Record Revenue and Bookings Growth
Full-year revenue of $191.0M, up 18% vs 2024; bookings of $209.9M for the year, up 14% vs 2024; year-end backlog of $148.5M, up 21% vs 2024 with ~80% expected to convert to revenue in 2026.
Strong Profitability and Margin Expansion
Adjusted EBITDA of $32.7M (17.1% of sales), up 27% vs 2024; gross margin improved to $60.6M or 31.7% of sales (up 430 bps vs 27.3% in 2024). Revenue per employee rose 6% to $254K.
Earnings Improvement (Adjusted and GAAP)
Adjusted net earnings of $13.5M in 2025 (CEO figure, +31% vs 2024). GAAP net earnings of $13.1M ($0.52 diluted), up 15.6% vs $10.8M in 2024.
Cash Flow and Balance Sheet Strength
Operating cash flow of $18.1M (up $3.6M vs 2024); capital expenditures reduced to $4.6M from $7.2M; primary sources of liquidity of $78M (working capital $58M + $20M unused credit). Net debt of $8.3M equals ~0.3x trailing 12‑month EBITDA.
Aerospace & FLYHT Integration Progress
Aerospace sales up 43% in 2025 (≈90% from FLYHT acquisition). Obtained multiple STCs for AFIRS Edge+ (B737, A320 across jurisdictions), first in‑house AFIRS Edge+ deliveries to an Asian airline, renamed FLYHT to FTG Aerospace Calgary and began licensing revenue on SATCOM radio.
Commercial and Geographic Diversification
Circuits sales up 6% (organic). U.S. customer revenue share fell to 69.9% from 78.3% in 2024; sales outside U.S. grew from $35M to >$57M. Top 5 customer concentration improved to 51.7% from 58.4%.
Defense Program Wins and Market Tailwinds
FTG Circuits qualified for two significant classified defense programs with deliveries expected to start in 2026 and ramp through 2027. Company positioned to benefit from rising NATO, U.S. and Canadian defense budgets and multiple large OEM ramp plans (Airbus, Boeing).
Operational Investments and Global Expansion
Toronto capacity expansion planned (targeting at least +30% capacity), new aerospace facility in Hyderabad, India under construction (expected Q2 2026, estimated investment ≈$2M), and manufacturing shifts (Edge+ manufacturing in Tianjin; Chatsworth manufacturing plans) to capture margins.