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Velan : Consolidated Financial Statements (Q3) (Financial statement Q3 F2026 English Final)
Velan : Consolidated Financial Statements (Q3) (Financial statement Q3 F2026 English
About this update from Velan Inc.
UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the Nine-month period ended November 30, 2025 NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its auditors PricewaterhouseCoopers LLP have not reviewed the unaudited condensed interim consolidated financial statements for the Nine-month period ended November 30, 2025. Consolidated Statements of Financial Position (in thousands of U.S. dollars) As at November 30, 2025 $ February 28, 2025 $ Assets Current assets Cash and cash equivalents 36,320 34,872 Short-term investments 383 358 Accounts receivable 78,615 62,612 Income taxes recoverable 5,711 5,617 Inventories (note 8) 154,933 134,969 Deposits and prepaid expenses 4,162 3,689 Derivative assets 249 24 Assets held for sale (note 6) - 176,762 280,373 418,903 Non-current assets Property, plant and equipment 50,398 51,349 Intangible assets and goodwill 6,375 5,893 Deferred income taxes 5,193 25,101 Other assets 740 720 62,706 83,063 Total assets 343,079 501,966 Liabilities Current liabilities Bank indebtedness 16,097 2,508 Accounts payable and accrued liabilities 76,726 78,776 Income taxes payable 2,304 1,818 Customer deposits 11,559 22,338 Provisions 7,875 153,957 Derivative liabilities 145 480 Current portion of long-term lease liabilities 1,560 1,437 Current portion of long-term debt (note 9) 3,722 2,096 Liabilities held for sale (note 6) - 110,883 119,988 374,293 Non-current liabilities Long-term lease liabilities 4,221 4,727 Long-term debt (note 9) 13,967 14,107 Income taxes payable - 692 Deferred income taxes 1,339 737 Customer deposits 11,908 3,876 Other liabilities 5,090 4,796 36,525 28,935 Total liabilities 156,513 403,228 Total equity 186,566 98,738 Total liabilities and equity 343,079 501,966 The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements. Consolidated Statements of Income (loss) (in thousands of U.S. dollars, excluding per share amounts) Three-month periods ended November 30, 2025 $ November 30, 2024 $ Sales Cost of sales 71,660 44,483 73,404 45,099 Gross profit 27,177 28,305 Administration costs 16,457 17,003 Restructuring expenses (note 14) 1,305 74,468 Other expenses 3,565 (782) Operating income (loss) 5,8...