Velan narrowed its net loss and slightly increased its revenue in the fourth quarter.
The Montreal-based company reported a net loss of US$2.1 million in the fourth quarter of fiscal 2024, or US$0.10 per share, down from US$47.2 million, or US$2.18 per share. action, at the same period of the previous financial year.
The company specializing in the manufacture of industrial valves saw an increase in its turnover. It went from US115.1 million last year to US117.9 million for the quarter ending February 29, according to results presented on Friday.
The company attributes this result largely to the increase in its international deliveries. However, it indicates that this growth was partly offset “by a decline in deliveries from North American operations and shipping delays due to the situation in the Red Sea”.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), for its part, stood at US19.9 million in the fourth quarter of fiscal 2024, compared to US16.5 million a year earlier.
For its 2024 financial year, the company also reports a net loss, down compared to that of 2023. It was US$19.7 million, or US$0.91 per share, as of February 29, compared to US$55.5 million. , or US$2.57 per share, a year earlier.
The company recorded adjusted EBITDA of US$17.8 million, compared to US$21.1 million in fiscal 2023.
The turnover at the end of the financial year reached 346.8 million US dollars compared to 370.4 million US dollars at the same date last year.
Velan says it has an increasing order book, which stood at US491.5 million compared to US464.3 million a year earlier.
The company expects revenue growth for fiscal 2025 due to the value of orders expected to be delivered in the coming months.