Adjusted EBITDA Recovery and Strong Margin Expansion (Excluding One‑Off)
Reported adjusted EBITDA of $11.8M for Q2 FY2026. Excluding the prior-year Project Milton ($5.9M of EBITDA), adjusted EBITDA increased by $5.7M, or 93.4% year-over-year on a normalized basis. Adjusted EBITDA margin expanded by 780 basis points to 18.6% (ex-Milton).
Improved Gross Profit Margin
Adjusted gross profit margin returned to more normalized levels, improving 340 basis points to 27.3% in the quarter versus 23.9% in the year-ago period (Milton project impact removed from comparisons).
Same‑Store and Acquisition Growth
Same-store growth contributed $3.6M in U.S. operations and $1.4M in Canadian operations, with an additional $0.7M of growth from acquisitions in the quarter, demonstrating organic and inorganic contributions to growth.
Technology Rollouts — Navigate Platform and Ray AI Agent
Launched Navigate, a proprietary global trade management and collaboration platform positioned to drive visibility, automation and faster decision-making; launched Ray, the first AI-powered agent focused on streamlining international quote administration. Management expects these initiatives to improve response times, service quality and drive incremental organic growth.
Strong Balance Sheet and Active Capital Allocation
Company reported being virtually debt-free (no net debt as of latest date relative to a $200M credit facility) and repurchased $2.7M of stock in the quarter. Management plans continued disciplined capital allocation via agent station conversions, tuck-in acquisitions and buybacks.