Record Quarter — Revenue Growth and Guidance
Q3 revenue of $74.5M (vs. $61.4M year-ago) — +21% YoY; exceeded guidance. Company guided Q4 revenue to exceed $80M and expects GAAP net income > $3M and non-GAAP net income > $8M.
Segment Performance — Grid and Wind
Grid accounted for 85% of revenue at $63.2M (+21% YoY). Wind revenue was $11.3M (+25% YoY).
Profitability Streak
Sixth consecutive quarter of GAAP profitability and tenth consecutive quarter of non-GAAP profitability.
Margin Expansion
Gross margin of 31% in Q3 vs. 27% year-ago (an increase of 4 percentage points). This marks the third straight quarter with gross margins above 30%.
Robust Backlog and YTD Revenue
12-month backlog exceeded $250M. Total revenue for the first 9 months of fiscal year reached $212M — nearly matching the full prior fiscal year.
Strategic Acquisition — Comtrafo
Closed acquisition of Comtrafo on Dec 5, 2025. Comtrafo contributed ~$4.6M in ~19 days of Q3 revenue, expands transformer offerings up to 250 MVA, provides Brazilian manufacturing presence and strengthens access to utilities and Latin American markets.
Data Center Milestone
Delivered a solution into a data center project (represented ~5% of Q3 revenue). Management views this as an important initial milestone that could enable further opportunities in the data center market.
Balance Sheet and Cash Position Post-Acquisition
Ended Q3 with $147.1M in cash, cash equivalents and restricted cash after completing Comtrafo acquisition; operating cash flow of $3.2M for the quarter.