Haivision Systems Inc. (Market Cap: C$136.88M; Price: C$5.02) develops technology that enables organizations to stream, record, and securely deliver live or on-demand video over the internet or private networks. Its solutions are widely used in live broadcasting, remote production, enterprise communications, and defense applications. The company’s video products support mission-critical operations for clients ranging from global broadcasters to military and government agencies.
Over the past two years, Haivision has executed a strategic shift toward higher-margin business lines. It has exited lower-margin markets such as its house of worship vertical and transitioned away from the systems integrator model in the control room segment to focus on being a pure-play manufacturer. While these moves temporarily masked top-line growth, underlying momentum is now emerging. In Q3 2025, revenue rose 14% YoY despite the impact of these exits.
With the transition largely complete, Haivision is entering a phase of renewed growth. The company is expanding its defense and intelligence presence with the Kraken X1, an AI-powered tactical edge processor, and the Falkon X2, its next-generation transmitter platform, both expected to ship in volume by the end of the quarter. Haivision is also securing significant defense contracts, supporting multinational command deployments, and advancing its leadership in private 5G networking. Management describes Q3 2025 as the end of its transformation phase and the start of a new growth cycle, guided by a two-year strategic plan that targets double-digit revenue growth, a return to its historical growth rate of ~20%, and C$150 million in annual revenue with 20% EBITDA margins.
Haivision reported positive net income in its most recent quarter but remains unprofitable on a trailing twelve-month basis. For FY2026, analysts expect the company to generate C$0.25 in EPS, implying a PE multiple of 20.1x. On an EBITDA basis, Haivision trades at 6.5x projected 2026 EBITDA, with analysts forecasting revenue growth of 12% in 2026 and 8% in 2027—well below management’s target of approximately 20%. Should the company deliver on its growth objectives, there is potential for multiple expansion as the market reassesses its earnings trajectory.
Haivision is still in the early stages of moving from a systems integrator to a pure-play manufacturer, which could impact near-term growth and margins. Revenue in the defense vertical can also be uneven due to long sales cycles. Additionally, transmitters manufactured in France have been subject to a 15% U.S. tariff since August 29, creating further cost pressure.