Calgary, Alberta--(Newsfile Corp. - November 12, 2026) - Metatek-Group Ltd. (TSX: MTEK) ("Metatek" or the "Company") announced financial results for the three and nine months ended September 30, 2026 (the "Financial Statements"). All amounts are expressed in US dollars unless otherwise stated.
Third Quarter 2026 Highlights:
Record revenue of $9.7 million, compared to $7.5 million for Q3 2025, an increase of 29%.
Revenue for Q3 mainly comprised income from operations for both the eFTG and the dFTG, with minor contributions from standalone processing and interpretation work.
The eFTG completed a project in Africa by mid-July before mobilizing to undertake data acquisition for a major energy company in Japan, which was completed before the end of September.
The dFTG mobilized to Azerbaijan to undertake data acquisition for a state-owned entity, which was ongoing at the end of September, alongside a smaller project for a TSX-listed energy company, which was largely complete during Q3.
Adjusted Backlog1 of approximately $80 million as at September 30, 2026, representing contracts signed, awarded or under letters of intent.
Gross Profit1 of $6.2 million, compared to $4.8 million for Q3 2025, representing a Gross Profit Margin1 of 64%, compared to 63% for the same period of the prior year.
Adjusted EBITDA1 of $4.1 million, compared to $3.4 million for Q3 2025, representing an Adjusted EBITDA Margin1 of 42% for Q3 2026 and 46% for Q3 2025.
Cash outflow from operations for the nine months to September 30, 2026 was $3.6 million (nine months to September 30, 2025: inflow of $6.0 million), with $3.3 million additionally invested in the Group's ongoing capital programme.
Cash as at September 30, 2026 of $10.5 million.
Subsequent to Quarter-End:
On October 27, 2026, the Company entered into a long-term Aircraft Services Agreement with Bridger Aerospace for three dedicated Basler BT-67 aircraft, with the first expected to be operational in the second half of 2027. The agreement supports the Company's existing operations and additional eFTG systems on order and allows Metatek to scale without the capital investment and overhead of building a larger aviation operation in-house.
On October 6, 2026, the Company announced an agreement with Lockheed Martin for the manufacture and purchase of a new eFTG instrument, granting Metatek seven years of global exclusivity for the purchase of new eFTG systems and preferential pricing on an option for one additional eFTG system. Exercise of the option would extend exclusivity to nine years.
1 "Adjusted EBITDA" and "Gross Profit" are non-IFRS financial measures and "Adjusted EBITDA Margin" and "Gross Profit Margin" are non-IFRS ratios. "Adjusted Backlog" is a supplementary financial measure. Please refer to "Non-IFRS Financial Measures" section of this press release for more information on each non-IFRS financial measure and ratio and supplementary financial measure.
"The third quarter was a record revenue quarter for Metatek, reflecting strong conversion of our backlog as contracts awarded earlier in the year moved into execution. Our operations team delivered our projects extremely well while managing mobilizations across three countries and undertaking scheduled maintenance. Early indications are that the data from our second program in Japan are of exceptional quality," said Dr Mark Davies, Chief Executive Officer of Metatek.
"Our fleet is fully contracted through year-end, which supports our full-year guidance. The eFTG has continued to outperform expectations, and since the quarter end we've secured seven years of global exclusivity for new eFTG systems from Lockheed Martin, along with dedicated aircraft to support them through our agreement with Bridger Aerospace. Together, with the launch of our marine FTG system in 2027, that gives us a clear path to expand our capacity and convert more of our pipeline across sovereign and commercial clients."
Financial Outlook
Metatek is reaffirming its full year fiscal 2026 guidance as follows:
Total revenue between $28 million and $32 million; and
Adjusted EBITDA between $11 and $13 million
This revenue and Adjusted EBITDA guidance is based upon the execution of projects planned for the fourth quarter, using the Company's primary instruments, the eFTG and the dFTG, in addition to the deployment of a conventional airborne gravity system instrument to a survey in North Africa. The contracts supporting these projects are signed and the permitting for these operations has either been obtained or is underway.
Selected Interim Financial Information
The following is a summary of selected financial and operating information that has been derived from, and should be read in conjunction with, the Financial Statements.
| Three months ended September 30 | Nine months ended September 30 | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| $'000 | $'000 | $'000 | $'000 | ||||||||||
| Revenue | 9,717 | 7,533 | 16,585 | 16,162 | |||||||||
| Cost of Sales | |||||||||||||
| Direct costs | 3,378 | 2,707 | 7,155 | 6,172 | |||||||||
| Personnel costs | 115 | 76 | 385 | 413 | |||||||||
| Total Cost of Sales | 3,493 | 2,783 | 7,540 | 6,585 | |||||||||
| Gross Profit | 6,224 | 4,750 | 9,045 | 9,577 | |||||||||
| Operating Expenses | |||||||||||||
| Personnel expenses | 1,387 | 907 | 3,554 | 2,502 | |||||||||
| General and administrative expenses | 1,042 | 585 | 4,426 | 1,680 | |||||||||
| Depreciation expense | 554 | 308 | 1,589 | 955 | |||||||||
| Total Operating Expenses | 2,983 | 1,800 | 9,569 | 5,137 | |||||||||
| Income / (Loss) from operations | 3,241 | 2,950 | (524 | ) | 4,440 | ||||||||
| Finance Costs | |||||||||||||
| Interest costs | 9 | 493 | 480 | 1,488 | |||||||||
| Costs associated with settlement of term loan | - | - | 384 | - | |||||||||
| Settlement loss on term loan | - | - | 862 | - | |||||||||
| Net revaluation loss on convertible debentures and warrants | - | 4,308 | 8,404 | 4,308 | |||||||||
| Gain on disposal of right-of-use assets | - | - | - | (8 | ) | ||||||||
| Total Finance Costs | 9 | 4,801 | 10,130 | 5,788 | |||||||||
| Income / (Loss) before taxation | 3,232 | (1,851 | ) | (10,654 | ) | (1,348 | ) | ||||||
| Income tax - deferred tax expense | 563 | - | 39 | - | |||||||||
| Income / (Loss) for the period | 2,669 | (1,851 | ) | (10,693 | ) | (1,348 | ) | ||||||
| Other comprehensive Income / (Loss): | |||||||||||||
| - Gain/(Loss) arising on the translation of foreign subsidiaries | 98 | (27 | ) | 205 | (84 | ) | |||||||
| Comprehensive Income / (Loss) for the period | 2,767 | (1,878 | ) | (10,488 | ) | (1,432 | ) | ||||||
| Income / (Loss) per share ($) | |||||||||||||
| Basic and diluted | 0.05 | (0.06 | ) | (0.25 | ) | (0.04 | ) | ||||||
Conference Call & Webcast
Metatek management will host a conference call on Thursday, November 12, 2026 at 8:00 am ET to discuss its third quarter fiscal 2026 financial results.
| Date: | Thursday, November 12, 2026 | ||
| Time: | 8:00 am (ET) | ||
| Dial in number: | Canada/US: 1-833-752-3481 International: 1-647-260-0518 UK: 44-20-3514-3188 | ||
| Replay: | USA/Canada Toll-Free: 1-855-669-9658 International Toll: 1-412-317-0088 Replay Access Code: 4456810 Available until December 12, 2026. To access the replay using an international dial-in number, please select the link below: https://services.choruscall.com/ccforms/replay.html Participants will be required to state their name and company upon entering the call. | ||
| Webcast: | A live webcast will be available at: https://www.gowebcasting.com/15201 The webcast will also be archived for replay. |
About Metatek
Metatek (www.metatek-group.com) is a global geophysical services company providing high-definition mapping of subsurface strategic and critical mineral natural resources, energy (including hydrocarbons), helium and hydrogen, for exploration and development. Unlike traditional exploration companies, Metatek delivers rapid data acquisition, processing and scientific interpretation across air, land, and sea environments.
Metatek supports national energy security and helps accelerate the discovery of hydrocarbons, minerals essential for sustainable power, such as lithium, nickel, and copper, as well as identifying reservoirs for natural hydrogen and geothermal energy.
For further information:
Investor Relations
Dennis Fong
(416) 283-9930
investorrelations@metatek-group.com
Media Relations
Oliver Chesher or Hannah Martland
Phone: +44 161 302 0671
Email: oc@galibierpr.co.uk
Email: hannah.martland@galibierpr.co.uk
Forward-Looking Information
In addition to historical financial information, this press release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "seek", "potential", "estimate", "anticipate", "believe", "could", "would", "should", "continue", "plans", "target", "is/are likely to", or the negative of these terms, or similar expressions intended to identify forward-looking statements.
Forward-looking statements reflect the Company's current views with respect to future events and are subject to various known and unknown risks and uncertainties, which are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Metatek, are inherently beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the ability of the Company to execute on its business and growth strategy in the future; the ability of the Company to enforce contractual provisions and receive timely payments from its customers for services rendered; the capability of the Company to continue to invest additional capital into its assets and to obtain financing on acceptable terms, or at all, to fund capital expenditures; the level of costs and expenses to be incurred by the Company, including with respect to interest, general and administrative expenses and income tax expenses; the ability of the Company to obtain and retain qualified staff, equipment and services in a timely and cost efficient manner; the absence of any material litigation or claims against the Company; the general stability of the economic and political environment and the regulatory framework regarding taxes and environmental matters in the jurisdictions in which the Company operates; currency exchange and interest rates; the impact of competition; and changes and trends in the Company's industry. The risks and assumptions outlined above should not be construed as exhaustive.
For additional information with respect to certain of these risks or uncertainties and other factors that could affect Metatek's operations and financial results, reference should be made to the section entitled "Risks and Uncertainties" section in our MD&A for the fiscal year ended December 31, 2025 and to Metatek's continuous disclosure materials filed from time to time with the Canadian Securities Regulatory Authorities, including the Company's most recent Annual Information Form under the section entitled "Risk Factors", quarterly and annual reports, and supplementary information, which are available under the Company's profile on SEDAR+ at www.sedarplus.ca. Additional risks and uncertainties not presently known to the Company or that Metatek believes to be less significant may also adversely affect the Company.
Forward-looking statements contained in this press release are made as of the date of this press release and the Company undertakes no obligation to update forward looking statements except as required by applicable law. Such forward-looking statements represent management's best judgment based on information currently available. No forward looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.
The financial outlook contained in this press release is provided to enhance visibility into Metatek's expectations for financial results for the periods indicated and may not be appropriate for other purposes. The financial outlook contained in this press release is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Additionally, the financial outlook contained in this press release is subject to the risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this press release. Accordingly, readers are cautioned that the financial outlook contained in this press release should not be used for purposes other than for which it is disclosed herein. The financial outlook contained in this press release was approved by management as of the date hereof and was provided for the purpose of providing further information about the Company's current expectations and plans for the future. This press release, together with the Company's financial statements and MD&A, are available on Metatek's website and on SEDAR+ at www.sedarplus.ca.
Non-IFRS Financial Measures
This press release makes reference to certain non-IFRS financial measures and ratios, and supplementary financial measures, such as "Adjusted EBITDA", "Adjusted EBITDA Margin", "Adjusted Backlog", "Gross Profit" and "Gross Profit Margin" which do not have standardized meanings under International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures presented by other issuers.
Gross Profit and Adjusted EBITDA are non-IFRS financial measures and Gross Profit Margin and Adjusted EBITDA Margin are non-IFRS ratios. Adjusted Backlog is a supplementary financial measure. These measures are used by management and by external users of the financial statements, such as investors, research analysts and others, to assess the financial performance of the Company's assets over the long-term and the Company's ability to generate sufficient cash to service indebtedness and fund maintenance and growth capital projects. In addition, Gross Profit Margin, Gross Profit, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Backlog are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in Metatek's industry with similar capital structures. Gross Profit, Gross Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Backlog are all used to evaluate the effectiveness of the Company's business strategies, to make budgeting decisions and to compare performance against that of peer companies using similar measures.
Gross Profit and Gross Profit Margin
Gross profit is a non-IFRS financial measure calculated as revenue less cost of sales. Gross profit is used by management and external investors to assess efficiency in managing cost of sales relative to revenue.
Gross Profit Margin is a non-IFRS ratio calculated as gross profit divided by revenue. Gross Profit Margin is used by management and by external investors to assess efficiency in managing Cost of Sales relative to revenue.
The following table reconciles Gross Profit to revenue, the most directly comparable IFRS financial measure.
| Gross Profit and Gross Profit Margin | Three months ended September 30 | Nine months ended September 30 | |||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| $'000 | $'000 | $'000 | $'000 | ||||||||||
| Revenue | 9,717 | 7,533 | 16,585 | 16,162 | |||||||||
| Total Cost of Sales | 3,493 | 2,783 | 7,540 | 6,585 | |||||||||
| Gross Profit | 6,224 | 4,750 | 9,045 | 9,577 | |||||||||
| Gross Profit Margin | 64% | 63% | 55% | 59% | |||||||||
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA is a non-IFRS financial measure defined by management as net earnings before: (i) all financing costs, including IPO costs; (ii) income tax benefit or expense; (iii) depreciation and amortization; (iv) gain, losses or impairments on the disposals of subsidiaries, assets, equity linked financial instruments; and (v) stock-based compensation and payments. Metatek uses Adjusted EBITDA as the primary non-IFRS financial measure of profitability to evaluate the performance of the business. Management believe that Adjusted EBITDA is meaningful because it presents the financial performance of the business on a basis which excludes the impact of certain non-cash items as well as how the operations have been financed.
Adjusted EBITDA Margin is a non-IFRS ratio calculated as Adjusted EBITDA divided by revenue. Adjusted EBITDA Margin is used by management and by external investors to assess efficiency in managing Operating Expenses relative to our revenue.
The following tables reconcile Adjusted EBITDA to profit (loss) before taxation, the most directly comparables IFRS financial measure.
| Adjusted EBITDA | Three months ended September 30 | Nine months ended September 30 | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| $'000 | $'000 | $'000 | $'000 | |||||||||||
| Income / (Loss) before taxation | 3,232 | (1,851 | ) | (10,654 | ) | (1,348 | ) | |||||||
| Interest costs | 9 | 493 | 480 | 1,488 | ||||||||||
| Costs associated with settlement of term loan | - | - | 384 | - | ||||||||||
| Settlement loss on term loan | - | - | 862 | - | ||||||||||
| Revaluation loss on convertible debt and warrants | - | 4,308 | 8,404 | 4,308 | ||||||||||
| (Gain) / Loss on disposal of right-of-use assets | - | - | - | (8 | ) | |||||||||
| Operating income / (loss) | 3,241 | 2,950 | (524 | ) | 4,440 | |||||||||
| Share based payments | 278 | 184 | 740 | 551 | ||||||||||
| IPO expenses | - | - | 1,648 | - | ||||||||||
| Depreciation expenses | 554 | 308 | 1,589 | 955 | ||||||||||
| Adjusted EBITDA | 4,073 | 3,442 | 3,453 | 5,946 | ||||||||||
| Adjusted EBITDA margin | | 42% | 46% | 21% | 37% | |||||||||
Adjusted Backlog
Adjusted Backlog is a supplementary financial measure that represents expected future revenues and includes revenue expected to be recognized from contracted, contract awarded and executed letters of intent.
Adjusted Backlog is an important measure for the Company's business model because it allows the Company to maximize utilization and plan operations efficiently. On occasion there may be delays between the time a contract is signed to commencement of operations, and a strong backlog allows the Company to commence an alternative project in order to maximize utilization.
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