Oct 8, 2026 earnings call — Strong Q1 growth in PMT and GES
Consolidated net sales rose 18.9% to $64.9 million, and operating income improved 5x to $5.1 million, or 7.9% of sales.
Revenue $0.1B (est $0.1B) · EPS $0.27 (est $0.09)
Key quotes
"Turning to the PMT, excluding the legacy healthcare business, sales were $46.6 million in the quarter, a 23.1% increase over the prior year's first quarter."
"Second, we booked a $2 million BESS program in Q1. This milestone highlights the accelerating momentum of our BESS strategy, supported by a growing pipeline of nearly 50 active opportunities as of today."
"Higher than expected sales growth and expanded gross margin drove a 5x year-over-year improvement in operating income to $5.1 million, or 7.9% of sales."
Analyst Q&A 3
Backlog conversion and tariff refunds
Q (Keaton Schuelke · Northland): The analyst asked how much of the backlog will convert to revenue over the next 12 months and whether backlog will keep growing through year-end. He also asked about expectations for IEEPA tariff refunds and the revenue mix in GES between wind ultracapacitors and BESS/other products.
A: Management said about 75% of the current backlog is scheduled to ship in the fiscal year. Canvys orders can span 2–3 years but the majority will also ship within the fiscal year. They said tariff refunds are coming sporadically and they do not expect the same amount as in Q1, and that the majority of GES growth came from wind and associated products.
"Our current backlog, I did that analysis and probably about 75% of the backlog is scheduled to ship in the quarter, I am sorry, the fiscal year." — Gregory Peloquin
Backlog split and Suzlon opportunity
Q (Anja Soderstrom · Sidoti): The analyst asked how much of the backlog is GES and how much is PMT, and within PMT how much is from semiconductor wafer fab and the visibility for Q2. She also asked how big the Suzlon opportunity could be and how high interest rates might affect demand.
A: Management said the backlog is $43.2 million for GES and $99.4 million for PMT. They would not break out how much of PMT backlog is semiconductor-specific, but said customer forecasts point to the Q1 growth continuing into fiscal 2027 and calendar 2027. For Suzlon, Q1 replacement shipments were about $1.5 million and the product is confirmed as OEM standard equipment on the new S9X platform as well as MRO worldwide; they said they have no debt so interest rates do not hit them directly, and reduced subsidies have driven repower activity that benefits their products.
"$43.2 million for GES, $99.4 million for PMT." — Gregory Peloquin
Repeat business, locomotives, microgrids
Q (Ross Taylor · ARS Investment Partners): He asked whether Richardson can build more repeat, steady business that covers operating costs, and about opportunities in battery storage and electric locomotives including economics of starter modules.
A: Management said the tube (EDG) business is steady MRO repeat business and forms a consistent base. They said Pitch Energy Modules are becoming more consistent with recurring large orders and added products to smooth revenue; they remain active in electric and diesel locomotives with starter module and IGBT programs, finished a large order for Burlington Northern Santa Fe but declined to share starter module pricing. On battery storage, they described microgrid work (including Alaska projects) and said they expect to support about 10 to 20 projects for a large customer over the next 2 years, totaling about $10 million, with products sized "between 200 kilohertz and 5 megawatts," and that the funnel is growing.
"But about 10 to 20 different projects that we will be supporting this company on over the next 2 years." — Gregory Peloquin