Quarterly and Full-Year Revenue Growth
Q4 sales of $137 million, up 9% year-over-year; full-year 2025 revenue of $541 million, up 5% versus $515 million in 2024.
Diversification Momentum
Diversified end markets grew 16% year-over-year in Q4 and were 59% of company revenue in Q4 (57% for the full year), supporting higher-margin revenue mix.
Medical Market Outperformance
Medical Q4 sales increased 41% year-over-year; full-year medical sales of $85 million, up 21% from $70 million in 2024; medical bookings up 37% in the quarter and book-to-bill ~1.07 for 2025.
Industrial Recovery and Bookings Strength
Industrial Q4 sales up 16% year-over-year; full-year industrial sales £140 million, up 12% from £125 million in 2024; industrial bookings up 22% in the quarter and full-year book-to-bill 1.11.
Aerospace & Defense Full-Year Growth and Strategic Wins
Aerospace & defense full-year sales $83 million, up 20% year-over-year, with multiple naval sonar/hydrophone and RF filter awards and new customers added, supporting future backlog.
Margin and Profitability Expansion
Adjusted gross margin expanded ~150 basis points (Q4 adjusted gross margin 39.1%; full-year adjusted gross margin 38.5%); adjusted EBITDA margin improved to 22.8%, up 40 basis points year-over-year.
Earnings Improvement
Q4 adjusted diluted EPS $0.62 versus $0.50 a year ago; full-year adjusted diluted EPS $2.23 versus $2.12 in 2024; Q4 GAAP diluted EPS $0.67 versus $0.38 prior-year quarter.
Strong Cash Generation and Capital Return
Operating cash flow of $29 million in Q4 and $102 million for the full year; cash balance $82 million and borrowings $58 million; repurchased ~398k shares (~$17 million) in Q4 and ~1.4 million shares (~$57 million) for the year; total returned $62 million to shareholders with $90 million remaining authorization.
Book-to-Bill and Backlog Indicators
Company-level book-to-bill of 1.03 in Q4 and 1.04 for the full year, indicating sustained customer demand; total book business approximately $1 billion at quarter end.
2026 Financial Guidance
Management provided 2026 guidance of $550 million to $580 million in sales and adjusted diluted EPS of $2.30 to $2.45, indicating expected modest growth and margin expansion.