FTG Announces Q2 2025 Financial Results

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Firan Technology Group Corporation announced financial results for the second quarter 2025.

Second Quarter Financial Highlights:

• Bookings: Total bookings reached $45.8 million for Q2
• Backlog: The quarter-end backlog stood at $133.5 million, a 9% rise from the previous year end.
• Revenue: Recorded at $48.7 million, a 25.6% increase over Q2 2024.
• Adjusted EBITDA: Achieved $8.7 million in the quarter, up from $6.5 million in Q2 2024.
• Net Earnings: Rose by 36.3% to $3.5 million.
• Net Debt: Maintained a strong balance sheet with net debt of $13.5 million, including $12.8 million of government loans, or 0.4X trailing 12 months EBITDA
• Operating Cash Flow Less Lease Payments: Generated operating cash flow less lease payments of $5.8 million for the 1st half of 2025

Business Highlights:

In Q2 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 Q2 2025 demonstrate this commitment, laying a strong foundation for continued growth.

• FLYHT Profitability: FLYHT achieved profitability in Q2 2025.
• AFIRS Edge+™ Boeing 737NG Certification: FTG, through its subsidiary FLYHT, has received a Supplemental Type Certificate (STC) from Transport Canada Civil Aviation (TCCA) for its AFIRS Edge+™ product on the Boeing 737NG family of aircraft, one of the world’s most widely used commercial airframes. More STCs for this product are underway for additional aircraft types and geographic regions.
• New Facility - FTG finalized the facility design and signed a lease for its planned Aerospace facility in Hyderabad India with target completion date of late 2025. Initial start up capital has also been invested in the new operation – FTG Aerospace Hyderabad.
• Qualification Orders – FTG completed qualification orders for some high-volume US defence programs and received new qualification orders on further US defence programs.
• New Board Member – Effective today, Russell David has been appointed to the FTG Board of Directors. Russell has had unique experience as a board member of privately-held companies including Davie Shipbuilding Canada Inc., as a senior executive in public and private corporations and as a senior partner in financial services firm Deloitte in corporate finance and M&A advisory.

CEO Commentary:

“Our second quarter set another sales record for FTG,” stated Brad Bourne, President and CEO of FTG. “We continued to see strong end market demand from all market segments and we continue to ramp our throughput in support of this demand. Our FLYHT acquisition was profitable in the quarter which was sooner than anticipated and shows the potential for our new business in the commercial aerospace aftermarket segment. The uncertainty around US tariffs remains but we have not seen any material impact so far. During 2025, we have seen significant movements in the value of the Canadian dollar versus the US dollar which benefited our Q1 results and negatively impacted Q2. The current exchange rate is in line with where it was in 2024 so going forward it should not have a material impact on FTG’s results.”