Haivision Systems (HAI) investor relations material

Executive summary

• Revenue for Q2 2026 was CAD 32.5 million (USD 32.5 million), down 5.1% year-over-year due to geopolitical tensions, supply chain volatility, and customer procurement delays shifting revenue recognition timing.

• Six-month revenue rose 8.5% to CAD 76.8 million (USD 67.8 million).

• Net loss for Q2 2026 was USD 1.8 million, an improvement from USD 2.4 million loss in the prior year quarter.

• Adjusted EBITDA for Q2 was CAD 300,000 (1% margin), down from CAD 1.7 million (4.9%) last year; year-to-date adjusted EBITDA was CAD 2.9 million, up 31%.

• Gross margin for Q2 was 68.9%, down from 73.0% year-over-year, mainly due to product mix, supply chain, and component cost pressures.

Financial highlights

• Q2 2026 revenue declined by CAD 1.8 million year-over-year; year-to-date revenue rose 8.5% to CAD 76.8 million.

• Q2 2026 gross profit: USD 22.4 million; six-month gross profit: USD 47.2 million.

• Q2 2026 net loss: USD 1.8 million; six-month net loss: USD 2.0 million.

• Operating loss for Q2 was CAD 3.1 million, flat year-over-year; year-to-date operating loss improved to CAD 3.3 million from CAD 5.4 million.

• Cash at quarter-end was CAD 18.1 million (USD 18.1 million), up CAD 1.1 million sequentially; credit facility extended to August 2028.

Outlook and guidance

• Fiscal 2026 revenue guidance lowered to CAD 140–142 million due to procurement and supply chain delays; margin compression expected with near-term gross margins closer to 70%.

• Long-term double-digit revenue growth and 20% EBITDA margin targeted, with acceleration expected from fiscal 2028 as large defense programs and new products ramp.

• Management notes macro uncertainty, tariff-related cost pressures, and shifting IT priorities are lengthening sales cycles.