Haivision Systems (HAI) investor relations material

Executive summary

• Q3 2026 revenue was CAD 34.5 million, down 1.4% year-over-year, with adjusted EBITDA of CAD 1.5 million (4.3% margin); nine-month revenue rose 5% to CAD 102.3 million.

• Gross margins compressed to 69.4% in Q3, reflecting supply chain-driven component cost increases and tariffs.

• Net loss for Q3 was CAD 2.1 million versus net income of CAD 200,000 last year; year-to-date net loss was CAD 4.1 million.

• Customer engagement and pipeline remain healthy across broadcast, defense, and enterprise segments, with no project cancellations reported.

• The company continues to invest in innovation and new product launches, targeting mission-critical video applications.

Financial highlights

• Q3 gross margin was 69.4%, down from 72% last year, mainly due to supply chain-driven component cost increases and tariffs.

• Q3 operating loss was CAD 1.7 million, compared to operating income of CAD 300,000 last year; nine-month operating loss was CAD 5.0 million.

• Q3 net loss was CAD 2.1 million; year-to-date net loss was CAD 4.1 million.

• Adjusted EBITDA for Q3 was CAD 1.5 million (4.3% margin), down from CAD 3.5 million (10.1%) last year; nine-month Adjusted EBITDA was CAD 4.4 million (4.3% margin).

• Cash at quarter end was CAD 19.7 million, with CAD 13.9 million drawn on the line of credit.

Outlook and guidance

• Fiscal 2026 revenue guidance maintained at CAD 140–142 million, with expectations to finish at the lower end of the range.

• Gross margins expected to face continued near-term pressure from tariffs (estimated 3% impact) and supply chain costs.

• Large strategic opportunities in the pipeline, especially for 2027 and beyond, driven by new product introductions.

• Management remains confident in long-term growth, citing a robust pipeline and healthy customer engagement.

• Extended procurement cycles and project timing may shift revenue recognition between quarters.