NFI Group, which owns and operates the New Flyer plant on Fluvanna Avenue, Jamestown, announced on Friday second quarter revenues of $868.2 million, an increase of 2% compared to the second quarter of 2024, and a gross profit of $116.2 million, an increase of 14.6% from the second quarter of 2024. EBITDA, which stands for Earnings Before Interest, Taxes, Depreciation, and Amortization, was $70.8 million, an increase of 19.2% year over year. EBITDA is a financial metric used to evaluate a company’s profitability from its core operations by providing a snapshot of a business’s operational efficiency by excluding the impact of financing decisions (interest) and tax obligations (taxes).

But, the company posted a net loss of $160.8 million, largely created by a refinancing of credit facilities that boosts cash flow but came with additional short-term costs and issues within NFI Group’s Alexander Dennis business. Those developments created non-recurring impacts to NFI’s net earnings of $167.6 million, with $143.2 million of these expenses being non-cash items.

“The second quarter was a busy period across NFI as we strengthened our balance sheet and continued to execute on operational objectives to drive margin growth,” said Paul Soubry, NFI Group president and chief executive officer. “Completing our refinancing leaves us well positioned to deliver on our multi-year backlog, increase cash flow generation and lower total leverage.”

NFI Group delivered 1,076 equivalent units in the second quarter of 2025, with 30.9% being battery- and fuel cell-electric buses. NFI Group still has a backlog of $13.5 billion that includes 6,082 units that are considered firm and 10,116 units with options, an increase of 14.4% from this time in 2024. Zero emissions buses represent 35.3% of the total backlog.

Paul Soubry

Total Liquidity is $326.7 million, an increase of $198.8 million from the first quarter of 2024. That boost is due to the company’s credit facility refinancing. Manufacturing revenue increased by $23 million, or 3.3%, from the second quarter of 2024, which Soubry and company officials said reflects improved pricing on heavy-duty

transit and coach deliveries, stronger product mix and higher low-floor cutaway deliveries.

Manufacturing Adjusted EBITDA improved by $18.7 million from the second quarter of 2024, primarily driven by improved gross margins within North American heavy-duty transit and coach, and higher low-floor cutaway deliveries.

The manufacturing segment still incurred a net loss of $88.9 million, increased by $96.3 million year-over-year, driven primarily by several non-recurring events, including the issues with the Alexander Dennis line, totaling $90.9 million, as well as an associated $14.9 million restructuring charge related to anticipated job cuts in the division.

NFI Group’s net loss was also impacted by a $9.7 million adjustment related to labour, overhead costs and liquidated damages associated with seat supply disruption, an issue the company has been dealing with for the past couple of years.

“As you’ve heard on this call and previous calls, the U.K. market demand for Alexander Dennis continues to be behind our expectations,” Soubry said. “We’re taking actions there that will lower our costs and improve our competitiveness. Full year, we expect declines in the overall U.K. market deliveries, but we have several active procurements underway that should support our 2026 performance. The Scottish government has recently committed to exploring all viable options to support Alexander Dennis’ Scottish manufacturing operations.”