0001880319-26-000037
SEC filingRevenue surged 74% to $125.1M from acquisitions and Fire Safety strength, driving net income up 29% to $72.9M despite lower non-cash advisory gains and heavy cash outflows from aggressive capital allocation.
Net income rose 28.7% to $72.9 million, with diluted EPS advancing 22.2% to $0.44 from $0.36, as top-line expansion and moderated advisory expense more than offset the operating dip. This performance aligns with management’s focus on decentralized operations and Operational Value Drivers to serve customers while pursuing stockholder returns.
Cash flows reflected aggressive capital allocation, with net cash from operations at -$89.0 million versus +$23.7 million prior year, yielding free cash flow of -$94.8 million after $5.8 million capex (up from $4.8 million). Management expects free cash flow combined with borrowing capacity to provide substantial capital for thoughtful allocation, including capacity expansion where aircraft capabilities increased significantly and should grow further. The service network supports emergency resupply for approximately 150 North American air tanker bases and global customers, positioning for heightened fire retardant demand if acreage burned and fire seasons extend. Capital structure management remains central to maximizing long-term per-share value.