Strong Start to Fiscal 2026
Sales grew 9.7% year-over-year to $80 million, with significant contributions from the marine and propulsion business and the integration of Katsa and Kobelt. Gross margins increased by 220 basis points to 28.7%, supported by operational improvements and product mix.
Defense Segment Growth
Defense-related projects have shown strong momentum, with orders increasing by $4 million sequentially and up 45% year-over-year, comprising 15% of the total backlog.
Improved EBITDA and Profitability
EBITDA increased by 172% to $4.7 million compared to the prior year, reflecting higher operating income and reduced currency losses.
Record Backlog
The company reported a robust 6-month backlog of $163.3 million, up 13% year-over-year, indicating sustained demand across end markets.
Marine and Propulsion Success
Sales in the marine and propulsion segment increased 14.6% year-over-year to $48.2 million, driven by work boat activity and government programs.