Firan Technology Group (FTG) Q3 2026 earnings summary

Executive summary

• Record Q3 results: revenue $64.096M, adjusted EBITDA $15.126M, net earnings $10.0M, bookings $90.2M and quarter-end backlog $220.7M.

• Strong aerospace and defense demand, classified-program deliveries, operating improvements and pricing premiums supported performance and growth prospects.

Financial highlights

• Q3 revenue rose 34.3% YoY to $64.096M; YTD revenue was $164.135M versus $139.340M.

• Gross margin was 42.9%, up from 30.3%; adjusted EBITDA was $15.126M versus $7.683M, with a 23.6% margin versus 16.1%.

• Net earnings were $10.0M versus $2.768M; adjusted net earnings were $10.290M versus $2.994M, and adjusted basic EPS was $0.41 versus $0.12.

• Free cash flow was $7.054M; capex, including non-current deposits, was $4.2M versus $1.2M in Q3 2025.

• Bookings reached $90.2M, with a 1.41:1 book-to-bill ratio; backlog was $220.7M, up 49% from 2025 year-end.

Outlook and guidance

• Record backlog entering Q4 was $220.7M, with 84.8% expected to convert to revenue through Q3 2027; management said demand momentum continued into Q4.

• Classified-program volumes are expected to ramp through 2027 and continue for several years; growth rate, rather than total capacity, remains the key constraint.

• Capex is expected near the long-term target of 3% of revenue, potentially rising to 4%–5% over the next couple of quarters as capacity expands.

• Hyderabad external shipments depend on key aerospace certifications targeted by year-end; management expects no material incremental benefit before 2027.

• Robust end-market demand, strategic initiatives and operating improvements support expectations for continued growth.