Firan Technology (FTG) ripped over 25% on its Q3 print thanks to a big beat on the back of 40% growth in circuits…

… which translated to margin expansion and record EBITDA. The quarter was driven mainly by the start of classified defence programs…

… which showed up in the order book, with $90M of bookings driving the backlog to a record $221M. With 85% of it set to convert over the next year…

… the near-term growth profile is strong, which is reflected in FTG’s current multiple - something management could take advantage of soon…

… as they look at potential acquisitions to expand the company’s geographic/technology footprint.

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We have a few areas of interest, including establishing a footprint in Europe, growing our presence in India on the Circuits side of the business, or expanding our technology in a few areas. We are evaluating both acquisitions and greenfield construction to accomplish the above ideas.

Brad Bourne (CEO) - FTG Q3’26 call

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