Haivision Systems (HAI) Q4 2025 earnings summary

Executive summary

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

• Fiscal year 2025 revenue reached $137.6 million, up 6.3% from the prior year, with growth concentrated in the second half.

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

• Major wins in defense, ISR, control-room, and private 5G networking segments, with new AI-enabled and 5G products fueling momentum.

• Multiple industry awards and new partnerships, including with Airbus Defense and Space, highlight ongoing innovation.

Financial highlights

• Q4 2025 revenue: $40.2 million, up 33% year-over-year; full-year revenue: $137.6 million, up 6.3%.

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

• Q4 recurring revenue: $7.3 million, up 8.6% year-over-year; full-year recurring revenue: $28.9 million, up 10.2%.

• Gross margin for Q4: 73%; full-year gross margin: 72.5%.

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

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 to strengthen operating leverage and support sustained revenue growth.

• Forward-looking statements highlight growth opportunities in core markets and ongoing execution of growth strategy.