Firan Technology Group Corporation (“FTG”) Announces Full Year and Fourth Quarter 2025 Financial Results
TORONTO, Feb. 18, 2026 (GLOBE NEWSWIRE) — Firan Technology Group Corporation (TSX: FTG) (OTCQX: FTGFF) today announced financial results for the full year and the fourth quarter 2025.
Full Year Financial Highlights:
- Bookings: $209.9 million for 2025, marking a 14% increase over 2024.
- Backlog: $148.5 million at the end of 2025, a 21% rise from the previous year end inclusive of FLYHT acquisition.
- Revenue: $191.0 million, an 18% increase over 2024.
- Adjusted EBITDA: $32.7 million in 2025, up 27% from $25.8 million in 2024.
- Adjusted Net Earnings: $13.5 million in 2025, an increase of 31% from 2024.
- Operating Cash Flow Less Lease Payments: Generated operating cash flow less lease payments of $13.7 million in 2025.
- Net Debt: Maintained a strong balance sheet with net debt of $8.3 million, or 0.3X trailing 12 months EBITDA, including $11.2 million of government loans.
Fourth Quarter Financial Highlights:
- Revenue: $51.7 million, a 14.2% increase over Q4 2024.
- Gross Margin: Achieved 30.5%, up 220 basis points from 28.3% in Q4 2024.
- Adjusted EBITDA: Achieved $7.9 million in the quarter, up from $7.6 million in Q4 2024.
- Adjusted Net Earnings: Down by $0.2 million to $3.7 million, due to a $0.3 million increase in intangible amortization related to the FLYHT acquisition and $0.8 million unfavourable change in foreign exchange loss.
Business Highlights:
In 2025, the Corporation continued to grow organically while integrating the FLYHT acquisition. 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 2025 demonstrate this commitment, laying a strong foundation for continued growth.
- Growing FTG’s defence business: FTG Circuits recently qualified for two significant classified defence programs. Delivery is expected to start in 2026 and ramp up through 2027. FTG will also benefit from increasing demand on legacy defence programs.
- Diversifying and reducing exposure to U.S. tariff risks: In 2025, FTG ramped up deliveries in support of the C919, China’s first domestic single-aisle passenger jet, to keep pace with accelerating production schedules. During the year, De Haviland Aircraft of Canada Ltd. also selected FTG to provide updated cockpit control assemblies for the new De Havilland Canadair 515 (DHC-515) aerial firefighting aircraft. FTG completed its first deliveries on the De Havilland program in Q4 2025.
- Creating value from the FLYHT acquisition: Following the acquisition of FLYHT in early 2025, FTG obtained Supplemental Type Certificates (STCs) for AFIRS Edge+™ for the Boeing 737 family of aircraft in Canada, U.S. and China for and for the Airbus A320 family of aircraft in Canada, Europe and China. The transition of AFIRS Edge+™ to in-house production is now underway and FTG recently delivered its first AFIRS Edge+™ product to an airline in Asia, marking key milestones in value creation from the FLYHT acquisition.
- Strengthening the FTG team: FTG continues to bolster its leadership bench strength at all levels. During 2025, FTG appointed a new CFO, EVPs for both the Circuits and Aerospace segments as well as key site leaders due to retirement and organizational growth. Also during the year, FTG appointed Russell David, CPA, ICD.D and Christine Forget, ICD.D to the FTG Board of Directors. Russell has served as a board member and senior executive of corporations and as a senior partner at Deloitte in corporate finance and M&A advisory. Christine has served as a board member and senior executive of several corporations including as VP, Global Procurement at Bombardier.
Table 1: Key Financial Metrics (Year-to-Date)
| Metric | FY 2025 | FY 2024 | % Change | |||||
| Sales | $190,996,000 | $162,096,000 | 17.8 | % | ||||
| Gross Margin | $60,596,000 | $44,176,000 | 37.2 | % | ||||
| Gross Margin (%) | 31.73 | % | 27.25 | % | 447bps | |||
| Net Earnings to FTG Equity Holders | $13,077,000 | $10,815,000 | 20.9 | % | ||||
| Adjusted Net Earnings(1) | $13,470,000 | $10,306,250 | 30.7 | % | ||||
| Earnings Per Share (Basic) | $0.52 | $0.45 | 15.6 | % | ||||
| Earnings Per Share (Diluted) | $0.52 | $0.45 | 15.6 | % | ||||
| Adjusted Earnings Per Share (Basic)(1) | $0.54 | $0.43 | 25.6 | % | ||||
| Adjusted Earnings Per Share (Diluted)(1) | $0.53 | $0.43 | 23.3 | % | ||||
| (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 (Quarterly)
| Metric | Q4 2025 | Q4 2024 | % Change | |||||
| Sales | $51,656,000 | $45,244,000 | 14.2 | % | ||||
| Gross Margin | $15,796,000 | $12,816,000 | 23.3 | % | ||||
| Gross Margin (%) | 30.58 | % | 28.33 | % | 225bps | |||
| Net Earnings to FTG Equity Holders | $3,662,000 | $4,448,000 | -17.7 | % | ||||
| Adjusted Net Earnings(1) | $3,689,000 | $3,939,250 | -6.4 | % | ||||
| Earnings Per Share (Basic) | $0.15 | $0.19 | -21.1 | % | ||||
| Earnings Per Share (Diluted) | $0.14 | $0.18 | -22.2 | % | ||||
| Adjusted Earnings Per Share (Basic)(1) | $0.15 | $0.16 | -6.3 | % | ||||
| Adjusted Earnings Per Share (Diluted)(1) | $0.14 | $0.16 | -12.5 | % | ||||
| (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 | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 | % Change (Q4) | % Change (FY) | ||||||||||||
| Net Earnings to Equity Holders | $3,662,000 | $4,448,000 | $13,077,000 | $10,815,000 | ||||||||||||||
| Add: Interest, Accretion | $628,000 | $529,000 | $2,738,000 | $2,210,000 | ||||||||||||||
| Add: Income Taxes | $705,000 | $836,000 | $5,121,000 | $4,093,000 | ||||||||||||||
| Add: Depreciation and Amortization | $2,760,000 | $2,060,000 | $10,559,000 | $8,345,000 | ||||||||||||||
| EBITDA(2) | $7,755,000 | $7,873,000 | $31,495,000 | $25,463,000 | -1.50 | % | 23.69 | % | ||||||||||
| Adjustments | ||||||||||||||||||
| Stock Based Compensation | $126,000 | $106,000 | $659,000 | $739,000 | ||||||||||||||
| Acquisition and Divestiture Expenses | $0 | $317,000 | $107,000 | $317,000 | ||||||||||||||
| India Startup Costs | $36,000 | $110,000 | $205,000 | $110,000 | ||||||||||||||
| Restructuring and Severance Costs | $0 | $0 | $212,000 | $0 | ||||||||||||||
| Change in Fair Value of Contingent Consideration | $0 | ($829,000 | ) | $0 | ($829,000 | ) | ||||||||||||
| Adjusted EBITDA(2) | $7,917,000 | $7,577,000 | $32,678,000 | $25,800,000 | 4.49 | % | 26.66 | % | ||||||||||
| Adjusted EBITDA Margin(2) | 15.3 | % | 16.7 | % | 17.1 | % | 15.9 | % | ||||||||||
| (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:
“2025 was a transformational year for FTG defined by exceptional operational progress and the achievement of several critical milestones across our long-term strategic programs.” stated Brad Bourne, President and CEO of FTG. “We achieved record performance across nearly all financial metrics. We have strategically bolstered both our leadership team and Board of Directors with high-caliber industry expertise to guide our next phase of growth. In 2025, multiple long-term development programs at FTG Aerospace entered production. FTG Circuits closed the year with awards of multiple significant defence programs while legacy defence programs continued to ramp up. We remain focused on delivering long-term value to shareholders as these strategic programs move into full-scale manufacturing.”
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 is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation and defence 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, electronic assemblies and avionics products 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 Thursday, February 19, 2026, 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 and using Conference ID 73581. A replay of the call will be available until March 19, 2026, and can be accessed by dialing 1-289-819-1325 or 1-888-660-6264, Playback Passcode 73581 #. The replay will also be available on the FTG website at www.ftgcorp.com.
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.
Additional information can be found at the Corporation’s website www.ftgcorp.com.
CONTACT: For further information please contact: Bradley C. Bourne, President and CEO Firan Technology Group Corporation Tel: (416) 299-4000 x314 bradbourne@ftgcorp.com Drew Knight, Executive Vice President, CFO, and Corporate Secretary Firan Technology Group Corporation Tel: (416) 299-4000 x264 drewknight@ftgcorp.com
