FLINT Announces Fourth Quarter and 2025 Annual Financial Results

Executive Summary

• FLINT Corp. reported FY 2025 revenue of C$563.8 M (‑20.6% YoY) and net income of C$29.8 M, a 2,242% increase driven largely by a tax recovery linked to its September 2025 recapitalization.
• The company completed a court‑approved recapitalization transaction in September 2025 that consolidated common shares 1‑for‑40, eliminated senior secured notes and preferred shares, and reduced debt, improving liquidity to C$115.2 M.
• New contract awards and renewals totaled approximately C$914.4 M for FY 2025 (C$461.2 M in Q4), providing a strong backlog through 2030.

Key Details

• Revenue: FY 2025 – C$563.8 M (‑20.6% YoY); Q4 2025 – C$128.9 M (‑31.1% YoY).
• Gross Profit: FY 2025 – C$65.8 M (‑12.2% YoY); Q4 2025 – C$15.4 M (‑23.9% YoY).
• Gross Margin: FY 2025 – 11.7% (up from 10.5% in 2024); Q4 2025 – 11.9% (up from 10.8%).
• Adjusted EBITDAS: FY 2025 – C$30.6 M (‑13.8% YoY); Q4 2025 – C$6.6 M (‑37.5% YoY).
• Adjusted EBITDAS Margin: FY 2025 – 5.4% (↑0.4 pts); Q4 2025 – 5.1% (↓0.5 pts).
• SG&A Expenses: FY 2025 – C$35.4 M (‑13.8% YoY); SG&A as % of revenue rose to 6.3% from 5.8%.
• Net Income: FY 2025 – C$29.8 M (↑2,241.8% YoY); Q4 2025 – C$1.4 M (‑13.7% YoY).
• Liquidity: Cash + credit facilities at year‑end 2025 – C$115.2 M vs. C$59.7 M in 2024.
• Contract Awards: FY 2025 – C$914.4 M; Q4 2025 – C$461.2 M plus C$46.5 M for Jan‑Feb 2026. ~37% of work expected to be completed by end‑2026, remainder 2027‑2030.
• Recapitalization Transaction (Sept 23 2025):
• Court‑approved plan of arrangement under Alberta Business Corporations Act.
• Share consolidation 1‑for‑40; senior secured notes and preferred shares settled for additional common shares.
• Debt eliminated, annual interest expense substantially reduced, enhancing long‑term financial flexibility.
• Share Capital: Post‑recapitalization outstanding common shares – 110,001,239.
• Credit Facility: Asset‑based revolving facility up to C$50 M; maturity April 14 2030; borrowing base tied to accounts receivable.
• Corporate Personnel Updates:
• Dean Nimmo appointed VP of Operations – Wood Buffalo Region & Capital Projects (effective Jan 1 2026).
• COO Neil Wotton placed on medical leave; duties temporarily assumed by senior leaders.

Notable Quotes

“2025 delivered strong operational and strategic outcomes… We also completed our transformational Recapitalization Transaction, significantly strengthening our balance sheet…” – Barry Card, CEO

“We remain committed to our core values and customer‑centric focus to deliver our services safely, on time, and on budget…” – Barry Card, CEO

Materiality Assessment: Material – Positive (significant earnings turnaround, major recapitalization, substantial contract backlog).