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Haivision Systems (TSX: HAI) reported underwhelming fourth-quarter results, with revenue and adjusted EBITDA down 16% and 48%, respectively. After lowering its annual guidance three times throughout the year, the company still missed the lower end of the bracket. Management had also mentioned that the fourth quarter adjusted EBITDA margin would be close to 20%, and they delivered 9.8%. The main explanation was unforeseen delays in getting year-end orders from the US government, a large Haivision client. Even if that doesn't change the long-term investment thesis, those results are certainly uninspiring in the short term. The stock declined as much as 23% the following day.
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