Tekna Holding (TEKNA) Q2 2026 earnings summary

Executive summary

• Revenues reached CAD 10.6 million in Q2 2026, up 18% year-over-year, with both Materials (+20%) and Systems (+13%) contributing.

• Adjusted EBITDA was CAD 1.4 million (12.8% margin), a CAD 3.4 million improvement from a loss last year, marking the fourth consecutive positive quarter.

• Order intake hit CAD 19 million, more than double the previous year, resulting in a record backlog of CAD 28.5 million and supporting revenue visibility into 2027.

• Strong demand in aerospace, defense, and medical sectors is driving growth, with customer qualifications moving from prototyping to volume production.

• Operational improvements and restructuring have enhanced efficiency and cost structure.

Financial highlights

• Contribution margin expanded to 57% (Materials: 54%, Systems: 66%), up from 45% year-over-year.

• Net cash position at CAD 11.5 million; cash and cash equivalents at quarter end were CAD 18 million.

• Equity ratio improved to 78%, up from 75% last quarter.

• Operating cash flow was negative CAD 1.2 million in Q2 2026, reflecting increased working capital for backlog execution.

• Book-to-bill ratio at 1.8x, reflecting strong order momentum.

Outlook and guidance

• Double-digit annual growth targeted through 2030, with EBITDA margin ambitions of 15%-20%.

• Market acceleration expected from reshoring trends, increased defense investments, and additive manufacturing growth.

• Capacity in place to scale without significant CapEx; guidance for 2026 CapEx is CAD 1.5–2 million.

• Further Systems orders anticipated in 2026, with defense OEMs advancing qualification of powders.

• Focus remains on profitability, working capital reduction, and disciplined capital management.