Graham Corporation reported first-quarter fiscal 2027 net sales of $71,342 (thousands), up 29% from a year earlier, driven by 40% growth in Defense, 86% growth in Space and a $6,551 contribution from the FlackTek acquisition. Gross profit was $17,801 with a 25.0% margin, down 150 basis points on a higher mix of lower-margin Defense work and materials.
Net income was $3,912, or $0.33 per diluted share, versus $4,595 and $0.42, while adjusted net income rose to $5,738 and adjusted diluted EPS to $0.49. Adjusted EBITDA increased to $8,750, or 12.3% of sales. Orders were $95,850 (1.3x book-to-bill), lifting backlog to a record $557,217, 84% of which relates to Defense. Operating cash flow was an outflow of $12,650, largely from working-capital timing and bonus payments, but cash and equivalents increased to $26,953 after a $50,000 equity raise, leaving no debt and $74,480 available on the $80,000 revolving credit facility. Management reaffirmed fiscal 2027 guidance, including net sales of $285,000–$295,000 and adjusted EBITDA of $35,000–$40,000.
Graham Corporation reported first quarter fiscal 2027 results for the period ended June 30, 2026. Net sales were $71.3 million, up 29% from the prior-year quarter, with growth across Defense, Space and Energy & Process markets, including $6.6 million of revenue from the FlackTek acquisition.
Gross profit was $17.8 million and gross margin declined to 25.0% from 26.5%, reflecting a higher mix of lower-margin Defense work and material receipts. Operating income was $4.2 million and net income $3.9 million, with diluted EPS of $0.33 versus $0.42, while adjusted EBITDA increased 28% to $8.8 million and adjusted EPS rose to $0.49.
Orders were $95.9 million and backlog reached a record $557.2 million, 15% above a year earlier, with about 84% related to Defense programs. Cash and cash equivalents were $27.0 million with no debt outstanding and $74.5 million available on the revolver, after a $50.0 million equity investment and repayment of $13.0 million of debt. Management reaffirmed fiscal 2027 guidance, including net sales of $285–$295 million and adjusted EBITDA of $35–$40 million.
Graham Corporation, a supplier of mission-critical fluid, power, heat transfer, vacuum and advanced mixing technologies to the Defense, Space, Energy & Process industries, is holding its 2026 Annual Meeting of Stockholders on August 25, 2026, at 9:00 a.m. Eastern Time as a virtual-only meeting via proxydocs.com/GHM. Stockholders of record at the close of business on June 26, 2026, when 11,727,569 shares of common stock were outstanding and entitled to vote, may participate and vote.
Stockholders will vote on three director nominees (James J. Barber, Mauro Gregorio and Troy A. Stoner) for terms expiring in 2029, an advisory “say-on-pay” vote on executive compensation, and ratification of Deloitte & Touche LLP as independent auditor for the year ending March 31, 2027; the Board recommends FOR each item. The Board is majority independent, operates with a separate independent Chair and three fully independent committees, and has adopted extensive governance, risk oversight, insider trading and political contribution policies. Executive pay follows a pay-for-performance philosophy, combining salary, annual cash bonuses tied to adjusted EBITDA, bookings and individual goals, and long-term incentives split between performance-vesting RSUs (three-year revenue and adjusted ROIC metrics) and time-vesting RSUs, supported by stock ownership guidelines, double-trigger change-in-control protections and limited perquisites. For fiscal 2026, Graham reports net sales of $245 million (up 17%), net income of $12.5 million (up 2%) and orders of $359 million, while highlighting a multi-faceted ESG program covering environmental initiatives, workforce development, and community engagement.
GHM reported a Rule 144 notice for proposed and recent sales of Common Stock. The filing lists 28,950 vested restricted shares and 5,073 shares from the Employee Stock Purchase Plan, both dated 06/22/2026. The filing also records a prior sale of 50,000 shares on 06/23/2026 for $5,415,500.
Graham Corporation reported a Form 144 filing indicating a proposed resale of 50,000 shares. The filing lists a market value of $5,415,500.00 and notes total common shares outstanding of 11,691,140 as of 06/23/2026. The excerpt also references 315,000 stock grants tied to a 06/01/2021 acquisition that appear in the securities table with a 06/01/2026 date.
Graham Corporation used its Investor Day to outline a detailed growth plan and new financial targets across its defense, space, energy & process, and materials processing businesses. The company reported fiscal 2026 revenue of $245.3 million, up from $122.8 million in fiscal 2022, with Adjusted EBITDA rising from a loss to $26.0 million and margins improving to the low double digits.
Record backlog of $450.1 million and a five-year book-to-bill ratio of about 1.3x support visibility. For fiscal 2027, Graham targets net sales of $285–$295 million and Adjusted EBITDA of $35–$40 million, implying further margin expansion. Management’s three-year plan (FY2027–FY2029) aims for 8–10% organic revenue growth, 14–16% Adjusted EBITDA margins, and ROIC above 20%, supported by continued capital investment, operational initiatives, and selective M&A.
Graham Corporation announced that Daniel J. Thoren retired from his roles as Executive Chairman and director effective June 15, 2026, and will serve as a Strategic Advisor through June 15, 2027. The company stated his decision was not due to any disagreement over operations, policies, or practices.
Under a Transition and Retirement Agreement, Thoren’s prior employment agreement was terminated and he will receive a $150,000 annual base salary during the transition period, with continued eligibility for standard employee benefits but no participation in short- or long-term incentive plans. His outstanding PSUs and RSUs will continue to vest under existing terms.
Graham also entered into a similar Transition and Retirement Agreement with Alan E. Smith, former Vice President and General Manager of Graham Manufacturing, who moves into a Strategic Advisor role on an at-will basis with a $150,000 annual base salary and continued vesting of outstanding PSUs and RSUs. The Board reappointed Jonathan W. Painter as Chairman, providing governance continuity as the CEO succession plan progresses.
Graham Corp Executive Chairman Daniel J. Thoren reported equity compensation activity tied to performance-based awards. He was awarded 22,101 shares of common stock upon the vesting of performance-based restricted stock units granted under the 2020 Graham Corporation Equity Incentive Plan, based on company performance over the three-year period that ended on 3/31/2026.
To cover tax withholding obligations on this vesting, 8,095 shares of common stock were disposed of at $95.34 per share through a tax-withholding transaction. After these transactions, Thoren directly holds 383,040 shares of common stock. He also continues to hold restricted stock units that convert into common stock on a one-for-one basis, including awards linked to 629, 1,059 and 5,543 underlying shares with scheduled vesting dates in 2027, 2028 and 2029.
Graham Corp VP-Finance and CFO Christopher J. Thome reported equity compensation activity and related tax withholding. He received 8,619 shares of common stock upon vesting of performance-based restricted stock units granted under the 2020 Equity Incentive Plan, following a three-year performance period ending on 3/31/2026.
To cover tax withholding obligations on the PSU vesting, 3,193 shares of common stock were withheld at $95.34 per share. After these transactions, he directly holds 35,988 shares of common stock. He also continues to hold several tranches of restricted stock units that convert into common stock on a one-for-one basis, with vesting scheduled between 2027 and 2029.