【Key Takeaways】

• Q1 2026 Strong Performance: 37% revenue growth to $21.8M, 141% EBITDA surge to $7.4M, and $7M free cash flow.
• F-16 Momentum: Resumed production, $75M backlog, and potential 300+ new builds. In-sourcing to begin late 2026.
• Autonomous Flight Breakthrough: UMS-2 unit production underway, with deliveries to Pilatus in mid-2026.
• Acquisition Strategy: Active pipeline focused on recurring revenue, IP, and aerospace/defense synergies.
• Gross Margin Expansion: 54.5% (vs. 41.4% YoY) driven by commercial aftermarket strength.
• 2026 Outlook: Organic growth flat YoY due to F-16 timing, but M&A and defense opportunities poised to accelerate.