Revenue Performance
Profitability and Margins
Full-Year Results and Balance Sheet
For the full year ended December 31, 2025, revenue totaled $554.5 million, increasing 5% year-over-year, including 3% organic growth on a constant currency basis. Growth was driven primarily by the Industrial market, which rose 8% due to continued demand for data-center-related power quality solutions. Aerospace & Defense revenue also increased 8%, while Medical sales rose 5%, partially offset by a 6% decline in Vehicle market sales. Gross margin reached a record 32.8% for the year, expanding 150 basis points, and operating income increased 46% to $44.0 million, or 7.9% of sales. Net income rose to $22.0 million, or $1.32 per diluted share, compared with $13.2 million in the prior year. Operating cash flow improved 35% to $56.7 million, while cash and cash equivalents increased to $40.7 million. The company reduced total debt to $180.4 million and lowered net debt to $139.7 million, resulting in a leverage ratio improvement to 1.82x.