Nfi Group Inc Stock Price, News & Analysis

NFI Group reported strong Q1 2025 results with significant improvements across key metrics. Revenue increased 16.4% year-over-year to $841.4 million, while Adjusted EBITDA grew 84.4% to $62.7 million. The company achieved a record backlog of $13.7 billion, up 16.6% year-over-year, with ZEBs representing 36.5% of total backlog units. Despite these improvements, NFI posted a net loss of $6.5 million, though this represents a $2.9 million improvement from Q1 2024. The company delivered 1,028 equivalent units, with 33.9% being zero-emission buses. NFI secured a new $845 million credit agreement in May 2025, enhancing liquidity. The company reaffirmed its 2025 guidance, projecting revenue of $3.8-4.2 billion and Adjusted EBITDA of $320-360 million, despite ongoing challenges with seat supply and UK market conditions.

NFI Group Inc. (NFYEF) has secured a new $845 million First Lien Senior Credit Facility, replacing its existing facilities that had an $801 million limit. The new facility includes $300 million in letter of credit availability and has a two-year term with potential for a two-year extension. The agreement provides improved covenants, increased liquidity, and greater financial flexibility to execute NFI's record backlog. The facility includes specific financial covenants regarding Total Leverage Ratio (<4.75x), Senior Secured Leverage Ratio (≤3.00x), and Interest Coverage Ratio (ranging from >1.25x to >2.50x). A minimum liquidity covenant of $50 million will be effective from Q3 2025. National Bank of Canada serves as Administrative Agent, with five major banks as Co-Lead Arrangers.

NFI Group Inc. (TSX: NFI, OTC: NFYEF) announced key changes to its Board leadership. Colin Robertson, previously Vice Chair of the Board, has been appointed as the new Board Chair, replacing Chan Galbato who stepped down to pursue other opportunities. Larry Edwards will take on the role of Lead Independent Director.

Robertson, who has served on NFI's Board since 2020, brings over 30 years of global manufacturing and leadership experience, including 13 years as CEO of Alexander Dennis (acquired by NFI in 2019). His previous executive roles include positions at Cummins Inc. and Terex

Following Galbato's departure, his nomination has been withdrawn from the upcoming shareholder meeting, where the company will proceed with ten other director candidates.

NFI Group Inc. (NFYEF) has announced key upcoming events for Q1 2025. The company will release its first quarter 2025 financial results on Thursday, May 8, 2025, after market close, followed by a conference call and webcast on Friday, May 9, 2025, at 8:30 a.m. ET.

The company's Annual and Special Meeting of Shareholders is scheduled for May 9, 2025 at 12:00 p.m. ET, to be held both in-person in Winnipeg, Manitoba, and virtually. NFI has nominated eleven current Board members for re-election, including Chair Chan Galbato and CEO Paul Soubry.

NFI Group Inc. (NFYEF) has secured new orders through its subsidiary New Flyer for 117 buses from the Maryland Transit Administration. The orders include:

- 87 Xcelsior 40-foot hybrid-electric buses
- 20 Xcelsior CHARGE NG 40-foot battery-electric buses
- 10 Xcelsior CHARGE NG 60-foot battery-electric buses

These orders, totaling 127 equivalent units (EUs), were awarded across Q4 2024 and Q1 2025. The Maryland Transit Authority, which provides over 75 million passenger trips annually in the Baltimore region, has received more than 1,200 buses from NFI over the past 30 years. The new fleet combines hybrid and battery-electric technologies, offering emission reduction benefits and operational efficiency through parts commonality across the Xcelsior platform.

NFI Group reported strong Q4 and fiscal 2024 results with significant improvements across key metrics. Q4 highlights include revenue of $837.0 million (up 5.1% year-over-year), net earnings of $18.6 million (a $20.9 million increase), and Adjusted EBITDA of $67.9 million (up 76.4%).

The company achieved a record backlog of $12.8 billion, representing 15,135 equivalent units (EUs), with zero-emission buses (ZEBs) comprising 40.3% of total backlog. Q4 deliveries reached 1,180 EUs, with 26.1% being ZEBs. The Aftermarket segment posted record performance with Q4 revenue of $157.1 million, up 15.8%.

Total liquidity stood at $126.8 million, down $19.0 million from Q3. The company faces ongoing seat supply disruption challenges but expects improvements through first half of 2025. For fiscal 2025, NFI anticipates delivering at least 5,000 EUs and continues to see strong market demand, particularly in North American public transit.

NFI Group Inc. (NFYEF) announced that its subsidiary New Flyer has received an order from the San Francisco Municipal Transportation Agency (SFMTA) for 42 Xcelsior® 40-foot hybrid buses. The order, included in NFI's Q4 2024 backlog, complies with Buy America requirements supporting U.S. manufacturing jobs.

SFMTA's Muni system, serving approximately 500,000 daily boardings with 158 million passenger boardings in 2024, operates a diverse fleet including hybrid buses, trolleys, battery-electric buses, street cars, light rail vehicles, and cable cars. New Flyer has delivered over 700 buses to SFMTA in the past decade.

The new hybrid-electric buses will replace aging vehicles, featuring advanced technology to enhance efficiency, power, and performance while reducing greenhouse gas emissions and fuel consumption.

NFI Group Inc. (NFYEF) has secured a significant contract from the Orange County Transportation Authority (OCTA) for 50 zero-emission buses through its subsidiary New Flyer of America. The order includes 40 Xcelsior CHARGE FC™ hydrogen fuel cell-electric buses and 10 Xcelsior CHARGE NG™ battery-electric buses.

The units were added to NFI's Q4 2024 backlog and are supported by Federal Transit Administration and local funding. OCTA, which serves 3.2 million residents across 34 cities and provides over 33 million passenger trips annually, has previously implemented hydrogen fuel cell-electric and battery-electric pilot programs with New Flyer buses in 2020 and 2022 respectively.

Notably, OCTA has constructed the largest hydrogen fueling station for transit buses in the United States, demonstrating their commitment to sustainable transportation.

NFI Group's subsidiary New Flyer has secured an order for 265 zero-emission buses from New York's Metropolitan Transit Authority (MTA). The order includes 193 Xcelsior CHARGE NG™ 40-foot buses and 72 Xcelsior CHARGE NG™ 60-foot buses, building upon MTA's previous order of 205 buses.

The MTA, which operates North America's largest transportation network serving 15.3 million people across 5,000 square miles, plans to transition its entire 5,800-bus fleet to zero-emission vehicles by 2040. This aligns with their goal to reduce operational greenhouse gas emissions by 85% from 2015 levels.

The Xcelsior CHARGE NG™ buses feature advanced technology including high-energy batteries, protective battery packaging, and an electric traction drive system with up to 90% energy recovery. NFI currently has electric vehicles operating or on order in over 150 cities across six countries.