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Haivision Systems
(TSX:HAI)
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Rating:56Neutral
Price Target:
C$4.00
▼(-10.91% Downside)
Action:Reiterated
Date:09/15/26
The score is mainly held up by relatively stable financial footing (low leverage and positive TTM cash generation) despite weakened profitability and a steep TTM revenue decline. The biggest drag is technical weakness (price below major moving averages with bearish momentum). Valuation is also constrained by losses (negative P/E). The earnings call adds a modest offset: pipeline and product momentum are positive, but guidance leans to the low end and tariffs/procurement delays pressure near-term margins.
Positive Factors
Conservative balance sheet
Low leverage gives Haivision financial flexibility while it navigates uneven demand and invests in products. A solid equity base and manageable debt reduce balance-sheet strain, supporting the company’s ability to fund operations and pursue opportunities over the next several quarters.
Negative Factors
Revenue decline and weak profitability
The sharp trailing revenue contraction weakens confidence in near-term demand and makes consistent earnings recovery less certain. Negative EBIT and net income also reduce the company’s ability to convert its strong gross margin into durable operating profitability over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage gives Haivision financial flexibility while it navigates uneven demand and invests in products. A solid equity base and manageable debt reduce balance-sheet strain, supporting the company’s ability to fund operations and pursue opportunities over the next several quarters.
Read all positive factors
Haivision Systems (HAI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$101.20M
Dividend YieldN/A
Average Volume (3M)28.44K
Price to Earnings (P/E)―
Beta (1Y)0.88
Revenue Growth11.64%
EPS Growth42.73%
CountryCA
Employees389
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.03
Shares Outstanding26,772,594
10 Day Avg. Volume22,963
30 Day Avg. Volume28,436
Financial Highlights & Ratios
PEG Ratio-12.84
Price to Book (P/B)1.47
Price to Sales (P/S)1.05
P/FCF Ratio20.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$4.00Price Target Upside-10.91% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.2
Revenue Forecast (FY)C$152.78M
Haivision Systems Business Overview & Revenue Model
Company Description
Haivision Systems Inc. provides specialized infrastructure solutions on a global scale. Their extensive product portfolio includes the Makito Series, meticulously designed for encoding and decoding 4K/UHD HEVC and H.264 video, enabling low-latency...
How the Company Makes Money
Haivision makes money primarily by selling video networking and streaming products and associated services to organizations that need secure, low-latency video over IP.
Key revenue streams typically include:
1) Product revenue (hardware and softw...
Haivision Systems Earnings Call Summary
Earnings Call Date:Sep 09, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 27, 2027
Earnings Call Sentiment Neutral
The call was cautiously optimistic but financially mixed. Management emphasized healthy customer engagement, a growing pipeline, no project cancellations, strong long-term market demand, new-product momentum, and continued supply-chain execution. However, the quarter included a 1.4% revenue decline, substantial gross-margin compression, lower adjusted EBITDA, operating and net losses, tariff exposure, procurement delays, higher inventory and borrowing, and guidance positioned near the lower end of the range. The positive strategic and demand commentary was balanced by significant near-term financial and operating pressures.Positive Updates
Nine-Month Revenue Growth
Fiscal 2026 nine-month revenue was $102.3 million, an increase of $4.8 million, or 5%, compared with the same period last year.
Negative Updates
Third-Quarter Revenue Decline
Third-quarter fiscal 2026 revenue was $34.5 million, a decrease of $500,000, or 1.4%, compared with the prior-year period. Management attributed the performance to the timing of customer purchasing and deployment cycles, particularly in broadcast.
Read all updates
Q3-2026 Updates
Positive
Negative
Nine-Month Revenue Growth
Fiscal 2026 nine-month revenue was $102.3 million, an increase of $4.8 million, or 5%, compared with the same period last year.
Read all positive updates
Company Guidance
For fiscal year 2026, revenue guidance remains $140 to $142 million, although management said it is “probably closer to the lower end of the range than we are at the higher end of the range,” given what it is seeing in the fourth quarter, while noting that “timing is everything,” “Supply chain is everything,” and “we could be pleasantly surprised.” Tariffs are expected to affect overall consolidated gross margin by “about 3% in the near term,” and, for the fourth quarter, management said to subtract 3 points from current gross margin levels because “the fourth quarter will be fully” affected by tariffs beginning at the beginning of August. Amortization expense is expected to reduce by approximately $600 thousand per quarter beginning in the fourth quarter and by yet another $150 thousand in April 2027, while term loans associated with the Haivision France acquisition are expected to be largely repaid by the middle of fiscal 27.Haivision Systems Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
72
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 142.47M | 137.64M | 129.54M | 139.86M | 125.70M | 92.59M |
| Gross Profit | 92.91M | 91.97M | 94.69M | 98.58M | 86.33M | 69.33M |
| EBITDA | 7.46M | 7.89M | 15.30M | 11.07M | 3.06M | -2.67M |
| Net Income | -690.00K | 114.64K | 4.70M | -1.27M | -6.19M | -8.78M |
Balance Sheet | ||||||
| Total Assets | 149.49M | 145.04M | 141.32M | 144.09M | 148.60M | 122.48M |
| Cash, Cash Equivalents and Short-Term Investments | 19.73M | 17.20M | 16.47M | 8.29M | 5.77M | 26.84M |
| Total Debt | 19.62M | 9.98M | 10.27M | 16.18M | 24.97M | 8.59M |
| Total Liabilities | 57.59M | 47.46M | 44.52M | 49.94M | 58.35M | 33.56M |
| Stockholders Equity | 91.90M | 97.58M | 96.80M | 94.15M | 90.25M | 88.92M |
Cash Flow | ||||||
| Free Cash Flow | 9.53M | 6.96M | 17.49M | 14.20M | -6.12M | 1.44M |
| Operating Cash Flow | 10.66M | 8.71M | 19.49M | 15.25M | -5.08M | 2.22M |
| Investing Cash Flow | -1.14M | -1.75M | -2.20M | -3.07M | -25.76M | -20.32M |
| Financing Cash Flow | -1.02M | -6.69M | -9.18M | -9.88M | 8.58M | 30.23M |
Haivision Systems Technical Analysis
Neutral
4.49
Price Trends
3.96
Negative
4.24
Negative
5.94
Negative
Market Momentum
-0.11
Positive
49.85
Neutral
30.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HAI, the sentiment is Neutral. The current price of 4.49 is above the 20-day moving average (MA) of 3.80, above the 50-day MA of 3.96, and below the 200-day MA of 5.94, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 49.85 is Neutral, neither overbought nor oversold. The STOCH value of 30.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:HAI.
Haivision Systems Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | C$6.90B | 61.19 | 10.62% | ― | 13.76% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | C$101.20M | -134.52 | -0.73% | ― | 11.64% | 42.73% | |
51 Neutral | C$218.52M | -1.94 | -34.04% | ― | -15.02% | -1478.50% | |
51 Neutral | C$20.79M | -3.07 | 112.09% | ― | -32.68% | 70.60% | |
43 Neutral | C$11.23M | -12.45 | -23.17% | ― | -5.63% | -0.79% | |
41 Neutral | C$2.92M | -0.28 | 70.08% | 714.29% | -15.68% | -47.54% |
* Technology Sector Average
TSE:HAI
Haivision Systems
3.78
-1.35
-26.32%
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Haivision Systems Corporate Events
Financial Disclosures
Haivision Schedules Release of Q3 Fiscal 2026 Results and Investor Call
Neutral
Aug 26, 2026
Haivision Systems Inc. will release its financial results for the third quarter of fiscal 2026, ended July 31, after markets close on September 9, 2026, underscoring continued transparency for investors following a period of industry focus on real...
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.