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AAON Reports Record Second Quarter 2026 Results Driven by Strong Demand, Accelerating Throughput, and Improved Operating Execution

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Net sales increased 101%, Operating income increased 192%, Diluted EPS increased 258%
Raises Full-Year Outlook

Second Quarter 2026 Highlights
(All comparisons are year-over-year, unless otherwise noted)

Delivered record quarterly net sales and significant earnings growth as expanded capacity and improved execution accelerated backlog conversionNet sales increased 101.2% to a record $627.0 millionGross profit increased 84.3% to $152.5 millionOperating income increased 192.1% to 68.9 million, reflecting strong net sales growth, improved overhead leverage, and disciplined SG&A managementGAAP diluted EPS increased 257.9% to $0.68, Non-GAAP adjusted EPS increased 213.6% to $0.69Total backlog increased 98.0% year-over-year to $2.0 billion, remaining nearly double the prior-year level despite record quarterly net sales and significantly higher production ratesYear-to-date, operating cash flow improved to $55.0 million, compared with negative $31.0 million a year ago
 

Raises 2026 Outlook

2026 outlook now reflects net sales growth of 55%-60%, gross margins of approximately 25-26%, and SG&A as a percent of sales of 13%-14%, supported by strong backlog, expanded capacity, and improving operational execution

TULSA, Okla., Aug. 10, 2026 /PRNewswire/ — AAON, INC. (NASDAQ-AAON), a leader in high-performing, energy-efficient HVAC solutions that bring long-term value to customers and owners, today announced its results for the second quarter of 2026.

“Our second quarter results demonstrate the continued strength of demand for our solutions and the progress we are making scaling the company to meet that demand,” said Matt Tobolski, President and CEO of AAON. “Net sales increased 101.2% to a fourth consecutive quarterly record, operating income increased 192.1%, and diluted EPS increased 257.9%, reflecting the power of higher throughput, strong backlog conversion, and continued execution across the business.

“The investments we have made in capacity, leadership, supply chain, and manufacturing infrastructure are translating into measurable operating progress. Production increased across the enterprise, lead times are improving in key areas, and we are converting backlog at a much faster pace while continuing to see strong customer engagement. This is clear evidence that the operating foundation we have been building is working.

“The long-term market opportunity remains compelling across both brands. The BASX brand continues to benefit from significant data center investment activity, a healthy customer pipeline, and strong engagement with strategic customers. The AAON brand continues to gain share despite a softer commercial HVAC market. Both businesses are well positioned, supported by differentiated products, highly engineered solutions, and strong customer relationships.

“We are also clear-eyed about the margin work ahead. The pace of growth and capacity ramp is creating near-term margin pressure, but the drivers are known, the actions are underway, and the path to improvement is clear: higher utilization, productivity improvements, sourcing initiatives, pricing actions, and a more favorable backlog profile. We are not simply growing revenue. We are building a stronger operating company with the scale, systems, and discipline to deliver improved margins, stronger cash generation, and durable earnings power over time.”

Second Quarter 2026 Results

Net sales for the second quarter of 2026 increased 101.2% to a record $627.0 million, compared with $311.6 million in the second quarter of 2025. Growth reflected strong demand across both the AAON and BASX brands, improved manufacturing throughput, and increased utilization of recently added production capacity.

BASX-branded sales grew 216.2% to a record $345 million, reflecting momentum in data center demand, higher production output, and greater utilization of recently added manufacturing capacity. AAON-branded sales also increased to a record level, growing 39.3% to $282.2 million, benefitting by a healthy backlog and continued progress in production throughput. Booking activity remained solid across both brands, contributing to market share gains and elevated backlog levels. BASX-branded products ended the quarter with backlog up 185.4%, while AAON‑branded backlog increased 9.4% from the prior-year period.

Gross profit increased 84.3% to $152.5 million, compared with $82.7 million in the second quarter of 2025. Gross profit margin was 24.3%, compared with 26.6% in the prior-year period. Results reflected the impact of ramping recently added manufacturing capacity, including the Memphis facility, the use of outsourced components to support accelerated growth, and inflationary cost pressures. These investments and actions supported substantially higher production levels and improved customer delivery performance during the quarter.

These costs are being addressed through a combination of pricing, sourcing, productivity, and operational initiatives. Management expects margin performance to improve as production volumes increase, recently added capacity utilization increases, and backlog with improved pricing converts to revenue.

Selling, general and administrative expenses as a percent of sales declined 570 basis points to 13.3%, reflecting continued operating leverage and disciplined cost management as revenue growth outpaced overhead investments.

Operating income increased 192.1% to $68.9 million, compared with $23.6 million in the prior-year period. Diluted earnings per share were $0.68, an increase of 257.9% from $0.19 in the second quarter of 2025. Adjusted non-GAAP EPS increased 213.6% to $0.69, which includes a $1.4 million infrequent expense related to an incentive fee associated with our Memphis, Tenn. facility,  net of the profit sharing and tax effect.

Backlog

June 30, 2026

March 31, 2026

June 30, 2025

(in thousands)

AAON-branded products

$              540,465

$              509,806

$              494,214

BASX-branded products

1,430,379

1,619,649

501,106

$           1,970,844

$           2,129,455

$              995,320

Total backlog increased 98.0% year-over-year to $2.0 billion, compared to $995.3 million the prior year. Backlog remained nearly double the prior-year level even as the Company converted backlog into record quarterly revenue at significantly higher production rates. BASX-branded backlog increased 185.4% year-over-year, reflecting continued customer investment activity in data center infrastructure and the value customers place on BASX’s custom-engineered solutions. AAON-branded backlog increased 9.4% year-over-year, supported by strong order activity despite soft end-market conditions.

Compared to the first quarter of 2026, total backlog decreased 7.4%, primarily reflecting accelerated backlog conversion into record revenue and the inherent timing variability of large BASX project awards. We continue to see strong customer engagement and a healthy pipeline of opportunities across the data center market. As is typical with large, highly engineered projects, the timing of customer awards and order conversion can vary from quarter to quarter. We remain encouraged by the volume of opportunities under discussion and our position with key customers. AAON-branded backlog increased 6.0% sequentially, reflecting strong order activity and continued share gains despite a soft commercial HVAC market backdrop.

2026 Outlook

Based on strong backlog, accelerating production throughput, expanded capacity, and current expectations for customer project timing, we are updating our full-year 2026 outlook as follows:

Current

Prior

Metric

FY26

FY26

YoY Sales Growth

55%-60%

40%-45%

Gross Profit Margin

25%-26%

27%-28%

SG&A as a % of sales

13%-14%

14%-15%

Depreciation &

Amortization

$95M-$100M

$95M-$100M

“Our updated outlook reflects the strength of our backlog positions, continued customer activity across our end markets, and the significant progress we are making increasing throughput and converting backlog into revenue,” said Matt Tobolski. “At the same time, the revised gross margin outlook reflects the near-term cost of scaling rapidly while we bring new capacity to higher utilization and work through price-cost timing.

“The direction is clear. We expect sequential margin improvement in the second half of the year as higher production volumes, better utilization, pricing actions, sourcing initiatives, and continued operational discipline begin to show more clearly in reported results. We remain confident in the long-term earnings power of the business and believe the progress we are making today positions AAON for improved profitability and stronger cash generation as the year progresses.”

Segment Results

AAON Oklahoma

Three Months Ended 

(in thousands)

June 30, 2026

March 31, 2026

June 30, 2025

Net sales

$     262,276

$         243,967

$     185,120

Gross profit

$       63,617

$           64,272

$       53,517

Gross profit margin

24.3 %

26.3 %

28.9 %

AAON Oklahoma generated net sales of $262.3 million, an increase of 41.7% from the prior-year period. Growth was driven by stronger execution against a robust backlog, supported by ongoing production improvements that accelerated backlog conversion. Performance also benefited from favorable price realization and a more normalized operating environment relative to the prior year, when the industry refrigerant transition and company-specific operational challenges weighed on results.

Gross profit increased 18.9% to $63.6 million compared with $53.5 million in the prior-year period. Gross margin was 24.3%, compared to 28.9% in the second quarter of 2025. Segment profitability was impacted by $18.1 million of overhead expenses associated with the Memphis facility, compared with $3.0 million in the prior-year period. Excluding these costs, segment margins expanded 70 basis points to 31.2%, compared to 30.5% in the prior-year period.

The year-over-year improvement excluding Memphis overhead reflects higher production rates, improved throughput, and favorable pricing, partially offset by elevated outsourcing levels and inflationary cost pressures. These pressures are being addressed through pricing and operational initiatives and are not expected to change the long-term margin profile of the segment.

AAON Coil Products

Three Months Ended 

(in thousands)

June 30, 2026

March 31, 2026

June 30, 2025

Net sales

$     146,680

$         117,611

$       58,465

Gross profit

$       23,538

$           28,302

$       10,229

Gross profit margin

16.0 %

24.1 %

17.5 %

AAON Coil Products generated net sales of $146.7 million, an increase of 150.9% from the prior-year period. Growth was driven primarily by BASX-branded liquid cooling sales of $126.6 million, up 208.4% during the period.

Gross profit increased 130.1% to $23.5 million, compared with $10.2 million in the prior-year period. Gross margin was 16.0%, compared with 17.5% in the second quarter of 2025. Margin performance reflected inflationary cost pressures, outsourcing-related costs, freight pressure, and price-cost timing within the segment. These pressures were partially offset by improved labor efficiency, better overhead absorption, and higher production volume.

Management has clear visibility into the drivers and is taking action through pricing, sourcing, productivity, and operational discipline. While these actions are not yet fully reflected in the reported results, the Company expects the benefits to build through the second half of the year. Despite the margin pressure, AAON Coil Products delivered strong profit growth supported by higher sales volumes.

BASX

Three Months Ended

(in thousands)

June 30, 2026

March 31, 2026

June 30, 2025

Net sales

$     218,020

$         135,358

$       67,982

Gross profit

$       65,336

$           32,391

$       18,983

Gross profit margin

30.0 %

23.9 %

27.9 %

BASX segment generated net sales of $218.0 million and increase of 220.7% from the prior-year period. Growth was driven by strong backlog conversion, continued data center investment activity, and increased production capacity enabled by continued ramping of the Company’s manufacturing footprint, including Memphis.

Gross profit increased 244.2% to $65.3 million, compared with $19.0 million in the prior-year period. Gross margin was 30.0%, up from 27.9% in the second quarter of 2025. The year-over-year margin improvement reflected substantial volume growth, partially offset by incremental resources and investments required to support future growth, customer delivery, and continued share gains.

Balance Sheet & Cash Flow

As of June 30, 2026, the Company had cash, cash equivalents and restricted cash of $12.7 million and a balance on its revolving credit facility of $435.0 million.

Andy Cheung, CFO and Treasurer, commented, “Our strong earnings performance and disciplined working capital initiatives have driven meaningful improvement in both financial leverage and operating cash flow generation through the first half of 2026. Operating cash flow totaled $55.0 million for the six-month period, a significant improvement compared with a $31.0 million use of cash in the first six months of 2025. As we move through the second half, we remain focused on productivity, margin improvement and working capital efficiency. These actions are expected to support stronger cash flow generation and continued balance sheet improvement over the long term.”  

Conference Call

The Company will host a conference call and webcast this afternoon at 5:00 p.m. EDT to discuss the second quarter of 2026 results and outlook. The conference call will be accessible via dial-in for those who wish to participate in Q&A as well as a listen-only webcast. The dial-in is accessible at 1-888-880-3330. To access the listen-only webcast, please register at https://app.webinar.net/8K3oQEbJrgq.  On the next business day following the call, a replay of the call will be available on the company’s website at https://aaon.com/investors.

About AAON

Founded in 1988, AAON is a global leader in HVAC solutions for commercial, industrial and data center indoor environments. The company’s industry-leading approach to designing and manufacturing highly configurable and custom-made equipment to meet exact needs creates a premier ownership experience with greater efficiency, performance and long-term value. Its highly engineered equipment is sold under the AAON and BASX brands. AAON is headquartered in Tulsa, Oklahoma, where its world-class innovation center and testing lab allows AAON engineers to continuously push boundaries and advance the industry. For more information, please visit www.aaon.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “should”, “will”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligations to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause results to differ materially from those in the forward-looking statements include (1) the timing and extent of changes in raw material and component prices, (2) the effects of fluctuations in the commercial/industrial new construction market, (3) the timing and extent of changes in interest rates, as well as other competitive factors during the year, and (4) general economic, market or business conditions. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in any forward-looking statements, see “Risk Factors” and “Forward Looking Statements” in AAON’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by AAON’s Quarterly Reports on Form 10-Q, and AAON’s Current Reports on Form 8-K.

Contact Information

Joseph Mondillo
Director of Investor Relations & Corporate Strategy
Phone: (617) 877-6346
Email: joseph.mondillo@aaon.com

AAON, Inc. and Subsidiaries

Consolidated Statements of Income

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in thousands, except per share data)

Net sales

$          626,976

$          311,567

$      1,123,912

$        633,621

Cost of sales

474,485

228,838

846,456

464,528

Gross profit

152,491

82,729

277,456

169,093

Selling, general and administrative expenses

83,607

59,147

151,513

110,440

Gain on disposal of assets

—

—

—

(40)

Income from operations

68,884

23,582

125,943

58,693

Interest expense

(6,195)

(4,009)

(11,250)

(6,811)

Other income (expense), net

158

(68)

235

106

Income before taxes

62,847

19,505

114,928

51,988

Income tax provision

6,188

4,018

18,454

7,209

Net income

$          56,659

$          15,487

$        96,474

$        44,779

Earnings per share:

Basic EPS

$              0.69

$              0.19

$            1.17

$            0.55

Diluted EPS

$              0.68

$              0.19

$            1.15

$            0.54

Cash dividends declared per common share:

$              0.10

$              0.10

$            0.20

$            0.20

Weighted average shares outstanding:

Basic

82,189,734

81,441,511

82,213,148

81,456,845

Diluted

83,721,199

82,956,213

83,690,556

83,153,788

 

AAON, Inc. and Subsidiaries

Segment Net Sales and Profit

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in thousands)

AAON Oklahoma

External sales

$            262,276

$      185,120

$      506,243

$        346,958

Inter-segment sales

91,359

5,318

135,868

9,157

Eliminations

(91,359)

(5,318)

(135,868)

(9,157)

     Net sales

262,276

185,120

506,243

346,958

     Cost of sales1

198,659

131,603

378,354

252,841

     Gross profit

63,617

53,517

127,889

94,117

AAON Coil Products

External sales

$            146,680

$       58,465

$      264,291

$        152,488

Inter-segment sales

7,660

3,439

14,478

7,018

Eliminations

(7,660)

(3,439)

(14,478)

(7,018)

     Net sales

146,680

58,465

264,291

152,488

     Cost of sales1

123,142

48,236

212,451

112,401

     Gross profit

23,538

10,229

51,840

40,087

BASX

External sales

$            218,020

$       67,982

$      353,378

$        134,175

Inter-segment sales

558

507

556

550

Eliminations

(558)

(507)

(556)

(550)

     Net sales

218,020

67,982

353,378

134,175

     Cost of sales1

152,684

48,999

255,651

99,286

     Gross profit

65,336

18,983

97,727

34,889

Consolidated gross profit

$            152,491

$       82,729

$      277,456

$        169,093

1

Presented after intercompany eliminations.

 

The reconciliation between consolidated gross profit to consolidated income from operations is as follows:

Consolidated gross profit

$            152,491

$        82,729

$      277,456

$        169,093

Less: Selling, general and administrative expenses

83,607

59,147

151,513

110,440

Add: loss on disposal of assets

—

—

—

40

Consolidated income from operations

$              68,884

$        23,582

$      125,943

$          58,693

 

AAON, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

June 30, 2026

December 31, 2025

Assets

(in thousands, except share and

per share data)

Current assets:

Cash and cash equivalents

$            13

$            13

Restricted cash

12,714

1,226

Accounts receivable, net

360,763

314,387

Income tax receivable

19,212

27,445

Inventories, net

331,328

261,151

Contract assets, net

258,873

247,037

Prepaid expenses and other

12,117

17,921

Total current assets

995,020

869,180

Property, plant and equipment, net

682,779

631,262

Intangible assets, net and goodwill

167,893

165,799

Right of use assets

16,190

17,988

Other long-term assets

1,801

2,281

Total assets

$    1,863,683

$    1,686,510

Liabilities and Stockholders’ Equity

Current liabilities:

Short-term obligations of NMTC1

7,535

7,535

Accounts payable

171,717

110,437

Accrued liabilities

138,267

132,213

Contract liabilities

12,752

80,670

Total current liabilities

330,271

330,855

Debt, long-term

435,000

398,320

Deferred tax liabilities

38,136

30,313

Other long-term liabilities

28,529

23,299

New markets tax credit obligations1

21,331

8,738

Commitments and contingencies (Note 19)

Stockholders’ equity:

Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued

—

—

Common stock, $.004 par value, 200,000,000 shares authorized, 82,448,037 and

81,691,075 issued and outstanding at June 30, 2026 and December 31, 2025, respectively

330

327

Additional paid-in capital

99,689

64,358

Retained earnings

910,397

830,300

Total stockholders’ equity

1,010,416

894,985

Total liabilities and stockholders’ equity

$    1,863,683

$    1,686,510

1

Held by variable interest entities

 

AAON, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

Six Months Ended June 30,

2026

2025

Operating Activities

(in thousands)

Net income

$       96,474

$       44,779

Adjustments to reconcile net income to net cash provided by (used in) operating activities

Depreciation and amortization

44,716

38,879

Amortization of debt issuance costs

84

128

Amortization of right of use assets

91

69

(Recoveries of) Provision for losses on accounts receivable, net of adjustments

(62)

270

Provision for losses on contract assets, net of adjustments

—

200

Provision for excess and obsolete inventories, net of write-offs

1,225

288

Share-based compensation

10,702

8,795

Other

—

(71)

Deferred income taxes

7,823

(2,423)

Changes in assets and liabilities:

Accounts receivable

(46,314)

(23,409)

Income tax receivable

8,233

(3,187)

Inventories

(71,402)

(47,848)

Contract assets

(11,836)

(97,963)

Prepaid expenses and other long-term assets

6,284

(68)

Accounts payable

63,877

36,397

Contract liabilities

(67,918)

18,839

Extended warranties

7,075

(148)

Accrued liabilities and other long-term liabilities

5,916

(4,567)

Net cash provided by (used in) operating activities

54,968

(31,040)

Investing Activities

Capital expenditures

(97,282)

(82,515)

Grant proceeds received

1,650

—

Proceeds from sale of property, plant and equipment

—

40

Acquisition of intangible assets

(5,292)

(7,042)

Principal payments from note receivable

—

25

Net cash used in investing activities

(100,924)

(89,492)

Financing Activities

Borrowings of debt

597,485

415,126

Payments of debt

(560,805)

(252,982)

Proceeds from financing obligation, net of issuance costs

12,908

—

Payment related to financing costs

(399)

(1,395)

Stock options exercised

29,100

10,025

Repurchase of stock – open market

—

(29,992)

Repurchases of stock – LTIP plans (Note 17)

(4,468)

(9,167)

Cash dividends paid to stockholders

(16,377)

(16,276)

Net cash provided by financing activities

57,444

115,339

Net increase (decrease) in cash, cash equivalents, and restricted cash

11,488

(5,193)

Cash, cash equivalents, and restricted cash, beginning of period

1,239

6,514

Cash, cash equivalents, and restricted cash, end of period

$       12,727

$        1,321

Use of Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), additional non-GAAP financial measures are provided and reconciled in the following tables. The Company believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results. The Company believes that this non-GAAP financial measure enhances the ability of investors to analyze the Company’s business trends and operating performance as they are used by management to better understand operating performance. Since adjusted net income, adjusted net income per diluted share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures and are susceptible to varying calculations, adjusted net income, adjusted net income per diluted share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin, as presented, may not be directly comparable with other similarly titled measures used by other companies.

Non-GAAP Adjusted Net Income

The Company defines non-GAAP adjusted net income as net income adjusted for any infrequent events, such as litigation settlements, net of profit sharing and tax effect, in the periods presented.

The following table provides a reconciliation of net income (GAAP) to non-GAAP adjusted net income for the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in thousands)

Net income, a GAAP measure

$            56,659

$            15,487

$        96,474

$         44,779

Add: Memphis incentive fee1

1,448

3,405

1,448

6,105

Profit sharing effect2

(123)

(289)

(123)

(519)

Tax effect

(332)

(742)

(332)

(1,369)

Non-GAAP adjusted net income

$            57,652

$            17,861

$        97,467

$         48,996

Non-GAAP adjusted earnings per diluted share

$                0.69

$                0.21

$            1.16

$             0.59

1

The incentive fee relates to fees payable to our real estate broker associated with the acquisition of our Memphis, Tenn. plant for a percentage of the incentives awarded to us by various entities.

2

Profit sharing effect of the Memphis incentive fee in the respective period.

EBITDA

EBITDA (as defined below) is presented herein and reconciled from the GAAP measure of net income because of its wide acceptance by the investment community as a financial indicator of a company’s ability to internally fund operations. The Company defines EBITDA as net income, plus (1) depreciation and amortization, (2) interest expense (income), net and (3) income tax expense. EBITDA is not a measure of net income or cash flows as determined by GAAP. EBITDA margin is defined as EBITDA as a percentage of net sales.

The Company’s EBITDA measure provides additional information which may be used to better understand the Company’s operations. EBITDA is one of several metrics that the Company uses as a supplemental financial measurement in the evaluation of its business and should not be considered as an alternative to, or more meaningful than, net income, as an indicator of operating performance. Certain items excluded from EBITDA are significant components in understanding and assessing a Company’s financial performance. EBITDA, as used by the Company, may not be comparable to similarly titled measures reported by other companies. The Company believes that EBITDA is a widely followed measure of operating performance and is one of many metrics used by the Company’s management team and by other users of the Company’s consolidated financial statements.

Adjusted EBITDA is calculated as EBITDA adjusted by items in non-GAAP adjusted net income, above, except for taxes, as taxes are already excluded from EBITDA.

The following table provides a reconciliation of net income (GAAP) to EBITDA (non-GAAP) and Adjusted EBITDA (non-GAAP) for the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in thousands)

Net income, a GAAP measure

$        56,659

$        15,487

$      96,474

$      44,779

Depreciation and amortization

23,813

19,936

44,716

38,879

Interest expense, net

6,195

4,009

11,250

6,811

Income tax expense

6,188

4,018

18,454

7,209

EBITDA, a non-GAAP measure

$        92,855

$        43,450

$     170,894

$      97,678

Add: Memphis incentive fee1

1,448

3,405

1,448

6,105

Profit sharing effect2

(123)

(289)

(123)

(519)

Adjusted EBITDA, a non-GAAP measure

$        94,180

$        46,566

$     172,219

$     103,264

Adjusted EBITDA margin

15.0 %

14.9 %

15.3 %

16.3 %

1

The incentive fee relates to fees payable to our real estate broker associated with the acquisition of our Memphis, Tenn. plant for a percentage of the incentives awarded to us by various entities.

2

Profit sharing effect of the Memphis incentive fee in the respective period.

Non-GAAP Adjusted Selling, General and Administrative Expenses

The following table provides a reconciliation of selling, general and administrative expenses (GAAP) to adjusted selling, general and administrative expenses (non-GAAP) for the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Non-GAAP Adjusted Selling, General and

Administrative Expenses

SG&A, a GAAP measure

$      83,607

$      59,147

$     151,513

$     110,440

Memphis incentive fee

(1,448)

(3,405)

(1,448)

(6,105)

Profit sharing effect

123

289

123

519

Non-GAAP adjusted SG&A expenses

82,282

56,031

150,188

104,854

As a percent of sales

13.1 %

18.0 %

13.4 %

16.5 %

Non-GAAP Adjusted AAON Oklahoma Gross Profit

The following table provides a reconciliation of AAON Oklahoma gross profit (GAAP) to adjusted gross profit (non-GAAP) for the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Non-GAAP Adjusted AAON Oklahoma Gross

profit

AAON Oklahoma Net sales

$      262,276

$      185,120

$      506,243

$      346,958

AAON Oklahoma Gross profit

$        63,617

$        53,517

$      127,889

$        94,117

Memphis facility overhead costs

18,122

3,000

27,967

5,300

Adjusted AAON Oklahoma Gross profit

$        81,739

$        56,517

$      155,856

$        99,417

Adjusted AAON Oklahoma Gross profit margin

31.2 %

30.5 %

30.8 %

28.7 %

 

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Solidion Technology (NASDAQ: STI) Reports Third Quarter Financial Results, Highlighting Strong Cash Balance, Reduction in Liabilities and Positive EPS

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Company Maintains Strong Cash Position of $26.2 Million, Reduces Total Liabilities by Approximately 40%, and Reports Positive Earnings per Share (EPS) of $0.02

DALLAS, Nov. 9, 2026 /PRNewswire/ — Solidion Technology, Inc. (NASDAQ: STI) (“Solidion Technology” or “the Company”), an advanced battery technology provider, today reported its Third Quarter 2026 Financial and Operating Results. The condensed consolidated financial statements of Solidion Technology and additional information can be found in Solidion Technology’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the Securities and Exchange Commission on November 9, 2026 (the “Form 10-Q”). This earnings release should be read together with the information contained in the Form 10-Q.

Solidion Technology maintained a healthy cash balance of approximately $26.2 million, reduced total liabilities by approximately 40% compared to year-end 2025, and reported positive net income for the quarter.

Third Quarter 2026 Financial and Corporate Highlights 

Strong Liquidity: Maintained cash and cash equivalents of $26.2 million as of September 30, 2026, compared to $27.7 million at June 30, 2026.Positive Working Capital: Working capital of $19.6 million as of September 30, 2026, compared to a deficit of $11.2 million at December 31, 2025.Reduced Liabilities: Total liabilities declined approximately 40% to $7.5 million, compared to $12.0 million at December 31, 2025.Positive Net Income: Reported quarterly net income of approximately $244,000, compared to a net loss of $4.1 million in the prior-year period.Strengthened Stockholders’ Equity: Stockholders’ equity reached $23.8 million, compared to a deficit of $7.2 million at year-end 2025.Financial Flexibility: The Company believes its capital position supports continued investment in its technology portfolio and evaluation of strategic acquisition opportunities.Board Governance: On August 31, 2026, the Company expanded its Board of Directors with the appointment of three independent directors, Mark Schwartz, Kimi L. Ellen and Dante W. Robinson.Share Repurchase Program: On September 13, 2026, the Board of Directors authorized the repurchase of up to $1.0 million of the Company’s common stock.

TABLE 1: QUARTERLY FINANCIAL PERFORMANCE

Metric

Q3 2026

Q3 2025

Revenue

$41,638

$9,350

Cost of revenue

$120,000

$4,321

Selling, general and administrative, Research and Development

$2,240,915

$1,747,929

Total other income (expense)

$2,563,700

$(2,349,245)

Basic earnings (loss) per share

$0.02

$(1.33)

“During the third quarter, we continued strengthening Solidion Technology’s financial foundation while positioning the Company for its next phase of growth,” said Jaymes Winters, Chief Executive Officer of Solidion Technology. “We remain disciplined and opportunistic in our approach to acquisitions. Our healthy cash position and improved balance sheet provide us with the flexibility to continue to pursue opportunities that complement our existing technology and manufacturing capabilities.”

“We believe our strategy positions Solidion Technology to capitalize on opportunities across the energy storage industry, while maintaining our commitment to long-term shareholder value.”

Business Highlights

Technology and Commercialization

PEAK Series UPS for AI Data Centers: Solidion has developed its PEAK Series uninterruptible power supply system using its 5500 silicon-carbon anode cell. Based on Company testing, the system is designed to reduce UPS footprint by up to 30%, while the cell is designed to last up to three times longer than conventional backup battery systems.High-Power Battery Cells: Solidion has developed its high-energy 5.5Ah 21700 cylindrical cell, with an energy density of 305 Wh/kg and continuous charge/discharge capability exceeding 2C.Government Research Programs: Solidion is conducting research under two U.S. Department of Energy grants, both conducted jointly with Oak Ridge National Laboratory, the Company’s partner on its 2025 R&D 100 Award. The Company is also performing research under a firm-fixed-price U.S. Army STTR contract to develop a flexible, fiber-based rechargeable battery system.

Strategic Priorities

For the remainder of 2026 and into 2027, Solidion Technology intends to remain an opportunistic and disciplined acquirer of revenue-generating assets and businesses in the battery storage sector that amplify its existing technology and IP portfolio while simultaneously advancing its commercialization initiatives and strengthening its manufacturing and commercial capabilities.

About Solidion Technology, Inc.

Solidion Technology, Inc. (NASDAQ: STI) is an advanced battery technology company headquartered in Dallas, Texas, with R&D and manufacturing operations in Dayton, Ohio. Solidion develops silicon-rich anodes, solid-state batteries, and fire-retardant electrolytes designed to deliver higher energy density, improved safety, and lower cost for the electric vehicle, energy storage, consumer electronics, aerospace and defense, and AI data center markets, including next-generation backup power for data center operators. The Company is backed by a global portfolio of over 385 patents covering innovations such as high-capacity, silane gas-free, and graphene-enabled silicon anodes, biomass-based graphite, and advanced lithium-sulfur and lithium-metal technologies. Solidion also pursues a disciplined acquisition strategy focused on opportunities that complement its platform and create long-term shareholder value.

For more information, please visit www.ir.solidiontech.com or contact Investor Relations.

Forward-Looking Statements 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Solidion Technology Inc., (NASDAQ: STI) (the “Company,” “Solidion,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The statements contained in this press release that are not purely historical are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “forecasts” “believe,” “may,” “will,” “would,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “position,” “is likely,” “expect” and similar expressions or the negative thereof, as they relate to us, are intended to identify forward-looking statements. Forward-looking statements in this press release may include, for example, statements about our financial and business performance and statements about our business, expansion plans and opportunities. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the inability of our batteries to perform as expected, including design or manufacturing defects; competition in the evolving battery cell market and the selection of other battery cell technologies by OEMs; the need for additional safety testing of our battery technology before it can be installed in electric vehicles; reliance on complex production equipment, and operational and cost uncertainty in production; the performance of licensed technologies that have not been commercialized, or have only been commercialized to a limited extent; raw material and component price increases, supply constraints, and our ability to control costs and achieve cost advantages at scale; the pace of consumer adoption of electric vehicles; the unavailability of government incentives and subsidies; our ability to attract customers and to accurately forecast supply, demand and manufacturing requirements; our ability to attract and retain key employees and qualified personnel; our limited operating history and untested business model; our history of losses; our ability to obtain additional capital on commercially reasonable terms, or at all; our ability to manage growth and build our brand; the accuracy of assumptions and estimates behind our technical and production timelines and our financial statements; material weaknesses in our internal control over financial reporting; product liability claims, litigation, regulatory actions and government investigations; substantial and changing regulations; cybersecurity incidents, security breaches, and data privacy compliance; tariffs and trade tensions, including a potential global trade war; and other risks detailed in our other Securities and Exchange Commission filings, particularly in the section titled “Risk Factors” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Please follow us on:

LinkedIn: https://www.linkedin.com/company/solidion-tech

X: https://x.com/solidiontech

 

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SOURCE Solidion Technology, Inc.

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Solidion Technology (NASDAQ: STI) Reports Third Quarter Financial Results, Highlighting Strong Cash Balance, Reduction in Liabilities and Positive EPS

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Company Maintains Strong Cash Position of $26.2 Million, Reduces Total Liabilities by Approximately 40%, and Reports Positive Earnings per Share (EPS) of $0.02

DALLAS, Nov. 9, 2026 /PRNewswire/ — Solidion Technology, Inc. (NASDAQ: STI) (“Solidion Technology” or “the Company”), an advanced battery technology provider, today reported its Third Quarter 2026 Financial and Operating Results. The condensed consolidated financial statements of Solidion Technology and additional information can be found in Solidion Technology’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the Securities and Exchange Commission on November 9, 2026 (the “Form 10-Q”). This earnings release should be read together with the information contained in the Form 10-Q.

Solidion Technology maintained a healthy cash balance of approximately $26.2 million, reduced total liabilities by approximately 40% compared to year-end 2025, and reported positive net income for the quarter.

Third Quarter 2026 Financial and Corporate Highlights 

Strong Liquidity: Maintained cash and cash equivalents of $26.2 million as of September 30, 2026, compared to $27.7 million at June 30, 2026.Positive Working Capital: Working capital of $19.6 million as of September 30, 2026, compared to a deficit of $11.2 million at December 31, 2025.Reduced Liabilities: Total liabilities declined approximately 40% to $7.5 million, compared to $12.0 million at December 31, 2025.Positive Net Income: Reported quarterly net income of approximately $244,000, compared to a net loss of $4.1 million in the prior-year period.Strengthened Stockholders’ Equity: Stockholders’ equity reached $23.8 million, compared to a deficit of $7.2 million at year-end 2025.Financial Flexibility: The Company believes its capital position supports continued investment in its technology portfolio and evaluation of strategic acquisition opportunities.Board Governance: On August 31, 2026, the Company expanded its Board of Directors with the appointment of three independent directors, Mark Schwartz, Kimi L. Ellen and Dante W. Robinson.Share Repurchase Program: On September 13, 2026, the Board of Directors authorized the repurchase of up to $1.0 million of the Company’s common stock.

TABLE 1: QUARTERLY FINANCIAL PERFORMANCE

Metric

Q3 2026

Q3 2025

Revenue

$41,638

$9,350

Cost of revenue

$120,000

$4,321

Selling, general and administrative, Research and Development

$2,240,915

$1,747,929

Total other income (expense)

$2,563,700

$(2,349,245)

Basic earnings (loss) per share

$0.02

$(1.33)

“During the third quarter, we continued strengthening Solidion Technology’s financial foundation while positioning the Company for its next phase of growth,” said Jaymes Winters, Chief Executive Officer of Solidion Technology. “We remain disciplined and opportunistic in our approach to acquisitions. Our healthy cash position and improved balance sheet provide us with the flexibility to continue to pursue opportunities that complement our existing technology and manufacturing capabilities.”

“We believe our strategy positions Solidion Technology to capitalize on opportunities across the energy storage industry, while maintaining our commitment to long-term shareholder value.”

Business Highlights

Technology and Commercialization

PEAK Series UPS for AI Data Centers: Solidion has developed its PEAK Series uninterruptible power supply system using its 5500 silicon-carbon anode cell. Based on Company testing, the system is designed to reduce UPS footprint by up to 30%, while the cell is designed to last up to three times longer than conventional backup battery systems.High-Power Battery Cells: Solidion has developed its high-energy 5.5Ah 21700 cylindrical cell, with an energy density of 305 Wh/kg and continuous charge/discharge capability exceeding 2C.Government Research Programs: Solidion is conducting research under two U.S. Department of Energy grants, both conducted jointly with Oak Ridge National Laboratory, the Company’s partner on its 2025 R&D 100 Award. The Company is also performing research under a firm-fixed-price U.S. Army STTR contract to develop a flexible, fiber-based rechargeable battery system.

Strategic Priorities

For the remainder of 2026 and into 2027, Solidion Technology intends to remain an opportunistic and disciplined acquirer of revenue-generating assets and businesses in the battery storage sector that amplify its existing technology and IP portfolio while simultaneously advancing its commercialization initiatives and strengthening its manufacturing and commercial capabilities.

About Solidion Technology, Inc.

Solidion Technology, Inc. (NASDAQ: STI) is an advanced battery technology company headquartered in Dallas, Texas, with R&D and manufacturing operations in Dayton, Ohio. Solidion develops silicon-rich anodes, solid-state batteries, and fire-retardant electrolytes designed to deliver higher energy density, improved safety, and lower cost for the electric vehicle, energy storage, consumer electronics, aerospace and defense, and AI data center markets, including next-generation backup power for data center operators. The Company is backed by a global portfolio of over 385 patents covering innovations such as high-capacity, silane gas-free, and graphene-enabled silicon anodes, biomass-based graphite, and advanced lithium-sulfur and lithium-metal technologies. Solidion also pursues a disciplined acquisition strategy focused on opportunities that complement its platform and create long-term shareholder value.

For more information, please visit www.ir.solidiontech.com or contact Investor Relations.

Forward-Looking Statements 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Solidion Technology Inc., (NASDAQ: STI) (the “Company,” “Solidion,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The statements contained in this press release that are not purely historical are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “forecasts” “believe,” “may,” “will,” “would,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “position,” “is likely,” “expect” and similar expressions or the negative thereof, as they relate to us, are intended to identify forward-looking statements. Forward-looking statements in this press release may include, for example, statements about our financial and business performance and statements about our business, expansion plans and opportunities. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the inability of our batteries to perform as expected, including design or manufacturing defects; competition in the evolving battery cell market and the selection of other battery cell technologies by OEMs; the need for additional safety testing of our battery technology before it can be installed in electric vehicles; reliance on complex production equipment, and operational and cost uncertainty in production; the performance of licensed technologies that have not been commercialized, or have only been commercialized to a limited extent; raw material and component price increases, supply constraints, and our ability to control costs and achieve cost advantages at scale; the pace of consumer adoption of electric vehicles; the unavailability of government incentives and subsidies; our ability to attract customers and to accurately forecast supply, demand and manufacturing requirements; our ability to attract and retain key employees and qualified personnel; our limited operating history and untested business model; our history of losses; our ability to obtain additional capital on commercially reasonable terms, or at all; our ability to manage growth and build our brand; the accuracy of assumptions and estimates behind our technical and production timelines and our financial statements; material weaknesses in our internal control over financial reporting; product liability claims, litigation, regulatory actions and government investigations; substantial and changing regulations; cybersecurity incidents, security breaches, and data privacy compliance; tariffs and trade tensions, including a potential global trade war; and other risks detailed in our other Securities and Exchange Commission filings, particularly in the section titled “Risk Factors” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Please follow us on:

LinkedIn: https://www.linkedin.com/company/solidion-tech

X: https://x.com/solidiontech

 

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SOURCE Solidion Technology, Inc.

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FXT Named Most Innovative Broker at the 2026 Finance Magnates Awards

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Trader-first innovation recognised across FXT’s all-in-one trading ecosystem.

SYDNEY, Nov. 10, 2026 /PRNewswire/ — FXT has been named Most Innovative Broker 2026 in the global brokerage category at the Finance Magnates Awards, announced on 6 November in Limassol, Cyprus.

For FXT, the award marks more than technology. It celebrates a philosophy pursued since 2014: relentless innovation, Total Quality Management and the belief that every advancement should give traders more clarity, control and choice when markets move.

That philosophy shapes FXT’s all-in-one trading ecosystem, connecting multi-asset CFD trading, MetaTrader platforms, FXT WebTrader, the FXT App trading experience and account tools. Rather than forcing traders to piece together disconnected services, FXT is building around their decisions and workflows.

At the centre is FXT AI, an in-house, multi-agent trading co-pilot integrated into the FXT client environment, not a generic AI plug-in. Its Market Reader, Trade Mentor and Risk Monitor are designed to bring market context, trading behaviour and open-position exposure into clearer view. FXT AI supports decision-making; traders remain in control.

FXT Social Trading extends that approach, connecting Strategy Providers and Followers within a dedicated copy-trading ecosystem. Together, these capabilities reflect innovation shaped around real trading needs, not technology for technology’s sake.

“This is a proud moment for everyone at FXT. Our ambition has always been to put traders at the centre of the technology we build. Innovation and precision are not separate promises; they are the standards we work to every day,” said CEO Adam Phillips.

The award provides momentum to FXT’s brand belief: In Control. When It Gets Real. Because when markets become unpredictable, traders deserve tools built for the moments that matter.

About FXT
FXT is a global multi-asset forex and CFD broker built for traders who want greater clarity, control and choice when markets move. Since 2014, more than 100,000 traders worldwide have used FXT to access 200+ instruments across forex, indices, commodities and share CFDs. FXT supports trading through MT4, MT5, FXT WebTrader and the FXT Mobile App, with FXT AI built into the account experience.

FXT is a registered business name of Gleneagle Securities Pty Ltd, licensed by the Vanuatu Financial Services Commission under licence number 40256.

CFDs are leveraged products and carry a high risk of loss. Product availability, trading conditions and protections vary by jurisdiction and account type.

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