Revenue Growth
Net sales of $118.5M in Q1 2026, up $12.8M or 12.1% year-over-year; sequential sales growth of roughly $12–13M (~12%), driven by broader mix and wins in grid, data center, defense and electronics.
Strong Profitability Expansion
Adjusted operating income rose to $5.8M (up $3.8M, +184% YoY). Adjusted EBITDA was $14.1M, up $3.5M or 33.7% YoY. Adjusted EBITDA margins improved to 11.9% (from 10.0% prior-year quarter, a ~33% increase vs prior-year margin).
Power Solutions Outperformance
Power Solutions net sales $55.4M, up $11.9M or 27% YoY. Adjusted EBITDA for the segment $10.4M, up $4.1M or 65.1% YoY, with segment margin 18.7% vs 14.5% prior-year.
Mobile Solutions Stabilization
Mobile Solutions returned to YoY sales growth: $63.1M vs $62.2M (+1.4% YoY). Segment adjusted EBITDA $8.2M with margins at 13%, holding steady despite regional softness.
New Business Momentum
Q1 new business wins totaled $42.9M (Power Solutions $29.3M; Mobile Solutions $13.6M), with wins concentrated in electrical grid, data center, and defense/electronics.
Data Center Growth Opportunity
Data center business LTM already >$70M with a near-term target of $100M; company added liquid-cooling connector product line, ordered 17 additional machines (about half received) to support growth in this high-TAM market.
Portfolio Mix Shift and Long-Term Targets Pulled Forward
Growth end markets (electric grid & data center, defense electronics, medical) up 28% YoY and now represent 44% of portfolio (vs 35% in 2023). Management moved long-term timeline from 2030 to 2029 for previously communicated targets ~ $600M sales and ~$80M adjusted EBITDA (13% margin), reflecting accelerated transformation.
Raised 2026 Guidance
Full-year 2026 guidance updated to net sales $450–470M (≈9% growth at midpoint) and adjusted EBITDA $52–62M (≈16% growth at midpoint), supported by visibility from wins and operating leverage.
Transformation Traction
LTM adjusted EBITDA increased ~61% from trough in mid-2023 to the midpoint of 2026 guidance (mid-2026 LTM margin ~12.4% vs trough 7.4%), demonstrating meaningful operating improvement and cost-out program capture.