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FTG Announces Full Year and Q4 2024
February 20, 2025 | Firan Technology Group CorporationEstimated reading time: 2 minutes
Firan Technology Group Corporation announced financial results for the full year and fourth quarter of 2024.
Full Year Financial Highlights:
- Bookings: Total bookings reached $184.5 million, marking a 25% increase over 2023.
- Backlog: The year-end backlog stood at $122.4 million, a 26% rise from the previous year.
- Revenue: Full year revenues increased by 20% to $162.1 million.
- Adjusted EBITDA: Achieved $25.8 million, up from $19.4 million in 2023.
- Adjusted Net Earnings: Increased by 47% to $10.3 million.
- Net Debt: Maintained a strong balance sheet with net debt of $0.7 million after $14.7 million in investments.
- Working Capital: As of November 30, 2024, FTG's net working capital was $49.9 million, compared to $41.1 million at year-end 2023, reflecting higher accounts receivable and cash due to organic growth.
Fourth Quarter Financial Highlights:
- Sales: Reached $45.2 million, a 13.1% increase over Q4 2023.
- Adjusted EBITDA: Recorded at $7.6 million, up from $6.0 million in Q4 2023.
- Adjusted Net Earnings: Rose by 67% to $3.9 million.
Business Highlights:
During 2024, the Corporation invested in existing sites and grew the business organically. FTG is strategically deploying its capital in ways that will drive increased shareholder returns for the future in both the near term and long term. Specifically, FTG accomplished many goals in 2024 that continue to improve the Corporation and position it for the future, including:
Integration Progress: Continued successful integration of 2023 acquisitions, with improvements in throughput, pricing, and cost savings at Circuits Minnetonka and Circuits Haverhill.
Contract Wins: Secured a $17.0 million contract to supply cockpit interface assemblies for COMAC's C919 aircraft, with production spanning from late 2024 to Q3 2026.
Subsequent Events:
FLYHT Acquisition: Subsequent to year-end, FTG acquired FLYHT Aerospace Solutions Ltd., enhancing FTG’s presence in the commercial aerospace aftermarket and expanding its product offerings on Airbus aircraft. This acquisition aligns with FTG's strategic priorities, and plans include ramping up sales of FLYHT’s product lines and insourcing manufacturing to other FTG sites.
De Havilland Contract: Also subsequent to year-end, FTG announced that De Havilland Aircraft of Canada Ltd. has selected FTG to provide updated cockpit control assemblies for the new De Havilland Canadair 515 (DHC-515) aerial firefighting aircraft.
New Facility: Announced plans to open an Aerospace facility in Hyderabad, India, to support strategic growth and expand market presence.
Banking Agreement: Completed a new three-year banking agreement with BMO Corporate Finance, providing improved flexibility and reduced costs to support growth and corporate development objectives.
CEO Commentary:
"We are thrilled with FTG’s performance in 2024, which reflects our strategic focus on growth and operational excellence," said Bradley C. Bourne, President and CEO of FTG. "Our investments in technology and acquisitions have positioned us well for future success, and we are excited about the opportunities ahead, including our expansion into the Indian market."
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