TORONTO, Oct. 08, 2025 (GLOBE NEWSWIRE) — Firan Technology Group Corporation (TSX:FTG) (OTCQX:FTGFF) today announced financial results for the third quarter 2025.
Third Quarter Financial Highlights:
- Bookings: Total bookings reached $51.5 million for Q3, resulting in a Book-to-Bill ratio of 1.08
- Backlog: The quarter-end backlog stood at $137.1 million, a 12% rise from the previous year end.
- Revenue: Reached $47.7 million, a 10.8% increase over Q3 2024.
- Adjusted EBITDA: Achieved $7.7 million in the quarter, up from $7.2 million in Q3 2024. EBITDA for Q3 2025 includes $0.6M of Foreign Exchange loss.
- Adjusted Net Earnings: Rose by 8.3% to $3.0 million.
- Net Debt: Maintained a strong balance sheet with net debt of $9.5 million, including $11.6 million of government loans, or 0.3X trailing 12 months EBITDA
- Operating Cash Flow Less Lease Payments: Generated operating cash flow less lease payments of $5.5 million for Q3 2025
Business Highlights:
In Q3 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 Q3 2025 demonstrate this commitment, laying a strong foundation for continued growth.
- AFIRS Edge+™ Airbus Certification: a Supplemental Type Certificate (STC) has been awarded by the European Aviation Safety Agency (EASA) for the AFIRS Edge+™ product on the Airbus A319/320/321 family of aircraft. This milestone certification clears the path for global deployment of FLYHT’s 5G Wireless Quick Access Recorder (WQAR) on one of the world’s most widely used commercial airframes.
- AFIRS Edge+™ First Sale: FLYHT achieved its first sale of the AFIRS Edge+ product to an airline in Asia.
- Qualification Orders: FTG initiated new qualification orders for some high-volume US defence programs
- Organization: During the quarter the FTG organization was strengthened and succession plans were completed for a number of key roles. The corporate VP Quality succession plan was completed. Effective October 27th, Drew Knight joins as FTG’s new CFO, replacing Jamie Crichton who announced his retirement. Site leadership was strengthened with new site leaders at Circuits Fredericksburg, Circuits Haverhill, Circuits Minnetonka, and Aerospace Toronto (acting), as FTG is attracting new high calibre candidates from within our industry.
Table 1: Key Financial Metrics (Quarterly)
| Metric | Q3 2025 | Q3 2024 | % Change | |||
| Sales | $47,737,000 | $43,088,000 | 10.8 | % | ||
| Gross Margin | $14,486,000 | $11,623,000 | 24.6 | % | ||
| Gross Margin (%) | 30.35 | % | 26.98 | % | 337bps | |
| Net Earnings to FTG Equity Holders | $2,768,000 | $2,764,000 | 0.1 | % | ||
| Adjusted Net Earnings (1) | $2,994,250 | $2,764,000 | 8.3 | % | ||
| Earnings Per Share (Basic) | $0.11 | $0.12 | (8.3 | %) | ||
| Earnings Per Share (Diluted) | $0.11 | $0.11 | 0.0 | % | ||
| Adjusted Earnings Per Share (Basic) (1) | $0.12 | $0.12 | 2.7 | % | ||
| Adjusted Earnings Per Share (Diluted) (1) | $0.12 | $0.11 | 3.1 | % | ||
(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 (Year-to-Date)
| Metric |
YTD Q3 2025 |
YTD Q3 2024 |
% Change | |||
| Sales | $139,340,000 | $116,852,000 | 19.2 | |||