on increasing Canadian content to mitigate U.S. tariff risks.
Next ADF Group earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage