Velan Inc
TSX:VLN
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Velan Inc
TSX:VLN
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Velan Inc
Velan, Inc. engages in the design, manufacturing, and marketing of industrial valves for use in industry applications. The company is headquartered in Montreal, Quebec and currently employs 1,719 full-time employees. The firm produces steel industrial valves operating approximately 12 manufacturing plants across the world. The firm has operations in geographies, including Canada, the United States, France, Italy and Other. The firm's North American operations comprise approximately two manufacturing plants in Canada, as well as one manufacturing plant and one distribution facility in the United States. Its overseas operations include manufacturing plants in France, Italy, Portugal, Korea, Taiwan, India, and China. The firm's operations also include a sales operation in Germany and a 50%-owned Korean foundry.
Velan, Inc. engages in the design, manufacturing, and marketing of industrial valves for use in industry applications. The company is headquartered in Montreal, Quebec and currently employs 1,719 full-time employees. The firm produces steel industrial valves operating approximately 12 manufacturing plants across the world. The firm has operations in geographies, including Canada, the United States, France, Italy and Other. The firm's North American operations comprise approximately two manufacturing plants in Canada, as well as one manufacturing plant and one distribution facility in the United States. Its overseas operations include manufacturing plants in France, Italy, Portugal, Korea, Taiwan, India, and China. The firm's operations also include a sales operation in Germany and a 50%-owned Korean foundry.
Revenue: Sales were $71.7 million in Q3, down 2.4% year‑over‑year from $73.4 million, driven by lower shipments in Italy and some pushed-out customer deliveries.
Backlog & Bookings: Order backlog rose to $296.8 million (up 8% year‑to‑date) and bookings were $77.9 million in the quarter, a 32% year‑over‑year increase led by nuclear and oil & gas.
Profitability: Gross profit was $27.2 million (37.9% of sales); adjusted EBITDA was $9.5 million, while reported net income was $3.0 million or $0.14 per share.
Balance sheet & cash: Cash and short‑term investments totaled $36.7 million; bank indebtedness $16.1 million and long‑term debt (including current portion) $17.7 million. The company says it has ~ $86 million of available liquidity including facilities.
Corporate transaction: Velan Holding agreed to sell its controlling stake to Birch Hill at CAD 13.10/share (expected to close H1 2026); company will cooperate and has agreed to absorb transaction costs; dividends suspended until closing.
Management & strategy: Management expects business as usual and to remain in place; they emphasized strong positioning in nuclear (including SMRs) and oil & gas as drivers of recent bookings growth.
Cash flow dynamics: Operating cash flow before provisions used $6.7 million in Q3 (versus $0.6 million used a year ago), driven by higher accounts receivable and work‑in‑process from shifted delivery schedules.
