Firan Technology Group Corporation ("FTG") Announces Second Quarter 2025 Financial Results
TORONTO, July 08, 2025 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX:FTG) (OTCQX:FTGFF) today announced financial results for the second quarter 2025.
Second Quarter Financial Highlights:
Bookings: Total bookings reached $45.8 million for Q2
Backlog: The quarter-end backlog stood at $133.5 million, a 9% rise from the previous year end.
Revenue: Recorded at $48.7 million, a 25.6% increase over Q2 2024.
Adjusted EBITDA: Achieved $8.7 million in the quarter, up from $6.5 million in Q2 2024.
Net Earnings: Rose by 36.3% to $3.5 million.
Net Debt: Maintained a strong balance sheet with net debt of $13.5 million, including $12.8 million of government loans, or 0.4X trailing 12 months EBITDA
Operating Cash Flow Less Lease Payments: Generated operating cash flow less lease payments of $5.8 million for the 1st half of 2025
Business Highlights:
In Q2 2025, the Corporation continued to grow organically while integrating the FLYHT acquisition from earlier in the year. FTG is strategically investing its capital in ways that will drive increased shareholder returns for the future in both the near term and long term. The company's achievements in Q2 2025 demonstrate this commitment, laying a strong foundation for continued growth.
FLYHT Profitability: FLYHT achieved profitability in Q2 2025.
AFIRS Edge+™ Boeing 737NG Certification: FTG, through its subsidiary FLYHT, has received a Supplemental Type Certificate (STC) from Transport Canada Civil Aviation (TCCA) for its AFIRS Edge+™ product on the Boeing 737NG family of aircraft, one of the world's most widely used commercial airframes. More STCs for this product are underway for additional aircraft types and geographic regions.
New Facility - FTG finalized the facility design and signed a lease for its planned Aerospace facility in Hyderabad India with target completion date of late 2025. Initial start up capital has also been invested in the new operation, FTG Aerospace Hyderabad.
Qualification Orders, FTG completed qualification orders for some high-volume US defence programs and received new qualification orders on further US defence programs.
New Board Member, Effective today, Russell David has been appointed to the FTG Board of Directors. Russell has had unique experience as a board member of privately-held companies including Davie Shipbuilding Canada Inc., as a senior executive in public and private corporations and as a senior partner in financial services firm Deloitte in corporate finance and M&A advisory.
Table 1: Key Financial Metrics (Quarterly)
Metric
Q2 2025
Q2 2024
% Change
Sales
$48,729,000
$38,789,000
25.6%
Gross Margin
$15,867,000
$10,808,000
46.8%
Gross Margin (%)
32.56%
27.86%
470bps
Net Earnings to FTG Equity Holders
$3,480,000
$2,553,000
36.3%
Adjusted Net Earnings (1)
$3,526,500
$2,553,000
38.1%
Earnings Per Share (Basic)
$0.14
$0.11
27.3%
Earnings Per Share (Diluted)
$0.13
$0.11
18.2%
Adjusted Earnings Per Share (Basic) (1)
$0.14
$0.11
31.0%
Adjusted Earnings Per Share (Diluted) (1)
$0.14
$0.11
30.9%
(1) Adjusted Net Earnings is not a measure recognized under International Financial Reporting Standards ("IFRS"). Management believes that this measure is important to many of the Corporation's shareholders, creditors and other stakeholders. The Corporation's method of calculating Adjusted Net Earnings may differ from other corporations and accordingly may not be comparable to measures used by other corporations.
Table 2: Key Financial Metrics (Year-to-Date)
Metric
YTD Q2 2025
YTDQ2 2024
% Change
Sales
$91,603,000
$73,764,000
24.2%
Gross Margin
$29,193,000
$19,737,000
47.9%
Gross Margin (%)
