Turnaround Revenue & ProfitabilityA clear FY2025 inflection with strong revenue growth and restored operating profitability indicates the core coating services are regaining traction. Durable demand recovery and scalable service economics can support sustainable earnings if growth and execution persist.
Resilient Gross MarginsConsistently robust gross margins reflect pricing power or process advantages in tungsten carbide coatings. High gross margins provide scope to invest in capacity, R&D or technical support while still absorbing SG&A and help the business maintain profitability through cost cycles.
Improved Cash GenerationReturn to positive operating and free cash flow, with FCF growth and FCF roughly 0.9x net income, supports earnings quality and lowers reliance on external funding. Sustained cash generation would fund working capital and reinvestment in a capital-light service model.