[144] Toast, Inc. SEC Filing

Rhea-AI Filing Summary

Thermon Group Holdings (THR) Q1-FY26 (quarter ended 30 Jun 2025) highlights:

• Sales: $108.9 m, down 5% YoY as large project (‘over-time’) revenue fell 20%; point-in-time product revenue rose to 72% of mix, aided by the Oct-24 F.A.T.I. acquisition.
• Profitability: Gross profit $48.0 m (44.1% margin, +30 bp). SG&A up 3% to $32.2 m; operating income slipped 15% to $11.7 m.
• Net income & EPS: $8.6 m vs $8.5 m; diluted EPS $0.26 vs $0.25.
• Cash & leverage: Operating cash flow $10.7 m; cash balance $36.5 m. Long-term debt trimmed to $116.0 m (-$4.4 m QoQ); net leverage ~0.9× EBITDA (company data).
• Working capital: Inventories climbed 18% QoQ to $104.9 m; A/R down $9.1 m.
• Segment mix: US-LAM $50.0 m, Canada $35.2 m, EMEA $17.1 m (+118% YoY incl. F.A.T.I.), APAC $6.6 m.
• Acquisition update: Final F.A.T.I. purchase price €13.3 m ($14.7 m). Goodwill now $271.8 m.
• Post-quarter event: 24 Jul 2025 signed new 5-year credit facility ($115 m revolver, $125 m term loan) replacing 2021 agreement.

Investment takeaways: Revenue softness reflects project timing and tariffs, but margin resilience, positive free cash flow, lower debt and successful integration of F.A.T.I. partially offset concerns. Management maintains robust $252 m backlog (+5% since Mar-25) supporting FY26 visibility.

Positive

• Gross margin expanded 30 bp YoY to 44.1% despite lower revenue.
• Diluted EPS increased to $0.26 and net income edged up 1%.
• Operating cash flow of $10.7 m enabled debt pay-down and buybacks.
• Long-term debt reduced by $4.4 m; new 5-year credit facility enhances liquidity.
• F.A.T.I. acquisition contributed ~$6.8 m revenue and strengthens EMEA footprint.
• Backlog rose to $252 m (+5% since March), supporting future growth.

Negative

• Total sales declined 5% YoY; over-time project revenue fell 20%.
• Operating income dropped 15% as SG&A grew faster than revenue.
• Inventory levels jumped 18% QoQ, tying up $15.9 m additional capital.
• Share repurchases of $9.8 m increased treasury stock and used cash amid softer sales.

Insights

Sell-side Financial Analyst

TL;DR – Sales dip but margins hold; EPS ticks up, cash flow solid—overall neutral.

Top-line contraction was expected after the FY25 project surge; backlog growth suggests transitory pressure. Gross margin expansion and lower interest expense preserved EPS at $0.26. Inventory build is a caution flag, yet operating cash covered buybacks and $4.5 m of term-loan amortization. New credit agreement extends liquidity at similar leverage. I view the quarter as operationally steady and leave FY26 EPS estimates largely unchanged.

Process-Heating Industry Specialist

TL;DR – F.A.T.I. lifts EMEA, mix shift to products boosts margin; project lull likely temporary.

Thermon’s 72% product mix underscores strategic focus on engineered electric heaters and cables where it enjoys pricing power. Integration of F.A.T.I. expands OEM capability and should unlock cross-selling in renewables and pharma end-markets. Decline in over-time revenue mirrors customer deferrals amid tariff noise, not share loss. Backlog and stable quote activity point to recovery in 2H-FY26. Execution risk lies in reducing elevated inventories and sustaining SG&A discipline.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	175000	8093750.00	510000000	08/07/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A	08/07/2025	Options Granted 02/08/2019	Issuer			175000	08/07/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Christopher P. Comparato 333 Summer Street Boston MA 02210	Class A	05/14/2025	70000	3132066.00
Christopher P. Comparato 333 Summer Street Boston MA 02210	Class A	06/20/2025	70000	2966558.00
Christopher P. Comparato 333 Summer Street Boston MA 02210	Class A	07/17/2025	70000	3224676.00

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How did THR's revenue perform in Q1-FY26?

Sales were $108.9 million, down 5% year-over-year, driven by a 20% decline in large project (‘over-time’) revenue.

What was Thermon’s Q1-FY26 earnings per share?

Diluted EPS was $0.26, up from $0.25 in the prior-year period.

Did Thermon reduce its debt this quarter?

Yes. Long-term debt fell to $116.0 million from $120.4 million at 31 Mar 2025; the company also secured a new credit facility on 24 Jul 2025.

What impact did the F.A.T.I. acquisition have?

F.A.T.I. added approximately $6.8 million in revenue, boosting EMEA sales 118% YoY and expanding Thermon’s electric heater portfolio.

How large is Thermon’s backlog?

Backlog stood at $252 million on 30 Jun 2025, up from $240 million at fiscal year-end.

What is the gross margin trend for THR?

Gross margin improved to 44.1% versus 43.8% a year ago, aided by a richer product mix.