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Firan Technology Group Corporation announced financial results for the second quarter of 2026.
Second Quarter Financial Highlights:
- Bookings: $86.7 million, marking a 89% increase over Q2 2025 and a book-to-bill ratio of 1.64:1
- Backlog: The quarter-end backlog stood at $193.5 million, a 30% rise from the previous year end.
- Revenue: $52.7 million, an 8.2% increase over Q2 2025.
- Adjusted EBITDA: $10.5 million in Q2 2026, up 20% from $8.7 million in Q2 2025; Adjusted EBITDA was $33.4 million for the trailing twelve months.
- Adjusted Net Earnings: $5.1 million in Q2 2026, an increase of 44% from Q2 2025.
- Free Cash Flow: Generated $2.7M in Q2 2026.
- Net Debt: Maintained a strong balance sheet with net debt of $2.9 million, or 0.1X trailing 12 months EBITDA, including $9.4 million of government loans.
Business Highlights:
In Q2 2026, the Corporation continued to realize values from its strategic initiatives. FTG is 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 2026 demonstrate this commitment, laying a strong foundation for future growth as evidenced by the record bookings and backlog.
Growing FTG’s defence business: FTG Circuits qualified for two large-scale classified defence programs in 2025. Significant orders have been placed for these programs during Q2 2026 and initial deliveries are expected to take place starting Q3 2026.
Realizing value from FTG Aerospace Calgary: This FTG site continues to benefit from efforts to certify and sell its product portfolio globally, including follow on sales of the AFIRS Edge+ product and continued licencing revenues, and has been profitable in 2026.
Diversifying and reducing exposure to U.S. tariff risks: In Q2 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.
FTG Circuits
Revenue for Q2 2026 was $34.3 million, an increase of $0.7 million or 1.9% compared to Q2 2025 due to operational improvements and strong demand at several U.S. sites. This revenue growth occurred despite a decrease of $0.8M caused by unfavourable foreign exchange rates. Adjusted net earnings for Q2 2026 was $3.9 million, an increase of $0.8 million due to a $0.5 million increase in foreign exchange gain and operational improvements.
Revenue for the year-to-date period of 2026 was $65.4 million, an increase of $3.0 million or 4.9% as compared to 2025. Organic growth contributed $5.1 million offset by $2.1 million of unfavourable foreign exchange rates.
FTG Aerospace
Revenue for Q2 2026 was $19.2 million, an increase of $3.3 million or 21.0%. Organic growth contributed $3.7 million offset by $0.4 million of unfavourable foreign exchange rates. Adjusted net earnings for Q2 2026 were $1.9 million, an increase of $1.3 million compared to Q2 2025.
Revenue for the year-to-date period of 2026 was $36.2 million, an increase of $5.2 million or 16.8% as compared to 2025. Organic growth contributed $6.2 million offset by $1.0 million due to unfavourable foreign exchange rates.
CEO Commentary:
“Q2 2026 was an exceptional quarter for FTG,” stated Brad Bourne, President and CEO of FTG. “We achieved record performances in nearly all financial metrics. We are realizing values from many strategic initiatives in 2025 and capitalizing on the industry tailwinds. We saw promising operational improvements at Aerospace Calgary and several U.S sites. We continue to see robust end market demand with record bookings and backlog and remain focused on delivering long-term value to our shareholders.”
