Higher construction and maintenance activity supported record quarterly revenue for FLINT Corp., reflecting increased project execution and a concentrated industrial turnaround season in the third quarter of 2026. The Calgary-based contractor recorded $267.2 million in revenue for the three months ended September 30, while gross profit and adjusted earnings also increased compared with the previous quarter and the same period last year.
FLINT generated third-quarter revenue of $267.2 million, compared with $148.8 million in the corresponding period of 2025. The 79.6% year-over-year increase was primarily attributed to the timing of construction and maintenance work and a more concentrated turnaround season.
Gross profit reached $22.6 million, up 29% from $17.5 million a year earlier. However, gross profit margin declined to 8.4%, compared with 11.8% in the third quarter of 2025. The change was attributed primarily to the mix of work performed during the period.
For the first nine months of 2026, revenue totalled $592.1 million, an increase of 36.1% from $435 million in the same period last year. Gross profit increased 3.5% to $52.2 million.
Adjusted EBITDAS reached $13.1 million in the third quarter, representing a 42% increase from $9.2 million in the corresponding period of 2025. Its margin was 4.9%, compared with 6.2% a year earlier.
Selling, general and administrative expenses totalled $9.5 million, increasing 21.8% year over year. However, these expenses declined as a proportion of revenue to 3.6%, from 5.3% in the third quarter of 2025. The reduction reflects the company's ability to manage overhead costs as operational activity increased.
FLINT also secured approximately $39.8 million in new contract awards and renewals during the third quarter, followed by another $7.8 million during the first three weeks of October. Approximately 90% of this awarded work is expected to be completed during 2026.
FLINT reported liquidity of $42.1 million as of September 30, 2026, including cash and available credit facilities. This compares with $109.5 million at the same point in 2025.
The company also reported third-quarter net income of $7.6 million, down from $30.6 million a year earlier, but an improvement of $5.2 million from the second quarter of 2026.
The year-over-year decline in net income was primarily associated with the recognition of a deferred tax asset following the company's 2025 recapitalization transaction. Lower interest expenses resulting from reduced debt levels partially offset the impact.
FLINT maintains an asset-based revolving credit facility with a Canadian chartered bank, providing for maximum borrowings of up to $50 million. The facility has a maturity date of April 14, 2030.
FLINT's quarterly results highlight the contribution of construction, maintenance and turnaround work to revenue generation in Canada's industrial contracting sector. The contract awards secured during the quarter and early October also provide a near-term workload, with most of the awarded work scheduled for completion before the end of 2026.
The combination of higher revenue, improved adjusted earnings and a lower SG&A ratio provides insight into FLINT's operating performance as it manages increased project activity. Its reported liquidity and revolving credit facility remain relevant financial considerations as the company continues executing its construction and maintenance contracts.
Source: Flint Corp.
