Q2 2024 Firan Technology Group Corp Earnings Call Transcript

Jul 11, 2024 / 12:30PM GMT

Release Date Price: C$6.22 (+5.07%)

Transcript

Key Points

Positve

Second quarter bookings of $58.7 million, up 46% over Q2 last year.
Second quarter revenues of $38.8 million, up 14% over Q2 last year.
Adjusted net earnings in Q2 2024 of $2.6 million, up 13% over Q2 2023.
Achieved second quarter adjusted EBITDA of $6.5 million, up 25% over Q2 last year.
Free cash flow of $2 million in the quarter, an increase of $2.4 million over Q2 2023.

Negative

Gross margin rate for Q2 2024 was 27.9%, down from 29.4% in Q2 2023.
Lower sales of simulator products negatively impacted gross margin.
Production impacts from ERP transition in March and April.
Aerospace business was down $3.6 million in Q2 versus Q2 last year.
Challenges with staffing levels and production throughput at some sites.

Operator

Good morning, everyone. My name is [Sur shel] now be your conference operator today. I would like to welcome everyone to the FTG. Q2 2024 analyst call. All lines have been placed on mute. There will be a question-and-answer session following the call. (Operator Instructions) Please note that this call is being recorded.

I would now like to turn the call over to Mr. Brad Bourne, the President and Chief Executive Officer of FTG. Mr. Bourne, you may proceed.

Bradley Bourne

Firan Technology Group Corp - President, CEO, Board Member

Thank you. Good morning. I'm Brad Bourne, President and CEO, Firan Technology Group Corporation or FTG. Also on the call today is Jamie Crichton, our Chief Financial Officer. And before we go any further, I must caution you that this call may contain forward-looking statements. Such statements are based on current expectations of Management of the company and inherently involve numerous risks and uncertainties known and unknown, including economic factors in the company's industry generally.

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