Backlog More Than Doubled, Improving Revenue Visibility
Backlog grew by more than 100% compared to the beginning of the year, including two publicly announced orders with deliveries scheduled across 2026 and 2027, providing stronger medium-term revenue visibility and a foundation for future growth.
Strong Cash Position and No Debt
Cash and cash equivalents of $11.1 million as of March 31, 2026, with no outstanding debt, providing liquidity headroom while investments and operational improvements proceed.
Progress on Capacity Expansion
First new production line delivered and partially installed; supplier installation team has returned and work resumed. Company expects installation completion in the coming weeks and continues to pursue two-line capacity by year-end (previously targeted H1).
Reiterated Targeted Long-Term Profitability
Management reiterates earlier long-term targets: revenue run-rate of $60–$65 million and normalized gross margin of ~26%–28% once investment plan is completed and external conditions (FX, logistics) stabilize.
Competitive Wins and Strong End-Market Demand
Announced a competitive win against a large competitor (TTM) for U.S. defense work and notes strong demand in high-end segments; AI-driven demand for fiberglass underscores underlying market strength that is supporting backlog growth.
Active Commercial and Supply Actions
Company adjusted pricing on fiberglass products and instituted allocation quotas to secure material supply and protect operational continuity; management is coordinating closely with suppliers and customers to mitigate constraints.