Dan Thoren

“Many of you likely saw the press release we issued yesterday morning regarding our leadership succession plan. I'm excited to share additional details. But first, I will spend a minute on our third quarter results, which showed a 7.3% increase over the prior year period.”

“Our team delivered record revenue of $53.6 million, marking a 19% increase that highlights robust demand across our markets. This quarter showcases the effectiveness of our efforts to expand our market reach, improve operations and strengthen our business model over the last few years.”

“The first quarter can be characterized by solid growth, consistent improvement, and strengthened profitability as demonstrated by our robust order flow, record revenue, expanded gross margin, and improved bottom line.”

“We continue to make solid progress, winning more business, improving processes and executing better. During the quarter, we shipped the last of the first article units related to the naval nuclear propulsion program for both the Columbia class submarine and the Ford class carrier.”

“We made excellent progress with our strategy in fiscal 2023. We stabilized our vacuum and heat transfer technology business in Batavia, expanded our turbomachinery operations in Denver, and further diversified our revenue with more defense, space, and new energy business.”