Core Insights - Haivision Systems reported a record fourth quarter for fiscal 2025, with significant growth in revenue and adjusted EBITDA, driven by strong demand in mission-critical and broadcast markets [4][7] - The company reaffirmed its fiscal 2026 guidance, expecting revenue to exceed CAD 150 million and at least 50% growth in adjusted EBITDA [4][18] Financial Performance - Q4 adjusted EBITDA was $7.1 million, a 140% increase from $2.9 million in the prior year, with an adjusted EBITDA margin of 17.6% [1][7] - Q4 revenue reached $40.2 million, up 33.3% year over year, while full-year revenue was $137.6 million, reflecting a 6.2% increase [2][7] - Full-year adjusted EBITDA was $12.8 million, down from $17.3 million the previous year, attributed to investments in sales, marketing, and R&D [1][2] Strategic Initiatives - The company is shifting its control-room business model from systems integration to a manufacturer-driven sales approach, resulting in a 35% increase in control-room sales [6][8] - Recurring revenue from maintenance support contracts and cloud services increased to $7.3 million in Q4, up 8.6% year over year, representing about 21% of full-year revenue [9] Product Development and Market Position - Haivision launched the AI-based Kraken X1 and the Falcon X2 transmitter, both receiving strong market demand, particularly in defense and broadcasting [15][16] - The company was named the official video encoder for Minor League Baseball, enhancing its market presence in North America [17] Future Outlook - Management anticipates leveraging flat operating expenses to achieve at least 50% growth in adjusted EBITDA for fiscal 2026, with a long-term target of 20% EBITDA margins by 2027 [18][19] - The company is focused on expanding its presence in space-related opportunities, with major customers including SpaceX and NASA [23]