RF Industries (NASDAQ: RFIL) lifts Q1 2026 margins and EBITDA

Rhea-AI Filing Summary

RF Industries reported first quarter fiscal 2026 results showing flat sales but stronger profitability. Net sales were $19.0 million, down 1% from $19.2 million a year earlier and 16% below the fourth quarter of 2025, mainly due to normal seasonality. Backlog was $14.4 million at quarter-end on bookings of $17.9 million, and has since risen to $18.6 million.

Gross margin improved to 32.3% from 29.8%, lifting operating income to $177,000 from $56,000. The consolidated net loss narrowed to $50,000, or $0.00 per diluted share, versus a $245,000 loss, or $0.02 per diluted share, a year ago. Non-GAAP net income increased to $659,000, or $0.06 per diluted share, from $397,000, or $0.04, and adjusted EBITDA rose to $1.1 million from $867,000, reflecting better pricing, operational efficiencies, and cost control.

Insights

Equity research analyst

Profitability improved on flat revenue, with stronger margins and cash generation.

RF Industries delivered essentially flat year-over-year revenue in Q1 fiscal 2026 at $19.0 million, but expanded gross margin to 32.3% from 29.8%. That margin gain helped operating income climb to $177,000 versus $56,000 despite modest top-line pressure.

The company reduced its consolidated net loss to $50,000 from $245,000, while non-GAAP net income rose to $659,000 and adjusted EBITDA to $1.1 million from $867,000. Management attributes this to better price realization, operational efficiencies, and cost control.

Bookings of $17.9 million and quarter-end backlog of $14.4 million, rising to $18.6 million as of the release date, indicate a pipeline that management believes can support revenue acceleration in the back half of fiscal 2026, although actual performance will depend on order conversion and broader telecom demand.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): March 16, 2026

R F INDUSTRIES, LTD.

(Exact name of registrant as specified in its charter)

Nevada (State or Other Jurisdiction
of Incorporation) 0-13301 (Commission File Number) 88-0168936 (I.R.S. Employer
Identification No.)

16868 Via Del Campo Court, Suite 200 San Diego, CA 92127

(Address of Principal Executive Offices, including Zip Code)

(858) 549-6340

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	RFIL	NASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 16, 2026, RF Industries, Ltd. (the “Company”) issued a press release announcing information regarding the Company’s financial results for the first quarter ended January 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished in this Current Report on Form 8-K, including the accompanying Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed to be incorporated by reference in any subsequent filing by the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, regardless of the general incorporation language of such filing, except as specifically stated in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.		Description
99.1		Press Release of RF Industries, Ltd., dated March 16, 2026.
104		Cover Page Interactive Date File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RF INDUSTRIES, LTD.
March 16, 2026	By: /s/ Peter Yin Peter Yin Chief Financial Officer

Exhibit 99.1

  FOR IMMEDIATE RELEASE

RF Industries Reports First Quarter Fiscal Year 2026 Financial Results

SAN DIEGO, CA, March 16, 2026 – RF Industries, Ltd, (NASDAQ: RFIL), a national manufacturer and marketer of interconnect products and systems, today announced financial results for the first quarter of fiscal year 2026 ended January 31, 2026.

First Quarter Fiscal 2026 Highlights and Operating Results:

	●	Net sales were $19.0 million, a 1% decrease from $19.2 million year-over-year and a decrease of 16% from $22.7 million in the fourth quarter of fiscal 2025 primarily due to normal seasonality.
	●	Backlog of $14.4 million at quarter-end on first quarter bookings of $17.9 million. As of today, the backlog stands at $18.6 million.
	●	Gross profit margin was 32.3%, a 250-basis point improvement from 29.8% in the prior year quarter.
	●	Operating income was $177,000, an improvement from operating income of $56,000 year-over-year.
	●	Consolidated net loss was $50,000, or $0.00 per diluted share, an improvement from a consolidated net loss of $245,000, or $0.02 per diluted share year-over-year.
	●	Non-GAAP net income was $659,000, or $0.06 per diluted share, compared to non-GAAP net income of $397,000, or $0.04 per diluted share, in the first quarter of fiscal 2025.
	●	Adjusted EBITDA was $1.1 million, up from $867,000 year-over-year.

See "Note Regarding Use of Non-GAAP Financial Measures," "Unaudited Reconciliation of GAAP to non-GAAP Net Income," "Unaudited Reconciliation of Net Income to Adjusted EBITDA" and the description of bookings and backlog below for additional information.

Management Commentary

“Our first quarter results demonstrated continued progress in strengthening the profitability and operating discipline of RF Industries while overcoming the normal seasonality. Net sales in the first quarter were $19 million kicking off a solid start to fiscal year 2026. The key takeaway this quarter was the meaningful improvement in our profitability. While sales were basically flat year over year, our gross profit margin improved 250 basis points, which translated into operating income that more than tripled to $177,000 and adjusted EBITDA that increased 22% to $1.1 million. This quarter’s strong performance reflected better price realization across our portfolio along with operational efficiencies, and our ongoing focus on cost control,” said Robert Dawson, Chief Executive Officer of RF Industries.

“I’m extremely pleased with our team’s strong execution on our strategic plan to diversify our customer base and end markets, while staying laser-focused on increasing profitability. When I look at our roster of customers, I believe we are gaining traction with many new and well-known names both in and beyond our traditional markets. If we successfully continue to move into new verticals--wireline, cable, aerospace, and datacenters--our opportunity set should expand significantly. Furthermore, I believe that our higher value solutions are grabbing attention and showing momentum across several end markets and applications. Following a landmark fiscal 2025, our team is even more excited about 2026. We feel confident that we can execute against our strategic priorities, and similar to 2025, with the significant increase in our backlog, we expect revenue growth to accelerate in the back half of the year,” concluded Dawson.

Conference Call and Webcast

RF Industries will host a conference call and live webcast today, March 16, 2026, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its fiscal first quarter 2026 financial results. To access the live call, dial 877-545-0523 (US and Canada) or 973-528-0016 (International) and give the participant access code 381953. A live audio webcast of the call will also be available on the Investor Relations section of RFI’s website at www.rfindustries.com and will be archived for replay.

About RF Industries

Connecting the next generation with tomorrow's technology, RF Industries designs and manufactures a broad range of interconnect products across diversified, growing markets, including wireless/wireline telecom, data communications and industrial. The Company's products include high-performance components used in commercial applications such as RF connectors and adapters, RF passives including dividers, directional couplers and filters, coaxial cables, data cables, wire harnesses, fiber optic cables, custom cabling, energy-efficient cooling systems and integrated small cell enclosures. The Company is headquartered in San Diego, California with additional operations in New York, Connecticut, and New Jersey. Please visit the RF Industries website at www.rfindustries.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to future events. Forward-looking statements include, among others, statements concerning our expectations about profitability, revenues, industry trends, markets and any growth trajectory thereof, demand for our products, backlog, financial goals, growth opportunities and the expected benefits and desirability of our products, in each case which are subject to a number of factors that could cause actual results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to: our cash and liquidity needs; our ability to continue as a going concern; non-compliance with terms and covenants in our credit facility; changes in the telecommunications industry and materialization and timing of expected network buildouts; timing and breadth of new products; our ability to realize increased sales; successfully integrating new products and teams; our ability to execute on our go-to-market strategies and channel models; our reliance on certain distributors and customers for a significant portion of anticipated revenues; the impact of existing and additional future tariffs imposed by U.S. and foreign nations; our ability to expand our OEM relationships; our ability to continue to deliver newly designed and custom fiber optic and cabling products to principal customers; our ability to maintain strong margins and diversify our customer base; our ability to initiate operating efficiencies, cost savings and expense reductions; our ability to address the changing needs of the market and capitalize on new market opportunities; our ability to add value to our customer’s needs; the success of any product launches; and our ability to increase revenue, gross margins or obtain profitability in a timely manner. Further discussion of these and other potential risks and uncertainties may be found in the Company's public filings with the Securities and Exchange Commission (www.sec.gov) including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. All forward-looking statements are based upon information available to the Company on the date they are published, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or new information after the date of this release.

Note Regarding Use of Non-GAAP Financial Measures

To supplement our unaudited condensed financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including adjusted earnings before interest, taxes, depreciation, amortization (Adjusted EBITDA), non-GAAP net income (loss) and non-GAAP earnings (loss) per share, basic and diluted (non-GAAP EPS).

We believe these financial measures provide useful information to investors with which to analyze our operating trends and performance by excluding certain non-cash and other one-time expenses that we believe are not indicative of our operating results.

In computing Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS, we exclude stock-based compensation expense, which represents non-cash charges for the fair value of stock options and other non-cash awards granted to employees, non-cash and other one-time charges, severance, amortization expense and provision from income taxes. For Adjusted EBITDA, we also exclude depreciation and interest expense. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company's non-cash operating expenses, we believe that providing non-GAAP financial measures that exclude non-cash expense and non-recurring costs and expenses allows for meaningful comparisons between our core business operating results and those of other companies, as well as provides us with an important tool for financial and operational decision-making and for evaluating our own core business operating results over different periods of time.

Our Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. Our Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS are not measurements of financial performance under GAAP and should not be considered as an alternative to operating or net income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. We do not consider these non-GAAP measures to be a substitute for, or superior to, the information provided by GAAP financial results. Non-GAAP financial measures are subject to limitations and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance. A reconciliation of specific adjustments to GAAP results is provided in the last two tables at the end of this press release.

In addition, we have included order bookings and backlog in this earnings release. Bookings represent new orders that have been received inclusive of any modification or cancellation of previous orders. Backlog represents orders that have been received where revenue has not been recognized as of the specified date. We believe both Bookings and Backlog are indicators of future revenues that the Company expects to generate based on orders that management believes to be firm.

RF Industries Contact:

Peter Yin

SVP and CFO

(858) 549-6340

rfi@rfindustries.com

IR Contact:

Donni Case

Financial Profiles, Inc.

(310) 622-8224

RFIL@finprofiles.com

Source: RF Industries

# # #

RF INDUSTRIES, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

		Jan. 31,				Oct. 31,
		2026				2025
		(unaudited)				(audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	5,108			$	5,079
Trade accounts receivable, net			13,110				14,871
Inventories			13,776				13,735
Other current assets			1,021				1,284
TOTAL CURRENT ASSETS			33,015				34,969
Property and equipment, net			4,240				4,229
Operating right of use asset, net			13,432				13,848
Goodwill			8,085				8,085
Amortizable intangible assets, net			9,853				10,264
Non-amortizable intangible assets			1,174				1,174
Other assets			536				477
TOTAL ASSETS		$	70,335			$	73,046
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES
Accounts payable and accrued expenses		$	8,890			$	10,746
Line of Credit			7,121				7,836
Current portion of operating lease liabilities			2,063				2,054
Income taxes payable			291				260
TOTAL CURRENT LIABILITIES			18,365				20,896
Operating lease liabilities			16,171				16,699
Deferred tax liabilities			250				247
TOTAL LIABILITIES			34,786				37,842
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, authorized 20,000,000 shares of $0.01 par value; 10,814,267 and 10,713,801 shares issued and outstanding at January 31, 2026 and October 31, 2025, respectively			108				107
Additional paid-in capital			28,444				28,050
Retained earnings			6,997				7,047
TOTAL STOCKHOLDERS' EQUITY			35,549				35,204
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	70,335			$	73,046

RF INDUSTRIES, LTD. AND SUBSIDIARIES                
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                
(In thousands, except share and per share amounts)                

		Three Months Ended
		January 31,
		2026				2025
		(unaudited)				(unaudited)
Net sales		$	18,969			$	19,200
Cost of sales			12,849				13,483
Gross profit			6,120				5,717
Operating expenses:
Engineering			852				682
Selling and general			5,091				4,979
Total operating expenses			5,943				5,661
Operating income			177				56
Other expense			(193	)			(265	)
Loss before provision for income taxes			(16	)			(209	)
Provision for income taxes			34				36
Consolidated net loss		$	(50	)		$	(245	)
Loss per share - Basic		$	(0.00	)		$	(0.02	)
Loss per share - Diluted		$	(0.00	)		$	(0.02	)
Weighted average shares outstanding:
Basic			10,736,090				10,560,922
Diluted			10,736,090				10,560,922

RF INDUSTRIES, LTD. AND SUBSIDIARIES

Unaudited Reconciliation of GAAP to Non-GAAP Net Income

(In thousands, except share and per share amounts)

		Three Months Ended
		January 31,
		2026				2025
Consolidated net loss		$	(50	)		$	(245	)
Provision from income taxes			34				36
Stock-based compensation expense			264				195
Amortization expense			411				411
Non-GAAP net income		$	659			$	397
Non-GAAP earnings per share:
Basic		$	0.06			$	0.04
Diluted		$	0.06			$	0.04
Weighted average shares outstanding
Basic			10,736,090				10,560,922
Diluted			10,980,652				10,594,872

RF INDUSTRIES, LTD. AND SUBSIDIARIES

Unaudited Reconciliation of Net Income to Adjusted EBITDA

(In thousands)

		Three Months Ended
		January 31,
		2026				2025
Consolidated net loss		$	(50	)		$	(245	)
Stock-based compensation expense			264				195
Amortization expense			411				411
Depreciation expense			207				205
Other expense			193				265
Provision from income taxes			34				36
Adjusted EBITDA		$	1,059			$	867

FAQ

How did RFIL’s revenue perform in Q1 fiscal 2026?

RF Industries reported Q1 fiscal 2026 net sales of $19.0 million, slightly below $19.2 million a year earlier. Revenue also fell from $22.7 million in Q4 fiscal 2025, which management attributed primarily to normal seasonality in the business.

Did RFIL improve profitability in the first quarter of 2026?

Yes. RF Industries increased its gross margin to 32.3% from 29.8%, lifting operating income to $177,000 from $56,000. The consolidated net loss narrowed to $50,000 versus $245,000 in the prior-year quarter, reflecting better pricing and cost discipline.

What were RFIL’s non-GAAP earnings and adjusted EBITDA in Q1 2026?

Non-GAAP net income for RF Industries was $659,000, or $0.06 per diluted share, up from $397,000, or $0.04. Adjusted EBITDA increased to $1.1 million from $867,000, showing improved underlying operating performance after adjusting for non-cash and one-time items.

How strong was RFIL’s bookings and backlog position after Q1 2026?

RF Industries reported first-quarter bookings of $17.9 million and quarter-end backlog of $14.4 million. The company noted that backlog had risen to $18.6 million as of the press release date, which it views as a positive indicator for future revenue.

What risks and uncertainties did RFIL highlight in its Q1 2026 update?

RF Industries cited risks around cash and liquidity needs, its ability to continue as a going concern, and potential non-compliance with credit facility covenants, along with industry demand, customer concentration, tariff impacts, and execution of growth and margin initiatives.

Which non-GAAP metrics does RFIL use to evaluate performance?

RF Industries uses Adjusted EBITDA, non-GAAP net income, and non-GAAP EPS. These exclude stock-based compensation, certain non-cash and one-time charges, severance, amortization, depreciation, interest, and income taxes to focus on underlying operating trends, while still relying on GAAP results for a complete picture.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 165.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 11.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 15.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.3 KB