Alexander Dennis parent company NFI’s latest financial results show that the company has a record order backlog worth up to $13.7 billion and has shown improvements in revenue. The firm’s interim financial results for the first quarter of 2025 show that the company delivered 1,028 vehicles, with 33.9% of those being battery or fuel cell powered. Revenue of $841.4 million represented an increase of 16.4% year-on-year, against a gross margin of $94 million, up 36.3% from 2024 and a net loss of $6.5 million, also an improvement from 2024. The backlog consists of some 6,236 firm orders and 10,291 options.
President and Chief Executive Officer of NFI Paul Soubry said: “First quarter performance reflects our continued momentum with significant year-over-year growth in financial metrics, record order backlog, and the highest zero-emission bus deliveries in company history. Improvements in quarterly manufacturing gross margins displayed the improved financial profile of our firm orders and our aftermarket business provided another strong contribution. We were also pleased to add over 2,500 Equivalent Units to our total backlog in the quarter, a reflection of the strong demand environment in North American markets.
“While we have seen some improvements in overall seat supply performance, challenges remain. We continue to actively support the supplier’s recovery with dedicated on-site resources and have started to receive seat deliveries from an alternative established supplier which is expected to be ramping up production throughout the remainder of the year. In the near-term, seat related headwinds may impact deliveries and inventory balances, but this has not changed our overall outlook for 2025.
“Market conditions in the UK market remained challenging, impacting our orders and deliveries. In response, we are looking to adjust our operations and reduce costs,” he continued. “We recently achieved a major milestone by entering into a new credit agreement that provides us with greater stability, improved covenants, increased financial flexibility and higher total liquidity. We remain well positioned to adapt to the evolving global trade environment, as our localised manufacturing and aftermarket distribution networks, combined with improved contract structures, lower our total exposure and enable us to respond quickly to changing market dynamics.”
