Haivision Systems, Inc. (TSE:HAI)
TSX:HAI
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Haivision Systems
(TSX:HAI)
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Rating:62Neutral
Price Target:
C$8.50
▲(11.26% Upside)
Action:ReiteratedDate:03/14/26
The score is driven primarily by solid financial stability and cash generation (low leverage and positive/free cash flow), supported by a generally positive earnings-call outlook and reiterated growth/EBITDA guidance. Offsetting these are very weak valuation (extremely high P/E) and only mixed technicals, with the stock below key short-term averages and subdued momentum indicators.
Positive Factors
Conservative Balance Sheet
Low leverage and a meaningful equity cushion provide durable financial flexibility. With debt-to-equity near 0.10 and declining debt trends, the company can fund growth, absorb shocks, and access its credit facility without immediate refinancing pressure, supporting multi-quarter operational plans.
Negative Factors
Thin & Volatile Profitability
Very low trailing net margins and historically volatile profitability limit internal capital for growth and make earnings sensitive to mix, timing, or one-off costs. Sustained margin improvement is required to fund strategic investments and validate long-term margin targets.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Low leverage and a meaningful equity cushion provide durable financial flexibility. With debt-to-equity near 0.10 and declining debt trends, the company can fund growth, absorb shocks, and access its credit facility without immediate refinancing pressure, supporting multi-quarter operational plans.
Read all positive factors
Haivision Systems (HAI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$210.08M
Dividend YieldN/A
Average Volume (3M)16.91K
Price to Earnings (P/E)―
Beta (1Y)0.45
Revenue Growth-5.56%
EPS Growth-124.69%
CountryCA
Employees379
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.01
Shares Outstanding27,497,938
10 Day Avg. Volume17,895
30 Day Avg. Volume16,911
Financial Highlights & Ratios
PEG Ratio-12.88
Price to Book (P/B)1.47
Price to Sales (P/S)1.05
P/FCF Ratio20.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$12.00Price Target Upside57.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.2
Revenue Forecast (FY)C$150.95M
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 i...
How the Company Makes Money
Haivision makes money primarily by selling and licensing video streaming and networking solutions to organizations that need to move, manage, and securely distribute high-quality video. Key revenue streams include: (1) Product revenue from the sal...
Haivision Systems Earnings Call Summary
Earnings Call Date:Jan 14, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 17, 2026
Earnings Call Sentiment Positive
The call emphasized a strong, improving business trajectory highlighted by a record Q4 ($40.2M) and robust Q4 YoY growth of 33.3%, meaningful Q4 adjusted EBITDA improvement (up 140% to $7.1M) and product momentum (Falkon X2, Kraken X1) along with a large commercial partnership (Minor League Baseball). Recurring revenues grew and the company built cash while reaffirming fiscal 2026 guidance of >$150M and expecting a >50% increase in adjusted EBITDA. Offsetting these positives were full‑year operating losses and a decline in full‑year adjusted EBITDA, rising expenses from strategic investments, a nonrecurring litigation charge, and seasonal/backlog concentration that may pressure some near‑term quarters. Management framed the results as an inflection point toward sustained double‑digit revenue and EBITDA growth, though realization of the >20% EBITDA target depends on reaching higher scale (around $150–160M+), likely into 2027.Positive Updates
Record Quarterly Revenue
Q4 fiscal 2025 revenue was a company record at $40.2 million, the first quarter to eclipse $40 million.
Negative Updates
Full‑Year Adjusted EBITDA Decline and Operating Loss
Full fiscal year adjusted EBITDA was $12.8M versus $17.3M last year (decline). The company reported a full‑year operating loss of $1.2M compared to an operating profit of $5.5M the prior year (a swing of $6.7M).
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Q4-2025 Updates
Positive
Negative
Record Quarterly Revenue
Q4 fiscal 2025 revenue was a company record at $40.2 million, the first quarter to eclipse $40 million.
Read all positive updates
Company Guidance
Management reiterated fiscal 2026 guidance of revenues above $150 million (targeting the ~$150–$160M scale where they expect to reach 20%+ adjusted EBITDA), calling for double‑digit revenue growth while keeping operating expenses roughly flat versus FY2025; that operating leverage is expected to drive at least a 50% increase in adjusted EBITDA (i.e., double‑digit EBITDA growth) and move adjusted EBITDA margins up from the Q4 level of 17.6% toward their long‑term target. For context, Q4 FY2025 revenue was $40.2M (up 33.3% YoY) and full‑year revenue was $137.6M, Q4 adjusted EBITDA was $7.1M (17.6% margin) and FY adjusted EBITDA was $12.8M, recurring revenue was $28.9M (~21% of FY revenue), and management noted amortization step‑downs (~$600K and ~$350K per quarter) and a cash/credit position of $17.2M cash and a $35M credit facility with $2.7M drawn.Haivision Systems Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 144.70M | 137.64M | 129.54M | 139.86M | 125.70M | 92.59M |
| Gross Profit | 100.53M | 91.97M | 94.69M | 98.58M | 86.33M | 69.33M |
| EBITDA | 9.77M | 7.89M | 15.30M | 11.07M | 3.06M | -2.67M |
| Net Income | 1.01M | 114.64K | 4.70M | -1.27M | -6.19M | -8.78M |
Balance Sheet | ||||||
| Total Assets | 138.74M | 145.04M | 141.32M | 144.09M | 148.60M | 122.48M |
| Cash, Cash Equivalents and Short-Term Investments | 16.99M | 17.20M | 16.47M | 8.29M | 5.77M | 26.84M |
| Total Debt | 12.00M | 9.98M | 10.27M | 16.18M | 24.97M | 8.59M |
| Total Liabilities | 44.37M | 47.46M | 44.52M | 49.94M | 58.35M | 33.56M |
| Stockholders Equity | 94.37M | 97.58M | 96.80M | 94.15M | 90.25M | 88.92M |
Cash Flow | ||||||
| Free Cash Flow | 7.79M | 6.96M | 17.49M | 14.20M | -6.12M | 1.44M |
| Operating Cash Flow | 9.20M | 8.71M | 19.49M | 15.25M | -5.08M | 2.22M |
| Investing Cash Flow | -1.41M | -1.75M | -2.20M | -3.07M | -25.76M | -20.32M |
| Financing Cash Flow | -7.08M | -6.69M | -9.18M | -9.88M | 8.58M | 30.23M |
Haivision Systems Technical Analysis
Negative
7.64
Price Trends
8.73
Negative
7.14
Positive
6.01
Positive
Market Momentum
-0.37
Positive
39.07
Neutral
46.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HAI, the sentiment is Negative. The current price of 7.64 is below the 20-day moving average (MA) of 8.13, below the 50-day MA of 8.73, and above the 200-day MA of 6.01, indicating a neutral trend. The MACD of -0.37 indicates Positive momentum. The RSI at 39.07 is Neutral, neither overbought nor oversold. The STOCH value of 46.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:HAI.
Haivision Systems Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | C$2.89B | 43.05 | 3.01% | ― | -9.05% | ― | |
62 Neutral | C$210.08M | -322.84 | 1.08% | ― | -5.56% | -124.69% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | C$176.05M | -28.58 | -2.82% | ― | -4.34% | 31.52% | |
45 Neutral | C$9.12M | -16.31 | -21.69% | ― | -69.94% | -281.40% | |
45 Neutral | C$2.92M | -0.41 | ― | ― | -13.42% | -126.00% | |
45 Neutral | C$9.05M | -3.84 | 286.87% | ― | 17.18% | 79.56% |
* Technology Sector Average
TSE:HAI
Haivision Systems
7.64
3.74
95.90%
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Haivision Systems Corporate Events
Business Operations and StrategyFinancial Disclosures
Haivision Delivers Record Q4 Revenue on Private 5G and Defense Demand Despite Full-Year Profit Squeeze
Positive
Jan 15, 2026
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-roo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.