Volatus Aerospace (FLT) Q2 2026 earnings summary

Executive summary

• Mirabel facility designed for up to CAD 250 million in annual revenue, with current production focused on docking systems and multiple platforms entering production soon.

• Opened a 53,000 sq. ft. manufacturing facility at Montreal-Mirabel International Airport, enhancing domestic production and integration capabilities.

• Strategic focus on scalable manufacturing for defense, with the ability to rapidly increase drone production in response to military demand.

• Strategic partnerships and new product launches, including the V-Cortex AI flight controller and SKYDRAT C-UAS SaaS platform, support expansion into defence and government markets.

• Strong engagement from federal and provincial governments for wildfire and emergency response solutions.

Financial highlights

• Q2 2026 revenue was $8.4M, up 49.5% sequentially, but down from $10.6M in Q2 2025 due to a delayed $2.6M defence contract; excluding this, core business revenue grew modestly year-over-year.

• Revenue guidance for 2026 is CAD 50.6 million, with expectations for a stronger second half of the current year compared to Q1.

• Gross profit for Q2 was $2.47M (29.3% margin), compared to $3.38M (31.9%) in Q2 2025, reflecting a higher defence program mix.

• Adjusted EBITDA loss of ($4.35M) in Q2, impacted by increased operating expenses and lower gross profit.

• Missed revenues in Q1 and Q2 attributed to supply chain constraints, particularly for batteries and motors.

Outlook and guidance

• Focused on expanding in commercial, government, and allied defence markets, leveraging geopolitical realignment and increased domestic defence investment.

• Revenue targets include both organic growth and anticipated M&A, though some M&A activities have not occurred as planned.

• No formal company-issued guidance; reliance on analyst consensus due to unpredictable timing of defense procurement.

• Expects to fulfill the delayed $2.6M defence contract in the remainder of fiscal 2026.

• Strong demand signals and government shift toward defense and national security expected to drive future growth.