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San Diego extends partnership with New Flyer through new order for 73 CNG buses
Steady order flow supports backlog growth

Executive Summary
- On April 7 2026, San Diego Metropolitan Transit System exercised its option to purchase 73 Xcelsior® CNG heavy‑duty transit buses (50 × 40‑ft and 23 × 60‑ft) valued at approximately $64 million.
- The order adds 96 equivalent units to NFI’s firm backlog for Q4 FY 2025, reinforcing revenue visibility under the existing five‑year contract originally announced in 2022.
- The transaction supports U.S. manufacturing jobs, meets Buy‑America requirements and replaces aging fleet with low‑emission CNG buses.
Material Impact
- The order is an option exercise under a pre‑existing agreement; its terms and timing were already disclosed in the original contract framework.
- Relative to NFI’s market cap (~$2.2 B), the $64 M transaction represents roughly 3 % of equity value – notable but not transformative.
- FY 2026 revenue guidance ($3.9‑$4.2 bn) and Adjusted EBITDA guidance ($370‑$410 m) already incorporate a sizable backlog (~$13 bn); this incremental addition does not materially alter those forecasts.
- Consequently, the news is routine positive: it confirms execution of known contract options without surprising upside or downside to earnings expectations.
NFI · Price
Company Overview
NFI Group Inc. (TSX: NFI) is a North American manufacturer of heavy‑duty transit vehicles operating under the brands New Flyer, Motor Coach Industries (MCI) and Alexander Dennis. Its core product line, the Xcelsior® family, includes compressed natural gas (CNG), diesel, hybrid‑electric, battery‑electric and fuel‑cell variants.
- As of Q4 FY 2025, NFI reported a firm backlog of approximately $13 billion (6,344 firm equivalent units plus options), providing multi‑year revenue visibility.
- The company’s strategy emphasizes zero‑emission propulsion, domestic content compliance (Buy‑America) and aftermarket parts & service growth.
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Jun 01, 2026 · 07:00