FISCAL YEAR HIGHLIGHTS FROM CONTINUING OPERATIONS (unless otherwise indicated)
IFRS MEASURES INCLUDING SIGNIFICANT TRANSACTIONS (see below)
Sales of $296.4 million, up $1.2 million or 0.4%, compared to the same period last year.
Gross profit of $81.1 million, or 27.4% of sales, versus $84.9 million, or 28.8% of sales, last year.
Operating income of $1.6 million, compared to an operating loss of $82.3 million a year ago.
Net income of $15.3 million, or $0.71 per share, compared to a net loss of $67.2 million, or a loss of $3.12 per share, last year.
Including discontinued operations, net income of $73.9 million, or $3.42 per share, versus a net loss of $75.5 million last year, or a loss of $3.50 per share, last year.
NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES
Bookings of $295.0 million, up $2.5 million from $292.5 million last year.
Adjusted net income of $0.9 million, versus adjusted net income of $6.6 million last year.
Adjusted EBITDA of $20.7 million in fiscal 2026, compared to $27.5 million last year.
FOURTH-QUARTER HIGHLIGHTS FROM CONTINUING OPERATIONS (unless otherwise indicated)
IFRS MEASURES
Sales of $84.9 million, up $1.7 million or 2.1%, compared to the same quarter last year.
Gross profit of $17.6 million or 20.7% of sales, versus $19.8 million, or 23.8% of sales, last year.
Operating loss of $0.8 million, compared to an operating loss of $18.6 million a year ago.
Net loss of $3.9 million, or $0.18 per share, versus a net loss of $16.1 million, or $0.74 per share, last year
Net loss of $3.9 million, or $0.18 per share, compared to a loss of $12.4 million, including discontinued operations, or a loss of $0.57 per share, last year.
Cash and cash equivalents of $53.4 million at the end of fiscal 2026, versus $34.9 million a year earlier.
NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES
Backlog of $283.3 million, up $8.4 million from $274.9 million at the end of last year.
Bookings of $73.7 million, up from $62.0 million last year.
Adjusted net loss of $2.0 million, compared to an adjusted net loss of $4.9 million last year.
Adjusted EBITDA of $4.0 million, up from $3.6 million last year
"Velan delivered sound financial results in fiscal 2026 despite a challenging economic environment marked by continued volatility in tariffs and the ongoing conflict in the Middle East affecting order intake, deliveries and profitability." said James A. Mannebach, Chairman of the Board and CEO of Velan. "Despite this context, our annual sales slightly improved year-over-year, supported by the global reach of our sales network, manufacturing operations and brand equity, while our order backlog grew 3.1% to $283.3 million at year-end with more than 76% deliverable within the next 12 months. Consequently, we believe Velan is well positioned to build on its leadership in demanding applications across a diversified base of industrial markets."
"Related to our future plans, we are awaiting remaining approvals from regulatory authorities on the proposed sale of Velan Holding's majority share ownership in the Company to Birch Hill Equity Partners Management. Birch Hill, behind its vast business experience and deep access to capital, should enable Velan to accelerate its growth strategy and enhance value creation. We expect this transaction to close by the end of the first half of 2026," Mr. Mannebach added.
"Velan closed fiscal 2026 with a solid financial position," said Rishi Sharma, Chief Financial and Administrative Officer of VeIan. "Reflecting working capital initiatives to strengthen cash flow management, our cash and cash equivalents rose to $53.4 million at year-end, while long-term debt stood at only $18.2 million. This strong cash position, together with available credit facilities, brings our total available liquidity to $102.6 million, providing us with the flexibility to execute our strategy by investing in our operations and technology to sustain profitable growth."
FINANCIAL RESULTS(in ‘000s of U.S. dollars, excluding per share amounts)
Three-month periods ended
Twelve-month periods ended
February 28,2026
February 28,2025
February 28,2026
February 28,2025
From continuing operations
Sales
$84,905
$83,198
$296,405
$295,196
Gross profit
$17,614
$19,830
$81,092
$84,917
Gross margin
20.7
%
23.8
%
27.4
%
28.8
%
Administration costs
$18,856
$20,255
$69,003
$68,603
Restructuring expenses
$2,245
$19,111
$9,614
$100,412
Other expenses (income)
($2,679
)
($957
)
$841
($1,833
)
Operating income (loss)
($808
)
($18,579
)
$1,634
($82,265
)
Net income (loss)
($3,852
)
($16,056
)
$15,310
($67,246
)
Net income (loss) from discontinued operations
-
$3,636
$58,599
($8,254
)
Net income (loss)
($3,852
)
($12,420
)
$73,909
($75,500
)
(in dollars per share, basic and diluted)
Net income (loss) from continuing operations
($0.18
)
