Balanced/Neutral. The quarter shows meaningful operational momentum — notably a 32% YoY increase in bookings, an 8% rise in backlog and a multi-million-dollar OPG contract — and reported net income returned to positive. However, profitability on an adjusted basis declined significantly (adjusted EBITDA down ~33.6%, adjusted net income down ~52.9%), working capital and operating cash flows were strained (cash used increased materially), and the company will absorb substantial transaction-related costs and temporarily suspend dividends. The strategic sale to Birch Hill offers access to capital and potential acceleration of the strategic plan but introduces near-term costs and shareholder valuation questions. Taken together, positives and negatives are broadly balanced.

Company Guidance

Management’s guidance was essentially “business as usual” with an expected closing of the proposed Birch Hill transaction in H1 2026, dividends suspended until closing (to resume thereafter), and an expectation to deliver a strong Q4 and that cash inflows will recover once customer delivery schedules normalize; key metrics cited were Q3 sales $71.7M (‑2.4% YoY), adjusted EBITDA $9.5M (vs. $14.3M prior year), gross profit $27.2M (37.9% of sales), adjusted Q3 net income $4.0M (reported net income $3.0M, $0.14/sh), Q3 bookings $77.9M (+32% YoY), backlog $296.8M (80.4% deliverable within 12 months = $238.5M), a >CAD20M OPG order with first shipment Jan 2027 and completion by Jan 2028, cash and short‑term investments $36.7M, bank indebtedness $16.1M, long‑term debt $17.7M, roughly $86M total available liquidity, and estimated transaction-related costs of about USD 10–11M plus ~$5M of change‑of‑control items (≈$16M total, ~$4M already paid).

Order Book and Bookings Growth

Order backlog reached $296.8 million at quarter end, up 8% from the beginning of the year. Bookings for Q3 were $77.9 million, a year-over-year increase of 32%, driven by higher bookings in North America (nuclear and oil & gas), Italy and China.

Significant Contract Win with OPG

Secured a valve order of more than CAD 20 million from Ontario Power Generation (Pickering Nuclear Generation Station refurbishment). First shipment scheduled January 2027 with deliveries completed by January 2028, reinforcing Velan's leadership in nuclear supply.

Positive Adjusted EBITDA and Sales Level

Adjusted EBITDA of $9.5 million on sales of $71.7 million for Q3, reflecting execution of higher-margin projects and tight operating expense control. Sales were $71.7 million (down 2.4% YoY), but the company still produced healthy adjusted EBITDA.

Return to Net Profit

Net income of $3.0 million ($0.14 per share) in Q3 2026 compared to a net loss of $47.8 million ($2.22 per share) in the prior-year quarter — a substantial improvement in reported net results. Adjusted net income was $4.0 million.

Strong Available Liquidity and Balance Sheet

Cash and cash equivalents of $36.3 million and short-term investments of $0.4 million at quarter end. Including credit facilities, working capital financing, letters of credit and guarantees, management cites approximately $86 million of liquidity available to execute strategy and support expansion.

Strategic Partnership and Potential Access to Capital

Velan Holding has agreed to sell its 15.6 million multiple voting shares (~72% of outstanding shares and ~93% of voting rights) to Birch Hill at CAD 13.10 per share. Management positions the transaction as a strategic partnership that will provide Birch Hill's operational expertise and access to capital to accelerate execution of the strategic plan.

Cost Management and Administrative Reductions

Administration costs decreased to $16.5 million (23% of sales) from $17.0 million (23.2% of sales) year-over-year, reflecting cost-reduction initiatives.

Velan Inc. SV (TSE:VLN) Earnings, Revenues Date & History

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TSE:VLN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 20, 2026	2026 (Q4)	- / -	-0.823	―	―	―
Jan 14, 2026	2026 (Q3)	- / 0.19	-3.955	104.91% (+4.15)	―	―
Oct 09, 2025	2026 (Q2)	- / -0.15	0.008	-2037.50% (-0.16)	―	―
Jul 10, 2025	2026 (Q1)	- / -1.21	-0.07	-1632.86% (-1.14)	―	―
May 22, 2025	2025 (Q4)	- / -0.82	-0.13	-533.08% (-0.69)	―	―
Jan 15, 2025	2025 (Q3)	- / -3.96	-0.458	-763.54% (-3.50)	―	―
Oct 10, 2024	2025 (Q2)	- / <0.01	-0.131	106.11% (+0.14)	―	―
Jul 12, 2024	2025 (Q1)	- / -0.07	-0.521	86.56% (+0.45)	―	―
May 17, 2024	2024 (Q4)	- / -0.13	-2.948	95.59% (+2.82)	―	―
Jan 11, 2024	2024 (Q3)	- / -0.46	0.171	-367.84% (-0.63)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TSE:VLN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 14, 2026	C$19.23	C$18.79	-2.29%
Oct 09, 2025	C$15.85	C$15.70	-0.94%
Jul 10, 2025	C$13.79	C$14.65	+6.23%
May 22, 2025	C$16.78	C$15.47	-7.76%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Velan Inc. SV (TSE:VLN) report earnings?

Velan Inc. SV (TSE:VLN) is schdueled to report earning on May 20, 2026, TBA (Confirmed).

What is Velan Inc. SV (TSE:VLN) earnings time?

Velan Inc. SV (TSE:VLN) earnings time is at May 20, 2026, TBA (Confirmed).

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