NextVision Stabilized Systems (NXSN) Q4 2025 earnings summary

Executive summary

• FY2025 revenue was $168.354M vs. $114.934M in 2024; order backlog reached $288M as of Mar. 10, 2026.

• The Board set a 2026 revenue target of $275M, explicitly a target rather than an estimate or projection.

• Stabilized EO/IR video systems serve defense, commercial and civilian markets, with multiple sensor types and system sizes.

• Five-year annual growth rate exceeded 70%; global unmanned-systems demand was cited as a key growth driver.

Financial highlights

• FY2025 gross profit was $117.556M vs. $82.890M; operating profit was $101.524M vs. $73.004M.

• FY2025 net profit was $103.664M vs. $66.396M; pre-tax income was $114.664M vs. $76.904M.

• Gross margin remained above 69%; expensed and capitalized R&D investment exceeded $8M.

• FY2025 R&D expense was $5.491M vs. $2.517M; SG&A was $10.541M vs. $7.369M. Financial statements comply with IFRS and were audited.

Outlook and guidance

• The 2026 growth plan emphasizes strategic acquisitions, AI capabilities, increased R&D investment, customer-base expansion and product reliability.

• Monthly production capacity was over ~2,000 units at the start of 2025, with plans to exceed ~4,000 units by year-end 2026.

• 2026 backlog exceeded $220M, with 80% expected to be delivered during the year; strong order flow and demand were expected to continue.

• Planned launches include Raptor 3X, Stinger and TRIP7, targeting greater detection range and maneuverability, high-speed use and advanced video processing.