Firan Technology Group Corporation (“FTG”) Announces Second Quarter 2026 Financial Results
Rhea-AI Summary
Firan Technology Group (OTCQX:FTGFF) reported strong Q2 2026 results, with revenue of $52.7M, up 8.2% year over year, and gross margin improving to 36.5%.
Bookings reached $86.7M (up 89%), backlog hit $193.5M (up 30%), adjusted EBITDA was $10.5M (+20%), and adjusted net earnings were $5.1M (+44%). Free cash flow was $2.7M, and net debt stood at $2.9M, or 0.1x trailing 12‑month EBITDA.
Positive
- Bookings $86.7M, up 89% year over year; book-to-bill 1.64
- Backlog $193.5M at quarter end, 30% higher than prior year end
- Revenue $52.7M in Q2 2026, up 8.2% versus Q2 2025
- Gross margin 36.46% in Q2 2026 versus 32.56% in Q2 2025
- Adjusted EBITDA $10.5M in Q2 2026, up 20% from $8.7M
- Adjusted net earnings $5.1M in Q2 2026, up 44% from Q2 2025
- Free cash flow $2.7M in Q2 2026 versus negative $5.5M in Q2 2025
- Net debt $2.9M, equal to 0.1x trailing 12-month EBITDA
- Aerospace segment revenue up 21% in Q2 2026 to $19.2M
- Aerospace Calgary profitable in 2026 with follow-on AFIRS Edge+ sales and licensing
Negative
- Unfavourable foreign exchange reduced Circuits Q2 2026 revenue by $0.8M
- Unfavourable foreign exchange reduced Circuits YTD 2026 revenue by $2.1M
- Unfavourable foreign exchange reduced Aerospace Q2 2026 revenue by $0.4M
- Unfavourable foreign exchange reduced Aerospace YTD 2026 revenue by $1.0M
- India startup costs of $107K in YTD 2026 reduce reported EBITDA
- $9.4M of government loans included within $2.9M net debt balance
News Market Reaction – FTGFF
In the Jul 9 session, FTGFF declined 1.35%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 a89% increase over Q2 2025 and a book-to-bill ratio of 1.64:1 - Backlog: The quarter-end backlog stood at
$193.5 million , a30% rise from the previous year end. - Revenue:
$52.7 million , an8.2% increase over Q2 2025. - Adjusted EBITDA:
$10.5 million in Q2 2026, up20% 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 of44% 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% | 33.80% | |||
| 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
Revenue for the year-to-date period of 2026 was
FTG Aerospace
Revenue for Q2 2026 was
Revenue for the year-to-date period of 2026 was
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% | 17.2% | |||
| 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% | 17.8% |
(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:
- Bradley C. Bourne, President and CEO
Tel: (416) 299-4000 x314
bradbourne@ftgcorp.com - Drew Knight, Executive Vice President, CFO, and Corporate Secretary
Tel: (416) 299-4000 x264
drewknight@ftgcorp.com
Head Office: 250 Finchdene Square, Toronto, Ontario, M1X 1A5
Additional information can be found at the Corporation’s website www.ftgcorp.com.
