Business
Velan Inc. Reports Solid Performance in the Third Quarter of Fiscal 2026
MONTREAL, Jan. 14, 2026 (GLOBE NEWSWIRE) -- Velan Inc. (TSX: VLN) (“Velan” or the &...
About this update from Velan Inc.
Velan Inc. Reports Solid Performance in the Third Quarter of Fiscal 2026 MONTREAL, Jan. 14, 2026 (GLOBE NEWSWIRE) -- Velan Inc. (TSX: VLN) (“Velan” or the “Company”), a world-leading manufacturer of industrial valves, announced today financial results for its third quarter ended November 30, 2025. All amounts are expressed in U.S. dollars unless indicated otherwise. THIRD-QUARTER HIGHLIGHTS FROM CONTINUING OPERATIONS IFRS MEASURES Sales of $71.7 million, versus $73.4 million last year.Gross profit of $27.2 million, or 37.9% of sales, compared to $28.3 million, or 38.6% of sales, last year.Operating income of $5.9 million, compared to an operating loss of $62.4 million a year ago.Net income1 of $3.0 million, or $0.14 per share, versus a net loss of $47.8 million, or $2.22 per share, last year.Solid financial position with access to total liquidity of approximately $86 million and a net cash position of $20.2 million as at November 30, 2025. NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES Backlog2 of $296.8 million, up 8.0% since the beginning of the fiscal year.Bookings2 of $77.9 million, versus $59.1 million last year.Adjusted net income2 of $4.0 million, versus adjusted net income of $8.5 million last year.Adjusted EBITDA2 of $9.5 million, compared to $14.3 million last year. NINE-MONTH HIGHLIGHTS FROM CONTINUING OPERATIONS IFRS MEASURES INCLUDING SIGNIFICANT TRANSACTIONS (see below) Sales of $211.5 million, compared to $212.0 million for the same period last year.Gross profit of $63.5 million, or 30.0% of sales, versus $65.1 million, or 30.7% of sales, last year.Operating income of $2.4 million, compared to an operating loss of $64.4 million a year ago.Net income of $19.2 million, or $0.89 per share, versus a net loss of $51.2 million, or $2.37 per share last year.Net income of $77.8 million, including discontinued operations, compared to a net loss of $63.1 million for the same period last year. NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES Bookings of $221.3 million, versus $230.5 million last year.Adjusted net income of $2.9 million, versus adjusted net income of $11.5 million last year.Adjusted EBITDA of $16.7 million, compared to $23.9 million last year. "Velan delivered solid performance in the third quarter of fiscal 2026, driven by the execution of high-margin projects and a tight management of operating expenses," said...