Financial Performance Highlights - Revenue for Q3 2025 reached $283 million, a 39% increase compared to Q3 2024, driven by growth in Aviation distribution and MRO businesses, as well as contributions from recent acquisitions[13] - Adjusted EBITDA for Q3 2025 was $47 million, representing 16.7% of revenue, a 58% increase from Q3 2024, attributed to execution on distribution programs, increased MRO activity, strong performance from OEM licensed manufacturing programs, and contributions from acquisitions[13] - Adjusted Net Income for Q3 2025 was $20 million, and Adjusted diluted earnings per share was $0.99, representing increases of 111% and 87%, respectively[13] - Adjusted Net Leverage stood at 20x, driven by Adjusted EBITDA growth and Free Cash Flow of $18 million[13] Aviation Segment Performance - Aviation segment revenue grew by 39% from Q3 2024 to Q3 2025[18] - Aviation segment operating income increased by 50% from Q3 2024 to Q3 2025[18] - Aviation segment Adjusted EBITDA increased by 51% from Q3 2024 to Q3 2025[18] Guidance and Balance Sheet - Revenue guidance for full year 2025 increased to 38% to 40% year-over-year growth[21] - Aviation Adjusted EBITDA Margin guidance for full year 2025 increased to 170% to 1725%[21] - Net Debt outstanding as of September 30, 2025, was $347 million[23] - Cash and Revolver availability as of September 30, 2025, was $347 million[23] Strategic Initiatives - VSE acquired Aero 3, expanding its portfolio of aftermarket Wheel & Brake (W&B) services[6, 10] - The company is focused on integrating acquired businesses and capturing synergies, with integration initiatives progressing on or ahead of schedule toward mid-2026 completion[12, 25]