Volatus Aerospace (FLT) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $10.51M, up 24.9% QoQ and down 0.9% YoY; Adjusted EBITDA loss narrowed 34.3% QoQ to $2.86M.

• Qualified for all five Defence Drone Initiative streams and secured a first Canadian Armed Forces contract; Mirabel production, proprietary technology and AISPECO broaden integrated commercial and defence capabilities.

Financial highlights

• Q3 revenue was $10.51M versus $8.42M in Q2 2026 and $10.61M in Q3 2025; nine-month revenue was $24.56M, down 8.7% YoY.

• Net loss was $6.18M versus $4.54M in Q3 2025 and $7.50M in Q2 2026; Adjusted EBITDA loss was $2.86M versus $0.80M and $4.35M, respectively.

• Q3 gross profit was $3.19M and gross margin was 30.4%, up from 29.3% QoQ and down from 32.7% in Q3 2025; nine-month gross margin was 31.1% versus 32.2%.

• Operating expenses fell 7.5% sequentially; YoY EBITDA pressure reflected higher defence-related costs, lower gross profit and investment in engineering, personnel, product development, software and Mirabel.

Outlook and guidance

• Initial delivery of 100 CAF systems is targeted for late November or early December 2026; timing remains subject to confirmation.

• Total contract value through 2031 was $101.7M: $75.7M in signed contracts and multi-year agreements, plus up to $26M in customer options.

• Up to $4.5M in a second NATO ISR training tranche was being exercised; approximately $3M had been exercised, with remaining delivery expected before March 31, 2027.

• Priorities include growing revenue, ramping Mirabel, advancing defence programs, integrating AISPECO, optimizing costs and expanding higher-margin services and software; breakeven depends on revenue growth.