DRX: Q4 Financials; Growing Again but Weaker Margins

120 Views17 Apr 2026 00:00

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SUMMARY

ADF reported Q4 and FY26 financial results that were mixed relative to our expectations, including Q4 revenue of $78.8M (+2% YoY) vs. our $77.5M and Q4 EBITDA of $11.1M (14% margin) vs. our $17.9M.
The Company’s PF backlog has reached record highs of $718M following new contract announcements of $157M and $140M.
Management’s outlook noted that FY27 will be a transitional year (still growing nicely), focused on integrating LAR and expanding its capacity, while growing the backlog.

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