Velan Inc. Reports Second Quarter Results for Fiscal 2027

(TSX: VLN) (“Velan” or the “Company”), a leading global manufacturer of industrial valves, announced today financial results for its second ...

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Reports Second Quarter Results for Fiscal 2027 PRESS RELEASE GlobeNewswire Oct.

(TSX: VLN) (“Velan” or the “Company”), a leading global manufacturer of industrial valves, announced today financial results for its second quarter ended August 31, 2026.

1 Net income or loss refer to net income or loss attributable to subordinate and multiple voting shares 2 Non-IFRS and supplementary financial measures – more information at the end of this report.

"Velan is entering a new phase focused on stronger execution, improved business performance and profitable growth," said Rishi Sharma, President and Chief Executive Officer of Velan.

"Our second quarter results reflect challenges to the business we are actively working to meet.

The demand environment in our core nuclear, defense and energy markets remains solid – the softness in results was driven by execution and delivery timing as well as volatility relating to tariffs, trade disputes and geopolitical uncertainty in the Middle East.

We have moved quickly on matters within our control, with a focus around six transformation pillars— cost discipline, procurement and value engineering, talent and organizational improvements, manufacturing footprint, working capital and assets and growth acceleration.

Together they are designed to build a leaner company and drive profitable growth.” "Our second quarter results reflect significant one-time transaction costs rather than a change in the underlying business.

We are focused on aligning our costs to current volumes and have taken meaningful actions, including the recent implementation of a workforce reduction.

We also repaid our Canadian secured bank loan and, with a new $80 million credit facility in place, have the liquidity and flexibility to execute on the opportunities ahead," added Imran Gibbons, Chief Financial Officer of Velan.