Haivision Systems (HAI) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of $40.2 million, up 33% year-over-year, with fiscal year revenue reaching $137.6 million, a 6.3% increase, driven by new product launches and strong sales pipeline.

• Focused on real-time video solutions for mission-critical applications across government, defense, enterprise, and media sectors, leveraging ultra-low latency and AI-driven technologies.

• Strategic growth through acquisitions, recurring revenue, and expansion into 5G and cloud-based solutions, with major wins in defense, ISR, control-room, and private 5G networking.

• Company is executing a two-year strategic plan focused on double-digit revenue growth and scaling EBITDA margins toward 20%.

• Notable deployments include US Navy, NASA, NYSE, ESPN, CNN, and the Paris 2024 Olympics.

Financial highlights

• Q4 2025 revenue: $40.2 million, up 33% year-over-year; full-year revenue: $137.6 million, up 6.2%; gross margin for Q4: 73%, full-year: 72.5%.

• Q4 adjusted EBITDA: $7.1 million (17.6% margin), up 140% year-over-year; full-year adjusted EBITDA: $12.8 million (9.3% margin).

• Q4 operating profit: $3.9 million; full-year operating loss: $1.2 million due to increased investments.

• Q4 net income: $3.4 million; full-year net income: $0.1 million.

• Ended Q4 with $17.2 million in cash, up $6.3 million sequentially; net increase in cash for the quarter was $11.6 million.

Outlook and guidance

• Fiscal 2026 revenue expected to exceed $150 million, maintaining double-digit growth.

• Adjusted EBITDA projected to grow by at least 50% in 2026, with flat operating expenses and stable gross margins.

• Long-term target remains 20%+ EBITDA margin, with 2027 as the likely year to achieve this on a full-year basis.

• Management focused on disciplined expense management and growth in core markets.