Volatus Aerospace (FLT) Q2 2026 earnings summary

Executive summary

• Mirabel manufacturing facility is operational, designed for up to CAD 250 million in annual revenue, supporting sovereign production and expanded capacity, with current production focused on docking systems and expansion into multiple platforms.

• Achieved the strongest balance sheet in company history, with record liquidity, a current ratio of 7.74x, and a cash position of $59.2M as of June 30, 2026.

• Proprietary V-Cortex AI and SKYDRA SaaS platforms launched, advancing autonomy and recurring software revenue, with strategic partnerships supporting expansion into defence, government, and wildfire response markets.

• $34.5M raised in a bought deal, with capital allocated to growth, acquisitions, and working capital.

• Cargo delivery platforms, including Condor XL and FlyOx 1, are being developed for both defence and commercial applications, such as CASEVAC, remote supply, and wildfire response.

Financial highlights

• Q2 2026 revenue rebounded 49.5% sequentially to $8.4M, but declined 20.5% year-over-year due to a delayed $2.6M defence contract; H1 2026 revenue was $14.05M, down from $16.3M in H1 2025.

• Gross margin for H1 2026 was 31.6%, stable versus 31.9% in H1 2025; Q2 2026 gross margin was 29.3%.

• Adjusted EBITDA loss for Q2 2026 was $4.35M, reflecting ongoing investment in personnel, R&D, and scaling operations.

• Cash position at June 30, 2026 was $59.2M, up from $41.1M at year-end.

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

Outlook and guidance

• Management expects meaningful fiscal 2026 revenue growth, driven by defence and commercial contracts, with a focus on ramping Mirabel production and commercializing proprietary platforms.

• Deferred $2.6M defence contract to be delivered in Q3/Q4 2026, with high confidence in delivery.

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

• No formal company-issued guidance; reliance on analyst consensus due to unpredictability of program revenue timing.

• Targeting sustained profitability through operational efficiency, cost management, and a higher mix of services and software.