Velan Inc. (TSX:VLN)

Velan Balance Sheet

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

Assets

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Aug 31, 2026	Feb 28, 2026	Feb 28, 2025	Feb 29, 2024	Feb 28, 2023	Feb 28, 2022
Cash & Equivalents	28.21	53.35	34.87	36.45	50.51	54.02
Short-Term Investments	9.76	3.71	4.05	15.69	7.6	15.6
Cash & Short-Term Investments	37.97	57.06	38.92	52.14	58.11	69.62
Cash Growth	-6.87%	46.62%	-25.35%	-10.28%	-16.53%	-16.77%
Accounts Receivable	60.33	68.69	53.72	109.87	113.05	107.71
Other Receivables	16.89	12.19	14.51	16.17	14.2	11.08
Receivables	77.23	80.88	68.23	126.05	127.25	118.79
Inventory	145.29	147.14	134.97	208.7	202.65	223.2
Other Current Assets	0.79	0.06	176.79	0.13	0.11	0.55
Total Current Assets	261.27	285.14	418.9	387.01	388.11	412.16
Property, Plant & Equipment	48.81	50.94	51.35	69.92	68.21	73.91
Goodwill	-	-	-	8.46	8.28	8.79
Other Intangible Assets	4.14	4.48	5.89	8.08	7.87	7.91
Long-Term Deferred Tax Assets	4.91	5.28	25.1	5.19	4.66	4.77
Other Long-Term Assets	0.98	0.77	0.72	0.73	0.72	0.9
Total Assets	320.11	346.61	501.97	479.39	477.86	508.43

Liabilities

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Aug 31, 2026	Feb 28, 2026	Feb 28, 2025	Feb 29, 2024	Feb 28, 2023	Feb 28, 2022
Accounts Payable	68.52	47.21	30.07	46.29	39.9	34.31
Accrued Expenses	-	37.13	47.65	40.95	38.64	44.53
Short-Term Debt	39.37	11.86	2.51	-	0.26	0.55
Current Portion of Long-Term Debt	3.19	3.74	2.1	24.43	8.18	8.11
Current Portion of Leases	1.55	1.59	1.44	1.61	1.3	1.36
Current Income Taxes Payable	1.91	1.33	1.82	1.57	2.83	3.81
Current Unearned Revenue	13.91	20.21	22.34	30.4	28.2	41.34
Other Current Liabilities	7.89	11.11	266.38	15.14	17.65	20.68
Total Current Liabilities	136.34	134.18	374.29	160.39	136.96	154.68
Long-Term Debt	2.31	14.49	14.11	4.35	21.72	22.93
Long-Term Leases	3.6	3.97	4.73	11.04	9.46	11.07
Long-Term Unearned Revenue	17.73	5.58	3.88	35.08	27.94	30.14
Long-Term Deferred Tax Liabilities	1.79	1.35	0.74	3.46	3.97	4.03
Other Long-Term Liabilities	5.06	4.94	5.49	81.82	76.98	20.08
Total Liabilities	166.82	164.5	403.23	296.13	277.02	242.92

Shareholders' Equity

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Aug 31, 2026	Feb 28, 2026	Feb 28, 2025	Feb 29, 2024	Feb 28, 2023	Feb 28, 2022
Common Stock	72.7	72.7	72.7	72.7	72.7	72.7
Additional Paid-In Capital	6.36	6.36	6.36	6.26	6.26	6.26
Retained Earnings	105.47	131.57	65.95	141.91	162.14	218
Comprehensive Income & Other	-31.81	-29.14	-47.14	-38.69	-41.21	-32.13
Total Common Equity	152.71	181.48	97.86	182.18	199.89	264.82
Minority Interest	0.57	0.63	0.88	1.08	0.95	0.69
Shareholders' Equity	153.28	182.1	98.74	183.26	200.84	265.51
Total Liabilities & Equity	320.11	346.61	501.97	479.39	477.86	508.43

Additional Metrics

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Aug 31, 2026	Feb 28, 2026	Feb 28, 2025	Feb 29, 2024	Feb 28, 2023	Feb 28, 2022
Total Debt	50.02	35.65	24.88	41.42	40.91	44.02
Net Cash (Debt)	-12.05	21.42	14.04	10.72	17.2	25.6
Net Cash Growth	-	52.49%	31.04%	-37.68%	-32.82%	-
Net Cash Per Share	-0.56	0.99	0.65	0.50	0.80	1.19
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	124.93	150.96	44.61	226.62	251.15	257.48
Book Value Per Share	7.07	8.41	4.53	8.44	9.26	12.27
Tangible Book Value	148.57	177	91.97	165.63	183.74	248.13
Tangible Book Value Per Share	6.88	8.20	4.26	7.67	8.51	11.50
Land	-	7.92	7.9	9.41	9.38	9.57
Buildings	-	44.5	43.8	54.29	53.25	54.34
Machinery	-	137.38	131.69	151.88	147.49	153.11
Leasehold Improvements	-	2.25	1.92	3.92	3.38	3.3
Order Backlog	-	283.29	274.88	283.65	464.34	501.22

Data Source: S&P Global Market Intelligence Last updated: Oct 7, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Oct 23, 2026

Data Sources Report a data error