Tecsys Reports Financial Results for the First Quarter of Fiscal 2027
Igår, 23:10
Tecsys Reports Financial Results for the First Quarter of Fiscal 2027
Canada NewsWire
MONTREAL, Sept. 10, 2026
Elite TM SaaS Revenue i Up 24% Driving Record Revenue Quarter, Adjusted EBITDA ii Up 113%
MONTREAL , Sept. 10, 2026 /CNW/ -- Tecsys Inc. (TSX: TCS), an industry-leading supply chain management company, today announced its results for the first quarter of fiscal 2027, ended July 31, 2026. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS).
"Our first quarter demonstrates the increasing value customers place on the Tecsys platform, with existing healthcare and distribution customers significantly deepening their investment with us — resulting in one of the strongest bookings quarters in our company's history. That momentum is translating directly into accelerating Elite SaaS ARR growth and record profitability, underscoring the durability of our recurring revenue model as we build on the strong foundation we established in fiscal 2026," said Peter Brereton, president and CEO of Tecsys.
Mark Bentler, chief financial officer, added, "Our first quarter results reflect the continued strength and durability of our SaaS-first strategy. Elite SaaS revenue grew 24% year-over-year, driving record total revenue of $50 million and record Adjusted EBITDA of $6.9 million, more than double the same period last year. Based on strong Q1 Elite SaaS bookings, continued pipeline strength and robust hardware bookings, we are raising our fiscal 2027 guidance for Elite SaaS revenue growth, total SaaS revenue growth, total revenue growth and Adjusted EBITDA margin."
First Quarter Highlights:
- Total SaaS revenue increased by 18% to $22.7 million, up from $19.1 million in Q1 2026. Elite TM SaaS revenue i increased by 24% compared to Q1 last year (23% on a constant currency basis).
- Total SaaS ARR iii increased by 18% (17% on a constant currency basis iii ) to $93.7 million on July 31, 2026 compared to $79.3 million on July 31, 2025. Elite TM SaaS ARR iii increased by 24% (22% on a constant currency basis iii ).
- SaaS Remaining Performance Obligation (RPO iii ) increased by 14% (13% on a constant currency basis iii ) to $259.2 million at July 31, 2026, up from $226.3 million at the same time last year.
- Total revenue increased to $50.0 million compared to $46.0 million in Q1 2026.
- Net profit was $3.1 million ($0.21 basic and diluted earnings per share) in Q1 2027 compared to $0.8 million ($0.05 basic and diluted earnings per share) in Q1 2026.
- Adjusted EBITDA ii was $6.9 million compared to $3.2 million reported in Q1 last year.
- In the first quarter of fiscal 2027, Tecsys acquired 17,400 of its outstanding common shares for approximately $0.6 million as part of its ongoing Normal Course Issuer Bid, compared to 21,300 common shares acquired in the same period last year for approximately $0.8 million.
Financial Guidance:
Tecsys is updating full fiscal year financial guidance as follows:
Current FY27 Guidance | Previous FY27 Guidance | ||
Elite TM SaaS Revenue i Growth | 21-23% | 18-20% | |
Total SaaS Revenue Growth | 16-18% | 13-15% | |
Total Revenue Growth | 5-8% | 2-4% | |
Adjusted EBITDA ii Margin | 11-14% | 11-13% |
i | Elite TM SaaS Revenue refers to our core product and the predominant contributor to total SaaS Revenue. |
ii | See Non-IFRS Performance Measures in Management's Discussion and Analysis of the Q1 2027 Interim Financial Statements. |
iii | See Key Performance Indicators in Management's Discussion and Analysis of the Q1 2027 Interim Financial Statements. |
On September 10, 2026, the Company declared a quarterly dividend of $0.09 per share to be paid on October 2, 2026 to shareholders of record on September 22, 2026.
Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be "eligible" dividends.
Q1 2027 Financial Results Conference Call
Date: September 11, 2026
Time: 8:30 a.m. ET
Phone number: 800-836-8184 or 646-357-8785
The call can be replayed until September 18, 2026, by calling:
888-660-6345 or 646-517-4150 (access code: 51000#)
About Tecsys
Tecsys is trusted by mission-critical organizations in healthcare and distribution to power resilient, efficient and secure supply chains. A global provider of cloud-based, AI-driven software with deep domain expertise, Tecsys delivers real-time operational visibility and execution across critical workflows when performance and reliability matter most. Tecsys is publicly traded on the Toronto Stock Exchange (TSX). For more information, visit www.tecsys.com .
Forward Looking Statements
The statements in this news release relating to matters that are not historical fact are forward-looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that Tecsys Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of Tecsys Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with Tecsys Inc.'s business can be found in the MD&A section of the Company's annual report and the most recently filed annual information form. These documents have been filed with the Canadian securities commissions and are available on our website ( www.tecsys.com ) and on SEDAR+ ( www.sedarplus.ca ).
Copyright © Tecsys Inc. 2026. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.
Non-IFRS Measures
Reconciliation of EBITDA and Adjusted EBITDA
EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before stock-based compensation and restructuring costs. The exclusion of interest expense, interest income, income taxes and restructuring costs eliminates the impact on earnings derived from non-operational activities and non-recurring items, and the exclusion of depreciation, amortization and stock-based compensation eliminates the non-cash impact of these items.
The Company believes that these measures are useful measures of financial performance without the variation caused by the impacts of the items described above and that could potentially distort the analysis of trends in our operating performance. In addition, they are commonly used by investors and analysts to measure a company's performance, its ability to service debt and to meet other payment obligations, or as a common valuation measurement. Excluding these items does not imply that they are necessarily non-recurring. Management believes these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company's operating results, underlying performance and future prospects in a manner similar to management. Although EBITDA and Adjusted EBITDA are frequently used by securities analysts, lenders and others in their evaluation of companies, they have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under IFRS.
The reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable IFRS measure is provided below.
Three Months Ended July 31, | Trailing 12 Months Ended July 31, | |||||||
(in thousands of CAD) | 2026 | 2025 | 2026 | 2025 | ||||
Net profit | $ | 3,097 | $ | 762 | $ | 6,373 | $ | 4,423 |
Adjustments for: | ||||||||
Depreciation of property and equipment and right-of-use assets | 371 | 329 | 1,459 | 1,431 | ||||
Amortization of deferred development costs | 346 | 281 | 1,147 | 853 | ||||
Amortization of other intangible assets | 525 | 543 | 2,106 | 1,513 | ||||
Interest expense | 62 | 11 | 194 | 68 | ||||
Interest income | (186) | (121) | (529) | (545) | ||||
Income taxes | 1,793 | 625 | 4,818 | 3,165 | ||||
EBITDA | $ | 6,008 | $ | 2,430 | $ | 15,568 | $ | 10,908 |
Adjustments for: | ||||||||
Stock based compensation | 850 | 784 | 3,455 | 3,088 | ||||
Restructuring costs | - | - | 4,652 | - | ||||
Adjusted EBITDA | $ | 6,858 | $ | 3,214 | $ | 23,675 | $ | 13,996 |
Adjusted net profit
Adjusted net profit represents net profit adjusted to exclude restructuring costs, net of related tax benefits which are determined based on statutory income tax rates.
The Company believes that this measure is a useful measure of financial performance without the variation caused by the impact of the restructuring costs, net of tax, described above.
The reconciliation of Adjusted net profit to the most directly comparable IFRS measure is provided below.
Three Months Ended July 31, | Trailing 12 Months Ended July 31, | |||||||
(in thousands of CAD) | 2026 | 2025 | 2026 | 2025 | ||||
Net profit | $ | 3,097 | $ | 762 | $ | 6,373 | $ | 4,423 |
Adjustments for: | ||||||||
Restructuring costs | - | - | 4,652 | - | ||||
Tax benefit related to restructuring costs | - | - | (1,233) | - | ||||
Adjusted net profit | $ | 3,097 | $ | 762 | $ | 9,792 | $ | 4,423 |
Condensed Interim Consolidated Statements of Financial Position | ||||
(Unaudited) | ||||
(In thousands of Canadian dollars) | ||||
July 31, 2026 | April 30, 2026 | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ | 22,827 | $ | 19,133 |
Short-term investments | 12,164 | 12,077 | ||
Accounts receivable | 22,569 | 28,425 | ||
Work in progress | 4,546 | 5,681 | ||
Other receivables | 695 | 818 | ||
Tax credits | 6,947 | 6,193 | ||
Inventory | 1,253 | 1,167 | ||
Prepaid expenses and other | 11,712 | 11,292 | ||
Total current assets | 82,713 | 84,786 | ||
Non-current assets | ||||
Other long-term receivables and assets | 1,077 | 3,188 | ||
Tax credits | 7,492 | 6,978 | ||
Property and equipment | 4,678 | 4,824 | ||
Right-of-use assets | 2,315 | 2,409 | ||
Contract acquisition costs | 5,815 | 5,084 | ||
Deferred development costs | 5,137 | 4,965 | ||
Other intangible assets | 6,890 | 7,356 | ||
Goodwill | 18,002 | 17,901 | ||
Deferred tax assets | 6,524 | 5,516 | ||
Total non-current assets | 57,930 | 58,221 | ||
Total assets | $ | 140,643 | $ | 143,007 |
Liabilities | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | 23,106 | 21,191 | ||
Deferred revenue | 50,119 | 54,050 | ||
Lease obligations | 492 | 531 | ||
Total current liabilities | 73,717 | 75,772 | ||
Non-current liabilities | ||||
Other long-term accrued liabilities | 374 | - | ||
Deferred tax liabilities | 203 | 200 | ||
Lease obligations | 4,645 | 4,759 | ||
Total non-current liabilities | 5,222 | 4,959 | ||
Total liabilities | $ | 78,939 | $ | 80,731 |
Equity | ||||
Share capital | $ | 56,623 | $ | 56,691 |
Contributed surplus | 343 | - | ||
Retained earnings | 4,770 | 2,971 | ||
Accumulated other comprehensive (loss) income | (32) | 2,614 | ||
Total equity attributable to the owners of the Company | 61,704 | 62,276 | ||
Total liabilities and equity | $ | 140,643 | $ | 143,007 |
Condensed Interim Consolidated Statements of Income and Comprehensive Income | ||||
(Unaudited) | ||||
(in thousands of Canadian dollars, except per share data) | ||||
Three Months Ended July 31, | ||||
2026 | 2025 | |||
Revenue: | ||||
SaaS | $ | 22,652 | $ | 19,139 |
Maintenance and Support | 7,386 | 7,857 | ||
Professional Services | 16,099 | 16,039 | ||
License | 108 | 89 | ||
Hardware | 3,803 | 2,836 | ||
Total revenue | 50,048 | 45,960 | ||
Cost of revenue | 23,505 | 22,392 | ||
Gross profit | 26,543 | 23,568 | ||
Operating expenses: | ||||
Sales and marketing | 10,153 | 10,316 | ||
General and administration | 3,524 | 3,385 | ||
Research and development, net of tax credits | 8,702 | 8,504 | ||
Total operating expenses | 22,379 | 22,205 | ||
Profit from operations | 4,164 | 1,363 | ||
Other income | 726 | 24 | ||
Profit before income taxes | 4,890 | 1,387 | ||
Income tax expense | 1,793 | 625 | ||
Net profit | $ | 3,097 | $ | 762 |
Other comprehensive (loss) income: | ||||
Effective portion of changes in fair value on designated cash flow hedges, net of tax | (2,780) | (747) | ||
Exchange differences on translation of foreign operations | 134 | (3) | ||
Comprehensive income | $ | 451 | $ | 12 |
Basic and diluted earnings per common share | $ | 0.21 | $ | 0.05 |
Condensed Interim Consolidated Statements of Cash Flows | ||||
(Unaudited) | ||||
(in thousands of Canadian dollars) | ||||
Three Months Ended July 31, | ||||
2026 | 2025 | |||
Cash flows from operating activities: | ||||
Net profit | $ | 3,097 | $ | 762 |
Adjustments for: | ||||
Depreciation of property and equipment and right-of-use assets | 371 | 329 | ||
Amortization of deferred development costs | 346 | 281 | ||
Amortization of other intangible assets | 525 | 543 | ||
Interest expense (income) and foreign exchange (gain) loss | (726) | (24) | ||
Unrealized foreign exchange and other | 1,096 | (195) | ||
Non-refundable tax credits | (561) | (516) | ||
Stock-based compensation | 850 | 784 | ||
Income taxes | 1,790 | 620 | ||
Net cash from operating activities excluding changes in non-cash working capital items related to operations | 6,788 | 2,584 | ||
Accounts receivable | 5,912 | 2,753 | ||
Work in progress | 1,143 | 1,381 | ||
Other receivables and assets | (83) | (580) | ||
Tax credits | (707) | (975) | ||
Inventory | (85) | (190) | ||
Prepaid expenses | (539) | 606 | ||
Contract acquisition costs | (604) | 264 | ||
Accounts payable and accrued liabilities | (2,833) | (5,952) | ||
Deferred revenue | (3,955) | (4,548) | ||
Changes in non-cash working capital items related to operations | (1,751) | (7,241) | ||
Net cash provided by (used in) operating activities | 5,037 | (4,657) | ||
Cash flows from financing activities: | ||||
Payment of lease obligations | (153) | (217) | ||
Interest paid | (62) | (11) | ||
Issuance of common shares on exercise of stock options | - | 350 | ||
Shares repurchased and cancelled | (575) | (828) | ||
Net cash used in financing activities | (790) | (706) | ||
Cash flows from investing activities: | ||||
Interest received | 99 | 22 | ||
Acquisitions of property and equipment | (134) | (568) | ||
Acquisition of intangible assets | - | (1,975) | ||
Deferred development costs | (518) | (518) | ||
Net cash used in investing activities | (553) | (3,039) | ||
Net increase (decrease) in cash and cash equivalents during the period | 3,694 | (8,402) | ||
Cash and cash equivalents - beginning of period | 19,133 | 27,580 | ||
Cash and cash equivalents - end of period | $ | 22,827 | $ | 19,178 |
Condensed Interim Consolidated Statements of Changes in Equity | |||||||||||
(Unaudited) | |||||||||||
(in thousands of Canadian dollars, except number of shares) | |||||||||||
Share capital | |||||||||||
Number | Amount | Contributed Surplus | Accumulated other comprehensive income (loss) | Retained earnings | Total | ||||||
Balance, May 1, 2026 | 14,434,337 | $ | 56,691 | $ | - | $ | 2,614 | $ | 2,971 | $ | 62,276 |
Net profit | - | - | - | - | 3,097 | 3,097 | |||||
Other comprehensive (loss) income: | |||||||||||
Effective portion of changes in fair value on designated cash flow hedges, net of tax | - | - | - | (2,780) | - | (2,780) | |||||
Exchange differences on translation of foreign operations | - | - | - | 134 | - | 134 | |||||
Total comprehensive (loss) income | - | - | - | (2,646) | 3,097 | 451 | |||||
Shares repurchased and cancelled | (17,400) | (68) | (507) | - | - | (575) | |||||
Stock-based compensation | - | - | 850 | - | - | 850 | |||||
Dividends to equity owners | - | - | - | - | (1,298) | (1,298) | |||||
Total transactions with owners of the Company | (17,400) | $ | (68) | $ | 343 | $ | - | $ | (1,298) | $ | (1,023) |
Balance, July 31, 2026 | 14,416,937 | $ | 56,623 | $ | 343 | $ | (32) | $ | 4,770 | $ | 61,704 |
Balance, May 1, 2025 | 14,836,120 | $ | 57,573 | $ | 4,755 | $ | 1,234 | $ | 7,700 | $ | 71,262 |
Net profit | - | - | - | - | 762 | 762 | |||||
Other comprehensive (loss) income: | |||||||||||
Effective portion of changes in fair value on designated cash flow hedges, net of tax | - | - | - | (747) | - | (747) | |||||
Exchange differences on translation of foreign operations | - | - | - | (3) | - | (3) | |||||
Total comprehensive (loss) income | - | - | - | (750) | 762 | 12 | |||||
Shares repurchased and cancelled | (21,300) | (83) | (745) | - | - | (828) | |||||
Stock-based compensation | - | - | 784 | - | - | 784 | |||||
Dividends to equity owners | - | - | - | - | (1,261) | (1,261) | |||||
Share options exercised | 12,615 | 449 | (99) | - | - | 350 | |||||
Total transactions with owners of the Company | (8,685) | $ | 366 | $ | (60) | $ | - | $ | (1,261) | $ | (955) |
Balance, July 31, 2025 | 14,827,435 | $ | 57,939 | $ | 4,695 | $ | 484 | $ | 7,201 | $ | 70,319 |
SOURCE Tecsys Inc.
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Tecsys Reports Financial Results for the First Quarter of Fiscal 2027
Igår, 23:10
Tecsys Reports Financial Results for the First Quarter of Fiscal 2027
Canada NewsWire
MONTREAL, Sept. 10, 2026
Elite TM SaaS Revenue i Up 24% Driving Record Revenue Quarter, Adjusted EBITDA ii Up 113%
MONTREAL , Sept. 10, 2026 /CNW/ -- Tecsys Inc. (TSX: TCS), an industry-leading supply chain management company, today announced its results for the first quarter of fiscal 2027, ended July 31, 2026. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS).
"Our first quarter demonstrates the increasing value customers place on the Tecsys platform, with existing healthcare and distribution customers significantly deepening their investment with us — resulting in one of the strongest bookings quarters in our company's history. That momentum is translating directly into accelerating Elite SaaS ARR growth and record profitability, underscoring the durability of our recurring revenue model as we build on the strong foundation we established in fiscal 2026," said Peter Brereton, president and CEO of Tecsys.
Mark Bentler, chief financial officer, added, "Our first quarter results reflect the continued strength and durability of our SaaS-first strategy. Elite SaaS revenue grew 24% year-over-year, driving record total revenue of $50 million and record Adjusted EBITDA of $6.9 million, more than double the same period last year. Based on strong Q1 Elite SaaS bookings, continued pipeline strength and robust hardware bookings, we are raising our fiscal 2027 guidance for Elite SaaS revenue growth, total SaaS revenue growth, total revenue growth and Adjusted EBITDA margin."
First Quarter Highlights:
- Total SaaS revenue increased by 18% to $22.7 million, up from $19.1 million in Q1 2026. Elite TM SaaS revenue i increased by 24% compared to Q1 last year (23% on a constant currency basis).
- Total SaaS ARR iii increased by 18% (17% on a constant currency basis iii ) to $93.7 million on July 31, 2026 compared to $79.3 million on July 31, 2025. Elite TM SaaS ARR iii increased by 24% (22% on a constant currency basis iii ).
- SaaS Remaining Performance Obligation (RPO iii ) increased by 14% (13% on a constant currency basis iii ) to $259.2 million at July 31, 2026, up from $226.3 million at the same time last year.
- Total revenue increased to $50.0 million compared to $46.0 million in Q1 2026.
- Net profit was $3.1 million ($0.21 basic and diluted earnings per share) in Q1 2027 compared to $0.8 million ($0.05 basic and diluted earnings per share) in Q1 2026.
- Adjusted EBITDA ii was $6.9 million compared to $3.2 million reported in Q1 last year.
- In the first quarter of fiscal 2027, Tecsys acquired 17,400 of its outstanding common shares for approximately $0.6 million as part of its ongoing Normal Course Issuer Bid, compared to 21,300 common shares acquired in the same period last year for approximately $0.8 million.
Financial Guidance:
Tecsys is updating full fiscal year financial guidance as follows:
Current FY27 Guidance | Previous FY27 Guidance | ||
Elite TM SaaS Revenue i Growth | 21-23% | 18-20% | |
Total SaaS Revenue Growth | 16-18% | 13-15% | |
Total Revenue Growth | 5-8% | 2-4% | |
Adjusted EBITDA ii Margin | 11-14% | 11-13% |
i | Elite TM SaaS Revenue refers to our core product and the predominant contributor to total SaaS Revenue. |
ii | See Non-IFRS Performance Measures in Management's Discussion and Analysis of the Q1 2027 Interim Financial Statements. |
iii | See Key Performance Indicators in Management's Discussion and Analysis of the Q1 2027 Interim Financial Statements. |
On September 10, 2026, the Company declared a quarterly dividend of $0.09 per share to be paid on October 2, 2026 to shareholders of record on September 22, 2026.
Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be "eligible" dividends.
Q1 2027 Financial Results Conference Call
Date: September 11, 2026
Time: 8:30 a.m. ET
Phone number: 800-836-8184 or 646-357-8785
The call can be replayed until September 18, 2026, by calling:
888-660-6345 or 646-517-4150 (access code: 51000#)
About Tecsys
Tecsys is trusted by mission-critical organizations in healthcare and distribution to power resilient, efficient and secure supply chains. A global provider of cloud-based, AI-driven software with deep domain expertise, Tecsys delivers real-time operational visibility and execution across critical workflows when performance and reliability matter most. Tecsys is publicly traded on the Toronto Stock Exchange (TSX). For more information, visit www.tecsys.com .
Forward Looking Statements
The statements in this news release relating to matters that are not historical fact are forward-looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that Tecsys Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of Tecsys Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with Tecsys Inc.'s business can be found in the MD&A section of the Company's annual report and the most recently filed annual information form. These documents have been filed with the Canadian securities commissions and are available on our website ( www.tecsys.com ) and on SEDAR+ ( www.sedarplus.ca ).
Copyright © Tecsys Inc. 2026. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.
Non-IFRS Measures
Reconciliation of EBITDA and Adjusted EBITDA
EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before stock-based compensation and restructuring costs. The exclusion of interest expense, interest income, income taxes and restructuring costs eliminates the impact on earnings derived from non-operational activities and non-recurring items, and the exclusion of depreciation, amortization and stock-based compensation eliminates the non-cash impact of these items.
The Company believes that these measures are useful measures of financial performance without the variation caused by the impacts of the items described above and that could potentially distort the analysis of trends in our operating performance. In addition, they are commonly used by investors and analysts to measure a company's performance, its ability to service debt and to meet other payment obligations, or as a common valuation measurement. Excluding these items does not imply that they are necessarily non-recurring. Management believes these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company's operating results, underlying performance and future prospects in a manner similar to management. Although EBITDA and Adjusted EBITDA are frequently used by securities analysts, lenders and others in their evaluation of companies, they have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under IFRS.
The reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable IFRS measure is provided below.
Three Months Ended July 31, | Trailing 12 Months Ended July 31, | |||||||
(in thousands of CAD) | 2026 | 2025 | 2026 | 2025 | ||||
Net profit | $ | 3,097 | $ | 762 | $ | 6,373 | $ | 4,423 |
Adjustments for: | ||||||||
Depreciation of property and equipment and right-of-use assets | 371 | 329 | 1,459 | 1,431 | ||||
Amortization of deferred development costs | 346 | 281 | 1,147 | 853 | ||||
Amortization of other intangible assets | 525 | 543 | 2,106 | 1,513 | ||||
Interest expense | 62 | 11 | 194 | 68 | ||||
Interest income | (186) | (121) | (529) | (545) | ||||
Income taxes | 1,793 | 625 | 4,818 | 3,165 | ||||
EBITDA | $ | 6,008 | $ | 2,430 | $ | 15,568 | $ | 10,908 |
Adjustments for: | ||||||||
Stock based compensation | 850 | 784 | 3,455 | 3,088 | ||||
Restructuring costs | - | - | 4,652 | - | ||||
Adjusted EBITDA | $ | 6,858 | $ | 3,214 | $ | 23,675 | $ | 13,996 |
Adjusted net profit
Adjusted net profit represents net profit adjusted to exclude restructuring costs, net of related tax benefits which are determined based on statutory income tax rates.
The Company believes that this measure is a useful measure of financial performance without the variation caused by the impact of the restructuring costs, net of tax, described above.
The reconciliation of Adjusted net profit to the most directly comparable IFRS measure is provided below.
Three Months Ended July 31, | Trailing 12 Months Ended July 31, | |||||||
(in thousands of CAD) | 2026 | 2025 | 2026 | 2025 | ||||
Net profit | $ | 3,097 | $ | 762 | $ | 6,373 | $ | 4,423 |
Adjustments for: | ||||||||
Restructuring costs | - | - | 4,652 | - | ||||
Tax benefit related to restructuring costs | - | - | (1,233) | - | ||||
Adjusted net profit | $ | 3,097 | $ | 762 | $ | 9,792 | $ | 4,423 |
Condensed Interim Consolidated Statements of Financial Position | ||||
(Unaudited) | ||||
(In thousands of Canadian dollars) | ||||
July 31, 2026 | April 30, 2026 | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ | 22,827 | $ | 19,133 |
Short-term investments | 12,164 | 12,077 | ||
Accounts receivable | 22,569 | 28,425 | ||
Work in progress | 4,546 | 5,681 | ||
Other receivables | 695 | 818 | ||
Tax credits | 6,947 | 6,193 | ||
Inventory | 1,253 | 1,167 | ||
Prepaid expenses and other | 11,712 | 11,292 | ||
Total current assets | 82,713 | 84,786 | ||
Non-current assets | ||||
Other long-term receivables and assets | 1,077 | 3,188 | ||
Tax credits | 7,492 | 6,978 | ||
Property and equipment | 4,678 | 4,824 | ||
Right-of-use assets | 2,315 | 2,409 | ||
Contract acquisition costs | 5,815 | 5,084 | ||
Deferred development costs | 5,137 | 4,965 | ||
Other intangible assets | 6,890 | 7,356 | ||
Goodwill | 18,002 | 17,901 | ||
Deferred tax assets | 6,524 | 5,516 | ||
Total non-current assets | 57,930 | 58,221 | ||
Total assets | $ | 140,643 | $ | 143,007 |
Liabilities | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | 23,106 | 21,191 | ||
Deferred revenue | 50,119 | 54,050 | ||
Lease obligations | 492 | 531 | ||
Total current liabilities | 73,717 | 75,772 | ||
Non-current liabilities | ||||
Other long-term accrued liabilities | 374 | - | ||
Deferred tax liabilities | 203 | 200 | ||
Lease obligations | 4,645 | 4,759 | ||
Total non-current liabilities | 5,222 | 4,959 | ||
Total liabilities | $ | 78,939 | $ | 80,731 |
Equity | ||||
Share capital | $ | 56,623 | $ | 56,691 |
Contributed surplus | 343 | - | ||
Retained earnings | 4,770 | 2,971 | ||
Accumulated other comprehensive (loss) income | (32) | 2,614 | ||
Total equity attributable to the owners of the Company | 61,704 | 62,276 | ||
Total liabilities and equity | $ | 140,643 | $ | 143,007 |
Condensed Interim Consolidated Statements of Income and Comprehensive Income | ||||
(Unaudited) | ||||
(in thousands of Canadian dollars, except per share data) | ||||
Three Months Ended July 31, | ||||
2026 | 2025 | |||
Revenue: | ||||
SaaS | $ | 22,652 | $ | 19,139 |
Maintenance and Support | 7,386 | 7,857 | ||
Professional Services | 16,099 | 16,039 | ||
License | 108 | 89 | ||
Hardware | 3,803 | 2,836 | ||
Total revenue | 50,048 | 45,960 | ||
Cost of revenue | 23,505 | 22,392 | ||
Gross profit | 26,543 | 23,568 | ||
Operating expenses: | ||||
Sales and marketing | 10,153 | 10,316 | ||
General and administration | 3,524 | 3,385 | ||
Research and development, net of tax credits | 8,702 | 8,504 | ||
Total operating expenses | 22,379 | 22,205 | ||
Profit from operations | 4,164 | 1,363 | ||
Other income | 726 | 24 | ||
Profit before income taxes | 4,890 | 1,387 | ||
Income tax expense | 1,793 | 625 | ||
Net profit | $ | 3,097 | $ | 762 |
Other comprehensive (loss) income: | ||||
Effective portion of changes in fair value on designated cash flow hedges, net of tax | (2,780) | (747) | ||
Exchange differences on translation of foreign operations | 134 | (3) | ||
Comprehensive income | $ | 451 | $ | 12 |
Basic and diluted earnings per common share | $ | 0.21 | $ | 0.05 |
Condensed Interim Consolidated Statements of Cash Flows | ||||
(Unaudited) | ||||
(in thousands of Canadian dollars) | ||||
Three Months Ended July 31, | ||||
2026 | 2025 | |||
Cash flows from operating activities: | ||||
Net profit | $ | 3,097 | $ | 762 |
Adjustments for: | ||||
Depreciation of property and equipment and right-of-use assets | 371 | 329 | ||
Amortization of deferred development costs | 346 | 281 | ||
Amortization of other intangible assets | 525 | 543 | ||
Interest expense (income) and foreign exchange (gain) loss | (726) | (24) | ||
Unrealized foreign exchange and other | 1,096 | (195) | ||
Non-refundable tax credits | (561) | (516) | ||
Stock-based compensation | 850 | 784 | ||
Income taxes | 1,790 | 620 | ||
Net cash from operating activities excluding changes in non-cash working capital items related to operations | 6,788 | 2,584 | ||
Accounts receivable | 5,912 | 2,753 | ||
Work in progress | 1,143 | 1,381 | ||
Other receivables and assets | (83) | (580) | ||
Tax credits | (707) | (975) | ||
Inventory | (85) | (190) | ||
Prepaid expenses | (539) | 606 | ||
Contract acquisition costs | (604) | 264 | ||
Accounts payable and accrued liabilities | (2,833) | (5,952) | ||
Deferred revenue | (3,955) | (4,548) | ||
Changes in non-cash working capital items related to operations | (1,751) | (7,241) | ||
Net cash provided by (used in) operating activities | 5,037 | (4,657) | ||
Cash flows from financing activities: | ||||
Payment of lease obligations | (153) | (217) | ||
Interest paid | (62) | (11) | ||
Issuance of common shares on exercise of stock options | - | 350 | ||
Shares repurchased and cancelled | (575) | (828) | ||
Net cash used in financing activities | (790) | (706) | ||
Cash flows from investing activities: | ||||
Interest received | 99 | 22 | ||
Acquisitions of property and equipment | (134) | (568) | ||
Acquisition of intangible assets | - | (1,975) | ||
Deferred development costs | (518) | (518) | ||
Net cash used in investing activities | (553) | (3,039) | ||
Net increase (decrease) in cash and cash equivalents during the period | 3,694 | (8,402) | ||
Cash and cash equivalents - beginning of period | 19,133 | 27,580 | ||
Cash and cash equivalents - end of period | $ | 22,827 | $ | 19,178 |
Condensed Interim Consolidated Statements of Changes in Equity | |||||||||||
(Unaudited) | |||||||||||
(in thousands of Canadian dollars, except number of shares) | |||||||||||
Share capital | |||||||||||
Number | Amount | Contributed Surplus | Accumulated other comprehensive income (loss) | Retained earnings | Total | ||||||
Balance, May 1, 2026 | 14,434,337 | $ | 56,691 | $ | - | $ | 2,614 | $ | 2,971 | $ | 62,276 |
Net profit | - | - | - | - | 3,097 | 3,097 | |||||
Other comprehensive (loss) income: | |||||||||||
Effective portion of changes in fair value on designated cash flow hedges, net of tax | - | - | - | (2,780) | - | (2,780) | |||||
Exchange differences on translation of foreign operations | - | - | - | 134 | - | 134 | |||||
Total comprehensive (loss) income | - | - | - | (2,646) | 3,097 | 451 | |||||
Shares repurchased and cancelled | (17,400) | (68) | (507) | - | - | (575) | |||||
Stock-based compensation | - | - | 850 | - | - | 850 | |||||
Dividends to equity owners | - | - | - | - | (1,298) | (1,298) | |||||
Total transactions with owners of the Company | (17,400) | $ | (68) | $ | 343 | $ | - | $ | (1,298) | $ | (1,023) |
Balance, July 31, 2026 | 14,416,937 | $ | 56,623 | $ | 343 | $ | (32) | $ | 4,770 | $ | 61,704 |
Balance, May 1, 2025 | 14,836,120 | $ | 57,573 | $ | 4,755 | $ | 1,234 | $ | 7,700 | $ | 71,262 |
Net profit | - | - | - | - | 762 | 762 | |||||
Other comprehensive (loss) income: | |||||||||||
Effective portion of changes in fair value on designated cash flow hedges, net of tax | - | - | - | (747) | - | (747) | |||||
Exchange differences on translation of foreign operations | - | - | - | (3) | - | (3) | |||||
Total comprehensive (loss) income | - | - | - | (750) | 762 | 12 | |||||
Shares repurchased and cancelled | (21,300) | (83) | (745) | - | - | (828) | |||||
Stock-based compensation | - | - | 784 | - | - | 784 | |||||
Dividends to equity owners | - | - | - | - | (1,261) | (1,261) | |||||
Share options exercised | 12,615 | 449 | (99) | - | - | 350 | |||||
Total transactions with owners of the Company | (8,685) | $ | 366 | $ | (60) | $ | - | $ | (1,261) | $ | (955) |
Balance, July 31, 2025 | 14,827,435 | $ | 57,939 | $ | 4,695 | $ | 484 | $ | 7,201 | $ | 70,319 |
SOURCE Tecsys Inc.
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