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Velan (VLN) investor relations material
Velan Q4 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Fiscal 2026 sales rose 0.4% year-over-year to $296.4 million, with gross profit margin steady at 27.4%.
Order backlog increased 3.1% to $283.3 million, with 76.5% deliverable in the next 12 months.
Strong cash position of $53.4 million and total available liquidity of $102.6 million at year-end.
Completed sale of French subsidiaries and divestiture of asbestos-related liabilities, unlocking value and returning it to shareholders via a special dividend.
Announced intent to sell controlling interest to Birch Hill Equity Partners, pending regulatory approvals.
Financial highlights
Q4 2026 sales grew 2.1% to $84.9 million year-over-year.
Fiscal 2026 gross profit was $81.1 million (27.4% margin), down from $84.9 million (28.8%) in 2025.
Adjusted EBITDA for fiscal 2026 was $20.7 million, down from $27.5 million in 2025.
Adjusted net income for fiscal 2026 was $0.9 million, compared to $6.6 million in 2025.
Cash flow from operating activities was $22.3 million in Q4 2026.
Outlook and guidance
Expectation of improved operating performance in fiscal 2027, supported by a solid backlog and cost discipline.
Birch Hill Equity Partners' involvement expected to accelerate growth and value creation.
Focus on sharper cost discipline and operational improvements.
Ongoing geopolitical and trade uncertainties may impact performance.
- Bookings and backlog improved, supporting growth and cash flow focus for 2025.VLN
AGM 20243 Feb 2026 - Q1 sales up 14.5%, gross margin 30.7%, backlog $528.3M, and major nuclear deal signed.VLN
Q1 20253 Feb 2026 - Bookings and sales soared, backlog reached $548.1M, and net income turned positive.VLN
Q2 202519 Jan 2026 - Strong backlog, major asset sale, and ownership transition marked Q3 2026.VLN
Q3 202615 Jan 2026 - Q3 saw 18.1% sales growth, margin gains, and risk reduction from major divestitures.VLN
Q3 202510 Jan 2026 - Shareholders approved the $201.1 million sale of French subsidiaries to Framatome.VLN
EGM 202526 Dec 2025 - Sales and margins surged, with divestitures and a special dividend boosting future prospects.VLN
Q4 202524 Nov 2025 - 18.6% sales growth, margin gains, and record cash drive a higher dividend and strong outlook.VLN
Q1 202616 Nov 2025 - Strong growth, risk reduction, and strategic expansion defined the year, with all motions approved.VLN
AGM 202516 Nov 2025
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