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Velan (VLN) investor relations material
Velan Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary10 Oct, 2025
Executive summary
Q2 FY2026 sales were $67.6 million, down 13% year-over-year, with adjusted EBITDA of $3.4 million and operating income of $0.4 million, impacted by $12 million in rescheduled deliveries and tariff-related delays.
Backlog increased 4% since the start of the year to $285.8 million, with 88.3% deliverable within 12 months.
Significant progress in nuclear and clean energy sectors, including a $15 million Ontario reactor valve contract and first SMR deployment at Darlington.
First order delivered from new Saudi Arabia plant, supporting expansion in the Middle East oilfield valve market.
Major transactions included the sale of French subsidiaries and settlement of asbestos-related liabilities, strengthening the balance sheet.
Financial highlights
Q2 sales declined 13% year-over-year to $67.6 million; excluding a $5.2 million non-recurring item last year, the decrease was 6.7%.
Gross profit for Q2 was $15.7 million (23.2% margin), down from $20 million (25.7%) last year, mainly due to lower volume, less favorable mix, and tariffs.
Adjusted EBITDA was $3.4 million, down from $6.7 million last year; adjusted net loss was $1.2 million, compared to adjusted net income of $2.8 million a year ago.
Six-month sales were $139.8 million, up 0.9% year-over-year; gross profit was $36.3 million (26.0% margin).
Cash used in operations was $16 million, compared to $4.7 million generated last year, due to lower profitability and higher working capital needs.
Outlook and guidance
Backlog and order intake remain strong, with significant contracts in nuclear, defense, and oil & gas expected to drive future growth.
88.3% of the $285.8 million backlog is expected to be delivered within 12 months.
Management confident in sustaining backlog growth and capitalizing on nuclear and clean energy opportunities.
Tariff and supply chain disruptions expected to be managed through customer negotiations and pricing adjustments.
Strong liquidity position with $96 million available for expansion and investment.
What is the net tariff exposure YTD?
What capital structure options are considered for growth?
What is the Saudi JV's early performance and backlog?
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Next Velan earnings date
Q3 202614 Jan, 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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