Firan Technology Group Corporation (“FTG”) Announces Third Quarter 2025 Financial Results
TORONTO, Oct. 08, 2025 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) (OTCQX: FTGFF) today announced financial results for the third quarter 2025.
Third Quarter Financial Highlights:
- Bookings: Total bookings reached $51.5 million for Q3, resulting in a Book-to-Bill ratio of 1.08
- Backlog: The quarter-end backlog stood at $137.1 million, a 12% rise from the previous year end.
- Revenue: Reached $47.7 million, a 10.8% increase over Q3 2024.
- Adjusted EBITDA: Achieved $7.7 million in the quarter, up from $7.2 million in Q3 2024. EBITDA for Q3 2025 includes $0.6M of Foreign Exchange loss.
- Adjusted Net Earnings: Rose by 8.3% to $3.0 million.
- Net Debt: Maintained a strong balance sheet with net debt of $9.5 million, including $11.6 million of government loans, or 0.3X trailing 12 months EBITDA
- Operating Cash Flow Less Lease Payments: Generated operating cash flow less lease payments of $5.5 million for Q3 2025
Business Highlights:
In Q3 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 Q3 2025 demonstrate this commitment, laying a strong foundation for continued growth.
- AFIRS Edge+™ Airbus Certification: a Supplemental Type Certificate (STC) has been awarded by the European Aviation Safety Agency (EASA) for the AFIRS Edge+™ product on the Airbus A319/320/321 family of aircraft. This milestone certification clears the path for global deployment of FLYHT’s 5G Wireless Quick Access Recorder (WQAR) on one of the world’s most widely used commercial airframes.
- AFIRS Edge+™ First Sale: FLYHT achieved its first sale of the AFIRS Edge+ product to an airline in Asia.
- Qualification Orders: FTG initiated new qualification orders for some high-volume US defence programs
- Organization: During the quarter the FTG organization was strengthened and succession plans were completed for a number of key roles. The corporate VP Quality succession plan was completed. Effective October 27th, Drew Knight joins as FTG’s new CFO, replacing Jamie Crichton who announced his retirement. Site leadership was strengthened with new site leaders at Circuits Fredericksburg, Circuits Haverhill, Circuits Minnetonka, and Aerospace Toronto (acting), as FTG is attracting new high calibre candidates from within our industry.
Table 1: Key Financial Metrics (Quarterly)
| Metric | Q3 2025 | Q3 2024 | % Change | |||
| Sales | $47,737,000 | $43,088,000 | 10.8 | % | ||
| Gross Margin | $14,486,000 | $11,623,000 | 24.6 | % | ||
| Gross Margin (%) | 30.35 | % | 26.98 | % | 337bps | |
| Net Earnings to FTG Equity Holders | $2,768,000 | $2,764,000 | 0.1 | % | ||
| Adjusted Net Earnings (1) | $2,994,250 | $2,764,000 | 8.3 | % | ||
| Earnings Per Share (Basic) | $0.11 | $0.12 | (8.3 | %) | ||
| Earnings Per Share (Diluted) | $0.11 | $0.11 | 0.0 | % | ||
| Adjusted Earnings Per Share (Basic) (1) | $0.12 | $0.12 | 2.7 | % | ||
| Adjusted Earnings Per Share (Diluted) (1) | $0.12 | $0.11 | 3.1 | % | ||
(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 Q3 2025 | YTD Q3 2024 | % Change | |||
| Sales | $139,340,000 | $116,852,000 | 19.2 | % | ||
| Gross Margin | $44,800,000 | $31,360,000 | 42.9 | % | ||
| Gross Margin (%) | 32.15 | % | 26.84 | % | 531bps | |
| Net Earnings to FTG Equity Holders | $9,415,000 | $6,367,000 | 47.9 | % | ||
| Adjusted Net Earnings (1) | $9,815,250 | $6,367,000 | 54.2 | % | ||
| Earnings Per Share (Basic) | $0.38 | $0.27 | 40.7 | % | ||
| Earnings Per Share (Diluted) | $0.37 | $0.26 | 42.3 | % | ||
| Adjusted Earnings Per Share (Basic) (1) | $0.39 | $0.27 | 46.7 | % | ||
| Adjusted Earnings Per Share (Diluted) (1) | $0.39 | $0.26 | 47.1 | % | ||
(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 3: EBITDA
| Metric | Q3 2025 | Q3 2024 | YTD Q3 2025 | YTD Q3 2024 | Trailing 12 Months Ended Q3 2025 | |||||
| Net Earnings to Equity Holders | $2,768,000 | $2,764,000 | $9,415,000 | $6,367,000 | $13,863,000 | |||||
| Add: Interest, Accretion | $755,000 | $569,000 | $2,110,000 | $1,681,000 | $2,639,000 | |||||
| Add: Income Taxes | $1,232,000 | $1,446,000 | $4,416,000 | $3,257,000 | $5,252,000 | |||||
| Add: Depreciation and Amortization | $2,536,000 | $2,160,000 | $7,799,000 | $6,285,000 | $9,859,000 | |||||
| EBITDA (2) | $7,291,000 | $6,939,000 | $23,740,000 | $17,590,000 | $31,613,000 | |||||
| Adjustments | ||||||||||
| Stock Based Compensation | $136,000 | $247,000 | $533,000 | $633,000 | $639,000 | |||||
| Acquisition and Divestiture Expenses | - | - | $107,000 | - | $424,000 | |||||
| India Startup Costs | $44,000 | - | $169,000 | - | $279,000 | |||||
| Restructuring and Severance Costs | $212,000 | - | $212,000 | - | $212,000 | |||||
| Change in Fair Value of Contingent Consideration | - | - | - | - | ($829,000 | ) | ||||
| Adjusted EBITDA (2) | $7,683,000 | $7,186,000 | $24,761,000 | $18,223,000 | $32,126,000 | |||||
| Adjusted EBITDA Margin (2) | 16.1 | % | 16.7 | % | 17.8 | % | 15.6 | % | 17.4 | % |
(2) EBITDA and Adjusted EBITDA are not measures recognized under International Financial Reporting Standards (“IFRS”). Management believes that these measures are important to many of the Corporation’s shareholders, creditors and other stakeholders. The Corporation’s method of calculating EBITDA and Adjusted EBITDA may differ from other corporations and accordingly may not be comparable to measures used by other corporations
CEO Commentary:
“We are pleased with our third quarter results which showed improvement in nearly all financial metrics comparing to last year, sustaining our strong year-over-year growth for 2025.” stated Brad Bourne, President and CEO of FTG. “Following an exceptional first half of the year, our revenue moderated in Q3 but we still see robust end-market demand from all market segments and are making operational improvements to support this demand. Our FLYHT acquisition remained profitable in the quarter as we continue integration efforts and capitalize on new product sales. We remain focused on managing external factors and have not seen any material impact from the US tariffs so far, though uncertainties remain.”
About Firan Technology Group Corporation:
FTG is an aerospace and defence electronics product and subsystem supplier to customers around the globe. FTG has two operating units:
- FTG Circuits: A manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation, defence, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California, Fredericksburg, Virginia, Minnetonka, Minnesota, Haverhill, Massachusetts, and a joint venture in Tianjin, China.
- FTG Aerospace: Designs, certifies, manufactures, and provides in-service support for illuminated cockpit products and electronic assemblies for original equipment manufacturers and operators of aerospace and defence equipment. FTG Aerospace has operations in Toronto, Ontario, Calgary, Alberta, Chatsworth, California, and Tianjin, China.
The Corporation's shares are traded on the Toronto Stock Exchange under the symbol FTG, and on the OTCQX Exchange under the symbol FTGFF.
Conference Call Details:
FTG will host a live conference call on Wednesday, October 8, 2025, at 8:30 a.m. (Eastern) to discuss the financial results. The call will be chaired by Mr. Brad Bourne, President and CEO of FTG. Participants can join the call by dialing 1-289-514-5100 or 1-800-717-1738, Conference ID 10435. A replay of the call will be available until November 14, 2025, and can be accessed by dialing 1-289-819-1325 or 1-888-660-6264, Playback Passcode 10435. The replay will also be available on the FTG website at .
Forward-Looking Statements:
This news release contains certain forward-looking statements. These forward-looking statements are related to, but not limited to, FTG’s operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains words such as “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future outcomes. Such statements are based on the current expectations of management of the Corporation and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Corporation’s industry, generally. The preceding list is not exhaustive of all possible factors. Such forward-looking statements are not guarantees of future performance and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Corporation. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the Corporation and not place undue reliance on forward-looking statements. Other than as may be required by law, FTG disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
For further information please contact:
- Bradley C. Bourne, President and CEO
Firan Technology Group Corporation
Tel: (416) 299-4000 x314 - Jamie Crichton, Vice President and CFO
Firan Technology Group Corporation
Tel: (416) 299-4000 x264
Additional information can be found at the Corporation’s website .
