Added to YB: 2026-03-24
Pitch date: 2026-03-20
HAI.TO [neutral]
Haivision Systems Inc.
+0.92%
current return
Author Info
Wolf of Oakville takes a magnifying glass to Canadian small cap stocks. Sign up for the newsletter.
Company Info
Haivision Systems Inc. provides mission-critical, real-time video networking, and visual collaboration solutions in Canada, the United States, and internationally.
Market Cap
CAD 210.9M
Pitch Price
CAD 7.60
Price Target
N/A
Dividend
N/A
EV/EBITDA
29.82
P/E
236.26
EV/Sales
1.42
Sector
Communications Equipment
Category
N/A
Haivision Systems ($HAI.TO) FINS Review
HAI.TO (earnings): Q1 rev $35.2M (+25% YoY) but missed elevated expectations post-Q4's 83% stock surge. Net loss $180k vs $3.4M profit in Q4. Strong 70% gross margin but -150bps YoY. OpEx +11% (half of GP growth), but G&A +38% mostly to 5 execs ($1M extra comp = diff between profit/loss). OCF burn $150k improved $500k YoY. A/R aging worsened: only 58% current, 15% >90d overdue. $230M valuation at 20x EV/EBITDA, 25x FCF deemed pricey. Maintains 3-star rating.
Read full article (4 min)