Fourth Quarter Highlights
Deliveries: 1,233 equivalent units ("EUs"), with 27.4% being battery- and fuel cell-electric buses ("ZEBs")
Revenue: $1,025.1 million, an increase of 22.5% year-over-year
Gross Margin: $174.4 million, an increase of 89.0% year-over-year, positively impacted by higher margin units being delivered from backlog1
Net Earnings: $166.0 million, an increase of $147.5 million year-over-year
Adjusted Net Earnings1: $59.6 million and Adjusted Net Earnings per Share1 of $0.50, an improvement of 328.8%
Net cash generated by operating activities: $118.6 million, positively impacted by the Battery Settlement, lower cash interest paid, somewhat offset by cash invested in working capital
Adjusted EBITDA1: $121.3 million, an increase of 78.7 % year-over-year
Backlog1: Approximately $13.0 billion (6,344 EUs firm and 8,981 EUs options), up 1.3% year-over-year on an EU basis
ROIC1: Increased to 11.3%, up from 6.4% in 2024 Q4
Liquidity1: $445.8 million, a $319.0 million increase from 2024 Q4, positively impacted from the Battery Settlement
2026 Guidance: Revenue range of $3.9 billion to $4.2 billion, Adjusted EBITDA1 range of $370 million to $410 million
Key financial metrics for 2025 Q4 and Fiscal 2025 are included in the table below:
in millions except deliveries and per share amounts
2025 Q4
2024 Q4
Fiscal 2025
Fiscal 2024
Deliveries (EUs)
1,233
1,180
4,451
4,547
IFRS Measures
Revenue
$
1,025.1
$
837.0
$
3,614.6
$
3,122.3
Net Earnings (Loss)
$
166.0
$
18.6
$
(142.1
)
$
(3.3
)
Net Earnings per Share
$
1.39
$
0.16
$
(1.19
)
$
(0.03
)
Net cash generated by (used in) operating activities
$
118.6
$
17.5
$
173.7
$
15.3
Non-IFRS Measures
