Industrials

The three-year, non-dilutive $10.0 million loan agreement is made up of several components. The company described one term loan amortized over five years and another amortized over three years, with the remaining amount under a separate tranche. Amortization schedules determine how quickly principal must …

The company did not provide a specific financial figure associated with the milestone in its announcement. Development milestones of this kind are internal technical targets that are set during theResearch and Developmentof a new product.

Gross profit fell to $6.7 million from $24.2 million a year earlier, and grossMargindeclined to roughly 9% from 15.1%.

Third-quarter revenue was $55.2 million. Organic revenue growth, which excludes the contribution of acquisitions, was 5.1% over the third quarter of 2025. Organic growth excludes revenue from acquisitions, and the company reported total growth of 13.2% alongside organic growth of 5.1%.

The company recorded a $9.3 million write-down for obsolete inventories related to its specialized energy storage system business.

The restructuring support agreement covers the company's senior notes. The notes include a 12.875% senior notes due 2028 and a 5.125% senior notes due 2029, according to the company's report. Holders of more than 88% of the principal amount have agreed to the arrangement.

Net revenue for the third quarter of 2026 was $1,595.6 million, compared with $1,506.9 million in the third quarter of 2025. The company said the revenue increase came despite weather-related pressure on flight activity during the quarter.