FLINT Announces Fourth Quarter and 2025 Annual Financial Results

CALGARY, Alberta, March 10, 2026 (GLOBE NEWSWIRE) — FLINT Corp. (“FLINT” or the “Company”) (TSX:FLNT) today announced its results for the year ended December 31, 2025. All amounts are in Canadian dollars and expressed in millions of dollars unless otherwise noted.

“EBITDAS” and “Adjusted EBITDAS” are not standard measures under IFRS. Please refer to the Advisory regarding Non-GAAP Financial Measures at the end of this press release for a description of these items and limitations of their use.

“2025 delivered strong operational and strategic outcomes. Through disciplined execution, we improved gross profit and Adjusted EBITDAS margins over the prior year. We also completed our transformational Recapitalization Transaction, significantly strengthening our balance sheet and positioning the organization to continue to advance our growth strategy. Our Total Recordable Injury Frequency (“TRIF”) reached 0.10, the best safety performance in our Company’s history. We also added $914.4 million of new contract awards and renewals during the year, providing a solid foundation for 2026. These achievements were realized despite persistent market uncertainty that weighed on customer spending and contributed to a revenue decline from the prior year,” said Barry Card, Chief Executive Officer.

We remain committed to our core values and customer-centric focus to deliver our services safely, on time, and on budget which enables us to continue to drive our growth strategy through industrial market diversification and geographic expansion,” added Mr. Card.

ANNUAL HIGHLIGHTS

• Revenues for the year ended December 31, 2025 were $563.8 million, representing a decrease of $146.7 million or 20.6% from 2024. The decrease in revenue was primarily due to the timing of construction and maintenance work as compared to the same period in 2024, reflecting an overall softness in the market in 2025.
• Gross profit for the year ended December 31, 2025 was $65.8 million, representing a decrease of $9.2 million or 12.2% from 2024. The reduction in gross profit was primarily due to the decrease in revenue noted above.
• Gross profit margin for the year ended December 31, 2025 was 11.7%, as compared to 10.5% in 2024. The increase in gross profit margin was primarily due to the mix of work compared to the same period of 2024.
• Adjusted EBITDAS for the year ended December 31, 2025 was $30.6 million, representing a decrease of $4.9 million or 13.8% from 2024.
• Adjusted EBITDAS margin for the year ended December 31, 2025 was 5.4%, representing an increase of 0.4% from the same period in 2024.
• Selling, general and administrative (“SG&A”) expenses for year ended December 31, 2025 were $35.4 million, representing a decrease of $5.7 million or 13.8% from 2024. As a percentage of revenue, SG&A expenses for the year ended December 31, 2025 were 6.3%, an increase from 5.8% in 2024. The decrease in SG&A expenses is primarily driven by reduced personnel expenses and professional fees. The increase in SG&A expenses as a percentage of revenue was due to the decrease in revenue.
• Income tax recovery for the year ended December 31, 2025 was $27.7 million compared to nil for the same period in 2024. The variance was driven by the deferred tax asset recognized in relation to the Recapitalization Transaction (defined below).
• Net income for the year ended December 31, 2025 was $29.8 million, representing an increase of $28.5 million or 2241.8% from 2024. The income variance was primarily driven by the income tax recovery recognized as a result of the Recapitalization Transaction.
• Liquidity, including cash and available credit facilities, was $115.2 million at December 31, 2025, as compared to $59.7 million at December 31, 2024.
• New contract awards and renewals totaled approximately $914.4 million for the year ended December 31, 2025.

FOURTH QUARTER HIGHLIGHTS

• Revenues for the three months ended December 31, 2025 were $128.9 million, representing a decrease of $58.3 million or 31.1% from the same period in 2024. The decrease in revenue relates to the same factors that impacted the twelve months ended.
• Gross profit for the three months ended December 31, 2025 was $15.4 million, representing a decrease of $4.8 million or 23.9% from the same period in 2024. The decrease in gross profit relates to the same factors that impacted the twelve months ended.
• Gross profit margin for the three months ended December 31, 2025 was 11.9%, compared to 10.8% for the same period in 2024. The increase in gross profit margin as a percentage of revenue was primarily due to the same factors that impacted the twelve months ended.
• Adjusted EBITDAS for the three months ended December 31, 2025 was $6.6 million, representing a decrease of $4.0 million or 37.5% from the same period in 2024.
• Adjusted EBITDAS margin was 5.1% for the three months ended December 31, 2025 compared to 5.6% for the same period in 2024.
• SG&A expenses for the three months ended December 31, 2025 were $8.8 million, representing a decrease of $1.1 million or 11.2% from the same period in 2024. As a percentage of revenue, SG&A expenses for the three months ended December 31, 2025 were 6.8%, compared to 5.3% for the same period in 2024. The decrease in SG&A expenses and increase in SG&A as a percentage of revenue relates to the same factors that impacted the twelve months ended.
• Net income for the three months ended December 31, 2025 was $1.4 million, representing a decrease of $0.2 million or 13.7% from the same period in 2024. The income variance was driven by the reduction in gross profit partially offset by lower interest expense and SG&A expenses.
• New contract awards and renewals totaled approximately $461.2 million for the three months ended December 31, 2025 and $46.5 million for the first two months of 2026. Approximately 37% of the work is expected to be completed by the end of 2026, with the balance completed between 2027 and 2030.

FOURTH QUARTER AND ANNUAL 2025 FINANCIAL RESULTS