Velan Inc. (TSX:VLN)

Velan Balance Sheet

Financials in millions USD. Fiscal year is March - February.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov 30, 2025	Feb 28, 2025	Feb 29, 2024	Feb 28, 2023	Feb 28, 2022	Feb 28, 2021
Cash & Equivalents	36.32	34.87	36.45	50.51	54.02	74.69
Short-Term Investments	4.55	4.05	15.69	7.6	15.6	8.96
Cash & Short-Term Investments	40.87	38.92	52.14	58.11	69.62	83.64
Cash Growth	4.07%	-25.35%	-10.28%	-16.53%	-16.77%	3.08%
Accounts Receivable	71.44	53.72	109.87	113.05	107.71	122.22
Other Receivables	12.88	14.51	16.17	14.2	11.08	16.96
Receivables	84.33	68.23	126.05	127.25	118.79	139.17
Inventory	154.93	134.97	208.7	202.65	223.2	204.16
Other Current Assets	0.25	176.79	0.13	0.11	0.55	0.2
Total Current Assets	280.37	418.9	387.01	388.11	412.16	427.17
Property, Plant & Equipment	50.4	51.35	69.92	68.21	73.91	96.33
Goodwill	-	-	8.46	8.28	8.79	9.5
Other Intangible Assets	6.38	5.89	8.08	7.87	7.91	7.82
Long-Term Deferred Tax Assets	5.19	25.1	5.19	4.66	4.77	39.07
Other Long-Term Assets	0.74	0.72	0.73	0.72	0.9	0.95
Total Assets	343.08	501.97	479.39	477.86	508.43	580.83
Accounts Payable	76.73	30.07	46.29	39.9	34.31	37.08
Accrued Expenses	-	47.65	40.95	38.64	44.53	47.93
Short-Term Debt	16.1	2.51	-	0.26	0.55	11.74
Current Portion of Long-Term Debt	3.72	2.1	24.43	8.18	8.11	9.9
Current Portion of Leases	1.56	1.44	1.61	1.3	1.36	1.58
Current Income Taxes Payable	2.3	1.82	1.57	2.83	3.81	1.61
Current Unearned Revenue	11.56	22.34	30.4	28.2	41.34	32
Other Current Liabilities	8.02	266.38	15.14	17.65	20.68	35.65
Total Current Liabilities	119.99	374.29	160.39	136.96	154.68	177.49
Long-Term Debt	13.97	14.11	4.35	21.72	22.93	48.19
Long-Term Leases	4.22	4.73	11.04	9.46	11.07	12.65
Long-Term Unearned Revenue	11.91	3.88	35.08	27.94	30.14	30.08
Long-Term Deferred Tax Liabilities	1.34	0.74	3.46	3.97	4.03	2.55
Other Long-Term Liabilities	5.09	5.49	81.82	76.98	20.08	9.66
Total Liabilities	156.51	403.23	296.13	277.02	242.92	280.61
Common Stock	72.7	72.7	72.7	72.7	72.7	72.7
Additional Paid-In Capital	6.36	6.36	6.26	6.26	6.26	6.26
Retained Earnings	135.42	65.95	141.91	162.14	218	239.14
Comprehensive Income & Other	-28.65	-47.14	-38.69	-41.21	-32.13	-21.01
Total Common Equity	185.82	97.86	182.18	199.89	264.82	297.08
Minority Interest	0.75	0.88	1.08	0.95	0.69	3.14
Shareholders' Equity	186.57	98.74	183.26	200.84	265.51	300.22
Total Liabilities & Equity	343.08	501.97	479.39	477.86	508.43	580.83
Total Debt	39.57	24.88	41.42	40.91	44.02	84.05
Net Cash (Debt)	1.3	14.04	10.72	17.2	25.6	-0.41
Net Cash Growth	-88.07%	31.04%	-37.68%	-32.82%	-	-
Net Cash Per Share	0.06	0.65	0.50	0.80	1.19	-0.02
Filing Date Shares Outstanding	21.59	21.59	21.59	21.59	21.59	21.59
Total Common Shares Outstanding	21.59	21.59	21.59	21.59	21.59	21.59
Working Capital	160.39	44.61	226.62	251.15	257.48	249.69
Book Value Per Share	8.61	4.53	8.44	9.26	12.27	13.76
Tangible Book Value	179.44	91.97	165.63	183.74	248.13	279.77
Tangible Book Value Per Share	8.31	4.26	7.67	8.51	11.50	12.96
Land	-	7.9	9.41	9.38	9.57	26.5
Buildings	-	43.8	54.29	53.25	54.34	56.18
Machinery	-	131.69	151.88	147.49	153.11	161.2
Leasehold Improvements	-	1.92	3.92	3.38	3.3	3.12
Order Backlog	-	274.88	283.65	464.34	501.22	562.49

Source: S&P Global Market Intelligence. Standard template. Financial Sources.