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Firan Technology Group Corporation announced financial results for the third quarter of 2026.
Third Quarter Financial Highlights:
- Bookings: $90.2 million, marking a 75% increase over Q3 2025 and a book-to-bill ratio of 1.41:1
- Backlog: The quarter-end backlog stood at $220.7 million, a 49% rise from the previous year end.
- Revenue: $64.1 million in Q3 2026, a 34.3% increase over Q3 2025.
- Adjusted EBITDA: $15.1 million in Q3 2026, a 96.9% increase from $7.7 million in Q3 2025; Adjusted EBITDA was $40.8 million for the trailing twelve months.
- Net Earnings: $10.0 million in Q3 2026, an increase of $7.2 million from Q3 2025.
- Free Cash Flow: Generated $7.1M in Q3 2026.
- Net Cash: maintained a strong balance sheet with net cash of $3.9 million, including $8.9 million of government loans. Extinguished all commercial loans during Q3 2026 with cash generated from operations.
Business Highlights:
In Q3 2026, the Corporation realized significant value from its ongoing 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 Q3 2026 demonstrate this commitment, laying a strong foundation for future growth as evidenced by the record financial metrics, 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 and deliveries have ramped up, contributing materially to sales and earnings in Q3 2026.
- Operational improvements: Strategic leadership appointments made in 2025 are delivering stronger operating performance and throughput.
- Customer demand: Bookings continued at a record pace and many orders included significant pricing premiums for expedited delivery.
- International diversification: The Corporation recently qualified with new customers in Europe and Australia, further diversifying its customer base and reducing exposure to global tariff risks.
- Opening of FTG Aerospace Hyderabad: In Q3 2026, the Corporation opened its new aerospace facility in Hyderabad, India. The new footprint in India reduces the Corporation’s exposure to U.S. tariff risk and provides access to India’s emerging domestic aerospace and defence market.
- FTG Circuits Toronto union agreement: In Q3 2026, a new four-year collective agreement with represented employees at the Corporation’s Circuits Toronto facility was negotiated and ratified. The agreement expires in July 2030.
- Appointment of new auditor: In Q3 2026, the Corporation appointed Deloitte LLP as its new external auditor.
FTG Circuits
Revenue for Q3 2026 was $45.1 million, an increase of $12.9 million or 40.3% compared to Q3 2025. The revenue increased primarily due to operational improvements at several U.S. sites, short-term pricing premiums and $0.9 million driven by favourable exchange rates. As a result of the factors noted above, adjusted net earnings for Q3 2026 increased by $5.3 million to $7.6 million, compared to Q3 2025.
Revenue for the year-to-date period of 2026 was $110.5 million, an increase of $16.0 million or 16.9% as compared to 2025 due to organic growth including short-term pricing premiums offset by $1.8 million of unfavourable foreign exchange rates.
FTG Aerospace
Revenue for Q3 2026 was $19.8 million, an increase of $3.0 million or 18.2% compared to Q3 2025. The increase is driven by $2.2 million of organic growth, $0.5 million of a contract cancellation charge and $0.3 million of favourable foreign exchange variance. Adjusted net earnings for Q3 2026 were $2.8 million, an increase of $1.9 million compared to Q3 2025 due to the above factors and operational improvements.
Revenue for the year-to-date period of 2026 was $56.1 million, an increase of $8.3 million or 17.3% as compared to 2025. Organic growth contributed $8.9 million offset by $0.6 million due to unfavourable foreign exchange rates compared to 2025.
CEO Commentary:
“Q3 2026 was an exceptional quarter for FTG,” stated Brad Bourne, President and CEO of FTG. “We exceeded the record financial performances just set last quarter and we saw continued operational improvements at many Circuits and Aerospace sites. The many strategic initiatives in 2025 have positioned us well to capture significant value from the current industry tailwinds. As we celebrate our success, we continue to see robust end-market demand with record bookings and backlog and remain focused on delivering long-term value to our shareholders.”
