Operating Expense Reduction
Operating expenses decreased to $4.8M in Q3 FY2026 from $6.9M in Q3 FY2025, a reduction of approximately 30% year-over-year driven by targeted headcount reductions and efficiency actions.
Industry Recognition and Product Innovation
Won the MODEX Innovation in Sustainability Award; showcased enhancements to the Sky EMS Fleet Intelligence platform (mobile dashboards, real-time notifications, expanded API connectivity, advanced analytics) and announced a newly patented state-of-health battery technology.
Sales and Marketing Strengthening & OEM Engagement
Added senior industry sales professionals, hired a Director of OEM Sales with 20+ years of OEM experience, launched a comprehensive digital strategy (social media, account-based campaigns, lead generation), and optimized white-label pricing which has led to increased volume commitments from existing OEM partners.
Large Addressable Market and Long-Term Tailwinds
Management highlighted a global forklift market of ~$87B (CY2025), an electric share of new purchases in North America of 65% (CY2025), lithium-ion penetration at 32% (end CY2024) projected to exceed 70% by 2034, and a North American forklift market CAGR of ~17.2% through 2031 — supporting long-term demand potential.
Near-Term Revenue Recovery Guidance
Company expects approximately 20% sequential revenue growth in Q4 (guidance provided by management) as order activity is anticipated to rebound from near-term headwinds.
Improved Collections and Inventory Management
Management reported strong collections during the quarter (noting ~ $4.6M cash collection activity referenced by analysts) and a meaningful reduction in receivables (over 50% reduction quarter-over-quarter), and noted disciplined inventory practices despite older higher-cost components on hand.