Sylogist Ltd.
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About the company
Sylogist Ltd. , an innovative software developer, delivers comprehensive enterprise resource planning (ERP) solutions to clients worldwide, with a strong presence across Canada, the United States, the United Kingdom, and various international markets. The company's extensive product portfolio features the multifaceted Serenic Navigator suite, which supports organizations with essential functions like accounting, financial management, award and budget tracking, payroll and human resources administration, advanced analytics for informed decision-making, detailed reporting, deposit and loan processing, and field connectivity tools.
- CEO
- Joel Leetzow
- IPO
- 2001
- Employees
- 200
- HQ
- Calgary, AB, CA
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- Market Cap
- $51.95M
- P/E
- -8.69
- PEG
- 0.10
- P/S
- 1.22
- P/B
- 2.92
- EV/EBITDA
- 13.03
- Div Yield
- 1.29%
- Gross Margin
- 36.69%
- Op Margin
- -9.21%
- Net Margin
- -14.16%
- ROE
- -29.25%
- ROIC
- -8.89%
Latest fiscal year · YoY change
- Revenue
- $62.19M-5.2%
- Gross Profit
- $24.48M-36.5%
- Op Income
- $-3,715,968
- Net Income
- $-4,652,205-539.9%
- EPS
- $-0.19-510.9%
- OCF Growth
- -89.1%
- FCF Growth
- -89.6%
- 52W High
- $5.81
- 52W Low
- $2.21
- 50D MA
- $2.48
- 200D MA
- $3.05
- Beta
- 0.63
- RSI (14)
- 34
- Avg Volume
- 1.82K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Sylogist’s Q2 showed modest SaaS progress and better EBITDA margin, but total revenue, retention and project services remained soft as management shifts to a more disciplined, channel-first operating model.· August 12, 2026
- SaaS revenue grew 5% year over year, with SaaS ARR up 6%, while total revenue fell 6% to $14.7 million.
- Adjusted EBITDA was $1.6 million and the margin improved sequentially to 10.8% from 7.9% in Q1.
- Recurring revenue reached 76% of total revenue, up from 70% a year ago, but SaaS net revenue retention fell to 99% from 107%.
- Project services stayed weak: revenue declined 20% year over year and gross margin fell to 8%.
- Management said it is tightening execution, redesigning go-to-market and partner programs, and selectively keeping services that support ARR growth and margins.
Q2 fiscal 2026 total revenue was $14.7 million, down from $15.7 million a year ago. SaaS revenue grew 5% year over year, with growth of 17% in Solutions, 14% in Gov and 6% in Ed, offset by a 3% decline in Mission. Project services revenue was $3.3 million versus $4.2 million last year, recurring revenue was 76% of total revenue versus 70%, ARR was $45 million and SaaS ARR was $33.5 million, up 3% and 6% year over year, respectively. SaaS NRR was 99% versus 107% a year ago, gross margin was 57% versus 58%, recurring revenue gross margin was 72% versus 71%, and adjusted EBITDA was $1.6 million for a 10.8% margin, up from 7.9% in Q1 but down from 15.3% last year. The cash balance at quarter end was $2.5 million, and management said cash is now approximately $9 million. No formal next-quarter or full-year financial guidance was provided; instead, management emphasized continued focus on improving ARR growth, retention, project services execution, margins and operating discipline.
Joel Leetzow said his first months as CEO reinforced confidence in Sylogist’s long-term potential, but also confirmed that “more work ahead” is needed. His strategy centers on improving execution, strengthening the product portfolio, investing in customer experience and operating with greater discipline, while leaning more heavily on a channel-first model. He highlighted growth opportunities in government ERP, education and Victim Services, and said the company is using AI both in customer-facing products and internally for efficiency.
Sujeet Kini framed Q2 as part of Sylogist’s transition toward a SaaS-driven business with a higher mix of recurring revenue. He cited total revenue of $14.7 million, recurring revenue at 76% of total, SaaS ARR of $33.5 million, gross margin of 57%, recurring revenue gross margin of 72% and adjusted EBITDA of $1.6 million. He also noted costs tied to shareholder engagement and severance, said Q2 cash was $2.5 million but that cash is now about $9 million, and told analysts the restructuring reduced bench strength by about 40 headcount for about $3 million in savings, with OpEx expected to stay in the current Q2 range.
Analysts focused on where growth will come from, how the partner program is being redesigned, what the restructuring means for the cost base, and whether persistent churn in the Mission business has been contained. Management pointed to government ERP, education, Victim Services and services as growth areas, said partners want better documentation and self-serve tools, and said services will be smaller than in the past because the company is now channel-first. On churn, Joel said new-customer churn is not a problem and legacy churn has been contained, while on M&A he said the company should get its “house in order” first but sees acquisitions as a future opportunity.
The bull case from this call is that SaaS is still growing, ARR is rising, and recurring revenue now makes up most of the business. Management sounded more confident about pipeline, partner engagement and specific growth areas such as government ERP, education and Victim Services, while also saying legacy churn has been contained and the cost base has been reset lower.
The bear case is that total revenue still fell, SaaS NRR dropped to 99%, and project services remains a drag with 8% gross margin. Cash was only $2.5 million at quarter end, GAAP results were hit by shareholder engagement and severance costs, and management acknowledged that product, pricing, packaging and execution still need significant work before growth becomes more consistent.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 96.4%
- Shares Outstanding
- 23.29M
- Float Shares
- 22.45M
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Generate SYZLF report →Sylogist Ltd. (SYZ:CA) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 17
Sylogist Q2 Earnings Call Highlights
marketbeat.com · Aug 12
Sylogist (OTCMKTS:SYZLF) Stock Price Crosses Below 200 Day Moving Average – Here’s Why
defenseworld.net · Aug 1
Sylogist Provides Update on Resource Realignment, Cost Efficiencies, and Sales Leadership
newsfilecorp.com · Jun 22
Sylogist Appoints Joel Leetzow as New CEO
globenewswire.com · May 19
Sylogist Q1 Earnings Call Highlights
marketbeat.com · May 16
Sylogist Shareholders Elect Full Slate of Board-Recommended Director Nominees at Annual and Special Meeting of Shareholders
globenewswire.com · May 12
Sylogist Ltd. (SYZ:CA) Q1 2026 Earnings Call Transcript
seekingalpha.com · May 12
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