Haivision Systems (HAI) AI Stock Analysis

• Market Cap: C$234.94M
• Dividend Yield: N/A
• Average Volume (3M): 16.91K
• Price to Earnings (P/E): 1234.3
• Beta (1Y): 0.24
• Revenue Growth: -5.56%
• EPS Growth: -124.69%
• Country: CA
• Employees: 379
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 0.11
• Shares Outstanding: 27,192,580
• 10 Day Avg. Volume: 17,895
• 30 Day Avg. Volume: 16,911
• PEG Ratio: -12.88
• Price to Book (P/B): 1.47
• Price to Sales (P/S): 1.05
• P/FCF Ratio: 20.66
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$8.00
• Price Target Upside: -7.41% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 67 Neutral
• Price Target: C$9.50 ▲(9.95% Upside)

The score is driven primarily by solid financial resilience (low leverage and strong recent cash generation) but held back by inconsistent profitability and thin latest-year earnings. Technicals are strong but look overheated, adding pullback risk. Valuation is a major negative due to the extremely high P/E, while the earnings call was supportive given reiterated growth/EBITDA guidance and strong Q4 momentum, tempered by expense and seasonality risks.

Positive Factors

Balance Sheet Strength

A conservative capital structure with low leverage provides durable financial flexibility: it enables continued R&D and inventory build for product ramps, supports opportunistic buybacks or M&A, and reduces refinancing risk during cyclical downturns, strengthening long-term resilience.

Cash Generation

Consistently positive operating and free cash flow in recent years underpins liquidity and self-funding capacity. Strong cash conversion supports investment in new products, working capital for scaling production, and preserves optionality versus reliance on external capital—despite historical volatility.

Product Momentum & Recurring Revenue Mix

New product launches shipping in volume and a rising recurring revenue base (maintenance, support, cloud ~21%) improve structural revenue stability and customer stickiness. The Minor League Baseball win signals commercial validation and channel expansion that can sustain durable demand over multiple years.

Negative Factors

Earnings Volatility

Large swings in profitability indicate weak earnings durability; inconsistent margins complicate forecasting and capital allocation. This variability suggests exposure to project timing, product mix shifts, and margin pressure that could re-emerge absent sustained scale or structural margin improvements.

Scale Dependence for Target Margins

The profitability thesis relies on achieving a specific revenue scale; failing to reach or sustain ~ $160M prolongs margin targets and increases execution risk. This structural dependency amplifies sensitivity to market demand, sales execution, and competitive pressure over the medium term.

Rising Expenses & Recent Operating Loss

Higher sales comp, increased R&D, and a litigation charge drove expense growth and an operating loss, pressuring sustainable profitability. If expense growth outpaces revenue scale, margin recovery will be harder and could force trade-offs between investment and near-term cash generation.

Haivision Systems Business Overview & Revenue Model

Company Description

Haivision Systems Inc. provides infrastructure solutions worldwide. It offers Makito Series, a range of products designs to encode and decode 4K/UHD HEVC and H.264 video formats, and low latency end-to-end streaming over IP suitable for live and interactive video applications; KB Series, a software encoder and transcoder that delivers high-quality video streaming for resolutions up to 4K/UHD; Kraken, a software-based high-low latency tactical live video encoder and transcoder for video streams to traverse different networks and feed enterprise distribution networks; Haivision Media Platform, a software platform provides low latency and live video distribution; Haivision/CineMassive CineNet, a software platform for situational awareness and real-time decision making in mission-critical command and control environments; Haivision Element Management System, a cloud software-based solution which enables the streamlined management and monitoring of geographically distributed edge devices within a single web-based graphical user interface; Haivision SRT Gateway, a hybrid software-based solution for secure routing of live video streams across different types of IP networks; Haivision Hub, a cloud-based service for live and low latency media routing across the Microsoft Azure network; Haivision Connect, a cloud software as a service platform for delivering live and on-demand content to video portals and web sites; Haivision Connect DVR, a cloud-based service that connects multi-site ministries; and SRT Streaming Protocol that optimizes streaming performance across unpredictable networks. It also provides playing back and displaying solutions; and online streaming services. It serves broadcast, enterprise, government, house of worship, medical, and military and defense industries. The company was formerly known as Hajtek Vision Inc. and changed its name to Haivision Systems Inc. in June 2004. The company was incorporated in 2004 and is headquartered in Montreal, Canada.

How the Company Makes Money

Haivision makes money through a combination of hardware sales, software licensing, and cloud services subscriptions. The primary revenue streams include the sale of high-performance video encoding and decoding hardware, which is utilized in live broadcasting and video conferencing. Additionally, the company generates revenue from its software solutions, including video management and streaming software, which can be licensed to customers for ongoing use. Cloud services, such as video streaming and content delivery solutions provided on a subscription basis, also contribute significantly to Haivision's revenue. Strategic partnerships with major technology firms and integration with broadcasting systems enhance the company's market reach and can lead to increased sales opportunities, further bolstering its earnings.

Haivision Systems Financial Statement Overview

Summary

Balance sheet strength (low leverage and stable equity) and strong recent operating/free cash flow support resilience. Offsetting this, profitability has been volatile—moving from profits to multi‑year losses, rebounding in 2024, then slipping to near break‑even in 2025—raising questions about sustainable margins.

Income Statement

Revenue has grown over the long run (2020 to 2025), but the path has been uneven, including a revenue decline in 2024 followed by modest growth in 2025. Profitability is the main swing factor: the company moved from solid profitability in 2020 to losses in 2021–2023, rebounded to meaningful profitability in 2024, and then fell back to near break-even in 2025 (very low net income and EBIT). Gross profit remains large in absolute dollars, but the recent step-down in operating profit suggests margin pressure and less consistent earnings quality than top-tier software peers.

Balance Sheet

The balance sheet looks relatively conservative, with low debt versus equity across the period where it’s provided (debt-to-equity generally in the low-to-mid teens, peaking below 0.30). Equity has remained sizable and stable relative to total assets, which supports financial flexibility. The key weakness is that returns to shareholders have been inconsistent (negative in several years and modestly positive in 2024), indicating the balance sheet strength hasn’t consistently translated into durable profitability.

Cash Flow

Cash generation is a notable strength overall: operating cash flow and free cash flow were strongly positive in 2023–2025, including a sharp improvement in 2025 versus 2024 on a free-cash-flow basis. The main concern is volatility—2022 showed negative operating and free cash flow—and recent cash flow is meaningfully higher than reported earnings in 2025, which is good for liquidity but also highlights how thin current-period accounting profits are.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	137.64M	129.54M	139.86M	125.70M	92.59M
Gross Profit	91.97M	94.69M	98.58M	86.33M	69.33M
EBITDA	7.89M	15.30M	11.07M	3.06M	-2.67M
Net Income	114.64K	4.70M	-1.27M	-6.19M	-8.78M
Balance Sheet
Total Assets	145.04M	141.32M	144.09M	148.60M	122.48M
Cash, Cash Equivalents and Short-Term Investments	17.20M	16.47M	8.29M	5.77M	26.84M
Total Debt	9.98M	10.27M	16.18M	24.97M	8.59M
Total Liabilities	47.46M	44.52M	49.94M	58.35M	33.56M
Stockholders Equity	97.58M	96.80M	94.15M	90.25M	88.92M
Cash Flow
Free Cash Flow	6.96M	17.49M	14.20M	-6.12M	1.44M
Operating Cash Flow	8.71M	19.49M	15.25M	-5.08M	2.22M
Investing Cash Flow	-1.75M	-2.20M	-3.07M	-25.76M	-20.32M
Financing Cash Flow	-6.69M	-9.18M	-9.88M	8.58M	30.23M

Haivision Systems Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.64
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HAI, the sentiment is Positive. The current price of 8.64 is above the 20-day moving average (MA) of 7.23, above the 50-day MA of 6.09, and above the 200-day MA of 5.09, indicating a bullish trend. The MACD of 0.85 indicates Negative momentum. The RSI at 76.24 is Negative, neither overbought nor oversold. The STOCH value of 86.76 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:HAI.

Haivision Systems Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HAI	67 Neutral	C$234.94M	1,234.29	-1.32%	―	-5.56%	-124.69%
BB	65 Neutral	$2.78B	191.46	2.88%	―	-9.05%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
STC	56 Neutral	C$217.56M	-28.78	-2.18%	―	-4.34%	31.52%
NBVA	47 Neutral	C$10.53M	-11.19	-24.65%	―	-69.94%	-281.40%
PLUR	45 Neutral	C$14.96M	-1.51	―	―	17.18%	79.56%
MTLO	41 Neutral	C$2.92M	-0.44	―	―	-13.42%	-126.00%

Haivision Systems Corporate Events

Haivision Delivers Record Q4 Revenue on Private 5G and Defense Demand Despite Full-Year Profit Squeeze

Haivision reported record fourth-quarter 2025 revenue of $40.2 million, up 33.3% year over year, with gross margins steady at 73.0% and operating profit rising to $3.9 million from $0.2 million, driven by strong demand in defense, ISR, control-room, and private 5G networking markets and the successful launch of new products like the KX1 edge processor and Falkon X2 transmitter. For the full fiscal year 2025, revenue grew 6.3% to $137.6 million, but higher spending on sales, marketing, and R&D to support long-term growth led to an operating loss of $1.2 million and lower adjusted EBITDA of $12.8 million; nevertheless, the company’s back-to-back quarters of double-digit revenue and EBITDA margins, multiple industry awards, and participation in high-profile 5G and defense collaborations signal strengthening competitive positioning and expanding opportunities despite short-term margin pressure.

The most recent analyst rating on (TSE:HAI) stock is a Buy with a C$5.50 price target. To see the full list of analyst forecasts on Haivision Systems stock, see the TSE:HAI Stock Forecast page.

Haivision Systems to Release Q4 and Full Year 2025 Financial Results

Haivision Systems Inc. announced plans to release its financial results for the fourth quarter and full year ending October 31, 2025, on January 14, 2026. The announcement will be followed by a conference call hosted by the management team to discuss the results. This release is significant for stakeholders as it provides insights into the company’s financial performance and strategic direction, potentially impacting its market positioning and investor confidence.

The most recent analyst rating on (TSE:HAI) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Haivision Systems stock, see the TSE:HAI Stock Forecast page.