Volatus Aerospace (TSXV:FLT) Q3: CA$10.6m Revenue Growth Tests Loss-Heavy Bearish Narrative

Volatus Aerospace (TSXV:FLT) has just posted its Q3 2025 numbers, with revenue at approximately CA$10.6 million and a basic EPS loss of about CA$0.01. This sets the stage for another quarter where scale is building faster than profitability. The company has seen quarterly revenue move from roughly CA$6.6 million in Q3 2024 to about CA$10.6 million in Q3 2025, while basic EPS has shifted from a loss of around CA$0.02 to a smaller loss of about CA$0.01, leaving investors focused on whether expanding sales can eventually translate into healthier margins.

See our full analysis for Volatus Aerospace.

With the headline numbers on the table, the next step is to weigh them against the most widely held narratives about Volatus. This means testing where the growth story lines up with expectations and where the margin picture still raises questions.

Curious how numbers become stories that shape markets? Explore Community Narratives

Losses Stay Heavy At CA$4.5 Million

• Net loss excluding extra items came in at about CA$4.5 million in Q3 2025, compared with roughly CA$3.3 million in Q2 2025 and around CA$5.4 million in Q3 2024, showing that the company is still operating with sizeable negative margins even as sales grow.
• Critics highlight that losses have increased at roughly 38% per year over the past five years, and this quarter fits that bearish concern because trailing 12 month net loss has deepened from about CA$9.4 million in the period ending Q2 2024 to roughly CA$17.9 million by Q3 2025.
  • That trailing loss of about CA$17.9 million sits against roughly CA$33.7 million of trailing revenue, which points to a business that has not yet converted scale into positive earnings.
  • This pattern backs a bearish view that, despite revenue progress, operational efficiency still has not caught up enough to stop losses from accumulating.

Trailing Revenue Near CA$33.7 Million

• On a trailing 12 month basis, revenue has risen from about CA$30.9 million at Q3 2024 to approximately CA$33.7 million at Q3 2025, while trailing basic EPS has moved from roughly negative CA$0.054 to about negative CA$0.035, so scale is improving even though earnings are still negative.
• Supporters of a more optimistic narrative point to forecasts of roughly 34.9% annual revenue growth and about 76% annual earnings growth, and the recent data gives that bullish angle some numbers to work with even as it leaves questions.
  • The step up in quarterly revenue from around CA$6.6 million in Q3 2024 to about CA$10.6 million in Q3 2025 is consistent with the idea that the top line is expanding faster than the five year loss trend.
  • At the same time, trailing EPS at roughly negative CA$0.035 remains noticeably below break even, so the bullish case still depends on the forecast that profitability will arrive within the next three years rather than on current margins.

To see how this growing scale could feed into a longer term story on margins and valuation, many investors look for a structured narrative that pulls these moving parts together. 📊 Read the full Volatus Aerospace Consensus Narrative.

Valuation Split Between DCF And Sales Multiple

• The stock trades at about CA$0.60 versus a DCF fair value estimate of roughly CA$1.46, implying the share price is around 58.9% below that intrinsic value estimate even as the price to sales multiple of about 11.9 times sits well above the roughly 0.5 times industry average and 3.9 times peer average.
• What stands out for valuation focused investors is the tension between a bullish style view built around DCF upside and a more cautious stance that leans on high revenue multiples, and both readings can find data support in the current set of numbers.
  • On the upside, the combination of a CA$0.60 share price and CA$1.46 DCF fair value suggests meaningful potential if the forecasted growth rates of 34.9% for revenue and about 76% for earnings are achieved.
  • On the risk side, the elevated 11.9 times price to sales, together with substantial shareholder dilution over the last year, makes the bearish argument that the stock already embeds aggressive expectations despite unprofitable trailing 12 month earnings look numerically grounded.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Volatus Aerospace's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Explore Alternatives

Volatus is still posting sizeable losses, carrying a deep trailing deficit and facing questions over whether its balance sheet can comfortably support the path to profitability.

If that kind of strain makes you uneasy, use our solid balance sheet and fundamentals stocks screener (1943 results) to quickly find companies with stronger finances that are better positioned to weather setbacks.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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