Record Revenue and Sustained Organic Growth
Full-year 2025 revenue increased more than 17% year-over-year; fourth quarter revenue grew 13% to $46.5 million (from $41.1 million). Company reported 12 consecutive quarters of double-digit, all-organic revenue growth.
Expanded Backlog and Long-Term Agreements
Backlog and value of long-term agreements reached approximately $550 million, up from $520 million at the end of Q3 and $429 million at the end of 2024 (approximate increase of $121 million, ~28% vs year-end 2024).
Improved Margins and Gross Profit Expansion
Fourth quarter gross profit increased 23.6% year-over-year; gross margin expanded by 210 basis points to 25.2% from 23.1%. This marked the third consecutive quarter with gross margin above 25%.
Strong EBITDA and Operating Leverage
Adjusted EBITDA for Q4 rose 24% to $6.9 million with an adjusted EBITDA margin of 14.8% (up from 13.5% year-over-year). Full-year adjusted EBITDA grew 37% to $25.5 million (14.3% of revenue vs 12.2% in 2024). Operating income for the year grew 50.4% to $18.8 million.
Substantial Net Income Growth
Net income for the full year increased 50.6% to $16.8 million (Q4 net income $4.7 million vs $3.6 million prior-year quarter).
Strong Cash Generation and Improved Balance Sheet
Cash flow from operations was positive $5.6 million in Q4 and $15 million for the full year (vs negative $5.8 million prior year). Cash balance increased to $51.6 million after the June equity round; total debt reduced to $11.7 million; debt-to-EBITDA ratio at 0.46 and shareholders' equity $176.4 million; operating cash flow conversion ~60% of adjusted EBITDA.
Broad-Based Product Line Strength and Market Share Gains
Growth contributions came from all four strategic product lines with higher growth in APU, landing gear and trading; MRO mix increased to 71.4% of revenue from 68.6% in 2024. Company reported market share gains in the 500 and 200 APU categories and progress on 131 APU commercialization efforts.
Corporate Progress and Strategic Readiness
Transitioned from a controlled company to a widely held public company with expanded U.S. institutional investor base; raised capital in public markets, expanded credit facility, invested in management team (hired key executives) and defined an M&A strategy with a pipeline of accretive bolt-on opportunities.