McCoy Global (MCB) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose 1% year-over-year to $25.6 million, with smartProduct revenue up 16% to $14.1 million, representing 55% of total revenue.

• Net earnings for Q4 2025 increased 44% to $6.1 million; annual net earnings grew 2% to $9.0 million.

• Adjusted EBITDA for Q4 2025 was $6.5 million (25% of revenue), consistent with the prior year; annual Adjusted EBITDA was $16.8 million (20% of revenue).

• Significant progress in commercializing smartProduct offerings, including smarTR™ and smartCRT™, with first SaaS-like subscription revenues recognized.

Financial highlights

• Annual revenue increased 8% to $83.8 million, driven by smartProduct demand.

• Gross profit margin declined to 37% in Q4 and 34% for the year, reflecting higher production overheads and staffing.

• Booked backlog at year-end was $25.8 million, up 10% year-over-year; book-to-bill ratio improved to 0.94 from 0.67.

• Net cash position at year-end was $3.0 million, with $5.4 million in undrawn credit facilities.

Outlook and guidance

• Middle East conflict and shipping suspensions are expected to delay shipments, revenue recognition, and cash collection in early 2026.

• Over two-thirds of year-end backlog is destined for the Middle East, increasing near-term risk to order intake and cash flow.

• Several TRS contract awards anticipated in the next 12 months, but timing is uncertain due to geopolitical factors.

• North American land market activity remains subdued, but smartProduct adoption supports regional revenue.