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NFI Group (NFI) investor relations material
NFI Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue increased 23.7% year-over-year to $879.9M in Q3 2025, with adjusted EBITDA up 52.1% to $80.9M, but a $229.9M battery recall provision led to a reported net loss of $140.9M.
Backlog stands at $13.2B (15,606 EUs), with a 108.5% LTM book-to-bill ratio and a 71.8% option conversion rate, reflecting robust demand and strong government funding.
Liquidity improved to $386M, up 169% year-over-year, supported by new credit facilities and working capital improvements.
Supply chain health improved, aided by a joint venture to stabilize seat supply, though some disruptions persist.
Financial highlights
Q3 2025 revenue was $879.9M, up from $711.3M in Q3 2024, with gross loss of $114.3M due to the recall; excluding this, gross profit would have been $115.6M (13.1% margin).
Adjusted EBITDA rose 52.1% year-over-year to $80.9M, with manufacturing segment adjusted EBITDA up 209% to $53.4M.
Free cash flow was $14.8M, and net cash from operating activities was $83.9M.
ROIC improved to 9.1%, up 380 basis points from Q3 2024.
Leverage ratio improved to 4.28x, with senior secured leverage at 0.89x.
Outlook and guidance
Revenue guidance for 2025 tightened to $3.5–$3.7B, with adjusted EBITDA expected between $320–$340M and ROIC at 9%.
Q4 expected to deliver the highest quarterly adjusted EBITDA in company history, supported by higher deliveries and improved sales mix.
Most 2025 vehicle sales are already produced or will be finalized in November, limiting tariff risk for the year.
Management expects continued improvement in revenue, gross profit, and cash flow into 2026, with most public market production slots filled.
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