$ATROB

ASTRONICS CORP

CIK:0000008063|SEC Filings

Consolidated Condensed Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jul. 04, 2026

Jun. 28, 2025

Jul. 04, 2026

Jun. 28, 2025

Income Statement [Abstract]

Sales

$ 259,957

$ 204,678

$ 490,576

$ 410,614

Cost of Products Sold

173,060

151,851

328,546

296,938

Gross Profit

86,897

52,827

162,030

113,676

Research and Development Expenses

10,869

11,572

22,958

22,639

Selling, General and Administrative Expenses

35,561

36,497

71,375

73,142

Income from Operations

40,467

4,758

67,697

17,895

Other Expense (Income), Net

281

(190)

390

(377)

Interest Expense, Net of Interest Income

2,332

3,097

4,668

6,247

Income Before Income Taxes

37,854

1,851

62,639

12,025

Provision for Income Taxes

2,794

537

2,039

1,183

Net Income

$ 35,060

$ 1,314

$ 60,600

$ 10,842

Earnings Per Share:

Basic (in usd per share)

^[1]

$ 0.82

$ 0.03

$ 1.41

$ 0.26

Diluted (in usd per share)

^[1]

$ 0.75

$ 0.03

$ 1.31

$ 0.25

[1]	All per share information have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026.

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025
Cash Flows from Operating Activities:
Net Income	$ 60,600	$ 10,842
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:
Depreciation and Amortization	12,235	10,966
Amortization of Deferred Financing Fees	1,204	1,214
Provisions for Non-cash Losses on Inventory and Receivables	3,257	2,941
Equity-based Compensation Expense	4,819	3,902
Deferred Tax Expense (Benefit)	1,022	(1,125)
Operating Lease Non-cash Expense	2,806	3,174
Simplification Initiative-related Non-cash Charges	0	6,229
Other	1,223	(601)
Changes in Operating Assets and Liabilities Providing (Using) Cash:
Accounts Receivable	(24,997)	5,803
Inventories	(27,500)	(1,498)
Accounts Payable	23,620	2,957
Operating Lease Liabilities	(3,093)	(2,302)
Accrued Expenses	(1,929)	(17,064)
Income Taxes	(1,128)	(10,505)
Customer Advance Payments and Deferred Revenue	478	(859)
Cloud Computing Implementation Costs	(4,122)	0
Supplemental Retirement Plan Liabilities	(367)	(202)
Other Assets and Liabilities	(7,403)	(864)
Net Cash Provided by Operating Activities	40,725	13,008
Cash Flows from Investing Activities:
Capital Expenditures	(16,869)	(6,710)
Net Cash Used by Investing Activities	(16,869)	(6,710)
Cash Flows from Financing Activities:
Proceeds from Long-term Debt	40,000	1,143
Principal Payments on Long-term Debt	(65,000)	(11,143)
Financing-related Costs	0	(740)
Stock Award Activity	(5,441)	(1,730)
Other	(2,220)	(76)
Net Cash Used by Financing Activities	(32,661)	(12,546)
Effect of Exchange Rates on Cash	(359)	1,280
Decrease in Cash and Cash Equivalents and Restricted Cash	(9,164)	(4,968)
Cash and Cash Equivalents and Restricted Cash at Beginning of Period	18,180	18,428
Cash and Cash Equivalents and Restricted Cash at End of Period	9,016	13,460
Supplemental Disclosure of Cash Flow Information
Capital Expenditures in Accounts Payable (Non-Cash Investing Activities)	422	0
Interest Paid	3,972	2,967
Income Taxes Paid, Net	$ 2,110	$ 12,848

Consolidated Condensed Balance Sheets - USD ($)
$ in Thousands

Jul. 04, 2026

Dec. 31, 2025

Current Assets:

Cash and Cash Equivalents

$ 9,016

$ 18,180

Accounts Receivable, Net of Allowance for Estimated Credit Losses

228,900

204,672

Inventories

220,065

196,860

Prepaid Expenses and Other Current Assets

27,763

18,027

Total Current Assets

485,744

437,739

Property, Plant and Equipment, Net of Accumulated Depreciation

115,568

107,078

Operating Right-of-Use Assets

31,273

32,269

Other Assets

14,366

11,316

Intangible Assets, Net of Accumulated Amortization

49,392

55,353

Goodwill

64,501

62,923

Total Assets

760,844

706,678

Current Liabilities:

Accounts Payable

64,399

41,080

Current Operating Lease Liabilities

5,930

5,802

Accrued Expenses and Other Current Liabilities

66,462

68,324

Customer Advance Payments and Deferred Revenue

26,589

26,069

Total Current Liabilities

163,380

141,275

Long-term Debt

310,319

334,451

Long-term Operating Lease Liabilities

36,717

38,101

Other Liabilities

52,208

52,777

Total Liabilities

562,624

566,604

Shareholders’ Equity:

Common Stock

^[1]

457

456

Accumulated Other Comprehensive Loss

^[1]

(6,108)

(4,410)

Other Shareholders’ Equity

^[1]

203,871

144,028

Total Shareholders’ Equity

^[1]

198,220

140,074

Total Liabilities and Shareholders’ Equity

$ 760,844

$ 706,678

[1]	Prior-period Shareholders’ Equity balances have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026, with no impact on Total Shareholders’ Equity.