0001193125-26-450082
SEC filing营收同比增35.8%至$532.6M、EPS升至$0.95，但增长含ElevATE并购贡献，且库存与债务同步大幅上升。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net sales | $532,587K | $392,170K | +35.8% |
| Gross profit | $192,465K | $120,488K | +59.7% |
| Gross Margin | 36.1% | 30.7% | +540 bps |
| Income from operations | $63,413K | $11,572K | +447.9% |
| Operating Margin | 11.9% | 3.0% | +890 bps |
| Net income | $46,526K | $15,477K | +200.6% |
| Net income attributable to common stockholders | $43,712K | $14,278K | +206.1% |
| Diluted EPS | $0.95 | $0.31 | +206.5% |
| Net cash flows from operating activities（九个月） | $229,948K | $177,397K | +29.6% |
营收由$392,170K升至$532,587K，增幅35.8%；同期Cost of goods sold仅增25.2%（$271,682K→$340,122K），使Gross profit增长59.7%至$192,465K，Gross Margin提升540bps至36.1%。公司未在本文档中披露量/价/组合或汇率对营收的量化拆分，故不作归因推断；需注意8月27日完成的ElevATE收购对本期收入与成本的贡献未单独列示。
利润率方面，Operating Margin由3.0%升至11.9%（+890bps），除毛利改善外，Total operating expense仅增18.5%（$108,916K→$129,052K），其中SG&A增32.6%至$80,220K、R&D增4.8%至$43,856K，费用增速显著低于收入增速，经营杠杆充分释放。
盈利质量上，Q3 Income before income taxes为$62,986K，而Total other (expense) income为净支出$427K，其中含Unrealized loss on investments $6,041K与Foreign currency loss $2,977K，部分被Gain on disposal of subsidiary $3,841K及Interest income $4,798K抵消；剔除这些非经营性波动后，经营性利润的改善更为扎实。九个月口径下，Net income $111,394K对应经营现金流$229,948K，现金转化良好，但Inventory增加$35,056K、Accounts receivable增加$37,849K形成营运资金占用。
| 项目 | 本期(2026-09-30) | 上期(2025-12-31) |
|---|---|---|
| Cash and cash equivalents | $563,382K | $367,212K |
| Short-term investments | $11,468K | $9,817K |
| Total current assets | $1,562,721K | $1,256,962K |
| Inventories | $535,035K | $471,546K |
| Total assets | $3,090,892K | $2,448,100K |
| Lines of credit | $21,029K | $30,264K |
| Current portion of long-term debt | $1,571K | $1,442K |
| Long-term debt, net of current portion | $381,909K | $24,224K |
| Total liabilities | $1,068,772K | $509,691K |
| Total equity | $2,022,120K | $1,938,409K |
九个月Operating Cash Flow $229,948K，Capex（Purchases of property, plant and equipment）$118,742K，据此计算Free Cash Flow约$111,206K（GAAP构成项口径）。Investing净流出$344,932K，主因Acquisition, net of cash acquired $236,233K；Financing净流入$302,113K，主因Proceeds from long-term debt $382,032K。文档未披露EBITDA，故不计算Net Debt/EBITDA。