0001104659-25-106299
SEC filingQ3营收大增42.5%至$155.9M，净利$10.9M，Zircaloy收购与防弹衣需求驱动。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $155,869K | $109,408K | +42.5% |
| Gross Profit | $66,625K | $40,016K | +66.5% |
| Gross Margin | 42.7% | 36.6% | +610bps |
| Operating Income | $18,674K | $5,426K | +244.2% |
| Operating Margin | 12.0% | 5.0% | +700bps |
| Net Income | $10,941K | $3,655K | +199.3% |
| Diluted EPS | $0.27 | $0.09 | +$0.18 |
| Adjusted EBITDA | $29,815K | $13,525K | +120.4% |
| Operating Cash Flow | $42,455K (9M) | $8,066K (9M) | +426.3% |
| Free Cash Flow | $38,873K (9M) | $3,685K (9M) | +955.0% |
Q3营收$155.9M，同比+42.5%，主要受Zircaloy收购（贡献$18.1M）、2024年网络安全事件低基数以及北美防弹衣（+$14.9M）和duty gear（+$14.1M）需求强劲驱动，但核安全产品因订单时点减少$5.5M。毛利率大幅提升650bps至42.7%，得益于量增、有利定价（净材料通胀）及库存step-up摊销减少。
净利$10.9M，同比+199%，主要因毛利增加，但被Zircaloy相关SG&A、薪酬、交易成本及利息费用部分抵消。盈利质量方面，经营现金流$42.5M（9M）显著改善，但存货增加$14.8M和应付账款减少$16.9M构成拖累。剔除一次性交易成本（$2.2M）与或有对价重估（$0.6M）后，run-rate盈利能力更强。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Product | $138.8M | +43.8% | — | 43.9% | Zircaloy并表、北美防弹衣与duty gear需求强劲，核安全订单时点拖累 |
| Distribution | $26.5M | +48.5% | — | 21.3% | 硬质商品需求强劲，一次性库存费用致利润率下滑 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $150.9M | +$26.0M |
| Total Debt | $311.2M | +$88.0M |
| Net Debt | $160.3M | +$62.0M |
| Inventory | $112.2M | +$29.9M |
| RPO/Deferred revenue | $69.9M | — |
| Operating Cash Flow | $42.5M (9M) | +$34.4M |
| Capex | $3.6M (9M) | -$0.8M |
| Free Cash Flow | $38.9M (9M) | +$35.2M |
| FCF 转化率 | 120% | — |
Net Debt/EBITDA（TTM）约2.1x，基于Adjusted EBITDA $77.3M（9M）年化估算。