Firan Technology Group (FTG) Q4 2025 earnings summary

Executive summary

• Achieved record revenues, EBITDA, and earnings in 2025, driven by strong organic growth and successful integration of the FLYHT acquisition, along with global expansion.

• Bookings reached CAD 209.9 million, up 14% year-over-year; backlog at year-end was CAD 148.5 million, up 21%.

• Strengthened leadership team and board, and advanced key defense and aerospace programs.

• Strategic investments in leadership and long-term programs set the stage for continued growth.

Financial highlights

• Revenue grew 18% to CAD 191 million, with significant contributions from the FLYHT acquisition and organic growth; Q4 revenue was CAD 51.7 million, up 14.2%.

• Adjusted EBITDA rose 27% to CAD 32.7 million; adjusted net earnings increased 31% to CAD 13.5 million.

• Gross margin improved to 31.7% (up 447bps); Q4 gross margin was 30.6%.

• Net earnings were CAD 13.1 million (CAD 0.52 per diluted share), up 15.6% from 2024.

• Operating cash flow (less leases) was CAD 13.7 million; net debt stood at CAD 8.3 million, or 0.3x trailing EBITDA.

Outlook and guidance

• Entering 2026 with record backlog; 80% expected to convert to revenue in 2026.

• Long-term development programs are entering production, with significant defense program deliveries starting in 2026 and ramping up through 2027.

• Focus on operational efficiency, cash flow management, and further FLYHT integration.

• Continued expansion into India and potential European footprint; targeting further non-U.S. revenue growth.

• Continued focus on delivering long-term shareholder value as strategic programs move to full-scale manufacturing.