Firan Technology Group Corporation announced financial results for first quarter of 2026.
First Quarter Financial Highlights:
- Bookings: $60.0 million, marking a 17% increase over Q1 2025 and a book-to-bill ratio of 1.27:1
- Backlog: The quarter-end backlog stood at $157.9 million, an 11% rise from the previous year end.
- Revenue: $47.3 million, a 10.3% increase over Q1 2025.
- Adjusted EBITDA: $7.3 million, down from $8.4 million in Q1 2025.
- Adjusted Net Earnings: $3.5 million, up from $3.3 million in Q1 2025.
- Free Cash Flow: Generated free cash flow of $4.9M in Q1 2026.
- Net Debt: Maintained a strong balance sheet with net debt of $4.0 million, or 0.1X trailing 12 months EBITDA, including $9.9 million of government loans.
Business Highlights:
In Q1 2026, the Corporation grew organically. 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 Q1 2026 demonstrate this commitment, laying a strong foundation for future growth.
Growing FTG’s defence business: FTG Circuits qualified for two significant classified defence programs in 2025. Initial orders have been placed for these programs and deliveries are expected to take place in Q3 2026 and beyond.
Creating value from FTG Aerospace Calgary: FTG Aerospace Calgary, formerly FLYHT, achieved record profitability in Q1 2026. The newest site of FTG continues to benefit from efforts to obtain certifications, sell its existing product portfolio and the restarting of licencing revenues related to their Satcom radio for Airbus.
Diversifying and reducing exposure to U.S. tariff risks: In Q1 2026, deliveries to China’s C919 program continued. In addition, deliveries to the new De Havilland Canadair 515 (DHC-515) aerial firefighting aircraft started to ramp up. More deliveries on both programs are expected for the remainder of 2026.
Participation in space programs: FTG is proud to support the Artemis mission by supplying Switch Interface Panels (SIPs) to the Orion spacecraft. Although space represents a small portion of FTG’s business, space is a growing sector and FTG has activities with other customers in the sector.
FTG Circuits
Revenue for Q1 2026 was $31.1 million, an increase of $2.4 million or 8.3% due to operational improvements at several U.S. sites. This revenue growth occurred despite a decrease of $1.3M caused by less favourable foreign exchange rates. Adjusted net earnings for Q1 2026 was $1.2 million, a decrease of $1.0 million year-over-year mainly due to a $0.7 million increase in foreign exchange loss. In addition, Q1 2025 included a large, realized gain on the Corporation’s existing gold forward contracts, which was not repeated in 2026 and contributed a $0.4 million unfavourable variance.
FTG Aerospace
For Q1 2026, Aerospace revenue was $17.1 million, an increase of $1.9 million or 12%. As the acquisition of FLYHT Aerospace Solutions Ltd. and its subsidiaries (“FLYHT”) occurred during Q1 2025, the acquisition timing difference contributed $0.7 million, offset by $0.6M of decline due to unfavourable foreign exchange rates. Organic growth added $1.8 million. Adjusted net earnings were $2.0 million, an increase of $0.6 million year-over-year despite an increase of $1.0 million in foreign exchange loss.
CEO Commentary:
“Our first quarter was a great start to 2026,” stated Brad Bourne, President and CEO of FTG. “We achieved many strategic and operational improvements to Aerospace Calgary and legacy sites. This allowed us to deliver robust financial results despite significant foreign exchange headwinds during the quarter. We continue to see strong end market demand and remain focused on delivering long-term value to our shareholders.”