Q2 2026 Velan Inc Earnings Call Transcript
Key Points
- Velan Inc (VLNSF) reported an adjusted EBITDA of $3.4 million and operating income of $400,000 on sales of $67.6 million.
- The company successfully delivered the first order from its new manufacturing plant in Saudi Arabia, part of a joint venture in the Middle East.
- Order backlog increased to $285.8 million, up 4% from the beginning of the year, with 88.3% deliverable within 12 months.
- Velan Inc (VLNSF) secured a significant contract for reactor cooling valves related to the refurbishment of an Ontario reactor, totaling more than $15 million.
- The company has a strong financial position with $96 million readily available to execute its strategy and finance expansion.
- Sales decreased by 13% from $77.7 million a year ago, primarily due to rescheduling of order deliveries and tariff disruptions.
- Gross profit decreased to $15.7 million from $20 million last year, affected by lower sales volume and a less favorable product mix.
- Net loss totaled $1.7 million or $0.08 per share, compared to a net loss of $1.2 million or $0.05 per share last year.
- Cash flow from operating activities was negative, with $16 million used in the second quarter compared to generating $4.7 million a year ago.
- Bookings in the second quarter amounted to $65.2 million, down from $88.4 million in the same period last year.
Good morning, ladies and gentlemen, and welcome to the Velan Inc., Q2 financial results conference call. (Operator Instructions) This call is being recorded on Friday, October 10, 2025.
I would now like to turn the conference over to Rishi Sharma, Chief Financial Officer. Please go ahead.
Thank you, operator. Good morning. Bonjour. Thank you for joining us on our conference call. Let's start by discussing the disclaimer from our related Investor Relations presentation, which is available on our website in the Investor Relations section.
As usual, the first paragraph mentions that the presentation provides an analysis of our consolidated results for the second quarter ended August 31, 2025. The Board of Directors approved these results yesterday, October 9, 2025. The second paragraph refers to non-IFRS and supplementary financial measures, which are defined and unreconciled at the end of the presentation.
The last paragraph addresses forward-looking
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