Canada · Delayed Price · Currency is CAD Velan Earnings Call Transcripts
Fiscal Year 2027
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Q1 results were impacted by external geopolitical factors, leading to lower sales and bookings, but a strong backlog and new credit facility support future growth. Transformation initiatives and market opportunities in nuclear, defense, and energy position the company for long-term value creation.
Fiscal Year 2026
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Fiscal 2026 saw modest sales growth, a stable gross margin, and a strong cash position, despite global volatility. The backlog increased, major asset sales were completed, and a controlling interest sale to Birch Hill Equity Partners is pending.
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Q3 2026 saw stable gross margins and strong bookings growth, especially in nuclear and oil & gas, despite a slight sales decline. A major ownership change is underway, with Velan Holdings selling its controlling interest to Birch Hill Equity Partners for CAD 203.9 million.
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Sales rose 18.6% to $72.2M with margin and cash improvements, driven by strong global and MRO activity. Backlog grew to $286.1M, and a higher dividend was announced. Strategic moves, including a French asset sale and new credit facility, support future growth.
Fiscal Year 2025
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The meeting covered strong financial growth, major risk-reducing transactions, and strategic expansion in key sectors. All board and auditor appointments were approved, and a special dividend was announced. Ongoing risks include tariffs and supply chain disruptions.
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Fiscal 2025 saw 14.1% sales growth, a sharp rise in adjusted EBITDA, and major risk-reducing transactions. Strong cash flow and a robust balance sheet support new investments and a special dividend, with optimism for continued growth in nuclear and niche markets.
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Shareholders approved the sale of French subsidiaries Segault SAS and Velan SAS to Framatome for $201.1 million after a special resolution was passed by the required majority. The Board recommended the transaction as being in shareholders' best interest.
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Strong Q3 results featured 18% sales growth and a major turnaround in profitability. Two strategic transactions—divesting asbestos liabilities and selling French subsidiaries—will strengthen the balance sheet and unlock value, with robust momentum in core markets.
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Q2 FY2025 saw strong sales and bookings growth, a return to profitability, and record backlog, driven by nuclear sector momentum and major new contracts. Cash flow and EBITDA improved, with a positive net cash position supporting future growth.
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Q1 fiscal 2025 saw 14.5% sales growth, a 58% rise in gross profit, and a strong order backlog of $528M, with 70.5% deliverable in 12 months. Adjusted net loss improved to $1M, and a major 10-year nuclear supply deal was signed.
Fiscal Year 2024
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The meeting covered director elections, auditor reappointment, and approval of unallocated options, with all resolutions passed. Fiscal 2024 saw lower sales and EBITDA, but a strong order backlog and strategic sector focus position the company for growth in 2025.