Baylin Technologies (BYL) told investors on Wednesday that its turnaround is gaining traction, highlighted by a record CAD 61 million backlog of hard purchase orders, up 199% from CAD 20.4 million a year ago. The Toronto-based company, which trades near a 52-week low of USD 0.16 at USD 0.18 with a market capitalization of USD 50 million, has reduced net debt to CAD 11 million, the lowest level since CEO Leighton Carroll took charge in 2021.
The company’s wireless infrastructure segment, which accounts for the bulk of revenue, reported gross margins above 60%, a sharp improvement from the mid-to-low 20% range when Carroll joined. Wireless infrastructure revenue grew 40% in 2024 despite what Carroll described as the weakest capital spending environment in recent memory. Products include HyperFlat in-building antennas and Multibeam technology, deployed at properties such as Hilton hotels, MGM casinos, and Disney venues. During a Taylor Swift concert at Toronto’s Rogers Centre, the system handled 30 terabytes of data, while a Deutsche Telekom trial at Germany’s Hockenheimring festival carried 40 terabytes.
Satellite communications, another core unit, saw accelerated sales in May and June following the acquisition of Kaelus, a Swedish specialist in high-power satellite equipment. Kaelus operates in Finland, the U.S., Australia, China, and India and brings four non-overlapping product lines to Baylin’s portfolio. The acquisition, closed at the end of May 2024 at a 4.6x multiple, was structured with 62.5% paid in cash and the remainder in shares. Kaelus holds patents for beam-through technology, placing it among only three global providers alongside Amphenol/CommScope and Huawei. It is one of two vendors to Nokia and one of three to Ericsson for cell tower synchronization products, and supplies anti-jamming infrastructure used by Kyivstar in Ukraine.
Custom antennas, the smallest segment, grows at roughly 10% annually and counts Google, Charter, Netgear, Amazon, and law enforcement agencies among its customers. Baylin’s satellite equipment powered communications between Earth and the lunar module for NASA’s Artemis mission. The company’s backlog includes satellite orders ranging from CAD 2 million to CAD 3 million, each requiring about CAD 6 million of work to fulfill.
Looking ahead, Baylin expects cross-selling of Kaelus products into North America to accelerate after 2027, once certifications—particularly with Verizon—are completed. North American wireless infrastructure spending may remain subdued through the second half of 2026 as carriers like AT&T and Verizon reallocate capital toward hyperscaler and data-center investments.
Baylin’s shares have fallen about 31% over the past year and carry a Financial Health Score of 1.6 out of 5 on InvestingPro. The company has approximately 245 million to 247 million fully diluted shares outstanding following recent conversions and capital raises.
