FLINT Announces Second Quarter 2025 Financial Results

Executive Summary

• FLINT Corp. reported financial results for the three and six months ended June 30, 2025, showing a year-over-year decline in revenue but significant improvements in profitability metrics.
• Second quarter revenue decreased 10.1% to $148.3 million, driven by timing of construction and maintenance work; however, gross profit and Adjusted EBITDAS increased compared to the prior year period.
• The company reported a return to net income for the quarter ($1.1 million) compared to a loss in the same period last year, with liquidity increasing substantially to $97.4 million.

Key Details

• Revenue: $148.3 million for Q2 2025 (down 10.1% from $164.9 million in Q2 2024); $286.2 million for the six-month period (down 8.2% from $311.8 million).
• Gross Profit: $18.5 million for Q2 2025 (up 2.9% from $18.0 million in Q2 2024); $32.9 million for the six-month period (up 6.2%).
• Gross Profit Margin: 12.5% for Q2 2025 (up from 10.9% in Q2 2024); 11.5% for the six-month period (up from 9.9%).
• Adjusted EBITDAS: $9.6 million for Q2 2025 (up 16.1% from $8.3 million in Q2 2024); $14.8 million for the six-month period (up 28.4%).
• Adjusted EBITDAS Margin: 6.5% for Q2 2025 (up from 5.0% in Q2 2024); 5.2% for the six-month period (up from 3.7%).
• SG&A Expenses: $9.4 million for Q2 2025 (down 7.5% from $10.2 million in Q2 2024); $18.8 million for the six-month period (down 7.2%).
• Net Income: $1.1 million for Q2 2025 (compared to a loss of $0.6 million in Q2 2024); Net loss of $2.2 million for the six-month period (compared to a loss of $5.6 million).
• Liquidity: Total liquidity (cash and available credit facilities) was $97.4 million at June 30, 2025, an increase of 133.5% from $41.7 million in the prior year period.
• New Contracts: Approximately $56.8 million in new contract awards and renewals for Q2 2025, plus $8.8 million in the first three weeks of July. Approximately 68% of this work is expected to be completed in 2025.
• Capital Structure: Outstanding share capital includes 110,001,239 Common Shares, 127,732 Series 1 Preferred Shares, and 40,100 Series 2 Preferred Shares.
• Dividends: The Board does not intend to declare or pay cash dividends until the balance sheet and liquidity position supports it. Accrued and unpaid dividends on Series 1 and Series 2 shares totaled $118.6 million as of June 30, 2025.
• Credit Facility: Asset-based revolving credit facility (ABL Facility) with a maximum borrowing capacity of $50.0 million, maturing April 14, 2027.

Notable Quotes

• “Our continued commitment to quality execution and disciplined business optimization was once again evident this quarter. Despite a year over year decline in revenues, we delivered improved operating results, demonstrating the resilience of our operating model and the strength of our team,” said Barry Card, Chief Executive Officer.
• “Second quarter revenues, gross profit, and Adjusted EBITDAS all increased compared to the first quarter of 2025... Given the current economic and geopolitical landscape, we are seeing delays in the timing of work awarded and executed by our customers. As a result, we anticipate activity levels for the remainder of 2025 to remain broadly consistent with the first half of the year,” added Mr. Card.