Haivision Announces Results for the Three Months and Full Year Ended October 31, 2025
Executive Summary
- Haivision reported Q4 2025 revenue of C$40.2 M, up 33% YoY, and generated an operating profit of C$3.9 M versus C$0.2 M a year earlier.
- Full‑year 2025 revenue reached C$137.6 M (+6.3% YoY), but the company posted an operating loss of C$1.2 M and net income of only C$0.1 M, down from C$4.7 M in 2024.
- Adjusted EBITDA improved 144% QoQ to C$7.1 M (margin 17.6%) but fell 26% YoY to C$12.8 M for the year; management highlighted new product launches (KX1, Falkon X2) and a strong pipeline as drivers of growth.
Key Details
- Q4 2025 Financial Highlights
- Revenue: C$40.2 M (+33.3% YoY)
- Gross margin: 73.0% (flat YoY)
- Total expenses: C$25.4 M (+C$3.7 M YoY)
- Operating profit: C$3.9 M vs. C$0.2 M prior year quarter
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Adjusted EBITDA: C$7.1 M (+144% QoQ); margin 17.6% (vs. 9.8%)
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Full‑Year 2025 Financial Highlights
- Revenue: C$137.6 M (+6.3% YoY)
- Gross margin: 72.5% (down slightly from 73.1%)
- Total expenses: C$101.0 M (+C$11.8 M YoY)
- Operating loss: C$1.2 M (vs. operating profit of C$5.5 M in 2024)
- Adjusted EBITDA: C$12.8 M (‑26% YoY); margin 9.3% (down from 13.4%)
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Net income: C$0.1 M vs. C$4.7 M in 2024
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Expense Drivers – Increased compensation (C$8.5 M) for sales, operations and R&D; C$2.1 M FX impact; C$1.7 M non‑recurring legal settlement; offset by a C$1.0 M reduction in amortization of intangibles.
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Product & Market Updates
- Launches: KX1 AI‑enabled edge processor, Falkon X2 video transmitter, Kraken X1 Rugged unit.
- Wins: NAB Product of the Year 2025, IBC Best‑in‑Show awards, US Dept. of Veterans Affairs TRM listing for Command 360.
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Partnerships: Collaboration with France Télévisions on private‑5G live production; consortium with Airbus Defence & Space for secure communications.
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Conference Call – Scheduled for Jan 14 2026 at 5:15 pm ET; registration link provided.
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Financial Statements – Full year 2025 statements, MD&A and additional information filed on SEDAR+.
Notable Quotes
“We are experiencing significant global momentum, reflected in a strong opportunity pipeline, rising core‑product revenue, and major wins in defense, ISR, control‑room environments, and private 5G networking,” – Mirko Wicha, President & CEO.
“Our fourth quarter revenue reached a record of $40.2 million—up 33% over last year… we remain focused on maintaining disciplined expense management to strengthen our operating leverage,” – Dan Rabinowitz, EVP & CFO.