Business
Metatek-Group Ltd. Reports First Quarter Fiscal Year 2026 Results
Calgary, Alberta--(Newsfile Corp. - May 14, 2026) - Metatek-Group Ltd. (TSX: MTEK) (" M...
About this update from Metatek-group Ltd.
[{"type":"text","content":"Metatek-Group Ltd. Reports First Quarter Fiscal Year 2026 ResultsCalgary, Alberta--(Newsfile Corp. - May 14, 2026) - Metatek-Group Ltd. (TSX: MTEK) (\"Metatek\" or the \"Company\") announced financial results for the three months ended March 31, 2026 (the \"Financial Statements\"). All amounts are expressed in US dollars unless otherwise stated.\"First quarter results reflect the normal seasonality of our government-led business, with activity building through the year as client programs move through budget and approval cycles,\" said Dr. Mark Davies, Chief Executive Officer of Metatek. \"We executed well on repeat client work during the quarter and completed the first operational deployment of our new dFTG system, which performed better than expected and was well received by the client. We exited Q1 with a strong Adjusted Backlog that provides visibility into the next 18 months, and with a strengthened balance sheet following our IPO. Our focus is on disciplined execution and converting backlog into revenue as activity accelerates through the year.\"First Quarter 2026 Highlights:Revenue of $4.1 million, unchanged from the same period of the prior year.First quarter revenue was primarily driven by two eFTG surveys for repeat clients, including a follow-on project in Angola and an initial project in West Africa ahead of a larger planned survey expected to commence in Q2 2026, both of which were completed within the quarter.A dFTG project in Dubai commenced in late February 2026 but was temporarily paused due to regional military activity and airspace closures, with approximately 12% of data acquisition completed. The aircraft and crew demobilized from the country after quarter-end, and there are plans to return and complete the project when conditions allow.Adjusted Backlog1 of approximately $77 million as at March 31, 2026, reflecting growth from the $46 million disclosed in the Company's IPO preliminary prospectus on March 2, 2026, is expected to be realized over the next 18 months.Gross Profit1 of $1.8 million, compared to $2.2 million for the same period of the prior year, representing Gross Profit Margin1 of 44%, reflecting ongoing operational costs incurred in Dubai while data acquisition paused.Adjusted EBITDA1 of $0.4 million after excluding IPO financing expenses and early term loan repayment costs. Net cash in...