0001193125-25-252944
SEC filingQ3营收增45.8%至$197.6M，但净利降28%至$1.5M，主因GPS出售相关损失及高利息费用。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $197.6M | $135.5M | +45.8% |
| Gross Profit | $64.6M | $45.3M | +42.6% |
| Gross Margin | 32.7% | 33.4% | -70bps |
| Operating Income | $9.4M | $7.2M | +30.8% |
| Operating Margin | 4.8% | 5.3% | -50bps |
| Net Income | $1.5M | $2.1M | -28.1% |
| Diluted EPS | $0.04 | $0.06 | -33.3% |
| Non-GAAP Operating Income | $17.5M | $11.0M | +59.1% |
| Non-GAAP Operating Margin | 8.9% | 8.1% | +80bps |
| Operating Cash Flow | -$4.1M | $23.0M | -$27.1M |
| Free Cash Flow | -$12.8M | $11.8M | -$24.6M |
增长桥：Q3营收$197.6M，同比+45.8%，其中有机增长35%，主要来自前期创纪录订单的backlog执行，尤其是大型电力项目；剩余增量来自Profire、Verantis等近期收购。订单$232.9M，同比+44%，能源与电力业务及国际工业水项目为主要驱动。
margin归因：毛利率32.7%，同比-70bps，因工业解决方案项目组合不利；Non-GAAP operating margin 8.9%，同比+80bps，反映经营杠杆改善。GAAP operating margin 4.8%，受$0.8M GPS出售损失及$6.1M摊销费用拖累。
盈利质量：净利$1.5M，同比-28%，主因GPS出售损失、利息费用$5.1M（+91%）及摊销费用$6.1M（+178%）。经营现金流-$4.1M，因项目付款时点不利，但剔除一次性项后run-rate盈利能力改善。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Engineered Systems | $143.7M | +57.4% | $25.0M | 17.4% | 大型电力项目backlog执行及Profire并表 |
| Industrial Process Solutions | $53.9M | +21.9% | $4.2M | 7.9% | 近期收购贡献，但GPS剥离及WK earnout调整拖累 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $32.8M | $37.8M |
| Total Debt | $220.9M | $218.9M |
| Inventory | $57.7M | $42.6M |
| Contract assets (costs in excess) | $109.8M | $69.9M |
| Contract liabilities (billings in excess) | $107.4M | $81.5M |
| Operating Cash Flow | -$4.1M | $23.0M |
| Capex | $8.7M | $11.2M |
| Free Cash Flow | -$12.8M | $11.8M |
Net Debt = $220.9M - $32.8M = $188.1M；EBITDA未披露，无法计算Net Debt/EBITDA。
资本配置：Q3无回购（$20M计划已于2025年4月到期）；无分红。债务净增$2.0M，主要因Profire收购融资。Capex $8.7M，占营收1.6%。
一次性异常项：GPS出售损失$0.8M（非经常）；WK earnout公允价值调整收益$7.4M（非经常）；收购整合费用$0.3M（经常性）。剔除后Non-GAAP operating income $17.5M，margin 8.9%。
主要风险：高杠杆（Consolidated Net Leverage Ratio 4.5x，Elevated Ratio Period至Q4 2025）；利息费用高企；关税及供应链不确定性。机会：能源与电力需求强劲，订单+44%；国际工业水项目增长。