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Velan
Velan (VLN) investor relations material
Velan Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary15 Jan, 2026
Executive summary
Q3 2026 sales were CAD 71.7 million, with adjusted EBITDA of CAD 9.5 million, driven by high-margin projects and disciplined cost management.
Backlog increased 8% since the fiscal year start to CAD 296.8 million, with 80.4% deliverable within 12 months.
Bookings grew 32% year-over-year to CAD 77.9 million, led by strong performance in nuclear and oil & gas sectors, especially in North America.
Most rescheduled orders from the previous quarter were recaptured, though some remain deferred.
A major contract was secured with Ontario Power Generation for over CAD 20 million, reinforcing leadership in the nuclear sector.
Financial highlights
Q3 sales were CAD 71.7 million, down 2.4% year-over-year, mainly due to lower Italian shipments and order timing.
Gross profit was CAD 27.2 million (37.9% margin), stable versus last year.
Adjusted EBITDA was CAD 9.5 million, down from CAD 14.3 million last year, reflecting lower gross profit and higher other expenses.
Adjusted net income for Q3 was CAD 4 million, down from CAD 8.5 million last year.
Cash flow from operations used CAD 6.7 million, mainly due to working capital changes.
Outlook and guidance
Management expects normalization of customer delivery schedules to improve cash inflows.
Strong backlog and bookings, especially in nuclear and oil & gas, support a positive outlook.
No immediate changes to management or strategy are expected before transaction closing; post-closing plans may be shared.
80.4% of backlog is expected to be delivered in the next 12 months.
Management anticipates another solid performance for fiscal 2026, despite tariff uncertainties.
Drivers of Q3 Adjusted EBITDA decline
Backlog shift to long-term contracts
Why suspend dividends until Birch Hill closing?
Rationale for company bearing private transaction costs?
Birch Hill's impact on strategic plan or M&A?
SMR initiative at OPG Darlington site outlook?
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Next Velan earnings date
Q4 202621 May, 2026
Velan
Next Velan earnings date
Q4 202621 May, 2026
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Frequently asked questions
Velan Inc. designs, manufactures, and markets industrial valves for oil and gas transmission, power generation, water treatment, pulp and paper production, mining, bioprocessing and pharmaceutical industries. The company provides cast steel industrial valves consisting of gate, globe, check angle, ball and butterfly valves; forged steel industrial valves; nuclear qualified valves; bellows sealed valves; knife gate slurry isolation applications; and self-contained antistatic valves. It also offers a range of control systems that includes linear electric actuators, pneumatic actuation packages with positioners and electro-pneumatic positioners/controllers.
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