Velan Inc. has strong financial results for Q2 2025, with increased bookings and backlog.

From GlobeNewswire: 2024-10-10 18:00:00

Velan Inc. announced strong financial results for the second quarter ended August 31, 2024. Highlights include a $548.1 million order backlog, $116.6 million in bookings, and a book-to-bill ratio of 1.18. Sales reached $98.7 million, with a gross profit of $26.7 million and a net income of $0.1 million. Additionally, a new three-year collective agreement was signed with union members in Vermont.

The backlog for Velan stood at $548.1 million as of August 31, 2024, reflecting an increase of $56.6 million since the beginning of the fiscal year. Bookings for the second quarter were $116.6 million, up significantly from $71.5 million in the same period last year. Sales for the quarter reached $98.7 million, with a gross profit of $26.7 million. The Company also announced a Main Services Agreement with GEH SMR Technologies Canada Ltd. and a collective agreement with union members in Vermont.

For the second quarter, sales increased to $98.7 million, up from $80.3 million in the same period last year. Gross profit was $26.7 million, representing 27.0% of sales. Net income for the quarter was $0.1 million. Additionally, bookings for the quarter were $116.6 million, reflecting growth in key markets like North America, Germany, and France. Currency movements had a positive effect on bookings and backlog.

Velan reported strong financial results for the second quarter of fiscal 2025. Sales, gross profit, and net income all showed improvement compared to the same period last year. Bookings increased significantly, driven by growth in North America and strategic agreements with key partners. The Company’s backlog also saw a substantial increase, indicating ongoing success in key market segments and sustained growth momentum.



Read more at GlobeNewswire:: Velan Inc. Reports Second Quarter Results for Fiscal 2025