Revenue Growth (Full Year and Q4)
Total revenue for 2025 was $51.8M, an increase of ~11% year-over-year from $46.6M in 2024. Fourth-quarter revenue was $13.2M, up ~22% from $10.8M in Q4 2024.
Strong End-Market Demand and International Expansion
Management reported continued strong demand for products domestically and internationally, and active efforts to expand presence in overseas markets, particularly the United States. The company reiterated target installed annual revenue capacity of $60–65M at current market prices.
Accelerated Investment Program and New Plating Lines
The company is executing an accelerated investment program focused on new machinery including two plating lines. The first plating line arrived at the facility (early 2026) and is in assembly; management expects qualification to continue through 2026 and to materially improve output, quality and capacity once commissioned.
Positive EBITDA and Net Profit (Full Year) and Liquidity Position
EBITDA for 2025 was positive at $4.5M (down ~24% from $5.9M in 2024). The company reported a net profit for the year of $0.8M ($0.12 per share), and held $12.1M in cash, cash equivalents and short-term deposits as of Dec 31, 2025.
Lease Extension and Facility Investment Support
Management extended the manufacturing facility lease through the end of 2039 and received a payment to partially offset facility investment; this amount will be amortized over the lease term and is expected to modestly reduce annual rental expense.