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Haivision Announces Results for the Three Months Ended January 31, 2025

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MONTREAL, March 13, 2025 /PRNewswire/ – Haivision Systems Inc. (“Haivision” or the “Company”) (TSX: HAI), a leading global provider of mission critical, real-time video networking and visual collaboration solutions, today announced its results for the first quarter ended January 31, 2025.

“Our transition from the systems integrator model to that of a manufacturer in the control rooms space is complete,” said Mirko Wicha, President and CEO of Haivision. “With the recent increase in control room business, together with the U.S. Navy production contract kicking into gear, we expect our second half revenue to be compelling” added Mr. Wicha.

Q1 2025 Financial Results

Revenue of $28.2 million was down $6.4 million from the same prior year period, the result of  delays in certain procurement processes and our continued transition away from the integrator model in the control room spaceGross Margins* were 72.0%, compared to 72.9% for the same prior year period.Total expenses were $22.5 million, a decrease of $0.5 million from same prior year period.Operating loss was $2.2 million, compared to operating income of $2.3 million for same prior  year period.Adjusted EBITDA* was $0.4 million, compared to $5.2 million for the same prior year period.Adjusted EBITDA Margins* was 1.4% compared to 14.9% for the same prior year period.Net loss was $1.1 million, compared to net income of $1.3 million for the same prior year period.

Recent Company Highlights

Published its sixth annual Broadcast Transformation Report, highlighting the state of technology adoption in the broadcast industry.Haivision wins ISE Best in Show award for Haivision Command 360 video wall solutions for operations centers.Awarded the IBC Innovation Award for its live video contribution solution over private 5G networks at the summer games in Paris.Haivision joins consortium with Airbus Defense and Space to develop new technologies for rapid, secure, and reliable communications.Haivision MCS awarded US$61.2 million (CAD$82 million) production agreement by U.S. Navy for next-generation combat visualization and video distribution systems.Haivision collaborates with Shield AI to bring together full-motion video with AI object detection for defense and ISR applications.France Television provides exclusive coverage of the Paris 2024 Olympic surfing competition with Haivision’s private 5G video transmission ecosystem.Celebrated its 20-years anniversary as a leader and innovator in mission critical live video.Unveiled Hub 360, a cloud-based master control solution that streamlines live production workflows.

“Although we did experience a modest decline in gross margins in the period, the result of certain fixed production costs on lower overall revenue, we have been able to maintain a consistent cost structure, a significant outcome in an environment of stronger US dollars and Euros.  Said Dan Rabinowitz, EVP and Chief Financial Officer.  “Fortunately, this efficient cost structure enabled us to continue the trend of positive Adjusted EBITDA even upon weaker than expected first quarter revenues.  As we revert to higher revenue growth in the second half of this fiscal year, we anticipate our Adjusted EBITDA margins to revert back to expectation.” added Mr. Rabinowitz.

Financial Results

Revenue for the three months ended January 31, 2025 was $28.2 million a decline of $6.4 million when compared to the prior year.  Revenues were impacted by delays in certain procurement process; and our continued  transition away from the integrator model in the control room space. Gross Margin* for the three months ended January 31, 2025 was 72.0% compared to 72.9% the prior year comparable periods. Gross Margin* in quarters with lower revenues may experience compressed Gross Margins* as there are fixed components of COGS    Total expenses for the three months ended January 31, 2025 were $22.5 million a decrease of $0.5 million from the prior year comparative period largely related to decreases in amortization and depreciation expenses.   

Lower year-over-year revenues was a primary driver of the $2.2 million operating loss for the three months ended January 31,, 2025 compared to the $2.3 million operating income for the prior year comparative period.  Similarly, Adjusted EBITDA* for the three months ended January 31, 2025 was $0.4 million a decrease of $4.8 million from the prior year comparative period.  The results was Adjusted EBITDA Margins* for the three months ended January 31, 2025 of 1.4% compared to 14.9% in the prior year comparative period.

Net loss for the three months ended January 31, 2025, was $1.1 million compared to net income of $1.3 million for the prior year comparative period.  The $2.4 million decrease in net income is largely related to the decrease in year-over-year revenue resulting in a $4.9 million decrease in gross profit. However, this decrease was partially offset by the $2.0 million decrease in income taxes and the $0.5 million decrease in total expenses.  

*Measures followed by the suffix “*” in this press release are non-IFRS measures. For the relevant definition, see “Non-IFRS Measures” below. As applicable, a reconciliation of this non-IFRS measure to the most directly comparable IFRS financial measure is included in the tables at the end of this press release and in the Company’s management’s discussion and analysis for the three months ended January 31, 2025.

Conference Call Notification

Haivision will hold a conference call to discuss its fourth quarter and full year financial results on Thursday, March 13, 2025 at 5:15 pm (ET). To register for the call, please use this link https://registrations.events/direct/Q4I334142.  After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry.

Financial Statements, Management’s Discussion and Analysis and Additional Information 

Haivision’s consolidated financial statements for the first quarter ended January 31, 2025 (the “Q1 Financial Statements”), the management’s discussion and analysis thereon and additional information relating to Haivision and its business can be found under Haivision’s profile on SEDAR+ at www.sedarplus.ca. The financial information presented in this release was derived from the Q1 Financial Statements.

Forward-Looking Statements

This release includes “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws, including, without limitation, statements regarding the Company’s growth opportunities and its ability to execute on its growth strategy. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.

Forward-looking statements are necessarily based on opinions, assumptions and estimates that, while considered reasonable by Haivision as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in the Company’s latest annual information form, and in other periodic filings that the Company has made and may make in the future with the securities commissions or similar regulatory authorities in Canada, all of which are available under the Company’s SEDAR+ profile at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect Haivision. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Haivision undertakes no obligation to publicly update any forward-looking statement, except as required by applicable securities laws.

Non-IFRS Measures

Haivision’s consolidated financial statements for the first quarter ended January 31, 2025 are prepared in accordance with International Financial Reporting Standards (“IFRS”).  As a compliment to results provided in accordance with IFRS, this press release makes reference to certain (i) non-IFRS financial measures, including “EBITDA”, and “Adjusted EBITDA”, (ii) non-IFRS ratios including “Adjusted EBITDA Margin”, and (iii) supplementary financial measures including “Gross Margins” (collectively “non-IFRS measures”). These non-IFRS measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. For information on the most directly comparable financial measure disclosed in the primary financial statements of Haivision, composition of the non-IFRS measures, a description of how Haivision uses these measures and an explanation of how these measures provide useful information to investors, refer to the “Non-IFRS Measures” section of the Company’s management’s discussion and analysis for the three months ended January 31, 2025, dated March 13, 2025, available on the Company’s SEDAR+ profile at www.sedarplus.ca, which is incorporated by reference into this press release. As applicable, the reconciliations for each non-IFRS measure are outlined below. Non-IFRS measures should not be considered as alternatives to net income or comparable metrics determined in accordance with IFRS as indicators of the Company’s performance, liquidity, cash flow and profitability.

About Haivision

Haivision is a leading global provider of mission-critical, real-time video streaming and visual collaboration solutions. Our connected cloud and intelligent edge technologies enable organizations globally to engage audiences, enhance collaboration, and support decision making. We provide high quality, low latency, secure, and reliable live video at a global scale. Haivision open sourced its award-winning SRT low latency video streaming protocol and founded the SRT Alliance to support its adoption. Awarded four Emmys® for Technology and Engineering from the National Academy of Television Arts and Sciences, Haivision continues to fuel the future of IP video transformation. Founded in 2004, Haivision is headquartered in Montreal and Chicago with offices, sales, and support located throughout the Americas, Europe, and Asia. Learn more at haivision.com. 

Thousands of Canadian dollars (except per share amounts)

Three months ended

January 31,

2025

2024

($)

($)

Revenue

28,161

34,579

Cost of sales

7,878

9,386

Gross profit

20,283

25,193

Expenses

Sales and marketing

6,516

6,655

Operations and support

4,631

3,996

Research and development

7,122

7,028

General and administrative

3,814

4,891

Share-based payment

384

348

22,467

22,918

Operating (loss) income

(2,184)

2,275

Financial expenses

168

299

(Loss) income before income taxes

(2,352)

1,976

Income taxes

Current

(1,669)

839

Deferred

396

(140)

(1,273)

699

Net (loss) income

(1,078)

1,277

Other comprehensive income

Foreign currency translation adjustment

2,481

(2,576)

Comprehensive income (loss)

1,403

(1,299)

Net loss per share

 Net income (loss) per share (basic and diluted)

$0.04

$0.04

 Weighted average number of shares outstanding

          Basic

28,358,732

29,029,978

          Diluted

28,358,732

30,189,088

 

 

Thousands of Canadian dollars

As at

January 31,
2025

October 31,
2024

$

$

Assets

Current assets

             Cash

16,640

16,471

             Trade and other receivables

21,813

23,843

             Investment tax credits receivable

2,465

1,941

             Income tax receivable

917

—

             Inventories

16,374

14,926

             Prepaid expenses and deposits

4,089

4,035

62,298

61,216

Property and equipment

4,336

4,241

Right-of-use assets

5,555

4,669

Intangible assets

10,148

11,241

Goodwill

47,986

46,721

Non-refundable investment tax credits receivable

6,651

6,523

Deferred income taxes

6,893

6,704

81,569

80,099

143,867

141,315

Liabilities

Current liabilities

            Line of credit

4,932

2,227

            Trade and other payables

15,873

16,371

            Income taxes payable

—

625

            Current portion of lease liabilities

1,701

1,380

            Current portion of term loans

1,121

1,150

            Deferred revenue

14,098

14,245

37,725

35,998

Lease liabilities

4,542

4,047

Long term debt

3,345

1,463

Deferred revenue

1,169

3,011

46,781

44,520

Equity

Share capital

88,682

88,742

Retained earnings

(7,347)

(6,110)

Share-based compensation and other reserves

4,638

5,399

Cumulative translation adjustment

11,113

8,764

97,086

96,796

142,950

141,315

Thousands of Canadian dollars

Three months ended

 January 31,

2025

2024

($)

($)

Net (loss) income

(1,078)

1,277

 

Income Taxes

(1,273)

699

Income before income taxes

(2,352)

1,976

Depreciation

891

838

Amortization

1,299

1,708

Financial expenses

168

299

EBITDA(1)

6

4,821

   Share-based payment (LTIP)

384

348

Adjusted EBITDA(1)

390

5,169

Adjusted EBITDA Margin(1)

1.4 %

14.9 %

______________________

Note:

(1) Non-IFRS measure. See “Non-IFRS Measures.”

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SOURCE Haivision Systems Inc.

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Regulators and audit leaders discuss audit quality and confidence in Canada’s financial reporting

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May 4, 2026

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OTTAWA, ON, May 4, 2026 /CNW/ – Last week, the Office of the Superintendent of Financial Institutions (OSFI), together with the Canadian Public Accountability Board (CPAB) and the Canadian Securities Administrators (CSA) co-hosted a roundtable that brought together senior representatives from audit firms, accounting professional bodies, standard setters, and regulators.

The event provided an opportunity for participants to share perspectives on risks affecting audit quality and the importance of high-quality financial statement audits to maintaining Canada’s trusted and credible capital markets. The dialogue focused on emerging trends, the evolving risk environment, and ways to strengthen public confidence in financial reporting.

Topics discussed this year included:

Current and emerging risks and their implications for audit quality.Rapid technological developments, including Artificial Intelligence (AI).Governance, culture, and ethics within audit firms and across the reporting ecosystem.Fraud risks linked to financial crimes, geopolitical tensions, technological change, and third-party reliance.Expectations and challenges in auditing and assessing financial statement disclosures in a volatile environment.

The roundtable underscored the importance of continued collaboration between regulators and the audit profession to support high-quality audits and maintain public trust in financial reporting across the Canadian capital markets.

Key takeaways

Canada’s financial system remains resilient, but a more complex and dynamic risk environment makes it essential to identify and prioritize the current and emerging risks that matter most.External auditors play an essential role in maintaining integrity, trust, and confidence in financial reporting, particularly amid heightened uncertainty and expanding volumes of information.Regulatory coordination and clear guidance in relation to current and emerging risks help reduce regulatory overlap, promote strong risk management, and lay the groundwork for sustainable growth.Technology is advancing quickly. Areas like AI are changing how decisions are made–creating both opportunities and new risks. Regulators continue to modernize their approaches to keep pace, and audit firms are rapidly adopting new technologies that can enhance audit quality while keeping a high level of skepticism.Gaps in governance, culture, and ethics can lead to breaches in trust in any organization. Given that auditors play a key gatekeeper role, strong oversight, clear accountability, and ethical judgment are essential.As fraud becomes more sophisticated, organizations need to strengthen prevention and detection strategies. With management leading prevention efforts, and regulators and auditors applying a risk-focused lens, technology provides an opportunity to strengthen defences.Financial statement disclosures, particularly those involving estimates, judgments and uncertainty, remain an area where improvements are needed. Auditors play an important role in challenging the clarity and robustness of these disclosures to support better decision-making and reinforce market confidence.

Quotes

“High quality audits are essential to financial system resilience. As risks evolve, from technology to geopolitics to market uncertainty, strong collaboration between regulators and audit professionals helps ensure Canadians can continue to rely on transparent and trustworthy financial reporting.”

– Peter Routledge, Superintendent of Financial Institutions

“Strong audit quality depends on continuous dialogue and a shared understanding across the regulatory and audit ecosystem. Forums like this roundtable help ensure CPAB’s work remains responsive to emerging risks while staying firmly anchored in our mandate to protect investors and support confidence in Canada’s capital markets.”

– Sonny Randhawa, CEO, Canadian Public Accountability Board

“Today’s roundtable serves as an important forum for collaboration, enabling the CSA and the accounting profession to exchange views on emerging risks and further strengthen confidence in Canada’s capital markets. The CSA appreciates the significant collaboration with audit firms, other regulatory agencies, standard setters and professional bodies to date, and we look forward to building on this strong foundation.”

– Stan Magidson, Chair of the Canadian Securities Administrators

SOURCE Office of the Superintendent of Financial Institutions

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All-in-One, AI-Powered Fleet Innovations Unveiled at Annual Lytx Protect Conference

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May 4, 2026

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Next-Generation Fleet Management Solutions Unify AI with Best-In-Class Telematics, Video Safety, and Operational Insights

SAN DIEGO, May 4, 2026 /PRNewswire/ — Lytx® Inc., the industry pioneer of video and safety-driven efficiency, has introduced a suite of integrated technologies designed to transform fleet operations. Announced at the Lytx Protect Conference®, Lytx’s annual customer conference, the new solutions set a new benchmark for all-in-one platforms that empower fleets to achieve clarity, control, and actionable results. Highlighted at the event, LytxOne™ joins Lytx+™ as two all-in-one solutions built to deliver industry-leading video safety and telematics with equal depth, intelligence, and integrity.

“LytxOne is a purpose-built platform designed from the ground up,” said Chris Cabrera, Chief Executive Officer at Lytx. “We created a unified architecture where video safety, telematics, maintenance, compliance, and asset tracking work seamlessly together. We’re deeply committed to providing our customers with multiple all-in-one pathways that deliver a new standard for fleet technology, transforming operational complexity into total clarity and scalable control for fleets of every size.”

All-in-One Platforms
Developed as an all-in-one solution, LytxOne merges video safety, telematics, maintenance, compliance, and asset tracking into a single platform. No more juggling fragmented systems – the new solution delivers simplicity, scalability, and direct access to essential tools for fleets of any size. LytxOne is currently available for purchase through direct and reseller partner channels, with Lytx’s Driver Safety Program to be integrated in Q3/Q4 2026.

Launched in 2025, Lytx+ provides fleets with another innovative, all-in-one fleet management solution powered by video. It combines award-winning video safety features with leading telematics technology, removing the need for multiple systems or vendors.

Also announced at Protect ’26, Lytx is further expanding its all-in-one footprint through a new collaboration with Platform Science. The integration brings Lytx’s video technology to Platform Science’s Virtual Vehicle, connecting drivers, solutions, data, and devices into a single system built for enterprise trucking.

Supporting each of the all-in-one platforms, the Lytx AI Assistant is designed to transform safety, maintenance, and compliance data into concise, actionable insights as needed. Users no longer need to search through reports or wait for data to be retrieved. Currently in beta with select customers, the AI Assistant synthesizes fleet information, enabling organizations to make timely and well-informed decisions.

AI-Powered Visibility
Bringing intelligence to every angle, Auxiliary Cameras and Lytx’s 360 Hub Kit integrate up to eight HD views across sides, rear, cargo, and blind zones. All footage is cloud-synced and enhanced with AI for instant detection and response to safety events, empowering operators to more closely monitor and protect their assets, vehicles, and worksites. The Lytx 360 Hub Kit will be available in Q3 2026.

With planned support for fixed-site cameras at yards, job sites, and facilities coming in Q1 2027, Lytx extends its all-in-one AI-powered platform beyond vehicles, providing operators with a unified view of moving and stationary assets. More details will be revealed closer to launch, highlighting Lytx’s commitment to enabling true operational unity.

Unified Asset Management
Lytx introduces a comprehensive, platform-native asset tracking portfolio that offers battery-powered and vehicle-powered trackers for a wide range of fleet assets, including forklifts, loaders, trailers, containers, and other high-value equipment. Designed to provide real-time visibility and insights, these trackers enable fleets to efficiently locate, utilize, and protect their assets, with all data seamlessly integrated into dashboards for unified operational management. Several options are available now, with more planned for release throughout 2026.

“At Lytx, we’re redefining fleet management by unifying advanced AI and all-in-one architecture to deliver unmatched clarity, control, and operational insight,” said Cabrera. “From the launch of LytxOne, to AI-powered safety innovations, to integrated asset tracking, our purpose-built solutions empower fleets of every size to simplify complexity, anticipate risk, and connect their people and assets like never before.”

About Lytx
Every day, companies send their most valuable assets into the world. Their people. Their equipment. Their reputations. For nearly three decades, Lytx has given fleets the tools to manage and protect all the assets they have in motion — helping them stay connected with their field operations so they can focus on delivering value and growing their businesses. Using proprietary machine vision and artificial intelligence technology to power our video safety and video telematics solutions, Lytx helps protect and connect more than 6.3 million drivers and thousands of fleets, including more than half of the 10 largest carriers in North America. Lytx’s powerful network of partners and resellers further extends the reach and impact of our technologies across more than 90 countries. For more information about Lytx or to connect with us, visit www.lytx.com, LinkedIn, @lytx on X, Facebook or YouTube.

Contact:
Jason Andersen
press@lytx.com 

 

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SOURCE Lytx, Inc.

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Fractal EMS Cuts Pricing and Streamlines Contracting to Help Developers Move Faster

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May 4, 2026

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New “Customer-First Pricing” and “Rapid Contracting” make it easier than ever to deploy the industry’s leading EMS platform.

AUSTIN, Texas, May 4, 2026 /PRNewswire/ — Fractal EMS, the market leader in front-of-the-meter solar, BESS, and data center EMS and SCADA, today announced two major customer-focused improvements: meaningfully reduced pricing across its product portfolio and a streamlined contracting process designed to shorten the path from award to notice-to-proceed. Together, the changes are intended to lower the total cost and complexity of deploying projects at a moment when developers, IPPs, and utilities are racing to bring gigawatts of new capacity online.

What’s Changing for Customers
1) Lower Pricing: Fractal EMS has reduced pricing by up to 25%, with additional volume-based discounts for portfolio customers. Through a strategic combination of supply chain optimization and breakthroughs in control architecture, Fractal EMS has unlocked efficiencies that position Fractal as the market’s price leader. These technical and operational advancements enable Fractal to deliver a premium, high-performance platform at the industry’s most competitive price point, maximizing profitability for our partners without compromising on quality or security.

2) Streamlined Contracting: The new contract is less than 50% in length. Working directly with customer legal and procurement teams, Fractal has consolidated its agreement, scope of work, and warranty terms into a single, plain-language package. The combined effect is straightforward: less time spent in red lines and procurement cycles, more time spent commissioning megawatts.

“Our customers told us two things very clearly: bring the price down and make it easier to do business with you. So, we did both. We rebuilt our pricing from the ground up, and we tore up the old contracts in favor of something a customer can read in an afternoon. The goal is simple – make Fractal the lowest-friction way to put a high-performance, U.S.-made EMS on a project.” – Daniel Crotzer, CEO, Fractal EMS

3) New “A La Carte” Flexible Scope: While remaining the only provider capable of delivering full, turnkey vertical controls, Fractal EMS is introducing a flexible, A La Carte approach. Partners can now select a core EMS offering or customize the scope by choosing from: networking, BMS, SCADA, PPC/MPC, cybersecurity, analytics, and monitoring. This modularity ensures that Fractal EMS can integrate seamlessly into any project configuration and be the best partner for OEMs and EPC providers.

4) Global Partnerships: Fractal EMS continues to expand its global footprint, having successfully deployed 15+ GW of advanced control solutions across Europe, South America, Australia, Canada, and the United States. We are actively seeking to forge lasting, high-impact partnerships with utilities, developers/IPPs, suppliers, and EPCs who require bankable performance and seamless integration. At the core of every collaboration is a deep commitment to customer success and long-term reliability, ensuring that our partners’ critical energy assets operate with maximum uptime and security, regardless of geography or grid complexity.

These changes also reinforce Fractal’s open, multi-OEM approach. Because Fractal’s controls work across battery and PCS suppliers, customers can adopt the new pricing, contracting, and scoping framework without changing the rest of their project stack — and without sacrificing cybersecurity, U.S.-made hardware, and investment-grade controls that have made Fractal the choice for utility-scale developers.

Availability
The new pricing and streamlined contracting framework are effective immediately for all new requests and are being offered to existing customers on a project-by-project basis. Customers and prospective customers can request the updated pricing sheet and master agreement template at fractalems.com or by contacting their Fractal account representative.

About Fractal EMS
Fractal EMS delivers a comprehensive, fully integrated energy management and SCADA platform that combines advanced software, hardware controllers, seamless system integration, robust cybersecurity, and powerful analytics for storage, solar, hybrid, and data center projects. Supported by a 24/7 remote operations center (NERC-CIP Medium), Fractal EMS offers hardware-agnostic, turnkey controls across BMS, EMS/PPC, MPC, and SCADA—all unified on a single, flexible, and scalable architecture. Fractal EMS confirms that its control hardware meets Non-Prohibited Foreign Entity (Non-PFE/FEOC) and domestic designations. This ensures that projects utilizing Fractal EMS are fully compliant with the latest federal requirements and domestic content incentives. For more information, visit www.fractalems.com.

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SOURCE Fractal EMS Inc.

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