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Baylin Tech
(TSX:BYL)
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Rating:48Neutral
Price Target:
C$0.23
▼(-8.80% Downside)
Action:Reiterated
Date:08/10/26
Overall score is held down primarily by weak financial performance: steep TTM revenue contraction, ongoing losses, and materially negative operating/free cash flow. The earnings call provides a meaningful offset via improved margins, sustained adjusted EBITDA positivity, and record backlog/Kaelus order momentum that could support H2 2026–2027 revenue conversion. Technicals remain soft with the stock below major moving averages, and valuation is difficult to support given losses (negative P/E) and no dividend yield data.
Positive Factors
Record Backlog
The nearly tripled backlog provides meaningful revenue visibility beyond a single quarter and supports management’s expectation for conversion into 2026 and 2027 sales. This demand base can improve capacity utilization, strengthen customer relationships, and create a foundation for renewed operating scale.
Negative Factors
Sharp Revenue Decline and Continuing Losses
The steep TTM revenue contraction indicates significant scale and demand pressure, while continuing operating and net losses show that improved gross margin has not yet translated into durable earnings. Until revenue stabilizes and fixed costs are absorbed, financial performance remains vulnerable to further volume weakness.
Read all positive and negative factors
Positive Factors
Negative Factors
Record Backlog
The nearly tripled backlog provides meaningful revenue visibility beyond a single quarter and supports management’s expectation for conversion into 2026 and 2027 sales. This demand base can improve capacity utilization, strengthen customer relationships, and create a foundation for renewed operating scale.
Read all positive factors
Baylin Tech (BYL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$64.73M
Dividend YieldN/A
Average Volume (3M)52.92K
Price to Earnings (P/E)―
Beta (1Y)0.78
Revenue Growth-11.78%
EPS Growth-85.38%
CountryCA
Employees225
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-0.06
Shares Outstanding281,414,670
10 Day Avg. Volume35,626
30 Day Avg. Volume52,916
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)-3.40
Price to Sales (P/S)0.52
P/FCF Ratio130.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.02
Revenue Forecast (FY)C$113.00M
Baylin Tech Business Overview & Revenue Model
Company Description
Baylin Technologies Inc., a Toronto, Canada-based company established in 1978, is a comprehensive developer, manufacturer, and seller of advanced radio frequency (RF) and satellite communication products, along with related support services. The c...
How the Company Makes Money
Baylin makes money primarily by selling RF antenna products and antenna systems to commercial and government customers. Key revenue streams include: (1) Product sales of antennas and RF solutions: revenue is generated from supplying antennas and r...
Baylin Tech Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call presented a balanced message: strong strategic and operational positives including a transformational Kaelus acquisition, record backlog (up ~199%), improved gross margins and a tenth consecutive quarter of positive adjusted EBITDA. Offsetting these were near-term financial impacts — Q2 and YTD revenue declines, lower adjusted EBITDA year-to-date, a Q2 net loss driven by acquisition expenses and FX, and integration and macro risks. Management framed the negatives as largely transitional and highlighted the backlog and Kaelus order momentum as drivers for H2 2026 and 2027 growth.Positive Updates
Record Backlog
Backlog reached a record $61.0 million, up from $20.4 million at the end of last year (an increase of ~199%), providing significant near-term revenue visibility and fueling management optimism for conversion into 2026 and 2027 revenue.
Negative Updates
Quarterly and Year-to-Date Revenue Declines
Q2 2026 revenue was $22.0 million, down from $22.5 million in Q2 2025 (decrease of $0.5 million or -1.9%). For the six months ended June 30, 2026, revenue was $38.1 million versus $41.3 million prior year (decrease of $3.2 million or -7.8%).
Read all updates
Q2-2026 Updates
Positive
Negative
Record Backlog
Backlog reached a record $61.0 million, up from $20.4 million at the end of last year (an increase of ~199%), providing significant near-term revenue visibility and fueling management optimism for conversion into 2026 and 2027 revenue.
Read all positive updates
Company Guidance
Management kept its 2026 outlook stable and gave directional guidance that Kaelus will outperform its internal H2 budget and largely convert its contribution to revenue in 2026 — Kaelus booked $12.6M of new POs in its first month and helped drive a record backlog of $61M (up from $20.4M at year-end) — while SATCOM should see a stronger H2 (about half of the recent SATCOM backlog bump converting this year and the other half into early 2027) though full-year SATCOM will be below 2025; custom antennas are expected to be comparable to 2025 with improved margins; longer-term, meaningful carrier infrastructure spending is expected to resume in 2027. Key Q2/Q2‑YTD metrics referenced alongside this guidance included Q2 revenue $22.0M, gross margin 47.1%, gross profit $10.4M, adjusted EBITDA $3.0M (10th consecutive positive quarter), Q2 net loss $3.2M (driven by ~$2.1M acquisition expenses), 6‑month revenue $38.1M, YTD adjusted EBITDA $3.1M, YTD gross margin 44.8%, net debt $11.1M (down $1.3M from Dec 31), recognition of $1.3M tariff refunds, and the Kaelus purchase consideration of $47.4M (reported as $10.6M cash, $21.6M deferred cash, $15.2M share capital).Baylin Tech Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
34
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 73.07M | 76.31M | 83.59M | 73.04M | 120.86M | 102.49M |
| Gross Profit | 32.64M | 33.49M | 34.39M | 28.40M | 32.91M | 15.11M |
| EBITDA | 177.00K | 1.19M | -1.79M | 190.00K | -1.52M | -46.28M |
| Net Income | -9.14M | -4.67M | -7.85M | -13.85M | -16.88M | -67.42M |
Balance Sheet | ||||||
| Total Assets | 123.22M | 45.38M | 49.17M | 59.71M | 74.38M | 93.03M |
| Cash, Cash Equivalents and Short-Term Investments | 12.63M | 12.56M | 5.01M | 4.90M | 7.38M | 19.67M |
| Total Debt | 32.03M | 22.32M | 30.68M | 28.66M | 44.83M | 48.76M |
| Total Liabilities | 102.87M | 57.03M | 57.69M | 59.75M | 77.64M | 81.25M |
| Stockholders Equity | 20.36M | -11.65M | -8.52M | -36.00K | -3.26M | 11.78M |
Cash Flow | ||||||
| Free Cash Flow | -5.82M | 303.00K | 327.00K | -7.39M | -6.74M | -8.29M |
| Operating Cash Flow | -5.72M | 360.00K | 464.00K | -7.08M | -4.98M | -6.88M |
| Investing Cash Flow | -2.29M | -57.00K | -137.00K | -33.00K | -1.74M | -1.41M |
| Financing Cash Flow | 16.14M | 7.36M | -566.00K | 4.85M | -6.59M | 16.86M |
Baylin Tech Technical Analysis
Negative
0.25
Price Trends
0.27
Negative
0.27
Negative
0.27
Negative
Market Momentum
>-0.01
Positive
31.68
Neutral
33.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BYL, the sentiment is Negative. The current price of 0.25 is above the 20-day moving average (MA) of 0.25, below the 50-day MA of 0.27, and below the 200-day MA of 0.27, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 31.68 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BYL.
Baylin Tech Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | C$68.95M | 34.29 | 14.53% | ― | 10.20% | 223.08% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
48 Neutral | C$64.73M | -4.11 | 252.15% | ― | -11.78% | -85.38% | |
44 Neutral | C$11.28M | -17.95 | -116.67% | ― | ― | ― | |
43 Neutral | C$36.34M | -96.74 | -1.69% | 4.17% | -26.68% | -92.00% | |
43 Neutral | C$9.57M | -8.04 | 121.53% | ― | ― | 39.36% |
* Technology Sector Average
TSE:BYL
Baylin Tech
0.23
-0.05
-19.30%
TSE:BEW
BeWhere Holdings
0.72
0.01
1.41%
TSE:CMI
C-Com Satellite Systems
0.89
-0.09
-9.18%
TSE:IMI
Lite Access Technologies
0.07
-0.02
-18.75%
TSE:YFI
Edgewater Wireless Systems
0.05
-0.02
-30.77%
Baylin Tech Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Baylin Technologies Posts Record Backlog as Kaelus Deal Reshapes RF Portfolio
Positive
Aug 5, 2026
Baylin Technologies reported second‑quarter 2026 results that underscore a strategic shift toward growth driven by acquisitions and Satcom demand. The company completed its purchase of Kaelus AB at the end of May, creating a unified end̴...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.