TORONTO, July 08, 2026 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) (OTCQX: FTGFF) today 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.
Second Quarter Financial Summary:
| (in thousands of dollars except per share amounts) | Q2 2026 | Q2 2025 | YTD
Q2 2026
| YTD
Q2 2025 |
| Sales | 52,735 | 48,729 | | 100,039 | 91,603 |
| Gross Margin | 19,226 | 15,867 | | 33,810 | 29,193 |
| Gross Margin (%) | 36.46% | 32.56% | | 33.80% | 31.87% |
| Adjusted EBITDA(1) | 10,478 | 8,703 | | 17,759 | 17,078 |
| Adjusted Net Earnings(1) | 5,072 | 3,527 | | 8,627 | 6,821 |
| Free Cash Flow(1) | 2,729 | (5,479 | ) | 7,579 | 2,694 |
| Earnings Per Share (Basic) | 0.20 | 0.14 | | 0.34 | 0.26 |
| Earnings Per Share (Diluted) | 0.20 | 0.14 | | 0.34 | 0.26 |
(1) Measures not recognized under International Financial Reporting Standards (“IFRS”). Management believes that these measures are important to many of the Corporation’s shareholders, creditors and other stakeholders. The Corporation’s method of calculating these non-IFRS measures may differ from other corporations and accordingly may not be comparable to measures used by other corporations. See Management’s Discussion and Analysis for reconciliations of non-IFRS measures.
Operational Analysis:
| (in thousands of dollars except per share amounts) | Q2 2026 | | Q2 2025 | | YTD
Q2 2026 | YTD
Q2 2025 |
| Revenue: | | | | |
| Circuits | 34,327 | | 33,676 | | 65,390 | | 62,355 | |
| Aerospace | 19,153 | | 15,824 | | 36,226 | | 31,007 | |
| Corporate and eliminations | (745 | ) | (771 | ) | (1,577 | ) | (1,759 | ) |
| Total revenue | 52,735 | | 48,729 | | 100,039 | | 91,603 | |
| Adjusted EBITDA(1): | | | | |
| Circuits | 7,218 | | 6,535 | | 11,246 | | 12,060 | |
| Aerospace | 3,007 | | 1,831 | | 5,645 | | 4,599 | |
| Corporate and eliminations | 253 | | 337 | | 868 | | 419 | |
| Total Adjusted EBITDA(1) | 10,478 | | 8,703 | | 17,759 | | 17,078 | |
| Adjusted Net Earnings(1): | | | | |
| Circuits | 3,991 | | 3,131 | | 5,203 | | 5,398 | |
| Aerospace | 1,888 | | 566 | | 3,892 | | 1,927 | |
| Corporate and eliminations | (807 | ) | (171 | ) | (468 | ) | (504 | ) |
| Total Adjusted Net Earnings(1) | 5,072 | | 3,527 | | 8,627 | | 6,821 | |
(1) Measures not recognized under International Financial Reporting Standards (“IFRS”). Management believes that these measures are important to many of the Corporation’s shareholders, creditors and other stakeholders. The Corporation’s method of calculating these non-IFRS measures may differ from other corporations and accordingly may not be comparable to measures used by other corporations. See Management’s Discussion and Analysis for reconciliations of non-IFRS measures.
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.”
Adjusted EBITDA:
| (in thousands of dollars except per share amounts) | Q2 2026 | Q2 2025 | YTD
Q2 2026 | YTD
Q2 2025 | Trailing
12 Months |
| Net earnings to equity holders of FTG | 5,036 | 3,480 | 8,520 | 6,647 | 14,950 |
| Add back: | | | | | |
| Finance costs | 605 | 737 | 1,253 | 1,355 | 2,636 |
| Income tax expense | 1,718 | 1,593 | 1,910 | 3,184 | 3,847 |
| Depreciation and amortization | 2,881 | 2,688 | 5,561 | 5,263 | 10,857 |
| EBITDA(1) | 10,240 | 8,498 | 17,244 | 16,449 | 32,290 |
| % of net sales | 19.4% | 17.4% | 17.2% | 18.0% | 16.2% |
| Add back: | | | | | |
| Stock based compensation | 202 | 143 | 408 | 397 | 670 |
| Acquisition expenses | - | - | - | 107 | - |
| India startup cost | 36 | 62 | 107 | 125 | 187 |
| Restructuring cost | - | - | - | - | 212 |
| Adjusted EBITDA(1) | 10,478 | 8,703 | 17,759 | 17,078 | 33,359 |
| % of net sales | 19.9% | 17.9% | 17.8% | 18.6% | 16.7% |
(1) Measures not recognized under International Financial Reporting Standards (“IFRS”). Management believes that these measures are important to many of the Corporation’s shareholders, creditors and other stakeholders. The Corporation’s method of calculating these non-IFRS measures may differ from other corporations and accordingly may not be comparable to measures used by other corporations. See Management’s Discussion and Analysis for reconciliations of non-IFRS measures.
About Firan Technology Group Corporation:
FTG is an aerospace and defence electronics product and subsystem supplier to customers around the globe. FTG has two operating units:
FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation and defence industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California, Fredericksburg, Virginia, Minnetonka, Minnesota, Haverhill, Massachusetts and a joint venture in Tianjin, China.
FTG Aerospace designs, certifies, manufactures and provides in-service support for illuminated cockpit products, electronic assemblies and avionics products for original equipment manufacturers and operators of aerospace and defence equipment. FTG Aerospace has operations in Toronto, Ontario, Calgary, Alberta, Chatsworth, California, Tianjin, China and Hyderabad, India.
The Corporation's shares are traded on the Toronto Stock Exchange under the symbol FTG, and on the OTCQX Exchange under the symbol FTGFF.
Conference Call Details:
FTG will host a live conference call on Thursday, July 9, 2026, at 8:30am (Eastern) to discuss the financial results. The call will be chaired by Mr. Brad Bourne, President and CEO of FTG. Participants can join the call by dialing 289-514-5100 or 1-800-717-1738, Conference ID 13250.
A replay of the call will be available until August 17, 2026, and can be accessed by dialing 289-819-1325 or 1-800-660-6264, Playback Passcode 13250. The replay will also be available on the FTG website at www.ftgcorp.com.
Forward-Looking Statements:
Certain statements in this MD&A other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the current expectations of FTG. These statements include without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of FTG, as well as the outlook for North American and international economies, for the current fiscal year and subsequent periods. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “considers”, “intends”, “targets”, “projects”, “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. Forward-looking statements are provided for the purpose of conveying information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes.
For further information please contact:
Head Office: 250 Finchdene Square, Toronto, Ontario, M1X 1A5
Additional information can be found at the Corporation’s website www.ftgcorp.com.
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