SEDAR Interim Financial Statements

[
  {
    "companyName": "Haivision Systems Inc.",
    "reportingPeriodEnd": "2026-01-31",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cash": 16991365,
      "tradeAndOtherReceivables": 25785707,
      "investmentTaxCreditsReceivable": 2535001,
      "incomeTaxesReceivable": 399808,
      "inventories": 11941294,
      "prepaidExpensesAndDeposits": 3508192,
      "totalCurrentAssets": 61161367,
      "propertyAndEquipment": 3396044,
      "rightOfUseAssets": 3852426,
      "intangibleAssets": 5246308,
      "goodwill": 46806092,
      "nonRefundableInvestmentTaxCreditsReceivable": 8781805,
      "deferredIncomeTaxes": 9492982,
      "totalNonCurrentAssets": 77575657,
      "totalAssets": 138737024,
      "lineOfCredit": 5528845,
      "tradeAndOtherPayables": 14699575,
      "currentPortionOfLeaseLiabilities": 1551456,
      "deferredRevenue": 13687211,
      "currentPortionOfTermLoans": 871785,
      "totalCurrentLiabilities": 36338872,
      "leaseLiabilities": 2862657,
      "deferredRevenueNonCurrent": 3985332,
      "termLoans": 1183546,
      "totalNonCurrentLiabilities": 8031535,
      "totalLiabilities": 44370407,
      "shareCapital": 86599658,
      "deficit": -7586341,
      "shareBasedCompensationReserve": 6224938,
      "foreignCurrencyTranslationReserve": 9128362,
      "totalEquity": 94366617,
      "cashPerShare": 0.6175,
      "workingCapitalPerShare": 0.9017
    },
    "incomeStatement": {
      "revenue": 35230549,
      "costOfSales": 10396120,
      "grossProfit": 24834429,
      "salesAndMarketing": 6714798,
      "operationsAndSupport": 4658000,
      "researchAndDevelopment": 7957680,
      "generalAndAdministrative": 5030794,
      "shareBasedCompensation": 671107,
      "legalSettlementAndRelatedFees": 0,
      "totalOperatingExpenses": 25032379,
      "operatingLoss": -197950,
      "financialExpenses": 150341,
      "lossBeforeIncomeTaxes": -348291,
      "incomeTaxesCurrent": -241760,
      "incomeTaxesDeferred": 72774,
      "totalIncomeTaxes": -168986,
      "netLoss": -179305,
      "foreignCurrencyTranslationAdjustment": -2185729,
      "comprehensiveLoss": -2365034,
      "netLossPerShareBasic": -0.01,
      "netLossPerShareDiluted": -0.01,
      "weightedAverageSharesOutstandingBasic": 27532722,
      "weightedAverageSharesOutstandingDiluted": 27532722
    },
    "cashFlowStatement": {
      "netLoss": -179305,
      "depreciationOfPropertyAndEquipment": 598731,
      "amortizationOfRightOfUseAssets": 367595,
      "amortizationOfIntangibleAssets": 1176349,
      "shareBasedCompensation": 671107,
      "unrealizedForeignExchangeGain": -226120,
      "currentIncomeTaxes": -241760,
      "financialExpenses": 150341,
      "nonRefundableInvestmentTaxCreditsReceivable": -259289,
      "deferredIncomeTaxesRecovery": 72774,
      "totalAdjustments": 2130423,
      "changesInNonCashOperatingWorkingCapital": -2137831,
      "interestPaid": -76418,
      "incomeTaxesPaid": -66690,
      "netCashFromOperatingActivities": -150515,
      "additionsToPropertyAndEquipment": -185049,
      "netCashFromInvestingActivities": -185049,
      "paymentOfLeaseLiabilities": -506373,
      "repaymentOfTermLoans": -269951,
      "exerciseOfRSUs": -1045479,
      "exerciseOfStockOptions": 47393,
      "repurchaseOfCommonShares": -521755,
      "lineOfCredit": 2797730,
      "netCashFromFinancingActivities": 501565,
      "effectOfForeignExchangeOnCash": -373402,
      "netDecreaseInCash": -207402,
      "cashBeginningOfPeriod": 17198767,
      "cashEndOfPeriod": 16991365
    },
    "investmentsAndOtherAssets": [],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 27477739,
      "classesOfShares": ["Common shares, voting and participating", "Preferred shares, non-voting and participating"],
      "warrants": [],
      "options": [
        {
          "number": 2584840,
          "exercisePrice": 5.41,
          "expiryDate": null
        }
      ],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "2026-01-31": {
          "salariesBonusesAndBenefits": 2414379,
          "shareBasedCompensation": 671107,
          "total": 3085486
        },
        "2025-01-31": {
          "salariesBonusesAndBenefits": 1426109,
          "shareBasedCompensation": 384053,
          "total": 1810162
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Non-employee directors",
          "description": "Cash compensation for independent directors",
          "amount": 56250,
          "period": "2026-01-31"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "2026-02-04",
        "description": "Renewal of Normal Course Issuer Bid (NCIB) to purchase up to 1,833,212 common shares before February 3, 2027.",
        "impactValue": null
      }
    ]
  }
]