Velan Inc. Reports Fiscal 2026 Fourth-Quarter and Year-End Results

Company reports net income per share of $0.71 in fiscal 2026

MONTREAL, May 14, 2026 (GLOBE NEWSWIRE) — Velan Inc. (TSX: VLN) (“Velan” or the “Company”), a world-leading manufacturer of industrial valves, announced today financial results for its fourth quarter and fiscal year ended February 28, 2026. All amounts are expressed in U.S. dollars unless indicated otherwise.

FISCAL YEAR HIGHLIGHTS FROM CONTINUING OPERATIONS (unless otherwise indicated)

IFRS MEASURES INCLUDING SIGNIFICANT TRANSACTIONS (see below)

• Sales of $296.4 million, up $1.2 million or 0.4%, compared to the same period last year.
• Gross profit of $81.1 million, or 27.4% of sales, versus $84.9 million, or 28.8% of sales, last year.
• Operating income of $1.6 million, compared to an operating loss of $82.3 million a year ago.
• Net income of $15.3 million, or $0.71 per share, compared to a net loss of $67.2 million, or a loss of $3.12 per share, last year.
• Including discontinued operations, net income of $73.9 million, or $3.42 per share, versus a net loss of $75.5 million last year, or a loss of $3.50 per share, last year.

NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES

• Bookings of $295.0 million, up $2.5 million from $292.5 million last year.
• Adjusted net income of $0.9 million, versus adjusted net income of $6.6 million last year.
• Adjusted EBITDA of $20.7 million in fiscal 2026, compared to $27.5 million last year.

FOURTH-QUARTER HIGHLIGHTS FROM CONTINUING OPERATIONS (unless otherwise indicated)

IFRS MEASURES

• Sales of $84.9 million, up $1.7 million or 2.1%, compared to the same quarter last year.
• Gross profit of $17.6 million or 20.7% of sales, versus $19.8 million, or 23.8% of sales, last year.
• Operating loss of $0.8 million, compared to an operating loss of $18.6 million a year ago.
• Net loss of $3.9 million, or $0.18 per share, versus a net loss of $16.1 million, or $0.74 per share, last year
• Net loss of $3.9 million, or $0.18 per share, compared to a loss of $12.4 million, including discontinued operations, or a loss of $0.57 per share, last year.
• Cash and cash equivalents of $53.4 million at the end of fiscal 2026, versus $34.9 million a year earlier.

NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES

• Backlog of $283.3 million, up $8.4 million from $274.9 million at the end of last year.
• Bookings of $73.7 million, up from $62.0 million last year.
• Adjusted net loss of $2.0 million, compared to an adjusted net loss of $4.9 million last year.
• Adjusted EBITDA of $4.0 million, up from $3.6 million last year.

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