Firan Technology Group
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Firan Technology Group (FTG) investor relations material

Firan Technology Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • Achieved record revenues, EBITDA, and earnings in 2025, driven by strong organic growth and successful FLYHT integration, with expansion in defense and aerospace markets.

  • Bookings reached CAD 209.9 million, up 14% year-over-year; backlog at year-end was CAD 148.5 million, up 21%.

  • Strategic investments in leadership and long-term programs, including new CFO, EVPs, and board members, position the company for continued growth.

  • Diversified revenue sources, reduced U.S. tariff exposure, and ramped up deliveries for key aerospace programs.

  • FLYHT acquisition contributed to new product certifications and first deliveries of AFIRS Edge+ to an Asian airline.

Financial highlights

  • Revenue grew 18% to CAD 191 million, with significant contributions from FLYHT and organic growth; Q4 revenue was CAD 51.7 million, up 14.2%.

  • Adjusted EBITDA rose 27% to CAD 32.7 million; adjusted net earnings increased 31% to CAD 13.5 million.

  • Gross margin improved to 31.7% from 27.3% year-over-year, driven by scale, operational improvements, and FX.

  • Net debt stood at CAD 8.3 million (0.3x trailing EBITDA), including $11.2 million in government loans.

  • Operating cash flow (less lease payments) was CAD 13.7 million; CapEx was CAD 4.6 million.

Outlook and guidance

  • Entering 2026 with a record backlog of CAD 148.5 million, 80% expected to convert to revenue in 2026.

  • Long-term development programs are entering production, with significant defense program deliveries starting in 2026 and ramping up through 2027.

  • CapEx expected to align with long-term target of 3% of revenue, barring major expansions.

  • Focus on expanding in defense (U.S., NATO, India), growing Airbus exposure, and diversifying non-U.S. revenue.

  • India facility to open in Q2 2026, with negligible revenue impact in 2026 and ramp expected in 2027.

What caused Q4 adjusted net earnings decline?
Project revenue from new classified defence programs
Detail FLYHT in-house production benefits
Aero-Calgary's path to profitability?
Capacity for new defense program ramp-up?
Tariff impact on costs and mitigation strategy?
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Frequently asked questions

Firan Technology Group Corporation is a leading provider of advanced printed circuit boards (PCBs) and integrated cockpit solutions for the aerospace and defense industries. The company designs and manufactures high-reliability PCBs, including rigid, flexible, and rigid-flex circuits, tailored for mission-critical applications. FTG also supplies cockpit products such as illuminated panels, keyboards, and sub-assemblies used in avionics and flight deck systems. Firan Technology Group Corporation is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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