$GHM

GRAHAM CORP

CIK:0000716314|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 71,342	$ 55,487
Cost of products sold	53,541	40,766
Gross profit	17,801	14,721
Other operating expenses and income:
Selling, general and administrative	12,554	9,397
Selling, general and administrative – amortization	507	436
Other operating expense (income), net	588	(76)
Operating income	4,152	4,964
Other expense, net	89	128
Interest income, net	(120)	(177)
Income before provision for income taxes	4,183	5,013
Provision for income taxes	271	418
Net income	$ 3,912	$ 4,595
Basic:
Net income	$ 0.34	$ 0.42
Diluted:
Net income	$ 0.33	$ 0.42
Weighted average common shares outstanding:
Basic	11,597	10,927
Diluted	11,710	11,033

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 3,912	$ 4,595
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation	1,670	1,024
Amortization of intangible Assets	1,050	499
Amortization of actuarial losses	173	210
Equity-based compensation expense	645	532
Loss on disposal or sale of property, plant and equipment	11	0
Change in fair value of contingent consideration	577	(76)
Deferred income taxes	157	262
(Increase) decrease in operating assets, net of acquisition:
Accounts receivable	(16,021)	839
Unbilled revenue	(6,021)	(865)
Inventories	1,230	2,642
Prepaid expenses and other current and non-current assets	(1,936)	(167)
Income taxes receivable	237	123
Operating lease assets	366	331
Prepaid pension asset	(36)	(35)
(Decrease) increase in operating liabilities, net of acquisition:
Accounts payable	(592)	(3,322)
Accrued compensation, accrued expenses and other current and non-current liabilities	(8,557)	(7,266)
Customer deposits	10,846	(1,265)
Operating lease liabilities	(360)	(319)
Long-term portion of accrued compensation, accrued pension and postretirement benefit liabilities	(1)	(1)
Net cash (used) provided by operating activities	(12,650)	(2,259)
Investing activities:
Purchase of property, plant and equipment	(2,609)	(7,004)
Acquisitions, net of cash acquired	1,567	0
Net cash used by investing activities	(1,042)	(7,004)
Financing activities:
Borrowings of debt obligations	0	6,000
Principal repayments on debt	(13,000)	(6,000)
Repayments on financing lease obligations	(87)	(82)
Issuance of common stock	50,000	0
Stock issuance costs	(138)	0
Tax withholdings related to net share settlements of restricted stock units and awards	(2,731)	(1,532)
Net cash provided (used) by financing activities	34,044	(1,614)
Effect of exchange rate changes on cash	21	53
Net increase (decrease) in cash and cash equivalents	20,373	(10,824)
Cash and cash equivalents at beginning of period	6,580	21,577
Cash and cash equivalents at end of period	$ 26,953	$ 10,753

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Current assets:
Cash and cash equivalents	$ 26,953	$ 6,580
Trade accounts receivable, net of allowances ($287 and $195 at June 30 and March 31, 2026, respectively)	49,750	33,809
Unbilled revenue	65,884	59,868
Inventories	49,436	50,758
Prepaid expenses and other current assets	5,414	4,255
Income taxes receivable	941	1,184
Total current assets	198,378	156,454
Property, plant and equipment, net	60,747	60,330
Prepaid pension asset	6,669	6,633
Operating lease assets	6,339	6,740
Goodwill	37,326	38,078
Finite-Lived Intangible Assets, Net	37,707	38,662
Other intangible assets, net	13,433	13,458
Deferred income tax asset	134	131
Other assets	3,260	3,188
Total assets	363,960	323,616
Current liabilities:
Current portion of finance lease obligations	24	23
Accounts payable	24,697	25,740
Accrued compensation	13,142	21,547
Accrued expenses and other current liabilities	8,326	4,728
Customer deposits	113,135	102,421
Operating lease liabilities	1,799	1,806
Income taxes payable	0	5
Total current liabilities	161,123	156,270
Long-term debt	0	13,000
Finance lease obligations	15	21
Operating lease liabilities	4,954	5,343
Deferred income tax liability	1,098	897
Accrued pension and postretirement benefit liabilities	1,144	1,145
Other long-term liabilities	3,430	6,625
Total liabilities	171,764	183,301
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $1.00 par value, 500 shares authorized	0	0
Common stock, $0.10 par value, 25,500 shares authorized, 11,901 and 11,247 shares issued and 11,727 and 11,073 shares outstanding at June 30 and March 31, 2026, respectively	1,190	1,124
Capital in excess of par value	89,409	41,699
Retained earnings	110,641	106,729
Accumulated other comprehensive loss	(5,656)	(5,849)
Treasury stock (174 shares at June 30 and March 31, 2026)	(3,388)	(3,388)
Total stockholders’ equity	192,196	140,315
Total liabilities and stockholders’ equity	363,960	323,616
Customer Relationships [Member]
Current assets:
Finite-Lived Intangible Assets, Net	15,016	15,372
Technology and Technical Know-How [Member]
Current assets:
Finite-Lived Intangible Assets, Net	$ 22,658	$ 23,232