Financial Performance - Revenue for Q2 FY26 increased by $12.5 million, a 23% increase compared to the prior-year period[23] - Q2 FY26 gross profit increased by $1.5 million, a 12% increase[29] - The gross margin decreased by 220 bps to 21.7%[29] - Q2 FY26 GAAP Net Income was $3.1 million[11] - Adjusted EBITDA for Q2 FY26 was $6.3 million, a 12% increase[11] - The company expects net sales between $225 million and $235 million for FY26[47] Orders and Backlog - Q2 FY26 orders totaled $83.2 million[11] - The book-to-bill ratio for Q2 FY26 was 1.3x[11] - Record backlog reached $500.1 million[11] - Defense accounted for 85% of the backlog, Energy & Process 10%, and Space 5%[42] Strategic Investments and Acquisition - A new Navy Facility in Batavia, NY was completed in Q2 FY26, backed by a $13.5 million customer grant as part of a $17.6 million expansion[13] - Graham Corporation acquired Xdot Bearing Technologies for $1.5 million, including earn-outs[19]

Financial Performance - Revenue for Q1 FY26 increased by $55 million, or 11%, reaching $555 million[11, 18] - Gross profit for Q1 FY26 increased by $24 million, or 19%, with gross margin expanding by 170 bps to 265%[11, 24] - Adjusted EBITDA for Q1 FY26 increased by 33% to $68 million, resulting in an Adjusted EBITDA margin of 123%[11, 26] - Net income for Q1 FY26 increased by 55% to $46 million[11] Orders and Backlog - Q1 FY26 orders totaled $1259 million, leading to a book-to-bill ratio of 23x[11] - Record backlog reached $4829 million[11] - Defense sector accounts for 87% of the backlog, while Energy & Process represents 11%, and Space comprises 3%[39] Financial Outlook for FY26 - Net sales are projected to be between $225 million and $235 million[44] - Adjusted EBITDA is expected to be in the range of $22 million to $28 million[44] - Capital expenditures are estimated at $15 million to $18 million[44]