AirBoss Reports 2nd Quarter 2025 Results
AirBoss (OTCQX: ABSSF) reported improved Q2 2025 financial results with Adjusted EBITDA increasing by $4.1M to $10.2M compared to Q2 2024. Net sales grew 3.4% to $98.6M, while profit increased by $11.8M to $2.3M.
The company's AirBoss Manufactured Products secured new production awards worth up to $80M over five years. Cash from operations increased to $12.9M, and the company reduced its debt ratio to 2.90x from 4.51x. The Board declared a quarterly dividend of C$0.035 per share.
Despite positive developments, AirBoss faced challenges including market softness, tariffs, and inflationary pressures. The Rubber Solutions segment experienced a 13.7% revenue decline, while Manufactured Products segment saw a 35.2% revenue increase driven by defense products business.
AirBoss (OTCQX: ABSSF) ha riportato risultati finanziari migliorati nel secondo trimestre 2025, con un EBITDA rettificato in crescita di 4,1 milioni di dollari, raggiungendo 10,2 milioni di dollari rispetto al secondo trimestre 2024. Le vendite nette sono aumentate del 3,4% a 98,6 milioni di dollari, mentre l'utile è salito di 11,8 milioni di dollari a 2,3 milioni di dollari.
La divisione AirBoss Manufactured Products ha ottenuto nuovi contratti di produzione per un valore fino a 80 milioni di dollari in cinque anni. La liquidità generata dalle operazioni è aumentata a 12,9 milioni di dollari, e l'azienda ha ridotto il rapporto debito a 2,90x rispetto a 4,51x. Il Consiglio di Amministrazione ha dichiarato un dividendo trimestrale di 0,035 dollari canadesi per azione.
Nonostante gli sviluppi positivi, AirBoss ha affrontato alcune difficoltà tra cui la debolezza del mercato, i dazi e le pressioni inflazionistiche. Il segmento Rubber Solutions ha registrato una diminuzione dei ricavi del 13,7%, mentre il segmento Manufactured Products ha visto un aumento dei ricavi del 35,2%, trainato dal business dei prodotti per la difesa.
AirBoss (OTCQX: ABSSF) reportó resultados financieros mejorados en el segundo trimestre de 2025, con un EBITDA ajustado que aumentó en 4,1 millones de dólares, alcanzando 10,2 millones de dólares en comparación con el segundo trimestre de 2024. Las ventas netas crecieron un 3,4% hasta 98,6 millones de dólares, mientras que las ganancias aumentaron en 11,8 millones de dólares hasta 2,3 millones de dólares.
La división AirBoss Manufactured Products aseguró nuevos contratos de producción por un valor de hasta 80 millones de dólares en cinco años. El efectivo generado por operaciones aumentó a 12,9 millones de dólares, y la empresa redujo su ratio de deuda a 2,90x desde 4,51x. La Junta declaró un dividendo trimestral de 0,035 dólares canadienses por acción.
A pesar de los avances positivos, AirBoss enfrentó desafíos como la debilidad del mercado, aranceles y presiones inflacionarias. El segmento Rubber Solutions experimentó una caída de ingresos del 13,7%, mientras que el segmento Manufactured Products tuvo un aumento de ingresos del 35,2%, impulsado por el negocio de productos de defensa.
AirBoss (OTCQX: ABSSF)는 2025년 2분기 재무 실적이 개선되었으며, 조정 EBITDA가 410만 달러 증가하여 1,020만 달러에 달했다고 발표했습니다. 이는 2024년 2분기와 비교한 수치입니다. 순매출은 3.4% 증가하여 9,860만 달러를 기록했으며, 이익은 1,180만 달러 증가하여 230만 달러에 달했습니다.
회사의 AirBoss Manufactured Products 부문은 5년간 최대 8,000만 달러 규모의 신규 생산 계약을 확보했습니다. 영업 현금 흐름은 1,290만 달러로 증가했으며, 부채 비율은 4.51배에서 2.90배로 감소했습니다. 이사회는 주당 0.035 캐나다 달러의 분기 배당금을 선언했습니다.
긍정적인 발전에도 불구하고 AirBoss는 시장 침체, 관세, 인플레이션 압력 등 여러 도전에 직면했습니다. Rubber Solutions 부문은 매출이 13.7% 감소한 반면, Manufactured Products 부문은 방위산업 제품 사업의 성장으로 매출이 35.2% 증가했습니다.
AirBoss (OTCQX: ABSSF) a annoncé des résultats financiers améliorés pour le deuxième trimestre 2025, avec un EBITDA ajusté en hausse de 4,1 millions de dollars, atteignant 10,2 millions de dollars par rapport au deuxième trimestre 2024. Les ventes nettes ont augmenté de 3,4 % pour atteindre 98,6 millions de dollars, tandis que le bénéfice a progressé de 11,8 millions de dollars pour s’établir à 2,3 millions de dollars.
La division AirBoss Manufactured Products a obtenu de nouveaux contrats de production d’une valeur allant jusqu’à 80 millions de dollars sur cinq ans. Les flux de trésorerie provenant des opérations ont augmenté à 12,9 millions de dollars, et la société a réduit son ratio d’endettement de 4,51x à 2,90x. Le conseil d’administration a déclaré un dividende trimestriel de 0,035 CAD par action.
Malgré ces développements positifs, AirBoss a rencontré des défis tels que la faiblesse du marché, les tarifs douaniers et les pressions inflationnistes. Le segment Rubber Solutions a subi une baisse de revenus de 13,7 %, tandis que le segment Manufactured Products a enregistré une hausse de 35,2 % des revenus, portée par l’activité des produits de défense.
AirBoss (OTCQX: ABSSF) meldete verbesserte Finanzergebnisse für das zweite Quartal 2025, wobei das bereinigte EBITDA um 4,1 Mio. USD auf 10,2 Mio. USD im Vergleich zum zweiten Quartal 2024 stieg. Der Nettoumsatz wuchs um 3,4 % auf 98,6 Mio. USD, während der Gewinn um 11,8 Mio. USD auf 2,3 Mio. USD zunahm.
Die Sparte AirBoss Manufactured Products sicherte sich neue Produktionsaufträge im Wert von bis zu 80 Mio. USD über fünf Jahre. Der operative Cashflow stieg auf 12,9 Mio. USD, und das Unternehmen reduzierte seine Verschuldungsquote von 4,51x auf 2,90x. Der Vorstand erklärte eine vierteljährliche Dividende von 0,035 CAD pro Aktie.
Trotz positiver Entwicklungen sah sich AirBoss Herausforderungen wie Marktschwäche, Zöllen und inflationsbedingten Belastungen gegenüber. Der Bereich Rubber Solutions verzeichnete einen Umsatzrückgang von 13,7 %, während der Bereich Manufactured Products durch das Verteidigungsproduktgeschäft einen Umsatzanstieg von 35,2 % erzielte.
- Secured new production awards worth up to $80M over five years
- Adjusted EBITDA increased 68.7% to $10.2M in Q2 2025
- Net profit improved by $11.8M to $2.3M
- Reduced Net Debt to Adjusted EBITDA ratio to 2.90x from 4.51x
- Operating cash flow increased to $12.9M from $11.1M
- Manufactured Products segment revenue grew 35.2% to $55M
- Rubber Solutions segment revenue declined 13.7% to $50.9M
- Rubber Solutions volume decreased 15.9% with declines in most sectors
- Facing ongoing challenges from tariffs and inflationary pressures
- Experiencing market softness and economic uncertainty
- Rubber molded products business showing weakness in SUV and light truck platforms
NEWMARKET, Ontario, Aug. 07, 2025 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS) (OTCQX: ABSSF) (the “Company” or “AirBoss”) today announced its second quarter 2025 results. The Company will host a conference call and webcast to discuss the results on August 8th at 9:00 a.m. (ET), the details of which are outlined below. All dollar amounts are shown in thousands of United States dollars ("US $" or "$"), except per share amounts, unless otherwise noted.
Recent Highlights
- Adjusted EBITDA1 in the second quarter of 2025 (“Q2 2025”) increased by
$4.1 million to$10.2 million compared to$6.1 million in the second quarter of 2024 (“Q2 2024”) and profit increased by$11.8 million to$2.3 million ; - Cash provided by operating activities increased by
$1.8 million to$12.9 million in Q2 2025 compared to$11.1 million in Q2 2024; - Reduced borrowings under our revolving credit facility by
$15.2 million in Q2 2025, for a Net Debt to Adjusted EBITDA ratio1 of 2.90x (4.51x at December 31, 2024); - AirBoss Manufactured Products' rubber molded products business secured new production awards from original equipment manufacturers ("OEM") and Tier 1 manufacturers which are expected to generate up to
$80.0 million in sales over the next five years; and - Declared a quarterly dividend of C
$0.03 5 per common share.
"AirBoss Manufactured Products' rubber molded products business has experienced positive traction through the first half of 2025, securing a number of new production awards. In addition to these new awards, this business has also seen a significant increase in requests for quotes this year, which we believe to be related to the evolution of on-shoring strategies, as companies consider moving production to the United States. We are also encouraged by recent announcements of increased defense spending by NATO countries, which we believe could generate increased opportunities for AMP's defense business," said Chris Bitsakakis, President and Co-CEO of AirBoss. "Despite these positive indications, the Company continued to feel the impact of ongoing economic and geopolitical challenges, including varying degrees of market softness, tariffs, inflationary pressure and the potential for further escalating and retaliatory tariffs. As these challenges evolve, the Company remains focused on operational execution and cost management to mitigate the adverse effects related to this environment."
"AirBoss remains committed to our strategy to broaden and grow our AirBoss Rubber Solutions segment with a focus on adding new compounds and products, technical capabilities and geographic reach and a renewed emphasis on core competencies in our AirBoss Manufactured Products segment," added Gren Schoch, Chairman and Co-CEO of AirBoss. "Although the global economic situation remains uncertain and precarious, we are optimistic that our businesses are strategically located and well-positioned to respond to opportunities and address challenges which may present themselves. We remain committed to our goal of growing AirBoss as a global market leader in the custom rubber compounding market and the industries which we serve."
In thousands of US dollars, except share data | Three-months ended June 30 | Six-months ended June 30 | ||
(unaudited) | 2025 | 2024 | 2025 | 2024 |
Financial results: | ||||
Net sales | 98,637 | 95,367 | 203,746 | 198,857 |
Profit (loss) | 2,265 | (9,568) | 1,857 | (14,495) |
Adjusted Profit1 | 2,265 | (2,717) | 1,857 | (7,644) |
Earnings (loss) per share (US$) | ||||
– Basic | 0.08 | (0.35) | 0.07 | (0.53) |
– Diluted | 0.08 | (0.35) | 0.07 | (0.53) |
Adjusted earnings per share1 (US$) | ||||
– Basic | 0.08 | (0.10) | 0.07 | (0.28) |
– Diluted | 0.08 | (0.10) | 0.07 | (0.28) |
EBITDA1 | 10,242 | (779) | 18,274 | 3,538 |
Adjusted EBITDA1 | 10,242 | 6,072 | 18,274 | 10,389 |
Net cash provided by operating activities | 12,925 | 11,123 | 19,374 | 5,556 |
Free cash flow1 | 11,154 | 7,274 | 15,538 | (104) |
Dividends declared per share (CAD$) | 0.035 | 0.035 | 0.070 | 0.105 |
Capital expenditures | 1,771 | 3,854 | 3,836 | 5,669 |
Financial position: | June 30, 2025 | December 31, 2024 | ||
Total assets | 311,785 | 309,528 | ||
Debt2 | 102,705 | 117,390 | ||
Net Debt1 | 86,297 | 98,888 | ||
Shareholders' equity | 126,971 | 126,010 | ||
Outstanding shares* | 27,149,224 | 27,130,556 | ||
*27,149,224 at August 7, 2025 | ||||
1 See Non-IFRS and Other Financial Measures.
2 Debt as at June 30, 2025 and December 31, 2024 included lease liabilities of
Financial Results
Consolidated net sales for Q2 2025 increased by
Consolidated gross profit for Q2 2025 increased by
Adjusted EBITDA for Q2 2025 increased by
Financial Position
The Company has a
Dividend
The Board of Directors of the Company has approved a quarterly dividend of C
Segment Results
In the AirBoss Rubber Solutions ("ARS") segment, net sales for Q2 2025 decreased by
In the AirBoss Manufactured Products ("AMP") segment, net sales for Q2 2025 increased by
Overview
AirBoss experienced positive traction in Q2 2025 compared to Q2 2024, mainly driven by significant increases in AirBoss Manufactured Products’ (“AMP”) defense products business partially offset by reduced volumes at AirBoss Rubber Solutions (“ARS”). However, the Company experienced softness in Q2 2025 compared to Q1 2025, as continued and pronounced economic headwinds impacted each segment to varying degrees. AirBoss continued to navigate obstacles related to economic and geopolitical challenges, including market softness, tariffs, inflationary pressure and the potential for further escalating and retaliatory tariffs, while maintaining focus on risk mitigation plans, including managing costs and targeting continuous improvements to build momentum at both ARS and AMP. The Company expects further uncertainty to persist in the coming quarters with volume recovery difficult to anticipate, as any recovery could be impacted by the imposition of further tariffs, duties or other restrictions on trade. A significant portion of the products manufactured by the Company in Canada are sold into the United States and may be subject to current or pending tariffs, as well as additional tariffs which could be enacted, given the cross-border nature of the Company’s business operations. The Company continues to evaluate and execute on contingency plans and is carefully executing on all available options to deal with these challenges, including rebalancing production and sales activities between the U.S. and Canada, in order to minimize the impacts to the Company and its customers. Despite the increased economic uncertainty, disruption of trade flows and increased costs and strains on supply chains resulting from these challenges, management remains focused on the successful conversion of key opportunities to support future growth.
ARS had pronounced softness in Q2 2025 compared to Q2 2024. The segment experienced both revenue contraction and reduced margins driven by overall softness in most customer sectors primarily caused by the shifting tariff situation, as customers continued to manage the potential exposure created by tariff headwinds. ARS remains committed to executing on its strategy to deliver strong results by focusing on specialized products, expanded production of a broader array of compounds (white and color), and enhanced flexibility in attracting and fulfilling new business. As a segment, ARS continued to invest in research and development to support enhanced collaboration with customers.
AMP experienced notable improvement in Q2 2025 compared to Q2 2024, primarily due to the defense products business continuing deliveries on previously announced contracts and additional overhead reductions carried out earlier in the prior year to help support profitable growth. Management at AMP also maintained its focus on operational improvements during Q2 2025 and continued to work with key customers with a goal of leveraging opportunities aligned with its growth initiatives. The defense products business continues to work closely with its suppliers and government partners to mitigate the previously announced delays to its Bandolier program and it is now expected that deliveries under this program will be completed in 2026. Further updates will be provided as more information becomes available. The rubber molded products operations were impacted by continued volume softness related to the original equipment manufacturers ("OEMs") shuttering production due to the evolving impact of tariffs in the automotive sector. This business continued its focus on managing costs and a commitment to drive efficiencies and best-in-class automation, as well as diversification of its product lines into adjacent sectors.
The Company’s long-term priorities consist of the following:
- Growing the core Rubber Solutions segment by emphasizing rubber compounding as the core driver for sustainable growth and productivity, focusing on innovation in custom rubber compounding while aiming to expand market share through organic and inorganic means, while striving to achieve enhanced diversification by a broadening of product breadth through technological advancements and investments in specialty compound niches;
- Manufactured Products' growth strategy will be focused on diversifying and expanding its range of rubber molded products while simultaneously narrowing the range of defense products through a renewed focus on core competencies; and
- Executing the strategic review of all product lines currently manufactured and sold by the Company in its Manufactured Products segment while targeting additional acquisition opportunities with a focus on adding new compounds and products, technical capabilities, and geographic reach into selected North American and international markets.
AirBoss continues to focus on these long-term priorities while investing in core areas of the business to expand a solid foundation that will support long-term growth.
Conference Call Details and Investor Presentation
A conference call to discuss the quarterly results is scheduled for 9:00 a.m. ET on Friday, August 8, 2025. Please go to https://www.gowebcasting.com/14105 or dial in to the following numbers: 1-833-821-0163 or 1-647-846-2293 and ask to join the AirBoss of America call. Please connect approximately 10 minutes prior to the call to ensure participation. A replay of the conference call as well as the Company’s updated investor presentation will also be made available at: https://airboss.com/investor-media-center.
AirBoss of America Corp.
AirBoss of America is a diversified developer, manufacturer and provider of survivability solutions, advanced custom rubber compounds and finished rubber products that are designed to outperform in the most challenging environments. Founded in 1989, the company operates through two segments. AirBoss Rubber Solutions (ARS) is a North American custom rubber compounder with 500 million turn pounds of annual capacity and over 2,000 proprietary compounds. AirBoss Manufactured Products (AMP) is a supplier of anti-vibration and rubber molded solutions to the North American automotive market and other sectors, and also a global supplier of personal and respiratory protective equipment and technology for the defense, healthcare, medical and first responder communities, through AirBoss Defense Group. The Company’s shares trade in Canada on the TSX under the symbol BOS and in the United States on the OTCQX under the symbol ABSSF. Visit www.airboss.com for more information.
Non–IFRS and Other Financial Measures: This earnings release is based on financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) and uses Non-IFRS Financial Measures. Management believes that these measures provide useful information to investors in measuring the financial performance of the Company. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. These terms are not measures of performance under IFRS and should not be considered in isolation or as a substitute for net income under IFRS.
EBITDA and Adjusted EBITDA are non-IFRS measures used to measure the Company's ability to generate cash from operations for debt service, to finance working capital and capital expenditures, potential acquisitions and to pay dividends. EBITDA is defined as earnings before income taxes, finance costs, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding impairment costs, acquisition costs, and non-recurring costs. A reconciliation of profit (loss) to EBITDA and Adjusted EBITDA is below.
Three-months ended June 30 | Six-months ended June 30 | |||
(unaudited) | (unaudited) | |||
In thousands of US dollars | 2025 | 2024 | 2025 | 2024 |
EBITDA: | ||||
Profit (loss) | 2,265 | (9,568) | 1,857 | (14,495) |
Finance costs | 2,678 | 2,943 | 5,445 | 5,852 |
Depreciation and amortization | 5,051 | 5,265 | 10,151 | 10,644 |
Income tax expense | 248 | 581 | 821 | 1,537 |
EBITDA | 10,242 | (779) | 18,274 | 3,538 |
Write-down of inventory | — | 6,049 | — | 6,049 |
Restructuring costs | — | 802 | — | 802 |
Adjusted EBITDA | 10,242 | 6,072 | 18,274 | 10,389 |
In the second quarter of 2024, the Company recorded a
In the second quarter of 2024, the Company completed a series of staff reductions. Costs related to this restructuring activity are included in Other expenses on the Statement of Profit and Loss.
Adjusted profit is a non-IFRS measure defined as profit before impairment costs, acquisition costs and non-recurring costs. This measure and Adjusted earnings per share are used to evaluate the operating results of the Company. A reconciliation of Profit to Adjusted profit and Adjusted earnings per share is below.
Three-months ended June 30 | Six-months ended June 30 | |||
(unaudited) | (unaudited) | |||
In thousands of US dollars | 2025 | 2024 | 2025 | 2024 |
Adjusted profit: | ||||
Profit (loss) | 2,265 | (9,568) | 1,857 | (14,495) |
Write-down of inventory (after tax) | — | 6,049 | — | 6,049 |
Restructuring costs (after tax) | — | 802 | — | 802 |
Adjusted profit | 2,265 | (2,717) | 1,857 | (7,644) |
Basic weighted average number of shares outstanding | 27,148 | 27,131 | 27,139 | 27,131 |
Diluted weighted average number of shares outstanding | 27,515 | 27,131 | 27,414 | 27,131 |
Adjusted earnings per share (in US dollars): | ||||
Basic | 0.08 | (0.10) | 0.07 | (0.28) |
Diluted | 0.08 | (0.10) | 0.07 | (0.28) |
Net Debt measures the financial indebtedness of the Company assuming that all cash on hand is used to repay a portion of the outstanding debt. A reconciliation of loans and borrowings to Net Debt is below.
June 30, 2025 | December 31, 2024 | |
In thousands of US dollars | (unaudited) | |
Net debt: | ||
Loans and borrowings - current | 5,461 | 5,002 |
Loans and borrowings - non-current | 97,244 | 112,388 |
Leases included in loans and borrowings | (10,786) | (12,011) |
Cash and cash equivalents | (5,622) | (6,491) |
Net debt | 86,297 | 98,888 |
Free cash flow is a non-IFRS measure used to evaluate cash flow after investing in the maintenance or expansion of the Company's business. It is defined as cash provided by operating activities, less cash expenditures on long-term assets. A reconciliation of cash from operating activities to free cash flow is below.
Three-months ended June 30 | Six-months ended June 30 | |||
(unaudited) | (unaudited) | |||
In thousands of US dollars | 2025 | 2024 | 2025 | 2024 |
Free cash flow: | ||||
Net cash provided by operating activities | 12,925 | 11,123 | 19,374 | 5,556 |
Acquisition of property, plant and equipment | (1,434) | (3,615) | (3,310) | (5,260) |
Acquisition of intangible assets | (337) | (239) | (526) | (409) |
Proceeds from disposition | — | 5 | — | 9 |
Free cash flow | 11,154 | 7,274 | 15,538 | (104) |
Basic weighted average number of shares outstanding | 27,148 | 27,131 | 27,139 | 27,131 |
Diluted weighted average number of shares outstanding | 27,515 | 27,421 | 27,414 | 27,131 |
Free cash flow per share (in US dollars): | ||||
Basic | 0.41 | 0.27 | 0.57 | — |
Diluted | 0.41 | 0.27 | 0.57 | — |
AIRBOSS FORWARD-LOOKING INFORMATION DISCLAIMER
Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could”, “expects”, “believes”, “anticipates”, “forecasts”, “plans”, “intends”, “should” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.
Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions, notably including its impact on demand for rubber solutions and products; dependence on key customers; global defense budgets, notably in the Company’s target markets, and success of the Company in obtaining new or extended defense contracts; contract-related risks; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; global political uncertainty and policy change; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition; AirBoss’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; AirBoss’ ability to successfully develop and execute effective business strategies including, without limitation, the recently announced strategic transition; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws; changes in trade policies or the imposition of new tariffs, duties or other similar restrictions which could influence the cost and flow of goods and services across borders; current and future litigation; ability to obtain financing on acceptable terms and ability to satisfy the covenants set forth in such financing arrangements; environmental damage and non-compliance with environmental laws and regulations; impact of global health situations; IT/cybersecurity risks; potential product liability and warranty claims and equipment malfunction. There is increased uncertainty associated with future operating assumptions and expectations as compared to prior periods. This list is not exhaustive of the factors that may affect any of AirBoss’ forward-looking information.
All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this press release and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly the forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR+ at www.sedarplus.com.

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