Record Revenue and Margin Expansion
The company achieved record revenue of $53.6 million, marking a 19% increase. Gross margin improved by 790 basis points to nearly 24%, and adjusted EBITDA margin expanded by 550 basis points to 10.5%.
Strong Financial Position
Operating from a position of financial strength with no debt, over $32 million in cash, and access to an additional $43 million through a revolving credit facility.
Launch of NextGen Steam Injector Nozzle
Introduced new technology at a Gulf Coast refinery expected to generate over $50 million in market opportunity over the next 5-10 years.
Strategic Investments and Growth Initiatives
Land purchase in Arvada, Colorado to support growth and plans for a new cryogenic propellant testing facility in Florida to serve various critical programs.
Robust Backlog and Order Growth
Record $407 million in backlog with a strong book-to-bill ratio of 1.2x, indicating continued demand and future revenue potential.