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Vecima Networks (VCM) investor relations material
Vecima Networks Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Sep, 2025
Executive summary
Achieved 112% top-line revenue growth from Q1 2022 to Q4 2025, with FY 2025 revenue at $303.4M CAD and major product advancements, new contracts, and the FalconV Systems acquisition positioning for future growth.
Maintains #1 global market share in Remote OLTS and Remote MACPHY for the fourth consecutive year, serving over 100 operators and 100 million people globally.
Q4 marked the first revenue from the new vCMTS solution and significant customer rollouts of next-generation platforms.
Faced temporary gross margin pressures due to product mix, FX volatility, and non-cash charges, including $15 million in Q4 deferred development impairments and inventory write-downs.
Adjusted EBITDA for FY25 was $60.5M CAD, reflecting resilience amid operational headwinds.
Financial highlights
FY 2025 revenue reached $303.4M CAD, up from $291.0M in FY 2024; Q4 revenue was $68.8M, up 7.5% sequentially but down 21% year-over-year.
Gross margin for FY 2025 was $147.0M CAD (48%); Q4 gross margin was 27.3% (adjusted: 37.4%).
Adjusted EBITDA for FY25 was $60.5M CAD; Q4 adjusted EBITDA was $6.7M.
Q4 net loss was $13.2M (EPS: -$0.54); full-year net loss was $17.8M (EPS: -$0.73).
Year-end working capital was $51.2M; net debt reduced to $53.6M from $92M in Q3 FY24.
Outlook and guidance
Positioned to benefit from $65B+ in North American broadband subsidies, with significant growth expected in fiber and cable access markets through 2029.
Anticipates strong top-line growth and improved gross margins in fiscal 2026, driven by new product rollouts, normalization of FX, and higher-margin products.
VBS segment expected to lead FY26 growth as network upgrades accelerate and new products launch.
Cox VCMTS agreement expected to drive significant TAM growth from 2025-2029.
Multiple growth engines identified, including DAA and IPTV, with global DAA adoption ramping up.
EN9000's margin impact and future software uplift?
vCMTS competitive strategy and market share goals?
Beyond DAA, what are the next key growth engines?
How will EN9000 margins evolve in FY26?
Monetization plan for impaired R&D/inventory?
Vecima's vCMTS strategy beyond Cox?
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Next Vecima Networks earnings date
Q1 202613 Nov, 2025
Next Vecima Networks earnings date
Q1 202613 Nov, 2025
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Frequently asked questions
Vecima Networks Inc. provides technology solutions that empower network service providers and content providers to connect people and enterprises to information and entertainment worldwide. Vecima's VoIP value added services and Asterisk based open source software enable its customers to deliver applications easily and reliably over their IP networks, resulting in lower costs, higher quality of service, consistent user experience, simplified provisioning and increased customer satisfaction. Vecima's VoIP implementation services deliver complete turnkey solutions for all major VoIP providers. The company is based in Victoria, Canada.
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