Q1 2025 Velan Inc Earnings Call Transcript
Key Points
- Velan Inc (VLNSF) reported a 14.5% year-over-year sales growth in Q1 2025.
- The company's order backlog reached nearly $530 million, up 7.5% from the beginning of the year.
- Gross profit increased by 58.2% to $23.8 million, with a gross margin of 30.7%.
- Velan Inc (VLNSF) secured a $50 million, 10-year alliance agreement with Bruce Power, potentially reaching CAD100 million.
- Bookings improved by 19.6% year-over-year to $109.8 million, driven by new projects in North America and higher bookings in Europe.
- Net loss totaled $1.1 million or $0.05 per share in Q1 2025, though improved from a net loss of $8.3 million last year.
- Currency movements had a negative effect of $0.6 million on sales in the quarter.
- Administration costs remained high at $21.8 million, representing 28.1% of sales.
- Cash flow from operations decreased to $4.9 million from $10.7 million in the corresponding period last year.
- Reduced oil and gas orders in Italy partially offset the overall growth in bookings.
Good morning, ladies and gentlemen. And welcome to the Velan Inc Q1 financial results conference call. At (Operator Instructions) This call is being recorded on Friday, July 12, 2024.
I would now like to turn the conference over to Rishi Sharma, Chief Financial and Administrative Officer. Please go ahead.
Thank you, operator. Good morning, and thank you for joining us for our conference call. Let's start by discussing the disclaimer from our related IR presentation, which is available on our website in the Investor Relations section. As usual, the first section mentions that the presentation provides an analysis of our consolidated results for the first quarter ended May 31, 2024. Board of Directors approved these results yesterday, July 11, 2024.
Second paragraph, [first and] non-IFRS supplementary financial measures, which are defined and reconciled at the end of the presentation. The last paragraph for the first forward-looking information, which are subject to risks and
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