10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

 

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended April 4, 2026

or

 

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to                     

Commission File Number 0-7087

ASTRONICS CORPORATION

(Exact name of registrant as specified in its charter)

New York (State or other jurisdiction of incorporation or organization)	16-0959303 (IRS Employer Identification Number)
130 Commerce Way, East Aurora, New York (Address of principal executive offices)	14052 (Zip code)

(716) 805-1599

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $.01 par value per share	ATRO	The NASDAQ Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “non-accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☒	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐	Smaller Reporting Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)

of the Exchange Act. ¨

 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ý

As of May 7, 2026, 35,840,355 shares of common stock were outstanding consisting of 32,040,340 shares of common stock ($.01 par value) and 3,800,015 shares of Class B common stock ($.01 par value).

TABLE OF CONTENTS

				PAGE
PART I	FINANCIAL INFORMATION
	Item 1	Financial Statements:
		•	Consolidated Condensed Balance Sheets as of April 4, 2026 and December 31, 2025	3
		•	Consolidated Condensed Statements of Operations for the Three Months Ended April 4, 2026 and March 29, 2025	4
		•	Consolidated Condensed Statements of Comprehensive Income for the Three Months Ended April 4, 2026 and March 29, 2025	5
		•	Consolidated Condensed Statements of Cash Flows for the Three Months Ended April 4, 2026 and March 29, 2025	6
		•	Consolidated Condensed Statements of Shareholders’ Equity for the Three Months Ended April 4, 2026 and March 29, 2025	7
		•	Notes to Consolidated Condensed Financial Statements	9
	Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		22
	Item 3	Quantitative and Qualitative Disclosures about Market Risk		28
	Item 4	Controls and Procedures		28
PART II	OTHER INFORMATION
	Item 1	Legal Proceedings		29
	Item 1A	Risk Factors		29
	Item 2	Unregistered Sales of Equity Securities and Use of Proceeds		29
	Item 3	Defaults Upon Senior Securities		29
	Item 4	Mine Safety Disclosures		29
	Item 5	Other Information		29
	Item 6	Exhibits		30
SIGNATURES				31

2

Part I – Financial Information

Item 1. Financial Statements

ASTRONICS CORPORATION

Consolidated Condensed Balance Sheets

April 4, 2026 with Comparative Figures for December 31, 2025

(Unaudited)

(In thousands)

 

	April 4, 2026		December 31, 2025
Current Assets:
Cash and Cash Equivalents	$	11,867	$	18,180
Accounts Receivable, Net of Allowance for Estimated Credit Losses	217,024		204,672
Inventories	211,945		196,860
Prepaid Expenses and Other Current Assets	27,792		18,027
Total Current Assets	468,628		437,739
Property, Plant and Equipment, Net of Accumulated Depreciation	115,481		107,078
Operating Right-of-Use Assets	32,626		32,269
Other Assets	13,742		11,316
Intangible Assets, Net of Accumulated Amortization	52,320		55,353
Goodwill	64,346		62,923
Total Assets	$	747,143	$	706,678
Current Liabilities:
Accounts Payable	$	55,873	$	41,080
Current Operating Lease Liabilities	5,986		5,802
Accrued Expenses and Other Current Liabilities	66,183		68,324
Customer Advance Payments and Deferred Revenue	29,666		26,069
Total Current Liabilities	157,708		141,275
Long-term Debt	334,885		334,451
Long-term Operating Lease Liabilities	38,239		38,101
Other Liabilities	54,609		52,777
Total Liabilities	585,441		566,604
Shareholders’ Equity:
Common Stock	386		385
Accumulated Other Comprehensive Loss	(5,438)		(4,410)
Other Shareholders’ Equity	166,754		144,099
Total Shareholders’ Equity	161,702		140,074
Total Liabilities and Shareholders’ Equity	$	747,143	$	706,678

See notes to Consolidated Condensed Financial Statements.

3

ASTRONICS CORPORATION

Consolidated Condensed Statements of Operations

Three Months Ended April 4, 2026 with Comparative Figures for 2025

(Unaudited)

(In thousands, except per share data)

 

	Three Months Ended
	April 4, 2026		March 29, 2025
Sales	$	230,619	$	205,936
Cost of Products Sold	155,486		145,087
Gross Profit	75,133		60,849
Research and Development Expenses	12,089		11,067
Selling, General and Administrative Expenses	35,814		36,645
Income from Operations	27,230		13,137
Other Expense (Income), Net	109		(187)
Interest Expense, Net of Interest Income	2,336		3,150
Income Before Income Taxes	24,785		10,174
(Benefit from) Provision for Income Taxes	(755)		646
Net Income	$	25,540	$	9,528
Earnings Per Share:
Basic	$	0.71	$	0.27
Diluted	$	0.67	$	0.26

See notes to Consolidated Condensed Financial Statements.

4

ASTRONICS CORPORATION

Consolidated Condensed Statements of Comprehensive Income

Three Months Ended April 4, 2026 with Comparative Figures for 2025

(Unaudited)

(In thousands)

 

	Three Months Ended
	April 4, 2026		March 29, 2025
Net Income	$	25,540	$	9,528
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustments	(1,155)		752
Retirement Liability Adjustment – Net of Tax	127		(236)
Total Other Comprehensive (Loss) Income	(1,028)		516
Comprehensive Income	$	24,512	$	10,044

See notes to Consolidated Condensed Financial Statements.

5

ASTRONICS CORPORATION

Consolidated Condensed Statements of Cash Flows

Three Months Ended April 4, 2026 with Comparative Figures for 2025

(Unaudited)

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Cash Flows from Operating Activities:
Net Income	$	25,540	$	9,528
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:
Non-cash items:
Depreciation and Amortization	5,894		5,588
Amortization of Deferred Financing Fees	607		602
Provisions for Non-cash Losses on Inventory and Receivables	1,441		1,728
Equity-based Compensation Expense	2,556		2,345
Deferred Tax Expense (Benefit)	62		(1,125)
Operating Lease Non-cash Expense	1,463		1,550
Non-Cash Litigation Provision Adjustment	—		6,228
Other	681		(214)
Changes in Operating Assets and Liabilities Providing (Using) Cash:
Accounts Receivable	(13,420)		(2,037)
Inventories	(16,404)		515
Accounts Payable	14,997		2,867
Operating Lease Liabilities	(1,515)		(1,071)
Accrued Expenses	(6,655)		(11,514)
Income Taxes	(982)		959
Customer Advance Payments and Deferred Revenue	3,614		2,776
Cloud Computing Implementation Costs	(2,370)		—
Supplemental Retirement Plan Liabilities	(181)		(101)
Other Assets and Liabilities	(4,722)		2,018
Net Cash Provided by Operating Activities	10,606		20,642
Cash Flows from Investing Activities:
Capital Expenditures	(11,160)		(2,105)
Net Cash Used by Investing Activities	(11,160)		(2,105)
Cash Flows from Financing Activities:
Proceeds from Long-term Debt	30,000		1,143
Principal Payments on Long-term Debt	(30,000)		(10,000)
Financing-related Costs	—		(740)
Stock Award Activity	(5,441)		(1,730)
Other	(60)		(44)
Net Cash Used by Financing Activities	(5,501)		(11,371)
Effect of Exchange Rates on Cash	(258)		354
(Decrease) Increase in Cash and Cash Equivalents and Restricted Cash	(6,313)		7,520
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	$	11,867	$	25,948
Supplemental Disclosure of Cash Flow Information
Non-Cash Investing Activities: Capital Expenditures in Accounts Payable	$	425	$	—
Interest Paid	$	2,668	$	2,724
Income Taxes Paid, Net of Refunds	$	195	$	827

See notes to Consolidated Condensed Financial Statements.

6

ASTRONICS CORPORATION

Consolidated Condensed Statements of Shareholders’ Equity

Three Months Ended April 4, 2026 with Comparative Figures for 2025

(Unaudited)

(In thousands)

	Three Months Ended
	April 4, 2026		March 29, 2025
Common Stock
Beginning of Period	$	345	$	329
Net Issuance of Common Stock for Restricted Stock Units (“RSUs”)	2		1
Class B Stock Converted to Common Stock	1		3
End of Period	348		333
Convertible Class B Stock
Beginning of Period	40		51
Class B Stock Converted to Common Stock	(2)		(3)
End of Period	38		48
Additional Paid in Capital
Beginning of Period	4,898		144,149
Equity-based Compensation Expense and Net Exercise of Stock Options, including ESPP	2,556		2,345
Tax Withholding Related to Issuance of RSUs	(5,441)		(1,730)
End of Period	2,013		144,764
Accumulated Comprehensive Loss
Beginning of Period	(4,410)		(3,863)
Foreign Currency Translation Adjustments	(1,155)		752
Retirement Liability Adjustment – Net of Taxes	127		(236)
End of Period	(5,438)		(3,347)
Retained Earnings
Beginning of Period	216,699		192,208
Net Income	25,540		9,528
End of Period	242,239		201,736
Treasury Stock
Beginning of Period	(77,498)		(76,777)
End of Period	(77,498)		(76,777)
Total Shareholders’ Equity	$	161,702	$	266,757

See notes to Consolidated Condensed Financial Statements.

7

ASTRONICS CORPORATION

Consolidated Condensed Statements of Shareholders’ Equity, Continued

Three Months Ended April 4, 2026 with Comparative Figures for 2025

(Unaudited)

(In thousands)

	Three Months Ended
(Shares)	April 4, 2026	March 29, 2025
Common Stock
Beginning of Period	34,464	32,871
Net Issuance of Common Stock for RSUs	160	143
Class B Stock Converted to Common Stock	162	287
End of Period	34,786	33,301
Convertible Class B Stock
Beginning of Period	3,966	5,086
Net Issuance from Exercise of Stock Options	1	—
Class B Stock Converted to Common Stock	(162)	(287)
End of Period	3,805	4,799
Treasury Stock
Beginning of Period	2,751	2,694
End of Period	2,751	2,694

See notes to Consolidated Condensed Financial Statements.

8

ASTRONICS CORPORATION

Notes to Consolidated Condensed Financial Statements

April 4, 2026

(Unaudited)

1) Basis of Presentation

The accompanying unaudited statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included.

Operating Results

The results of operations for any interim period are not necessarily indicative of results for the full year. Operating results for the three months ended April 4, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

The balance sheet on December 31, 2025, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

For further information, refer to the Consolidated Financial Statements and the notes thereto included in Astronics Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2026 (the “2025 10-K”).

Description of the Business

Astronics Corporation (“Astronics” or the “Company”) is a leading provider of advanced technologies to the global aerospace, defense, and electronics industries. Our products and services include advanced, high-performance inflight entertainment and connectivity products and services, lighting and safety systems, flight critical electrical power generation and distribution systems, seat motion systems and automated test systems.

We have principal operations in the United States (“U.S.”), Canada, France and Germany, as well as engineering offices in Ukraine and India.

The Company has two reportable segments, Aerospace and Test Systems. The Aerospace segment designs and manufactures products for the global aerospace and defense industry. Our Test Systems segment designs, develops, manufactures and maintains automated test systems that support the aerospace and defense, communications and mass transit industries.

Acquisition Activities

On June 30, 2025, the Company purchased the membership interests of Envoy Aerospace, LLC (“Envoy Aerospace”), located in Aurora, Illinois. Envoy Aerospace is an FAA Organization Designation Authorization (“ODA”) services provider. Envoy Aerospace is included in our Aerospace segment. The total purchase price was approximately $8.3 million, net of cash acquired and the estimated closing adjustment. Of the purchase price, $4.5 million was paid at the closing date. Payments of $2.0 million and $1.8 million will become payable by the Company following the first and second anniversary of the closing date, respectively, based on the achievement of certain milestones.

On October 13, 2025, the Company acquired all of the issued and outstanding capital stock of Bühler Motor Aviation (“BMA”), located in Uhldingen-Mühlhofen, Germany. BMA is an established manufacturer of aircraft seat actuation systems with a broad product portfolio that includes actuators, electronics, control panels, pneumatic systems, and lighting. BMA is included in our Aerospace segment. The total purchase price was approximately $18.0 million, net of cash acquired and the estimated closing adjustment. The purchase price was paid at the closing date.

Restricted Cash

Under the provisions of the ABL Revolving Credit Facility (as defined and discussed below in Note 7, Long-term Debt and Notes Payable) which was terminated on October 22, 2025, the Company had a cash dominion arrangement with the banking institution for its accounts within the United States whereby daily cash receipts were contractually utilized to pay down outstanding balances on the ABL Revolving Credit Facility. Account balances that had not yet been applied to the ABL Revolving Credit Facility were classified as restricted cash in the applicable Consolidated Condensed Balance Sheets. The

9

following table provides a reconciliation of cash and restricted cash included in Consolidated Condensed Balance Sheets to the amounts included in the Consolidated Condensed Statements of Cash Flows.

(In thousands)	April 4, 2026		March 29, 2025
Cash and Cash Equivalents	$	11,867	$	24,805
Restricted Cash	—		1,143
Total Cash and Restricted Cash Shown in Statements of Cash Flows	$	11,867	$	25,948

Trade Accounts Receivable and Contract Assets

The allowance for estimated credit losses is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as the age of the receivable balances, historical experience, credit quality, current economic conditions, and reasonable and supportable forecasts of future economic conditions that may affect a customer’s ability to pay.

The changes in allowances for estimated credit losses for the three months ended April 4, 2026 and March 29, 2025 consisted of the following:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Balance at Beginning of the Period	$	847	$	2,377
Bad Debt Expense, Net of Recoveries	652		(128)
Write-off Charges Against the Allowance and Other Adjustments	(136)		42
Balance at End of the Period	$	1,363	$	2,291

Cloud Computing Arrangements

The Company incurs costs to implement cloud computing arrangements that are hosted by third-party vendors. Implementation costs associated with cloud computing arrangements are capitalized when incurred during the application development phase. Amortization begins when the related cloud computing solution is ready for its intended use and is calculated on a straight-line basis over the contractual term of the cloud computing arrangement. Implementation costs associated with cloud computing arrangements are reflected in Cash from Operating Activities on the Consolidated Condensed Statements of Cash Flows in accordance with ASC Topic 350-40, Intangibles - Goodwill and Other - Internal-Use Software. The Company capitalized implementation costs related to such arrangements of $5.0 million and $2.8 million as of April 4, 2026 and December 31, 2025, respectively, within other non-current assets in the Consolidated Condensed Balance Sheets. Amortization expense was insignificant for the three months ended April 4, 2026 and March 29, 2025.

Valuation of Goodwill and Long-Lived Assets

The Company tests goodwill at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

Long-lived assets are evaluated for recoverability whenever adverse effects or changes in circumstances indicate that the carrying value may not be recoverable. The recoverability test consists of comparing the undiscounted projected cash flows with the carrying amount. Should the carrying amount exceed undiscounted projected cash flows, an impairment loss would be recognized to the extent the carrying amount exceeds fair value.

As of April 4, 2026 and March 29, 2025, the Company concluded that no indicators of impairment relating to intangible assets or goodwill existed and an interim test was not performed in the three-month periods then ended.

Foreign Currency Translation

The aggregate foreign currency transaction gain or loss included in operations was immaterial for the three months ended April 4, 2026 and March 29, 2025.

New or Recent Accounting Pronouncements

We consider the applicability and impact of all ASUs. There have been no new applicable accounting pronouncements or changes in accounting pronouncements during the three months ended April 4, 2026 as compared with the recent accounting

10

pronouncements described in the 2025 10-K. ASUs not disclosed were assessed and determined to be either not applicable or had or are expected to have minimal impact on our financial statements and related disclosures.

2) Revenue

On April 4, 2026, we had $734.3 million of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately $596.2 million of our outstanding performance obligations as revenue over the next twelve months and the balance thereafter.

The Company’s contract assets and contract liabilities consist primarily of costs and profits in excess of billings and billings in excess of cost and profits, respectively. The following table presents the beginning and ending balances of contract assets and contract liabilities:

(In thousands)	Contract Assets		Contract Liabilities
Beginning Balance, January 1, 2026	$	54,687	$	26,962
Ending Balance, April 4, 2026	$	65,147	$	30,464

The increase in contract assets reflects the net impact of new revenue recognized in excess of billings exceeding billing of previously unbilled revenue during the period. For the three months ended April 4, 2026, the increase reflects a $2.8 million impact to revenue from a change in estimate due to updated variable consideration. The increase in contract liabilities reflects the net impact of new customer advances or deferred revenues recorded in excess of revenue recognized.

The Company recognized $6.6 million and $11.6 million during the three months ended April 4, 2026 and March 29, 2025, respectively, in revenues that were included in the contract liability balance at the beginning of the period.

The Company recognizes an asset for certain, material costs to fulfill a contract if it is determined that the costs relate directly to a contract or an anticipated contract that can be specifically identified, generate or enhance resources that will be used in satisfying performance obligations in the future, and are expected to be recovered. Such costs are amortized on a systematic basis that is consistent with the transfer to the customer of the goods to which the asset relates. Start-up costs are expensed as incurred. Capitalized fulfillment costs are included in Inventories in the accompanying Consolidated Condensed Balance Sheets. Should future orders not materialize or it is determined the costs are no longer probable of recovery, the capitalized costs are written off. The Company’s capitalized fulfillment costs amounted to $6.3 million and $6.0 million on April 4, 2026 and December 31, 2025, respectively. Amortization of fulfillment costs recognized within Cost of Products Sold was $0.1 million and $3.3 million for the three months ended April 4, 2026 and March 29, 2025, respectively.

Beginning in the current year, the Company reorganized its product line structure to align with changes in internal reporting. Prior‑period disaggregated revenue information has been recast to conform to the current‑period presentation, including all prior years presented. There was no impact on total revenue as a result of this change. The Company’s disaggregation of revenue by market segments remains unchanged from the Company’s prior presentation.

The following table presents our revenue disaggregated by Market Segments for the periods indicated:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Aerospace Segment
Commercial Transport	$	156,419	$	137,542
Military Aircraft	33,502		33,263
General Aviation	21,449		15,243
Other	2,450		5,327
Aerospace Total	213,820		191,375
Test Systems Segment
Government & Defense	16,799		14,561
Test Systems Total	16,799		14,561
Total	$	230,619	$	205,936

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The following table presents our revenue disaggregated by Product Lines for the periods indicated:

	Three Months Ended
			Recast
(In thousands)	April 4, 2026		March 29, 2025
Aerospace Segment
Inflight Entertainment & Connectivity	$	110,748	$	103,110
Lighting & Safety	52,807		51,957
Flight Critical Electrical Power	24,763		21,314
Seat Motion	19,879		6,672
Other	5,623		8,322
Aerospace Total	213,820		191,375
Test Systems	16,799		14,561
Total	$	230,619	$	205,936

Inflight Entertainment & Connectivity (“IFEC”) is a combination of the previous Avionics and Systems Certification product lines, as well as cabin power products which were included in the previous Electrical Power & Motion product line. The remainder of the previous Electrical Power & Motion product line is now split into two discrete product lines, Flight Critical Electrical Power and Seat Motion. Lighting and Safety remains consistent and Structures is now reported within Other Aerospace revenue.

The following table presents our revenue disaggregated by Product Lines for the fiscal years ended December 31, 2025 and 2024 as follows:

	Recast		Recast
(In thousands)	2025		2024
Aerospace Segment
Inflight Entertainment & Connectivity	$	434,239	$	383,679
Lighting & Safety	216,583		188,355
Flight Critical Electrical Power	73,706		68,368
Seat Motion	47,242		35,229
Other	25,549		31,053
Aerospace Total	797,319		706,684
Test Systems	64,809		88,742
Total	$	862,128	$	795,426

The Company’s updated disaggregation of revenue by product lines is consistent with the information used by the Chief Operating Decision Maker (“CODM”) to evaluate operating performance and allocate resources. The recast of prior‑period information does not affect the Company’s reportable segments or the measurement of segment profit or loss.

3) Inventories

Inventories consisted of the following:

(In thousands)	April 4, 2026		December 31, 2025
Finished Goods	$	34,516	$	32,838
Work in Progress	45,593		38,686
Raw Material	131,836		125,336
	$	211,945	$	196,860

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4) Property, Plant and Equipment

Property, Plant and Equipment consisted of the following:

(In thousands)	April 4, 2026		December 31, 2025
Land	$	8,878	$	8,902
Buildings and Improvements	96,360		83,482
Machinery and Equipment	141,875		131,610
Construction in Progress	7,228		19,616
Total Property, Plant and Equipment, Gross	254,341		243,610
Less Accumulated Depreciation	138,860		136,532
Total Property, Plant and Equipment, Net	$	115,481	$	107,078

5) Intangible Assets

The following table summarizes acquired intangible assets as follows:

		April 4, 2026				December 31, 2025
(In thousands)	Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents	11 years	$	2,146	$	2,146	$	2,146	$	2,146
Non-compete Agreement	4 years	11,082		11,082		11,082		11,082
Trade Names	10 years	11,549		10,587		11,565		10,541
Completed and Unpatented Technology	9 years	47,953		45,733		47,980		45,207
Backlog	4 years	3,916		390		3,991		177
Customer Relationships	15 years	145,664		105,845		145,773		104,531
Licensing Agreement	13 years	6,760		967		6,760		260
Total Intangible Assets	13 years	$	229,070	$	176,750	$	229,297	$	173,944

All acquired intangible assets other than goodwill and one trade name are being amortized. Amortization expense for acquired intangibles is summarized as follows:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Amortization Expense	$	2,887	$	2,975

Amortization expense for acquired intangible assets expected for 2026 and for each of the next five years is summarized as follows:

(In thousands)
2026	$	11,261
2027	$	9,498
2028	$	8,711
2029	$	7,161
2030	$	4,406
2031	$	4,195

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6) Goodwill

The following table summarizes the changes in the carrying amount of goodwill for the three months ended April 4, 2026:

(In thousands)	December 31, 2025		Acquisition Adjustments		Foreign Currency Translation		April 4, 2026
Aerospace	$	41,288	$	851	$	572	$	42,711
Test Systems	21,635		—		—		21,635
	$	62,923	$	851	$	572	$	64,346

7) Long-term Debt and Notes Payable

Under the terms of the Company’s former asset-based revolving credit facility (the “ABL Revolving Credit Facility”), the Company paid interest on the unpaid principal amount of the ABL Revolving Credit Facility at a rate equal to SOFR plus a term SOFR adjustment in the amount of 0.10% per annum (which collectively shall be at least 1.00%) plus an applicable margin ranging from 2.75% to 3.25% determined based upon the Company’s Excess Availability (as defined in the ABL Revolving Credit Facility). The Company was required to pay a quarterly commitment fee under the ABL Revolving Credit Facility on undrawn revolving credit commitments in an amount equal to 0.25% or 0.375% based on the Company’s average excess availability under the ABL Revolving Credit Facility. The maturity date of borrowings under the ABL Revolving Credit Facility was July 11, 2027.

On October 22, 2025, the Company entered into a $300.0 million senior secured, cash flow-based revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility replaced the Company’s ABL Revolving Credit Facility, which was terminated on October 22, 2025. The scheduled maturity date for the Revolving Credit Facility is October 16, 2030. Under the terms of the Revolving Credit Facility, the Company pays interest on the unpaid principal amount outstanding under the Revolving Credit Facility at a rate equal to Term SOFR (as defined in the Revolving Credit Facility) plus an applicable margin ranging from 1.25% to 2.125% determined based upon the Company’s Total Net Debt Leverage Ratio (as defined in the Revolving Credit Facility). The Company pays a quarterly commitment fee under the Revolving Credit Facility on unused Revolving Commitments ranging from 0.20% to 0.35% determined based upon the Company’s Total Net Debt Leverage Ratio.

Pursuant to the Revolving Credit Facility, the Company is subject to a total leverage ratio covenant that requires that the Company’s Total Net Debt Leverage Ratio may not exceed 4.50 to 1.00. The Company is also subject to a consolidated interest coverage ratio covenant that requires that the Company’s Consolidated Interest Coverage Ratio (as defined in the Revolving Credit Facility) may not be less than 3.50 to 1.00 and a secured net debt leverage ratio covenant that requires that the Company’s Secured Net Debt Leverage Ratio (as defined in the Revolving Credit Facility) may not exceed 3.00 to 1.00. As of April 4, 2026, the Company was in compliance with these covenants. There was $85.0 million outstanding on the Revolving Credit Facility and there remained $212.8 million available for future borrowings, net of outstanding letters of credit on both April 4, 2026 and December 31, 2025. The Revolving Credit Facility has an accordion feature, which allows the Company to request incremental commitments of up to $100.0 million plus additional incremental amounts so long as maximum leverage requirements are met.

Debt issuance cost amortization expense was $0.6 million and $0.6 million for the three months ended April 4, 2026 and March 29, 2025, respectively. All costs are amortized to interest expense over the term of the respective agreement. Unamortized deferred debt issuance costs associated with the Revolving Credit Facility ($2.9 million and $3.0 million as of April 4, 2026 and December 31, 2025, respectively) are recorded within Other Assets.

Interest expense was $2.3 million and $3.2 million for the three months ended April 4, 2026 and March 29, 2025, respectively.

2030 Convertible Notes

On December 3, 2024, the Company issued $165.0 million aggregate principal amount of 5.500% Convertible Senior Notes due 2030 (the “2030 Convertible Notes”). The 2030 Convertible Notes bear interest at a rate of 5.500% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2025. The 2030 Convertible Notes will mature on March 15, 2030, unless earlier converted, redeemed or repurchased. The initial conversion rate is 43.6814 shares of common stock per $1,000 principal amount of 2030 Convertible Notes, which represent the initial conversion price of $22.89 per share. The 2030 Convertible Notes are convertible at the option of the holders at any time on or after December 15, 2029, until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will satisfy its conversion obligations by paying and/or delivering, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. Beginning March 20, 2028, if the Company’s stock price has been at least 130% of the conversion price for a specified period of time, the 2030 Convertible Notes may be

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called at the option of the issuer. Under the same conditions, the Company can elect to redeem the 2030 Convertible Notes for cash. After the first quarter of 2025, if the Company’s stock price has been at least 130% of the conversion price for 20 of 30 trading days ending on and including the last trading day of the immediately preceding quarter, the 2030 Convertible Notes may be called at the option of the holder. During the fiscal quarter ended April 4, 2026, our stock price met the price trigger defined above, and therefore, holders of our 2030 Convertible Notes have the ability to convert their notes at their option at any time during the fiscal quarter ended July 4, 2026.

2031 Convertible Notes

On September 15, 2025, the Company issued $225.0 million aggregate principal amount of Convertible Senior Notes due 2031 (the “2031 Convertible Notes”) for net proceeds of $216.7 million. The Company used part of the net proceeds to repurchase a portion of the 2030 Convertible Notes and the remainder to enter into the capped call transactions, as further described below. The 2031 Convertible Notes do not bear any interest and will mature on January 15, 2031, unless earlier converted, redeemed or repurchased. The initial conversion rate is 18.2243 shares of common stock per $1,000 principal amount of 2031 Convertible Notes, which represents the initial conversion price of $54.87 per share. The 2031 Convertible Notes are convertible at the option of the holders at any time on or after October 15, 2030, until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will satisfy its conversion obligations by paying cash up to the aggregate principal amount of the 2031 Convertible Notes to be converted and paying and/or delivering, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted. Beginning January 22, 2029, if the Company’s stock price has been at least 130% of the conversion price for a specified period of time, the 2031 Convertible Notes may be called at the option of the issuer. After the fourth quarter of 2025, if the Company’s stock price has been at least 130% of the conversion price for 5 of the first 20 trading days of such fiscal quarter, the 2031 Convertible Notes may be redeemed at the option of the holder during the 30-trading day period beginning on, and including, the 21st trading day of such quarter. During the fiscal quarter ended April 4, 2026, our stock price met the price trigger defined above, and holders of our 2031 Convertible Notes had the ability to convert their notes at their option during the 30-trading day period beginning on, and including, the 21st trading day of the quarter. No notes were converted.

Partial Repurchase of 2030 Convertible Notes

The Company used approximately $189.8 million of the net proceeds from the issuance of the 2031 Convertible Notes, together with approximately $85.0 million of borrowings under its ABL Revolving Credit Facility and approximately $11.0 million of cash on hand, to repurchase approximately $132.0 million in aggregate principal amount of outstanding 2030 Convertible Notes pursuant to privately negotiated exchange agreements entered into with certain holders of the 2030 Convertible Notes. The total cash paid in connection with this repurchase was approximately $285.8 million.

The following table presents the outstanding principal amount and carrying value of the Convertible Notes as of the dates indicated:

	April 4, 2026						December 31, 2025
(In thousands)	Principal		Unamortized Debt Issuance Costs		Carrying Value		Principal		Unamortized Debt Issuance Costs		Carrying Value
2030 Convertible Notes	$	33,000	$	(963)	$	32,037	$	33,000	$	(1,023)	$	31,977
2031 Convertible Notes	225,000		(7,152)		217,848		225,000		(7,526)		217,474
Total	$	258,000	$	(8,115)	$	249,885	$	258,000	$	(8,549)	$	249,451

The Company estimates the fair value of the convertible notes based on quoted prices for these instruments in active markets, classified as Level 1 measurements within the fair value hierarchy. The fair value of the 2031 Convertible Notes was approximately $323.4 million and $264.1 million as of April 4, 2026 and December 31, 2025, respectively. The fair value of the 2030 Convertible Notes was approximately $105.8 million and $84.8 million as of April 4, 2026 and December 31, 2025, respectively.

Capped Call Transactions

In connection with the issuance of the 2031 Convertible Notes, we entered into capped call transactions (the “Capped Calls”) with certain financial institutions. The Capped Calls are generally expected to reduce the potential dilution to the Company’s common stock upon any conversion of the 2031 Convertible Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted 2031 Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the Capped Calls is initially approximately $83.41 per share of the

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Company’s common stock and is subject to certain adjustments under the terms of the capped call transactions. The Capped Calls expire January 15, 2031.

We used approximately $26.9 million of the net proceeds from the 2031 Convertible Notes to purchase the Capped Calls. These instruments are classified as equity and recorded within additional paid-in capital in the Consolidated Condensed Statements of Changes in Stockholders’ Equity.

8) Product Warranties

In the ordinary course of business, the Company warrants its products against defects in design, materials, and workmanship typically over periods ranging from twelve to sixty months. The Company determines warranty reserves needed by product line based on experience and current facts and circumstances.

Activity in the warranty accrual, which is included in Accrued Expenses and Other Current Liabilities on the Consolidated Condensed Balance Sheets, is summarized as follows:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Balance at Beginning of Period	$	20,740	$	18,081
Warranties Issued	949		907
Warranties Settled	(1,809)		(1,320)
Change in Warranty Estimate	(355)		(57)
Balance at End of Period	$	19,525	$	17,611

9) Income Taxes

The effective tax rates were approximately (3.0)% and 6.3% for the three months ended April 4, 2026 and March 29, 2025, respectively. Beginning with the 2025 tax year, U.S. domestic research and development costs can be expensed as incurred. In addition, there are options to expense any remaining unamortized research and development costs that were previously capitalized during the 2022 through 2024 tax years. The tax rate in the 2026 period was favorably impacted by the reversal of valuation allowances related to net operating losses expected to be utilized in the 2026 period and previously capitalized research and development costs that are expected to be expensed in the 2026 period, partially offset by certain timing differences. In addition, the tax rate in the 2026 period was impacted by state and foreign income taxes and a discrete adjustment to recognize a benefit from deductible stock-based compensation expense.

The Company records a valuation allowance against the deferred tax assets if and to the extent it is more likely than not that the Company will not recover the deferred tax assets. In evaluating the need for a valuation allowance, the Company weighs all relevant positive and negative evidence, and considers among other factors, historical financial performance, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, and tax planning strategies. After considering the losses in recent periods and cumulative pre-tax losses in the three-year period ending with the current year, the Company determined that projections of future taxable income could not be relied upon as a source of income to realize its deferred tax assets. However, the Company is relying on a significant portion of its existing deferred tax liabilities for the realizability of deferred tax assets. Accordingly, during the years ended December 31, 2025 and 2024, the Company determined that a portion of its deferred tax assets were not expected to be realizable in the future and the Company continues to maintain the valuation allowance against its deferred tax assets as of April 4, 2026.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the United States. The OBBBA permanently extends and modifies significant provisions enacted in 2017 as part of the Tax Cuts and Jobs Act (“TCJA”) that were originally set to expire at the end of 2025. In addition, the OBBBA makes changes to certain U.S. corporate tax provisions, many of which were not in effect until 2026. Key provisions of the Tax Act relevant to the Company’s operations include immediate expensing of certain domestic research and development expenses and domestic capital expenditures beginning in 2025 as well as changes to various U.S. international tax provisions beginning in 2026. These provisions of the Tax Act have favorably impacted the Company’s effective tax rate and cash tax rate for the 2025 and 2026 tax years and are expected to have favorable impacts in future years. Changes in tax laws may affect recorded deferred tax assets and deferred tax liabilities and our effective tax rate in the future and the Company is continuing to evaluate the impacts of the new legislation.

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10) Earnings Per Share

The following table sets forth the computation of basic earnings per share:

	Three months ended
(In thousands, except per share amounts)	April 4, 2026		March 29, 2025
Basic Earnings per Common Share:
Net Income - Basic	$	25,540	$	9,528
Weighted Average Shares - Basic	35,736		35,285
Basic Earnings per Common Share	$	0.71	$	0.27

The following table sets forth the computation of diluted net income (loss) per share:

	Three months ended
(In thousands, except per share amounts)	April 4, 2026		March 29, 2025
Diluted Earnings per Common Share:
Net Income - Basic	$	25,540	$	9,528
Convertible Notes Interest Expense, Net of Tax	—		1,792
Net Income - Diluted	$	25,540	$	11,320
Weighted Average Shares - Basic	35,736		35,285
Net Effect of Dilutive Stock Awards	1,495		464
Net Effect of Dilutive Convertible Notes	992		7,208
Weighted Average Shares - Diluted	38,223		42,957
Diluted Earnings per Common Share	$	0.67	$	0.26

The Company includes the dilutive effect of shares issuable upon conversion of its Convertible Notes in the calculation of diluted income per share using the if-converted method. The Company has the option for the 2030 Convertible Notes to settle the conversion value in any combination of cash or shares, and as such, the maximum number of shares issuable are included in the dilutive share count if the effect would be dilutive. The Company excluded all impacts of the 2030 Convertible Notes from the computation of diluted earnings per share at April 4, 2026 as the effect would be anti-dilutive. The Company will settle the principal amount of the 2031 Convertible Notes by paying cash and settle the premium in any combination of cash or shares. The Company’s average stock price during the period outstanding was above the conversion price for the 2031 Convertible Notes, therefore incremental shares were included in diluted earnings per share at April 4, 2026.

Stock options with exercise prices greater than the average market price of the underlying common shares are excluded from the computation of diluted earnings per share because they are out-of-the-money and the effect of their inclusion would be anti-dilutive.

Antidilutive shares excluded from diluted earnings per share computations as of the date indicated were as follows:

(In thousands)	April 4, 2026	March 29, 2025
Stock Options and Unvested RSUs	—	471
2030 Convertible Notes	1,442	—
Total Antidilutive Securities	1,442	471

11) Shareholders’ Equity

Share Buyback Program

The Company’s Board of Directors from time to time authorizes the repurchase of common stock, which allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. The Company has the capacity under the currently authorized program to repurchase additional shares of its common stock with a maximum dollar value of $41.5 million.

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At-the-Market Equity Offering

On August 8, 2023, the Company initiated an at-the-market equity offering program (the “ATM Program”) for the sale from time to time of shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $30.0 million. During the three months ended April 4, 2026 and March 29, 2025, the Company did not sell any shares of our common stock under the ATM Program. As of April 4, 2026, the Company had remaining capacity under the ATM Program to sell shares of common stock having an aggregate offering price up to approximately $8.2 million.

Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:

(In thousands)	April 4, 2026		December 31, 2025
Foreign Currency Translation Adjustments	$	(6,307)	$	(5,152)
Retirement Liability Adjustment – Before Tax	(1,413)		(1,540)
Tax Benefit of Retirement Liability Adjustment	2,282		2,282
Retirement Liability Adjustment – After Tax	869		742
Accumulated Other Comprehensive Loss	$	(5,438)	$	(4,410)

The components of other comprehensive (loss) income are as follows:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Foreign Currency Translation Adjustments	$	(1,155)	$	752
Retirement Liability Adjustments:
Reclassifications to Selling, General and Administrative Expenses:
Amortization of Prior Service Cost	97		96
Amortization of Net Actuarial (Gains) Losses	30		(332)
Retirement Liability Adjustment	127		(236)
Other Comprehensive (Loss) Income	$	(1,028)	$	516

12) Sales to Major Customers

The loss of major customers or a significant reduction in business with a major customer would significantly, and negatively impact our sales and earnings. In the three months ended April 4, 2026, the Company had one major customer over 10% of consolidated sales primarily in the Aerospace segment. Sales to The Boeing Company (“Boeing”) accounted for 10.1% of consolidated sales in the three months ended April 4, 2026. Accounts receivable from Boeing on April 4, 2026 were approximately $19.8 million. In the three months ended March 29, 2025, the Company had one major customer over 10% of consolidated sales primarily in the Aerospace segment. Sales to the Safran Group (“Safran”) accounted for 10.3% of consolidated sales in the three months ended March 29, 2025.

13) Legal Proceedings and Other Matters

Legal Proceedings

One of the Company’s subsidiaries is involved in numerous patent infringement actions brought by Lufthansa Technik AG (“Lufthansa”) in Germany, the United Kingdom (“UK”) and France. The Company is vigorously defending all such litigation and proceedings. Additional information about these legal proceedings can be found in Note 19, Legal Proceedings and Other Matters, to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the 2025 10-K.

As previously disclosed, Lufthansa and AES have filed requests with the German Federal Supreme Court to be granted leave to file appeals against the decision in both the direct and indirect matter. On February 25, 2026, the German Federal Supreme Court rejected Lufthansa’s and AES’s petitions for leave to appeal in both matters. Therefore, the decisions of the Higher Regional Court of Karlsruhe have become final.

The reserve for the German indirect claim and interest was approximately $17.7 million at April 4, 2026 and $17.6 million on December 31, 2025. The Company currently believes it is unlikely that the damages in the German indirect proceedings and related interest will be paid within the next twelve months. Therefore, the liability related to this matter is classified within Other Liabilities (non-current) in the Consolidated Condensed Balance Sheets at April 4, 2026 and December 31, 2025.

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In the matter before the UK High Court of Justice, Lufthansa had pleaded its case for monetary compensation at a separate trial which was conducted in October 2024. Both the Company and Lufthansa submitted to the UK High Court of Justice calculations of the estimated profits derived from the reports of the parties’ respective financial experts. The account of profits trial judgment was published on February 21, 2025 by the court in the amount of $11.9 million. Such amount was recorded as a liability in the Company’s Consolidated Financial Statements as of December 31, 2024. Following a consequential hearing on March 20, 2025, the amount was adjusted upwards by $0.5 million related to the resolution of a provisional item. Additionally, on April 30, 2025, the UK High Court of Justice issued a draft order related to interest associated with damages, which obligated the Company to accrue a reserve estimate of $5.7 million relating to such interest associated with the damages. Both of these amounts were recorded in the three months ended March 29, 2025 within Selling, General and Administrative Expenses in the Company’s Consolidated Condensed Statement of Operations.

There was a further consequential hearing on May 16, 2025 which addressed applications concerning interest on the ordered damages, permission to appeal the court’s findings in these matters, as well as the issue of reimbursement of legal fees in the damages phase of the litigation. The Company was ordered to make payments of $5.7 million in relation to the previously accrued interest and $3.5 million for partial reimbursement of Lufthansa’s legal costs. The interest amount was recorded in the first quarter of 2025, while the legal cost reimbursement was recorded in the second quarter.

Both the Company and Lufthansa have been granted permission to appeal the rulings by the UK High Court of Justice. The appeals are scheduled to be heard by the UK Court of Appeal in July 2026.

A liability for reimbursement of Lufthansa’s legal expenses associated with the UK matter, exclusive of the damages phase, was approximately $1.0 million at April 4, 2026 and December 31, 2025, which is expected to be paid within the next twelve months and, as such, is classified in Accrued Expenses and Other Current Liabilities in the accompanying Consolidated Condensed Balance Sheets as of April 4, 2026 and December 31, 2025.

With respect to the proceeding in France, the Court of Appeal of Paris is set to hear the appeal on nullity on October 28, 2026. Should the Court find the patent to be valid, the trial date for the infringement and damages is scheduled for December 2027. As loss exposure is not probable and estimable at this time, the Company has not recorded any liability with respect to the French matter at April 4, 2026 or December 31, 2025.

Each of the German, France and UK claims are separate and distinct. Validity and infringement of the Lufthansa patent in each country is a matter for the courts in each of these countries, whose laws differ from each other. In addition, the principles of calculating damages in each jurisdiction differ substantially. Therefore, the Company has assessed each matter separately and cannot apply the same calculation methodology as in the German direct and indirect matters. However, it is reasonably possible that additional damages and interest could be incurred if the appellate court in France was to rule in favor of Lufthansa, or if damages in the UK matter upon conclusion of the appeal are calculated on a different basis than the initial judgment.

There were no other significant developments in any of these matters during the three months ended April 4, 2026.

Other than these proceedings, we are not party to any significant pending legal proceedings that management believes will result in a material adverse effect on our financial condition or results of operations.

Other Matters

On February 20, 2026, the U.S. Supreme Court struck down certain tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). Following the Supreme Court decision, the U.S. Administration announced a new 10% global tariff under Section 122 of the Trade Act of 1974, which was subsequently struck down on May 7, 2026 by the U.S. Court of International Trade. As of the filing date, it remains uncertain what impact these decisions will have on our future financial results, including the process and availability of obtaining refunds of amounts previously paid for the IEEPA tariffs or any fluctuations of the level of replacement tariffs imposed or the addition of any new tariffs through other means.

14) Segment Information

The Company reports segment information based on the management approach, which designates the internal reporting used by the CODM for making decisions and assessing performance as the source of the Company’s reportable segments. The CODM, which is the Company’s Chief Executive Officer, allocates resources and assesses the performance of each operating segment based on historical and potential future product sales, gross margin associated with those sales, and operating profit (loss) before interest, taxes, and corporate expenses. The Company has determined its reportable segments to be Aerospace and Test Systems based on the information used by the CODM.

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Segment information and reconciliations to consolidated amounts are as follows:

	Three Months Ended
(In thousands)	April 4, 2026			March 29, 2025
Sales:
Aerospace	$	213,843		$	191,388
Less Inter-segment Sales	(23)			(13)
Total Aerospace Sales	213,820			191,375
Test Systems	16,824			14,592
Less Inter-segment Sales	(25)			(31)
Total Test Systems Sales	16,799			14,561
Total Consolidated Sales	230,619			205,936
Less1
Cost of Products Sold:
Aerospace	143,127			132,892
	66.9		%	69.4		%
Test Systems	12,359			12,195
	73.6		%	83.8		%
Other Segment Items2
Aerospace	35,361			36,219
Test Systems	4,037			4,589
Operating Profit and Margins:
Aerospace	35,332			22,264
	16.5		%	11.6		%
Test Systems	403			(2,223)
	2.4		%	(15.3)		%
Total Operating Profit	35,735			20,041
	15.5		%	9.7		%
Deductions from Segment Measure of Operating Profit:
Interest Expense, Net of Interest Income	2,336			3,150
Corporate Expenses and Other	8,614			6,717
Income Before Income Taxes	$	24,785		$	10,174

1 The significant expenses and amounts presented align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

2 Other segment items include Selling, General and Administrative Expenses, Research and Development Expenses, and sublease and rental income.

(In thousands)	April 4, 2026		December 31, 2025
Total Assets:
Aerospace	$	604,480	$	570,294
Test Systems	120,115		119,603
Corporate	22,548		16,781
Total Assets	$	747,143	$	706,678

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	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Depreciation and Amortization:
Aerospace	$	5,379	$	4,498
Test Systems	505		1,078
Corporate	10		12
Total Depreciation and Amortization	$	5,894	$	5,588
Capital Expenditures:
Aerospace	$	10,731	$	2,082
Test Systems	429		23
Total Capital Expenditures	$	11,160	$	2,105

15) Fair Value

There were no financial assets or liabilities carried at fair value measured on a recurring basis on April 4, 2026 or December 31, 2025.

There were no non-recurring fair value measurements performed in the three months ended April 4, 2026 and March 29, 2025.

Due to their short-term nature, the carrying value of cash and equivalents, accounts receivable, and accounts payable approximate fair value. The carrying value of the Company’s variable rate long-term debt instruments also approximates fair value due to the variable rate feature of these instruments. Refer to Note 7, Long-term Debt and Notes Payable, for additional information relating to the fair value of the Company’s outstanding fixed-rate Convertible Notes.

16) Acquisitions

Envoy Aerospace, LLC

On June 30, 2025, the Company purchased the membership interests of Envoy Aerospace, LLC (“Envoy Aerospace”), located in Aurora, Illinois. Envoy Aerospace is an FAA Organization Designation Authorization (“ODA”) services provider. Envoy Aerospace is included in our Aerospace segment. The total purchase price was approximately $8.3 million, net of cash acquired and the estimated closing adjustment. Of the purchase price, $4.5 million was paid at the closing date. Payments of $2.0 million and $1.8 million will become payable by the Company following the first and second anniversary of the closing date, respectively, based on the achievement of certain milestones. The Company has finalized the purchase price allocation. Purchased intangible assets and goodwill are expected to be deductible for tax purposes over 15 years. This transaction was not considered material to the Company’s financial position or results of operations.

Bühler Motor Aviation

On October 13, 2025, the Company acquired all of the issued and outstanding capital stock of Bühler Motor Aviation (“BMA”), located in Uhldingen-Mühlhofen, Germany. BMA is an established manufacturer of aircraft seat actuation systems with a broad product portfolio that includes actuators, electronics, control panels, pneumatic systems, and lighting. BMA is included in our Aerospace segment. The total purchase price was approximately $18.0 million, net of cash acquired and the estimated closing adjustment. The purchase price was paid at the closing date. The Company has not yet finalized the purchase price allocation.

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(The following should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in the 2025 10-K.)

OVERVIEW

Astronics Corporation, through its subsidiaries, is a leading provider of advanced technologies to the global aerospace, defense, and electronics industries. Our products and services include advanced, high-performance inflight entertainment and connectivity products and services, lighting and safety systems, flight critical electrical power generation and distribution systems, seat motion systems and automated test systems.

We have two reportable segments, Aerospace and Test Systems. Our Aerospace segment has principal operating facilities in the United States, Canada, France and Germany and an engineering office in Ukraine. Our Test Systems segment has principal operating facilities in the United States and an engineering office in India.

Our Aerospace segment designs and manufactures products for the global aerospace industry. Product lines include lighting and safety systems, electrical power generation, distribution and seat motion systems, inflight entertainment and connectivity products, and other products. Our primary Aerospace customers are the airframe manufacturers (“OEM”) that build aircraft for the commercial transport, military and general aviation markets, suppliers to those OEMs, aircraft operators such as airlines, suppliers to the aircraft operators, and branches of the U.S. Department of Defense (“USDOD”). Our Test Systems segment designs, develops, manufactures and maintains automated test systems that support the aerospace and defense and mass transit industries. In the Test Systems segment, Astronics’ products are sold to a global customer base including OEMs and prime government contractors for both electronics and military products.

Our strategy is to increase our value by developing technologies and capabilities, either internally or through acquisition, and using those capabilities to provide innovative solutions to our targeted markets where our technology can be beneficial.

Important factors affecting our growth and profitability are the rate at which new aircraft are produced, government funding and timing of awards of military programs, our ability to have our products designed into new aircraft, the rates at which aircraft owners, including commercial airlines, refurbish or install upgrades to their aircraft and supply chain and labor market pressures. New aircraft build rates and aircraft owners’ spending on upgrades and refurbishments is cyclical and dependent on the strength of the global economy. Once one of our products is designed into a new aircraft, the spare parts business associated thereto is also frequently retained by the Company. Future growth and profitability of the Test Systems business is dependent on developing and procuring new and follow-on business. The nature of our Test Systems business is such that it pursues large, often multi-year, projects. There can be significant periods of time between orders in this business, which may result in large fluctuations of sales and profit levels and backlog from period to period. Test Systems segment customers include the USDOW, prime contractors to the USDOW, mass transit operators and prime contractors to mass transit operators.

Each of the markets that we serve presents opportunities that we expect will provide growth for the Company over the long-term. We continue to look for opportunities in all of our markets to capitalize on our core competencies to expand our existing business and to grow through strategic acquisitions.

The main challenges that we continue to face include varying levels of supply chain pressures, material availability and cost increases (including costs associated with the imposition of tariffs by the United States and other countries discussed herein), labor availability and cost, and improving shareholder value through increasing profitability. Increasing profitability is dependent on many things, primarily sales growth, both acquired and organic, and the Company’s ability to pass cost increases along to customers and control operating expenses, and to identify means of creating improved productivity. Sales are driven by increased build rates for existing aircraft, market acceptance and economic success of new aircraft and our products, continued government funding of defense programs, the Company’s ability to obtain production contracts for parts we currently supply or have been selected to design and develop for new aircraft platforms and continually identifying and winning new business for our Test Systems segment.

Reduced aircraft build rates driven by regulatory actions impacting OEM production, a weak economy, aircraft groundings, tight credit markets, fuel price spikes, reduced air passenger travel, tariffs impacting OEM demand, and an increasing supply of used aircraft on the market would likely result in reduced demand for our products, which will result in lower profits. Reduction of defense spending may result in fewer opportunities for us to compete, which could result in lower profits in the future. Many of our newer development programs are based on new and unproven technology and at the same time we are challenged to develop the technology on a schedule that is consistent with specific programs. Delays in delivery schedules and incremental costs resulting from tariffs and other trade policy matters, supply chain pressures, and labor market pressures have in the past

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resulted in, and could in the future also result in, lower profits. We will continue to address these challenges by working to improve operating efficiencies and focusing on executing on the growth opportunities currently in front of us.

On October 22, 2025, the Company entered into the $300.0 million senior secured Revolving Credit Facility. The Revolving Credit Facility replaced the Company’s ABL Revolving Credit Facility which was terminated on October 22, 2025. The Revolving Credit Facility subjects us to various financial and other affirmative and negative covenants with which we must comply on an ongoing or periodic basis. These include financial covenants pertaining to a total leverage ratio, a consolidated interest coverage ratio, and a secured net debt leverage ratio requirement. An unexpected decline in our revenues or operating income, including occurring as a result of events beyond our control, could cause us to violate our financial covenants.

Challenges affecting the commercial aviation industry or key participants can adversely impact the demand for our products and services, the timing of orders, deliveries and related payments and other factors. We are monitoring the production levels and anticipated ramp-ups at Boeing and Airbus, and we continue to align our operations with their production expectations.

We are monitoring the ongoing conflicts between Russia and Ukraine, conflicts in the Middle East, as well as other geopolitical tensions and conflicts around the world, and the potential impact of related export controls, financial and economic sanctions, and other restrictions imposed by the U.S., the U.K., the European Union, and other countries. While these conflict have not resulted in a direct material adverse impact on our business to date, the implications of global conflicts in the short-term and long-term are difficult to predict. Factors such as increased energy costs, disruptions in the availability of certain raw materials, restrictions on air travel or trade with affected regions, sanctions on companies or industries, shifts in customer stability, and broader impacts on the global economy and aviation sector could pose risks to our operations and financial performance.

Recent Acquisitions

On June 30, 2025, the Company purchased the membership interests of Envoy Aerospace, located in Aurora, Illinois. Envoy Aerospace is an FAA ODA services provider. Envoy Aerospace is included in our Aerospace segment. The total purchase price was approximately $8.3 million, net of cash acquired and the estimated closing adjustment.

On October 13, 2025, the Company acquired all of the issued and outstanding capital stock of BMA, located in Uhldingen-Mühlhofen, Germany. BMA is an established manufacturer of aircraft seat actuation systems with a broad product portfolio that includes actuators, electronics, control panels, pneumatic systems, and lighting. BMA is included in our Aerospace segment. The total purchase price was approximately $18.0 million, net of cash acquired and the estimated closing adjustment.

Recent Developments

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the United States. The OBBBA permanently extends and modifies significant provisions enacted in 2017 as part of the Tax Cuts and Jobs Act (“TCJA”) that were originally set to expire at the end of 2025. In addition, the OBBBA makes changes to certain U.S. corporate tax provisions, many of which were not in effect until 2026. Key provisions of the OBBBA relevant to the Company’s operations include immediate expensing of certain domestic research and development expenses and domestic capital expenditures beginning in 2025 as well as changes to various U.S. international tax provisions beginning in 2026. The Company anticipates it will elect to deduct the remaining previously capitalized domestic research and development costs equally between 2025 and 2026 and expense domestic research and development costs as incurred for the 2025 and 2026 tax years.

On February 20, 2026, the U.S. Supreme Court struck down certain tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). Following the Supreme Court decision, the U.S. Administration announced a new 10% global tariff under Section 122 of the Trade Act of 1974, which was subsequently struck down on May 7, 2026 by the U.S. Court of International Trade. As of the filing date, it remains uncertain what impact these decisions will have on our future financial results, including the process and availability of obtaining refunds of amounts previously paid for the IEEPA tariffs or any fluctuations of the level of replacement tariffs imposed or the addition of any new tariffs through other means.

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CONSOLIDATED RESULTS OF OPERATIONS

	Three Months Ended
($ in thousands)	April 4, 2026			March 29, 2025
Sales	$	230,619		$	205,936
Gross Profit (sales less cost of products sold)	$	75,133		$	60,849
Gross Margin	32.6		%	29.5		%
Research and Development Expenses	$	12,089		$	11,067
Selling, General and Administrative Expenses (“SG&A”)	$	35,814		$	36,645
SG&A Expenses as a Percentage of Sales	15.5		%	17.8		%
Interest Expense, Net	$	2,336		$	3,150
Effective Tax Rate	(3.0)		%	6.3		%
Net Income	$	25,540		$	9,528

A discussion by segment can be found in “Segment Results of Operations” in this MD&A.

CONSOLIDATED FIRST QUARTER RESULTS

Growth in sales was driven by the Aerospace segment’s continued strength in demand primarily from the Commercial Transport market. Aerospace sales increased $22.4 million, or 11.7%, while Test Systems sales grew $2.2 million, or 15.4%. In the prior year, first quarter consolidated sales and gross profit was negatively impacted by a $1.9 million revision of estimated costs to complete a long-term mass transit contract in the Test Systems segment.

Consolidated cost of products sold in the first quarter of 2026 was $155.5 million, compared with $145.1 million in the same prior-year period primarily attributable to higher volume and a $1.7 million increase in tariff expenses.

SG&A decreased $0.8 million. Litigation-related expenses were down $1.2 million and the prior-year period included a $6.2 million reserve adjustment to the damage award relating to the patent infringement dispute in the UK. Appeals to the UK damage award are scheduled to be heard in July 2026. These decreases were mostly offset by higher wages and benefits, higher incentive-based compensation expenses driven by increased profitability, and the incremental expenses related with the acquired BMA business. R&D was up $1.0 million reflecting the timing of projects.

Interest expense was down $0.8 million, or 25.8%, on lower rates following the September 2025 refinancing activities. Tax benefit in the quarter was $0.8 million compared with a tax expense of $0.6 million in the prior-year period, mostly as a result of a $2.7 million discrete adjustment for the expected benefit of a stock-based compensation deduction along with a valuation allowance reversal associated with an expected net operating loss deduction and with research and development costs that are expected to be expensed for tax purposes in the current year under the One Big Beautiful Bill Act. Tax expense in the prior year was partially offset by a $1.1 million discrete adjustment to reverse certain federal and state deferred tax liabilities.

Consolidated net income of $0.67 per diluted share improved from $0.26 per diluted share in the prior-year period from stronger operating profit, lower interest expense and lower tax.

Bookings of $290.4 million in the quarter resulted in a book-to-bill ratio of 1.26:1. For the trailing twelve months, bookings totaled $935.1 million and the book-to-bill ratio was 1.05:1. Backlog at the end of the quarter was $734.3 million.

SEGMENT RESULTS OF OPERATIONS

Operating profit, as presented below, is sales less cost of products sold and other operating expenses, excluding interest expense, other corporate expenses and other non-operating sales and expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment. Operating profit is reconciled to income before income taxes in Note 14, Segment Information, to the Consolidated Condensed Financial Statements in Item 1, Financial Statement, of this report.

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AEROSPACE SEGMENT

	Three Months Ended
($ in thousands)	April 4, 2026			March 29, 2025
Sales	$	213,843		$	191,388
Less Inter-segment Sales	(23)			(13)
Total Aerospace Sales	$	213,820		$	191,375
Operating Profit	$	35,332		$	22,264
Operating Margin	16.5		%	11.6		%
Aerospace Sales by Market	Three Months Ended
(In thousands)	April 4, 2026			March 29, 2025
Commercial Transport	$	156,419		$	137,542
Military Aircraft	33,502			33,263
General Aviation	21,449			15,243
Other	2,450			5,327
	$	213,820		$	191,375
Aerospace Sales by Product Line	Three Months Ended
				Recast
(In thousands)	April 4, 2026			March 29, 2025
Inflight Entertainment & Connectivity	$	110,748		$	103,110
Lighting & Safety	52,807			51,957
Flight Critical Electrical Power	24,763			21,314
Seat Motion	19,879			6,672
Other	5,623			8,322
	$	213,820		$	191,375

Beginning in the current year, the Company reorganized its product line structure to align with changes in internal reporting. Prior‑period disaggregated revenue information has been recast to conform to the current‑period presentation.

(In thousands)	April 4, 2026		December 31, 2025
Total Assets	$	604,480	$	570,294
Backlog	$	651,364	$	600,803

AEROSPACE FIRST QUARTER RESULTS

Aerospace segment sales of $213.8 million increased $22.4 million, or 11.7%. Sales in the Commercial Transport market increased $18.9 million, or 13.7%. Growth was primarily related to increased demand for seat motion and lighting and safety products. General Aviation sales increased $6.2 million, or 40.7%, to $21.4 million due to higher inflight entertainment & connectivity (“IFEC”) product sales to the VVIP market. Military Aircraft sales remained consistent with the prior-year period. Other sales decreased $2.9 million as the Company has wound down its non-core contract manufacturing arrangements.

Aerospace segment operating profit of $35.3 million, or 16.5% of sales, improved over the prior-year period reflecting the leverage gained on higher volume, improving production efficiencies, a $2.8 million catch-up of profit on the MV-75 program based on revised program estimates, and a $7.0 million decrease in litigation-related expenses and legal reserve adjustments related to the UK patent dispute previously discussed.

Aerospace bookings were $264.4 million for a book-to-bill ratio of 1.24:1. Backlog for the Aerospace segment was $651.4 million at quarter end.

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TEST SYSTEMS SEGMENT

	Three Months Ended
($ in thousands)	April 4, 2026			March 29, 2025
Sales	$	16,824		$	14,592
Less Inter-segment Sales	(25)			(31)
Total Test Systems Sales	$	16,799		$	14,561
Operating Profit (Loss)	$	403		$	(2,223)
Operating Margin	2.4		%	(15.3)		%

All Test Systems sales are to the Government and Defense Market.

(In thousands)	April 4, 2026		December 31, 2025
Total Assets	$	120,115	$	119,603
Backlog	$	82,960	$	73,692

TEST SYSTEMS FIRST QUARTER RESULTS

Test Systems segment sales of $16.8 million were up $2.2 million from the comparator quarter in 2025. Segment sales in the prior-year period were negatively impacted by $1.9 million revision of estimated costs to complete a certain long-term mass transit Test contract reducing revenue recognized in the period.

Test Systems segment operating profit was $0.4 million, compared with an operating loss of $2.2 million in the first quarter of 2025. Test Systems profitability, while improving, continues to be negatively affected by mix and under absorption of fixed costs at current volume levels.

Bookings for the Test Systems segment in the quarter were $26.1 million. The book-to-bill ratio was 1.55:1 for the quarter. Backlog for the Test Systems segment was $83.0 million at quarter end.

LIQUIDITY AND CAPITAL RESOURCES

Operating Activities:

Cash provided by operating activities totaled $10.6 million for the first three months of 2026, as compared with $20.6 million cash provided by operating activities during the same period in 2025. Cash flow from operating activities decreased compared with the same period of 2025 reflecting higher cash earnings offset by higher working capital requirements, including higher inventory levels to support anticipated revenue growth in the coming quarters.

Investing Activities:

Cash used for investing activities was $11.2 million for the first three months of 2026 compared with $2.1 million in cash used for investing activities in the same period of 2025 reflecting elevated capital expenditures for necessary catch-up investments on previously deferred spending as well as the consolidation of operations and capacity improvement in a new Seattle facility.

Financing Activities:

Cash used for financing activities totaled $5.5 million for the first three months of 2026, as compared with cash used for financing activities of $11.4 million during the same prior-year period. The Company made net payments of $8.9 million on its ABL facility in the prior-year period.

Cash on hand at the end of the quarter was $11.9 million. Net debt was $331.1 million, compared with $324.8 million at the end of 2025.

Our ability to maintain sufficient liquidity and comply with financial debt covenants is highly dependent upon achieving expected operating results. Failure to achieve expected operating results could have a material adverse effect on our liquidity, our ability to obtain financing or access our existing financing, and our operations in the future and could allow our debt holders to demand payment of all outstanding amounts. As of April 4, 2026, we are in compliance with all covenants under each of our financing arrangements. Our financing arrangements are more fully discussed in Note 7, Long-term Debt and Notes Payable, to the Consolidated Condensed Financial Statements in Item 1, Financial Statements, of this report for additional details.

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The Company expects its cash flow from operations will provide sufficient cash flows to fund operations, including capital expenditures and payment of any further amounts related to the Lufthansa matters. The Company may also evaluate various actions and alternatives to enhance its profitability and cash generation from operating activities, which could include manufacturing efficiency initiatives, cost-reduction measures, working with vendors and suppliers to reduce lead times and expedite shipment of critical components, and working with customers to expedite receivable collections.

On August 8, 2023, the Company initiated an at-the-market equity offering program (the “ATM Program”) for the sale from time to time of shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $30.0 million. During the three months ended April 4, 2026, and March 29, 2025, the Company did not sell any shares of its common stock under the ATM Program. As of April 4, 2026, the Company had remaining capacity under the ATM Program to sell shares of common stock having an aggregate offering price up to approximately $8.2 million.

OFF BALANCE SHEET ARRANGEMENTS

We do not have any material off balance sheet arrangements that have or are reasonably likely to have a material future effect on our results of operations or financial condition.

BACKLOG

The Company’s backlog on April 4, 2026 was $734.3 million compared with $674.5 million on December 31, 2025 and $673.0 million on March 29, 2025.

CONTRACTUAL OBLIGATIONS AND COMMITMENTS

Our contractual obligations and commitments have not changed materially from the disclosures in our 2025 10-K.

MARKET RISK

Although the majority of our sales, expenses, and cash flows are transacted in U.S. dollars, we have exposure to changes in foreign currency exchange rates related primarily to the Euro and the Canadian dollar. The Company believes that the impact of changes in foreign currency exchange rates on its business and financial results for the three months ended April 4, 2026 was not significant.

The future impacts of U.S. trade policies, treaties, and tariffs and their residual effects, including economic uncertainty, inflationary environment, and disruption within the global supply chain, and aerospace industry, on our business remain uncertain. As we cannot predict what actions may ultimately be taken with respect to tariffs or trade relations between the United States and various other countries, what products may be subject to such actions, what actions may be taken by the other countries in retaliation, and what actions we may be able to take to address and mitigate such tariffs, the ultimate financial impact on our results cannot be reasonably estimated but could be material. The impact of tariffs on its business and financial results for the three months ended April 4, 2026 was approximately $2.5 million.

CRITICAL ACCOUNTING POLICIES

Refer to Note 2, Revenue, to the Consolidated Condensed Financial Statements in Item 1, Financial Statements, of this report for the Company’s critical accounting policies with respect to revenue recognition. For a complete discussion of the Company’s other critical accounting policies, refer to the 2025 10-K.

RECENT ACCOUNTING PRONOUNCEMENTS

Refer to Note 1, Basis of Presentation, to the Consolidated Condensed Financial Statements in Item 1, Financial Statements, of this report.

FORWARD-LOOKING STATEMENTS

Information included or incorporated by reference in this report that does not consist of historical facts, including statements accompanied by or containing words such as “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume,” and “assume,” and other words and terms of similar meaning, including their negative counterparts, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual

27

results to differ materially from the expected results described in the forward-looking statements. Certain of these factors, risks and uncertainties are discussed in the sections of this report entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Except as may be required by law, we disclaim any obligation to update the forward-looking statements made in this report to reflect any change in our expectations with regard thereto, or any changes in events, conditions or circumstances on which any such statement is based.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The disclosure above under the heading “Market Risk” in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of this report is incorporated by reference into this Item 3.

Item 4. Controls and Procedures

a.Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer (its Principal Executive Officer) and Chief Financial Officer (its Principal Financial and Principal Accounting Officer), has evaluated the effectiveness of the Company’s disclosure controls and procedures as of April 4, 2026. Based on that evaluation, the Company’s management, including our Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of April 4, 2026.

b.Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Currently, we are involved in legal proceedings relating to an allegation of patent infringement and, based on rulings to date we have concluded that losses related to these proceedings are probable. For a discussion of contingencies related to legal proceedings as of April 4, 2026, see Note 13, Legal Proceedings and Other Matters, to the Consolidated Condensed Financial Statements in Item 1, Financial Statements, of this report.

There have been no material developments from the legal proceedings as previously disclosed in Note 19, Legal Proceedings and Other Matters, to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, of the 2025 10-K.

Item 1A. Risk Factors

In addition to other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors,” in the 2025 10-K, which could materially affect our business, financial condition or results of operations. The risks described in this report and in the 2025 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table summarizes our purchases of our common stock for the three months ended April 4, 2026:

Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares that may yet be Purchased Under the Plans or Program (1)
January 1, 2026 - January 31, 2026	—	$	—	—	$	41,483,815
February 1, 2026 - February 28, 2026 (2)	1,539	$	78.84	—	$	41,483,815
March 1, 2026 - April 4, 2026	—	$	—	—	$	41,483,815

(1) On September 17, 2019, the Company’s Board of Directors authorized an additional share repurchase program. This program authorizes Company repurchases of up to $50 million of our common stock. Cumulative repurchases under this plan were approximately 310,000 shares at a cost of $8.5 million before the 10b5-1 plan associated with the share repurchase program was terminated on February 3, 2020.

(2) Represents shares withheld by the Company upon the exercise of stock options to cover exercise price and satisfy tax withholding obligations.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Securities Trading Plans of Directors and Officers

(c) During the three months ended April 4, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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Item 6. Exhibits

Exhibit 31.1*	Section 302 Certification - Chief Executive Officer
Exhibit 31.2*	Section 302 Certification - Chief Financial Officer
Exhibit 32**	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 101*	The financial statements from the Company’s Quarterly Report on Form 10-Q for the three months ended April 4, 2026, formatted in Inline XBRL
Exhibit 101.INS*	Inline XBRL Instance Document
Exhibit 101.SCH*	Inline XBRL Taxonomy Extension Schema Document
Exhibit 101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
Exhibit 101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
Exhibit 101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
Exhibit 101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
Exhibit 104*	Cover Page Interactive Data File (the cover page Inline XBRL tags are embedded within the Inline XBRL document)

*	Filed herewith.
**	Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

		ASTRONICS CORPORATION
		(Registrant)
Date:	May 13, 2026	By:	/s/ Nancy L. Hedges
			Nancy L. Hedges Vice President and Chief Financial Officer (Principal Financial and Principal Accounting Officer)

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EX-31.1

Exhibit 31.1

SECTION 302 CERTIFICATION

Certification of Chief Executive Officer pursuant to Exchange Act rule 13a-14(a) as adopted pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Peter J. Gundermann, President and Chief Executive Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Astronics Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2026

/s/ Peter J. Gundermann

Peter J. Gundermann

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

SECTION 302 CERTIFICATION

Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a) as adopted pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Nancy L. Hedges, Vice President and Chief Financial Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Astronics Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2026

/s/ Nancy L. Hedges

Nancy L. Hedges

Vice President and Chief Financial Officer

EX-32

Exhibit 32

Certification pursuant to

18 U.S.C. Section 1350,

as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of Astronics Corporation (the “Company”) hereby certify that:

The Company's Quarterly Report on Form 10-Q for the quarter ended April 4, 2026 fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934 and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 13, 2026	/s/ Peter J. Gundermann
	Peter J. Gundermann
	Title:	Chief Executive Officer
May 13, 2026	/s/ Nancy L. Hedges
	Nancy L. Hedges
	Title:	Chief Financial Officer

This certification shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent specifically incorporated by the Company into such filing.

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Cover - shares	3 Months Ended
	Apr. 04, 2026	May 07, 2026
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 04, 2026
Document Transition Report	false
Entity File Number	0-7087
Entity Registrant Name	ASTRONICS CORPORATION
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	16-0959303
Entity Address, Address Line One	130 Commerce Way
Entity Address, City or Town	East Aurora
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14052
City Area Code	716
Local Phone Number	805-1599
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	ATRO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Central Index Key	0000008063
Current Fiscal Year End Date	--12-31
Common Stock
Document Information
Entity Common Stock, Shares Outstanding (in shares)		32,040,340
Class B Common Stock
Document Information
Entity Common Stock, Shares Outstanding (in shares)		3,800,015

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Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Apr. 04, 2026	Dec. 31, 2025
Current Assets:
Cash and Cash Equivalents	$ 11,867	$ 18,180
Accounts Receivable, Net of Allowance for Estimated Credit Losses	217,024	204,672
Inventories	211,945	196,860
Prepaid Expenses and Other Current Assets	27,792	18,027
Total Current Assets	468,628	437,739
Property, Plant and Equipment, Net of Accumulated Depreciation	115,481	107,078
Operating Right-of-Use Assets	32,626	32,269
Other Assets	13,742	11,316
Intangible Assets, Net of Accumulated Amortization	52,320	55,353
Goodwill	64,346	62,923
Total Assets	747,143	706,678
Current Liabilities:
Accounts Payable	55,873	41,080
Current Operating Lease Liabilities	5,986	5,802
Accrued Expenses and Other Current Liabilities	66,183	68,324
Customer Advance Payments and Deferred Revenue	29,666	26,069
Total Current Liabilities	157,708	141,275
Long-term Debt	334,885	334,451
Long-term Operating Lease Liabilities	38,239	38,101
Other Liabilities	54,609	52,777
Total Liabilities	585,441	566,604
Shareholders’ Equity:
Common Stock	386	385
Accumulated Other Comprehensive Loss	(5,438)	(4,410)
Other Shareholders’ Equity	166,754	144,099
Total Shareholders’ Equity	161,702	140,074
Total Liabilities and Shareholders’ Equity	$ 747,143	$ 706,678

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Consolidated Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025
Income Statement [Abstract]
Sales	$ 230,619	$ 205,936
Cost of Products Sold	155,486	145,087
Gross Profit	75,133	60,849
Research and Development Expenses	12,089	11,067
Selling, General and Administrative Expenses	35,814	36,645
Income from Operations	27,230	13,137
Other Expense (Income), Net	109	(187)
Interest Expense, Net of Interest Income	2,336	3,150
Income Before Income Taxes	24,785	10,174
(Benefit from) Provision for Income Taxes	(755)	646
Net Income	$ 25,540	$ 9,528
Earnings Per Share:
Basic (in usd per share)	$ 0.71	$ 0.27
Diluted (in usd per share)	$ 0.67	$ 0.26

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Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025
Statement of Comprehensive Income [Abstract]
Net Income	$ 25,540	$ 9,528
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustments	(1,155)	752
Retirement Liability Adjustment – Net of Tax	127	(236)
Total Other Comprehensive (Loss) Income	(1,028)	516
Comprehensive Income	$ 24,512	$ 10,044

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Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025
Cash Flows from Operating Activities:
Net Income	$ 25,540	$ 9,528
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:
Depreciation and Amortization	5,894	5,588
Amortization of Deferred Financing Fees	607	602
Provisions for Non-cash Losses on Inventory and Receivables	1,441	1,728
Equity-based Compensation Expense	2,556	2,345
Deferred Tax Expense (Benefit)	62	(1,125)
Operating Lease Non-cash Expense	1,463	1,550
Non-Cash Litigation Provision Adjustment	0	6,228
Other	681	(214)
Changes in Operating Assets and Liabilities Providing (Using) Cash:
Accounts Receivable	(13,420)	(2,037)
Inventories	(16,404)	515
Accounts Payable	14,997	2,867
Operating Lease Liabilities	(1,515)	(1,071)
Accrued Expenses	(6,655)	(11,514)
Income Taxes	(982)	959
Customer Advance Payments and Deferred Revenue	3,614	2,776
Cloud Computing Implementation Costs	(2,370)	0
Supplemental Retirement Plan Liabilities	(181)	(101)
Other Assets and Liabilities	(4,722)	2,018
Net Cash Provided by Operating Activities	10,606	20,642
Cash Flows from Investing Activities:
Capital Expenditures	(11,160)	(2,105)
Net Cash Used by Investing Activities	(11,160)	(2,105)
Cash Flows from Financing Activities:
Proceeds from Long-term Debt	30,000	1,143
Principal Payments on Long-term Debt	(30,000)	(10,000)
Financing-related Costs	0	(740)
Stock Award Activity	(5,441)	(1,730)
Other	(60)	(44)
Net Cash Used by Financing Activities	(5,501)	(11,371)
Effect of Exchange Rates on Cash	(258)	354
(Decrease) Increase in Cash and Cash Equivalents and Restricted Cash	(6,313)	7,520
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	11,867	25,948
Supplemental Disclosure of Cash Flow Information
Non-Cash Investing Activities: Capital Expenditures in Accounts Payable	425	0
Interest Paid	2,668	2,724
Income Taxes Paid, Net of Refunds	$ 195	$ 827

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Consolidated Condensed Statements of Shareholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Common Stock	Common Stock Convertible Class B Stock	Additional Paid in Capital	Accumulated Comprehensive Loss	Retained Earnings	Treasury Stock
Beginning of Period at Dec. 31, 2024		$ 329	$ 51	$ 144,149	$ (3,863)	$ 192,208	$ (76,777)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Issuance of Common Stock for Restricted Stock Units (“RSUs”)		1
Class B Stock Converted to Common Stock		3	(3)
Equity-based Compensation Expense and Net Exercise of Stock Options, including ESPP				2,345
Tax Withholding Related to Issuance of RSUs				(1,730)
Foreign Currency Translation Adjustments	$ 752				752
Retirement Liability Adjustment – Net of Taxes					(236)
Net Income	9,528					9,528
End of Period at Mar. 29, 2025	266,757	$ 333	$ 48	144,764	(3,347)	201,736	$ (76,777)
Beginning of Period (in shares) at Dec. 31, 2024		32,871	5,086
Treasury stock, Beginning of year (in shares) at Dec. 31, 2024							2,694
Increase (Decrease) in Stockholders' Equity (in shares)
Net Issuance of Common Stock for RSUs (in shares)		143
Class B Stock Converted to Common Stock (in shares)		287	(287)
End of Period (in shares) at Mar. 29, 2025		33,301	4,799
Treasury stock, End of year (in shares) at Mar. 29, 2025							2,694
Beginning of Period at Dec. 31, 2025	140,074	$ 345	$ 40	4,898	(4,410)	216,699	$ (77,498)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Issuance of Common Stock for Restricted Stock Units (“RSUs”)		2
Class B Stock Converted to Common Stock		1	(2)
Equity-based Compensation Expense and Net Exercise of Stock Options, including ESPP				2,556
Tax Withholding Related to Issuance of RSUs				(5,441)
Foreign Currency Translation Adjustments	(1,155)				(1,155)
Retirement Liability Adjustment – Net of Taxes					127
Net Income	25,540					25,540
End of Period at Apr. 04, 2026	$ 161,702	$ 348	$ 38	$ 2,013	$ (5,438)	$ 242,239	$ (77,498)
Beginning of Period (in shares) at Dec. 31, 2025		34,464	3,966
Treasury stock, Beginning of year (in shares) at Dec. 31, 2025							2,751
Increase (Decrease) in Stockholders' Equity (in shares)
Net Issuance of Common Stock for RSUs (in shares)		160
Net Issuance from Exercise of Stock Options (in shares)			1
Class B Stock Converted to Common Stock (in shares)		162	(162)
End of Period (in shares) at Apr. 04, 2026		34,786	3,805
Treasury stock, End of year (in shares) at Apr. 04, 2026							2,751

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Basis of Presentation

3 Months Ended

Apr. 04, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included.

Operating Results

The results of operations for any interim period are not necessarily indicative of results for the full year. Operating results for the three months ended April 4, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

The balance sheet on December 31, 2025, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

For further information, refer to the Consolidated Financial Statements and the notes thereto included in Astronics Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2026 (the “2025 10-K”).

Description of the Business

Astronics Corporation (“Astronics” or the “Company”) is a leading provider of advanced technologies to the global aerospace, defense, and electronics industries. Our products and services include advanced, high-performance inflight entertainment and connectivity products and services, lighting and safety systems, flight critical electrical power generation and distribution systems, seat motion systems and automated test systems.

We have principal operations in the United States (“U.S.”), Canada, France and Germany, as well as engineering offices in Ukraine and India.

The Company has two reportable segments, Aerospace and Test Systems. The Aerospace segment designs and manufactures products for the global aerospace and defense industry. Our Test Systems segment designs, develops, manufactures and maintains automated test systems that support the aerospace and defense, communications and mass transit industries.

Acquisition Activities

On June 30, 2025, the Company purchased the membership interests of Envoy Aerospace, LLC (“Envoy Aerospace”), located in Aurora, Illinois. Envoy Aerospace is an FAA Organization Designation Authorization (“ODA”) services provider. Envoy Aerospace is included in our Aerospace segment. The total purchase price was approximately $8.3 million, net of cash acquired and the estimated closing adjustment. Of the purchase price, $4.5 million was paid at the closing date. Payments of $2.0 million and $1.8 million will become payable by the Company following the first and second anniversary of the closing date, respectively, based on the achievement of certain milestones.

On October 13, 2025, the Company acquired all of the issued and outstanding capital stock of Bühler Motor Aviation (“BMA”), located in Uhldingen-Mühlhofen, Germany. BMA is an established manufacturer of aircraft seat actuation systems with a broad product portfolio that includes actuators, electronics, control panels, pneumatic systems, and lighting. BMA is included in our Aerospace segment. The total purchase price was approximately $18.0 million, net of cash acquired and the estimated closing adjustment. The purchase price was paid at the closing date.

Restricted Cash

Under the provisions of the ABL Revolving Credit Facility (as defined and discussed below in Note 7, Long-term Debt and Notes Payable) which was terminated on October 22, 2025, the Company had a cash dominion arrangement with the banking institution for its accounts within the United States whereby daily cash receipts were contractually utilized to pay down outstanding balances on the ABL Revolving Credit Facility. Account balances that had not yet been applied to the ABL Revolving Credit Facility were classified as restricted cash in the applicable Consolidated Condensed Balance Sheets. The

following table provides a reconciliation of cash and restricted cash included in Consolidated Condensed Balance Sheets to the amounts included in the Consolidated Condensed Statements of Cash Flows.

(In thousands)	April 4, 2026		March 29, 2025
Cash and Cash Equivalents	$	11,867	$	24,805
Restricted Cash	—		1,143
Total Cash and Restricted Cash Shown in Statements of Cash Flows	$	11,867	$	25,948

Trade Accounts Receivable and Contract Assets

The allowance for estimated credit losses is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as the age of the receivable balances, historical experience, credit quality, current economic conditions, and reasonable and supportable forecasts of future economic conditions that may affect a customer’s ability to pay.

The changes in allowances for estimated credit losses for the three months ended April 4, 2026 and March 29, 2025 consisted of the following:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Balance at Beginning of the Period	$	847	$	2,377
Bad Debt Expense, Net of Recoveries	652		(128)
Write-off Charges Against the Allowance and Other Adjustments	(136)		42
Balance at End of the Period	$	1,363	$	2,291

Cloud Computing Arrangements

The Company incurs costs to implement cloud computing arrangements that are hosted by third-party vendors. Implementation costs associated with cloud computing arrangements are capitalized when incurred during the application development phase. Amortization begins when the related cloud computing solution is ready for its intended use and is calculated on a straight-line basis over the contractual term of the cloud computing arrangement. Implementation costs associated with cloud computing arrangements are reflected in Cash from Operating Activities on the Consolidated Condensed Statements of Cash Flows in accordance with ASC Topic 350-40, Intangibles - Goodwill and Other - Internal-Use Software. The Company capitalized implementation costs related to such arrangements of $5.0 million and $2.8 million as of April 4, 2026 and December 31, 2025, respectively, within other non-current assets in the Consolidated Condensed Balance Sheets. Amortization expense was insignificant for the three months ended April 4, 2026 and March 29, 2025.

Valuation of Goodwill and Long-Lived Assets

The Company tests goodwill at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

Long-lived assets are evaluated for recoverability whenever adverse effects or changes in circumstances indicate that the carrying value may not be recoverable. The recoverability test consists of comparing the undiscounted projected cash flows with the carrying amount. Should the carrying amount exceed undiscounted projected cash flows, an impairment loss would be recognized to the extent the carrying amount exceeds fair value.

As of April 4, 2026 and March 29, 2025, the Company concluded that no indicators of impairment relating to intangible assets or goodwill existed and an interim test was not performed in the three-month periods then ended.

Foreign Currency Translation

The aggregate foreign currency transaction gain or loss included in operations was immaterial for the three months ended April 4, 2026 and March 29, 2025.

New or Recent Accounting Pronouncements

We consider the applicability and impact of all ASUs. There have been no new applicable accounting pronouncements or changes in accounting pronouncements during the three months ended April 4, 2026 as compared with the recent accounting

pronouncements described in the 2025 10-K. ASUs not disclosed were assessed and determined to be either not applicable or had or are expected to have minimal impact on our financial statements and related disclosures.

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Revenue

3 Months Ended

Apr. 04, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

On April 4, 2026, we had $734.3 million of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately $596.2 million of our outstanding performance obligations as revenue over the next twelve months and the balance thereafter.

The Company’s contract assets and contract liabilities consist primarily of costs and profits in excess of billings and billings in excess of cost and profits, respectively. The following table presents the beginning and ending balances of contract assets and contract liabilities:

(In thousands)	Contract Assets		Contract Liabilities
Beginning Balance, January 1, 2026	$	54,687	$	26,962
Ending Balance, April 4, 2026	$	65,147	$	30,464

The increase in contract assets reflects the net impact of new revenue recognized in excess of billings exceeding billing of previously unbilled revenue during the period. For the three months ended April 4, 2026, the increase reflects a $2.8 million impact to revenue from a change in estimate due to updated variable consideration. The increase in contract liabilities reflects the net impact of new customer advances or deferred revenues recorded in excess of revenue recognized.

The Company recognized $6.6 million and $11.6 million during the three months ended April 4, 2026 and March 29, 2025, respectively, in revenues that were included in the contract liability balance at the beginning of the period.

The Company recognizes an asset for certain, material costs to fulfill a contract if it is determined that the costs relate directly to a contract or an anticipated contract that can be specifically identified, generate or enhance resources that will be used in satisfying performance obligations in the future, and are expected to be recovered. Such costs are amortized on a systematic basis that is consistent with the transfer to the customer of the goods to which the asset relates. Start-up costs are expensed as incurred. Capitalized fulfillment costs are included in Inventories in the accompanying Consolidated Condensed Balance Sheets. Should future orders not materialize or it is determined the costs are no longer probable of recovery, the capitalized costs are written off. The Company’s capitalized fulfillment costs amounted to $6.3 million and $6.0 million on April 4, 2026 and December 31, 2025, respectively. Amortization of fulfillment costs recognized within Cost of Products Sold was $0.1 million and $3.3 million for the three months ended April 4, 2026 and March 29, 2025, respectively.

Beginning in the current year, the Company reorganized its product line structure to align with changes in internal reporting. Prior‑period disaggregated revenue information has been recast to conform to the current‑period presentation, including all prior years presented. There was no impact on total revenue as a result of this change. The Company’s disaggregation of revenue by market segments remains unchanged from the Company’s prior presentation.

The following table presents our revenue disaggregated by Market Segments for the periods indicated:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Aerospace Segment
Commercial Transport	$	156,419	$	137,542
Military Aircraft	33,502		33,263
General Aviation	21,449		15,243
Other	2,450		5,327
Aerospace Total	213,820		191,375
Test Systems Segment
Government & Defense	16,799		14,561
Test Systems Total	16,799		14,561
Total	$	230,619	$	205,936

The following table presents our revenue disaggregated by Product Lines for the periods indicated:

	Three Months Ended
			Recast
(In thousands)	April 4, 2026		March 29, 2025
Aerospace Segment
Inflight Entertainment & Connectivity	$	110,748	$	103,110
Lighting & Safety	52,807		51,957
Flight Critical Electrical Power	24,763		21,314
Seat Motion	19,879		6,672
Other	5,623		8,322
Aerospace Total	213,820		191,375
Test Systems	16,799		14,561
Total	$	230,619	$	205,936

Inflight Entertainment & Connectivity (“IFEC”) is a combination of the previous Avionics and Systems Certification product lines, as well as cabin power products which were included in the previous Electrical Power & Motion product line. The remainder of the previous Electrical Power & Motion product line is now split into two discrete product lines, Flight Critical Electrical Power and Seat Motion. Lighting and Safety remains consistent and Structures is now reported within Other Aerospace revenue.

The following table presents our revenue disaggregated by Product Lines for the fiscal years ended December 31, 2025 and 2024 as follows:

	Recast		Recast
(In thousands)	2025		2024
Aerospace Segment
Inflight Entertainment & Connectivity	$	434,239	$	383,679
Lighting & Safety	216,583		188,355
Flight Critical Electrical Power	73,706		68,368
Seat Motion	47,242		35,229
Other	25,549		31,053
Aerospace Total	797,319		706,684
Test Systems	64,809		88,742
Total	$	862,128	$	795,426

The Company’s updated disaggregation of revenue by product lines is consistent with the information used by the Chief Operating Decision Maker (“CODM”) to evaluate operating performance and allocate resources. The recast of prior‑period information does not affect the Company’s reportable segments or the measurement of segment profit or loss.

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Inventories

3 Months Ended

Apr. 04, 2026

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following:

(In thousands)	April 4, 2026		December 31, 2025
Finished Goods	$	34,516	$	32,838
Work in Progress	45,593		38,686
Raw Material	131,836		125,336
	$	211,945	$	196,860

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Property, Plant and Equipment

3 Months Ended

Apr. 04, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Property, Plant and Equipment consisted of the following:

(In thousands)	April 4, 2026		December 31, 2025
Land	$	8,878	$	8,902
Buildings and Improvements	96,360		83,482
Machinery and Equipment	141,875		131,610
Construction in Progress	7,228		19,616
Total Property, Plant and Equipment, Gross	254,341		243,610
Less Accumulated Depreciation	138,860		136,532
Total Property, Plant and Equipment, Net	$	115,481	$	107,078

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Intangible Assets

3 Months Ended

Apr. 04, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

The following table summarizes acquired intangible assets as follows:

		April 4, 2026				December 31, 2025
(In thousands)	Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents	11 years	$	2,146	$	2,146	$	2,146	$	2,146
Non-compete Agreement	4 years	11,082		11,082		11,082		11,082
Trade Names	10 years	11,549		10,587		11,565		10,541
Completed and Unpatented Technology	9 years	47,953		45,733		47,980		45,207
Backlog	4 years	3,916		390		3,991		177
Customer Relationships	15 years	145,664		105,845		145,773		104,531
Licensing Agreement	13 years	6,760		967		6,760		260
Total Intangible Assets	13 years	$	229,070	$	176,750	$	229,297	$	173,944

All acquired intangible assets other than goodwill and one trade name are being amortized. Amortization expense for acquired intangibles is summarized as follows:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Amortization Expense	$	2,887	$	2,975

Amortization expense for acquired intangible assets expected for 2026 and for each of the next five years is summarized as follows:

(In thousands)
2026	$	11,261
2027	$	9,498
2028	$	8,711
2029	$	7,161
2030	$	4,406
2031	$	4,195

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Goodwill

3 Months Ended

Apr. 04, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill

The following table summarizes the changes in the carrying amount of goodwill for the three months ended April 4, 2026:

(In thousands)	December 31, 2025		Acquisition Adjustments		Foreign Currency Translation		April 4, 2026
Aerospace	$	41,288	$	851	$	572	$	42,711
Test Systems	21,635		—		—		21,635
	$	62,923	$	851	$	572	$	64,346

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Long-term Debt and Notes Payable

3 Months Ended

Apr. 04, 2026

Debt Disclosure [Abstract]

Long-term Debt and Notes Payable

Long-term Debt and Notes Payable

Under the terms of the Company’s former asset-based revolving credit facility (the “ABL Revolving Credit Facility”), the Company paid interest on the unpaid principal amount of the ABL Revolving Credit Facility at a rate equal to SOFR plus a term SOFR adjustment in the amount of 0.10% per annum (which collectively shall be at least 1.00%) plus an applicable margin ranging from 2.75% to 3.25% determined based upon the Company’s Excess Availability (as defined in the ABL Revolving Credit Facility). The Company was required to pay a quarterly commitment fee under the ABL Revolving Credit Facility on undrawn revolving credit commitments in an amount equal to 0.25% or 0.375% based on the Company’s average excess availability under the ABL Revolving Credit Facility. The maturity date of borrowings under the ABL Revolving Credit Facility was July 11, 2027.

On October 22, 2025, the Company entered into a $300.0 million senior secured, cash flow-based revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility replaced the Company’s ABL Revolving Credit Facility, which was terminated on October 22, 2025. The scheduled maturity date for the Revolving Credit Facility is October 16, 2030. Under the terms of the Revolving Credit Facility, the Company pays interest on the unpaid principal amount outstanding under the Revolving Credit Facility at a rate equal to Term SOFR (as defined in the Revolving Credit Facility) plus an applicable margin ranging from 1.25% to 2.125% determined based upon the Company’s Total Net Debt Leverage Ratio (as defined in the Revolving Credit Facility). The Company pays a quarterly commitment fee under the Revolving Credit Facility on unused Revolving Commitments ranging from 0.20% to 0.35% determined based upon the Company’s Total Net Debt Leverage Ratio.

Pursuant to the Revolving Credit Facility, the Company is subject to a total leverage ratio covenant that requires that the Company’s Total Net Debt Leverage Ratio may not exceed 4.50 to 1.00. The Company is also subject to a consolidated interest coverage ratio covenant that requires that the Company’s Consolidated Interest Coverage Ratio (as defined in the Revolving Credit Facility) may not be less than 3.50 to 1.00 and a secured net debt leverage ratio covenant that requires that the Company’s Secured Net Debt Leverage Ratio (as defined in the Revolving Credit Facility) may not exceed 3.00 to 1.00. As of April 4, 2026, the Company was in compliance with these covenants. There was $85.0 million outstanding on the Revolving Credit Facility and there remained $212.8 million available for future borrowings, net of outstanding letters of credit on both April 4, 2026 and December 31, 2025. The Revolving Credit Facility has an accordion feature, which allows the Company to request incremental commitments of up to $100.0 million plus additional incremental amounts so long as maximum leverage requirements are met.

Debt issuance cost amortization expense was $0.6 million and $0.6 million for the three months ended April 4, 2026 and March 29, 2025, respectively. All costs are amortized to interest expense over the term of the respective agreement. Unamortized deferred debt issuance costs associated with the Revolving Credit Facility ($2.9 million and $3.0 million as of April 4, 2026 and December 31, 2025, respectively) are recorded within Other Assets.

Interest expense was $2.3 million and $3.2 million for the three months ended April 4, 2026 and March 29, 2025, respectively.

2030 Convertible Notes

On December 3, 2024, the Company issued $165.0 million aggregate principal amount of 5.500% Convertible Senior Notes due 2030 (the “2030 Convertible Notes”). The 2030 Convertible Notes bear interest at a rate of 5.500% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2025. The 2030 Convertible Notes will mature on March 15, 2030, unless earlier converted, redeemed or repurchased. The initial conversion rate is 43.6814 shares of common stock per $1,000 principal amount of 2030 Convertible Notes, which represent the initial conversion price of $22.89 per share. The 2030 Convertible Notes are convertible at the option of the holders at any time on or after December 15, 2029, until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will satisfy its conversion obligations by paying and/or delivering, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. Beginning March 20, 2028, if the Company’s stock price has been at least 130% of the conversion price for a specified period of time, the 2030 Convertible Notes may be

called at the option of the issuer. Under the same conditions, the Company can elect to redeem the 2030 Convertible Notes for cash. After the first quarter of 2025, if the Company’s stock price has been at least 130% of the conversion price for 20 of 30 trading days ending on and including the last trading day of the immediately preceding quarter, the 2030 Convertible Notes may be called at the option of the holder. During the fiscal quarter ended April 4, 2026, our stock price met the price trigger defined above, and therefore, holders of our 2030 Convertible Notes have the ability to convert their notes at their option at any time during the fiscal quarter ended July 4, 2026.

2031 Convertible Notes

On September 15, 2025, the Company issued $225.0 million aggregate principal amount of Convertible Senior Notes due 2031 (the “2031 Convertible Notes”) for net proceeds of $216.7 million. The Company used part of the net proceeds to repurchase a portion of the 2030 Convertible Notes and the remainder to enter into the capped call transactions, as further described below. The 2031 Convertible Notes do not bear any interest and will mature on January 15, 2031, unless earlier converted, redeemed or repurchased. The initial conversion rate is 18.2243 shares of common stock per $1,000 principal amount of 2031 Convertible Notes, which represents the initial conversion price of $54.87 per share. The 2031 Convertible Notes are convertible at the option of the holders at any time on or after October 15, 2030, until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will satisfy its conversion obligations by paying cash up to the aggregate principal amount of the 2031 Convertible Notes to be converted and paying and/or delivering, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted. Beginning January 22, 2029, if the Company’s stock price has been at least 130% of the conversion price for a specified period of time, the 2031 Convertible Notes may be called at the option of the issuer. After the fourth quarter of 2025, if the Company’s stock price has been at least 130% of the conversion price for 5 of the first 20 trading days of such fiscal quarter, the 2031 Convertible Notes may be redeemed at the option of the holder during the 30-trading day period beginning on, and including, the 21st trading day of such quarter. During the fiscal quarter ended April 4, 2026, our stock price met the price trigger defined above, and holders of our 2031 Convertible Notes had the ability to convert their notes at their option during the 30-trading day period beginning on, and including, the 21st trading day of the quarter. No notes were converted.

Partial Repurchase of 2030 Convertible Notes

The Company used approximately $189.8 million of the net proceeds from the issuance of the 2031 Convertible Notes, together with approximately $85.0 million of borrowings under its ABL Revolving Credit Facility and approximately $11.0 million of cash on hand, to repurchase approximately $132.0 million in aggregate principal amount of outstanding 2030 Convertible Notes pursuant to privately negotiated exchange agreements entered into with certain holders of the 2030 Convertible Notes. The total cash paid in connection with this repurchase was approximately $285.8 million.

The following table presents the outstanding principal amount and carrying value of the Convertible Notes as of the dates indicated:

	April 4, 2026						December 31, 2025
(In thousands)	Principal		Unamortized Debt Issuance Costs		Carrying Value		Principal		Unamortized Debt Issuance Costs		Carrying Value
2030 Convertible Notes	$	33,000	$	(963)	$	32,037	$	33,000	$	(1,023)	$	31,977
2031 Convertible Notes	225,000		(7,152)		217,848		225,000		(7,526)		217,474
Total	$	258,000	$	(8,115)	$	249,885	$	258,000	$	(8,549)	$	249,451

The Company estimates the fair value of the convertible notes based on quoted prices for these instruments in active markets, classified as Level 1 measurements within the fair value hierarchy. The fair value of the 2031 Convertible Notes was approximately $323.4 million and $264.1 million as of April 4, 2026 and December 31, 2025, respectively. The fair value of the 2030 Convertible Notes was approximately $105.8 million and $84.8 million as of April 4, 2026 and December 31, 2025, respectively.

Capped Call Transactions

In connection with the issuance of the 2031 Convertible Notes, we entered into capped call transactions (the “Capped Calls”) with certain financial institutions. The Capped Calls are generally expected to reduce the potential dilution to the Company’s common stock upon any conversion of the 2031 Convertible Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted 2031 Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the Capped Calls is initially approximately $83.41 per share of the

Company’s common stock and is subject to certain adjustments under the terms of the capped call transactions. The Capped Calls expire January 15, 2031.

We used approximately $26.9 million of the net proceeds from the 2031 Convertible Notes to purchase the Capped Calls. These instruments are classified as equity and recorded within additional paid-in capital in the Consolidated Condensed Statements of Changes in Stockholders’ Equity.

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Product Warranties

3 Months Ended

Apr. 04, 2026

Guarantees [Abstract]

Product Warranties

Product Warranties

In the ordinary course of business, the Company warrants its products against defects in design, materials, and workmanship typically over periods ranging from twelve to sixty months. The Company determines warranty reserves needed by product line based on experience and current facts and circumstances.

Activity in the warranty accrual, which is included in Accrued Expenses and Other Current Liabilities on the Consolidated Condensed Balance Sheets, is summarized as follows:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Balance at Beginning of Period	$	20,740	$	18,081
Warranties Issued	949		907
Warranties Settled	(1,809)		(1,320)
Change in Warranty Estimate	(355)		(57)
Balance at End of Period	$	19,525	$	17,611

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Income Taxes

3 Months Ended

Apr. 04, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rates were approximately (3.0)% and 6.3% for the three months ended April 4, 2026 and March 29, 2025, respectively. Beginning with the 2025 tax year, U.S. domestic research and development costs can be expensed as incurred. In addition, there are options to expense any remaining unamortized research and development costs that were previously capitalized during the 2022 through 2024 tax years. The tax rate in the 2026 period was favorably impacted by the reversal of valuation allowances related to net operating losses expected to be utilized in the 2026 period and previously capitalized research and development costs that are expected to be expensed in the 2026 period, partially offset by certain timing differences. In addition, the tax rate in the 2026 period was impacted by state and foreign income taxes and a discrete adjustment to recognize a benefit from deductible stock-based compensation expense.

The Company records a valuation allowance against the deferred tax assets if and to the extent it is more likely than not that the Company will not recover the deferred tax assets. In evaluating the need for a valuation allowance, the Company weighs all relevant positive and negative evidence, and considers among other factors, historical financial performance, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, and tax planning strategies. After considering the losses in recent periods and cumulative pre-tax losses in the three-year period ending with the current year, the Company determined that projections of future taxable income could not be relied upon as a source of income to realize its deferred tax assets. However, the Company is relying on a significant portion of its existing deferred tax liabilities for the realizability of deferred tax assets. Accordingly, during the years ended December 31, 2025 and 2024, the Company determined that a portion of its deferred tax assets were not expected to be realizable in the future and the Company continues to maintain the valuation allowance against its deferred tax assets as of April 4, 2026.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the United States. The OBBBA permanently extends and modifies significant provisions enacted in 2017 as part of the Tax Cuts and Jobs Act (“TCJA”) that were originally set to expire at the end of 2025. In addition, the OBBBA makes changes to certain U.S. corporate tax provisions, many of which were not in effect until 2026. Key provisions of the Tax Act relevant to the Company’s operations include immediate expensing of certain domestic research and development expenses and domestic capital expenditures beginning in 2025 as well as changes to various U.S. international tax provisions beginning in 2026. These provisions of the Tax Act have favorably impacted the Company’s effective tax rate and cash tax rate for the 2025 and 2026 tax years and are expected to have favorable impacts in future years. Changes in tax laws may affect recorded deferred tax assets and deferred tax liabilities and our effective tax rate in the future and the Company is continuing to evaluate the impacts of the new legislation.

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Earnings Per Share

3 Months Ended

Apr. 04, 2026

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic earnings per share:

	Three months ended
(In thousands, except per share amounts)	April 4, 2026		March 29, 2025
Basic Earnings per Common Share:
Net Income - Basic	$	25,540	$	9,528
Weighted Average Shares - Basic	35,736		35,285
Basic Earnings per Common Share	$	0.71	$	0.27

The following table sets forth the computation of diluted net income (loss) per share:

	Three months ended
(In thousands, except per share amounts)	April 4, 2026		March 29, 2025
Diluted Earnings per Common Share:
Net Income - Basic	$	25,540	$	9,528
Convertible Notes Interest Expense, Net of Tax	—		1,792
Net Income - Diluted	$	25,540	$	11,320
Weighted Average Shares - Basic	35,736		35,285
Net Effect of Dilutive Stock Awards	1,495		464
Net Effect of Dilutive Convertible Notes	992		7,208
Weighted Average Shares - Diluted	38,223		42,957
Diluted Earnings per Common Share	$	0.67	$	0.26

The Company includes the dilutive effect of shares issuable upon conversion of its Convertible Notes in the calculation of diluted income per share using the if-converted method. The Company has the option for the 2030 Convertible Notes to settle the conversion value in any combination of cash or shares, and as such, the maximum number of shares issuable are included in the dilutive share count if the effect would be dilutive. The Company excluded all impacts of the 2030 Convertible Notes from the computation of diluted earnings per share at April 4, 2026 as the effect would be anti-dilutive. The Company will settle the principal amount of the 2031 Convertible Notes by paying cash and settle the premium in any combination of cash or shares. The Company’s average stock price during the period outstanding was above the conversion price for the 2031 Convertible Notes, therefore incremental shares were included in diluted earnings per share at April 4, 2026.

Stock options with exercise prices greater than the average market price of the underlying common shares are excluded from the computation of diluted earnings per share because they are out-of-the-money and the effect of their inclusion would be anti-dilutive.

Antidilutive shares excluded from diluted earnings per share computations as of the date indicated were as follows:

(In thousands)	April 4, 2026	March 29, 2025
Stock Options and Unvested RSUs	—	471
2030 Convertible Notes	1,442	—
Total Antidilutive Securities	1,442	471

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Shareholders’ Equity

3 Months Ended

Apr. 04, 2026

Equity [Abstract]

Shareholders’ Equity

Shareholders’ Equity

Share Buyback Program

The Company’s Board of Directors from time to time authorizes the repurchase of common stock, which allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. The Company has the capacity under the currently authorized program to repurchase additional shares of its common stock with a maximum dollar value of $41.5 million.

At-the-Market Equity Offering

On August 8, 2023, the Company initiated an at-the-market equity offering program (the “ATM Program”) for the sale from time to time of shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $30.0 million. During the three months ended April 4, 2026 and March 29, 2025, the Company did not sell any shares of our common stock under the ATM Program. As of April 4, 2026, the Company had remaining capacity under the ATM Program to sell shares of common stock having an aggregate offering price up to approximately $8.2 million.

Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:

(In thousands)	April 4, 2026		December 31, 2025
Foreign Currency Translation Adjustments	$	(6,307)	$	(5,152)
Retirement Liability Adjustment – Before Tax	(1,413)		(1,540)
Tax Benefit of Retirement Liability Adjustment	2,282		2,282
Retirement Liability Adjustment – After Tax	869		742
Accumulated Other Comprehensive Loss	$	(5,438)	$	(4,410)

The components of other comprehensive (loss) income are as follows:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Foreign Currency Translation Adjustments	$	(1,155)	$	752
Retirement Liability Adjustments:
Reclassifications to Selling, General and Administrative Expenses:
Amortization of Prior Service Cost	97		96
Amortization of Net Actuarial (Gains) Losses	30		(332)
Retirement Liability Adjustment	127		(236)
Other Comprehensive (Loss) Income	$	(1,028)	$	516

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Sales to Major Customers	3 Months Ended
	Apr. 04, 2026
Risks and Uncertainties [Abstract]
Sales to Major Customers	Sales to Major CustomersThe loss of major customers or a significant reduction in business with a major customer would significantly, and negatively impact our sales and earnings. In the three months ended April 4, 2026, the Company had one major customer over 10% of consolidated sales primarily in the Aerospace segment. Sales to The Boeing Company (“Boeing”) accounted for 10.1% of consolidated sales in the three months ended April 4, 2026. Accounts receivable from Boeing on April 4, 2026 were approximately $19.8 million. In the three months ended March 29, 2025, the Company had one major customer over 10% of consolidated sales primarily in the Aerospace segment. Sales to the Safran Group (“Safran”) accounted for 10.3% of consolidated sales in the three months ended March 29, 2025.

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Legal Proceedings and Other Matters

3 Months Ended

Apr. 04, 2026

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings and Other Matters

Legal Proceedings and Other Matters

Legal Proceedings

One of the Company’s subsidiaries is involved in numerous patent infringement actions brought by Lufthansa Technik AG (“Lufthansa”) in Germany, the United Kingdom (“UK”) and France. The Company is vigorously defending all such litigation and proceedings. Additional information about these legal proceedings can be found in Note 19, Legal Proceedings and Other Matters, to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the 2025 10-K.

As previously disclosed, Lufthansa and AES have filed requests with the German Federal Supreme Court to be granted leave to file appeals against the decision in both the direct and indirect matter. On February 25, 2026, the German Federal Supreme Court rejected Lufthansa’s and AES’s petitions for leave to appeal in both matters. Therefore, the decisions of the Higher Regional Court of Karlsruhe have become final.

The reserve for the German indirect claim and interest was approximately $17.7 million at April 4, 2026 and $17.6 million on December 31, 2025. The Company currently believes it is unlikely that the damages in the German indirect proceedings and related interest will be paid within the next twelve months. Therefore, the liability related to this matter is classified within Other Liabilities (non-current) in the Consolidated Condensed Balance Sheets at April 4, 2026 and December 31, 2025.

In the matter before the UK High Court of Justice, Lufthansa had pleaded its case for monetary compensation at a separate trial which was conducted in October 2024. Both the Company and Lufthansa submitted to the UK High Court of Justice calculations of the estimated profits derived from the reports of the parties’ respective financial experts. The account of profits trial judgment was published on February 21, 2025 by the court in the amount of $11.9 million. Such amount was recorded as a liability in the Company’s Consolidated Financial Statements as of December 31, 2024. Following a consequential hearing on March 20, 2025, the amount was adjusted upwards by $0.5 million related to the resolution of a provisional item. Additionally, on April 30, 2025, the UK High Court of Justice issued a draft order related to interest associated with damages, which obligated the Company to accrue a reserve estimate of $5.7 million relating to such interest associated with the damages. Both of these amounts were recorded in the three months ended March 29, 2025 within Selling, General and Administrative Expenses in the Company’s Consolidated Condensed Statement of Operations.

There was a further consequential hearing on May 16, 2025 which addressed applications concerning interest on the ordered damages, permission to appeal the court’s findings in these matters, as well as the issue of reimbursement of legal fees in the damages phase of the litigation. The Company was ordered to make payments of $5.7 million in relation to the previously accrued interest and $3.5 million for partial reimbursement of Lufthansa’s legal costs. The interest amount was recorded in the first quarter of 2025, while the legal cost reimbursement was recorded in the second quarter.

Both the Company and Lufthansa have been granted permission to appeal the rulings by the UK High Court of Justice. The appeals are scheduled to be heard by the UK Court of Appeal in July 2026.

A liability for reimbursement of Lufthansa’s legal expenses associated with the UK matter, exclusive of the damages phase, was approximately $1.0 million at April 4, 2026 and December 31, 2025, which is expected to be paid within the next twelve months and, as such, is classified in Accrued Expenses and Other Current Liabilities in the accompanying Consolidated Condensed Balance Sheets as of April 4, 2026 and December 31, 2025.

With respect to the proceeding in France, the Court of Appeal of Paris is set to hear the appeal on nullity on October 28, 2026. Should the Court find the patent to be valid, the trial date for the infringement and damages is scheduled for December 2027. As loss exposure is not probable and estimable at this time, the Company has not recorded any liability with respect to the French matter at April 4, 2026 or December 31, 2025.

Each of the German, France and UK claims are separate and distinct. Validity and infringement of the Lufthansa patent in each country is a matter for the courts in each of these countries, whose laws differ from each other. In addition, the principles of calculating damages in each jurisdiction differ substantially. Therefore, the Company has assessed each matter separately and cannot apply the same calculation methodology as in the German direct and indirect matters. However, it is reasonably possible that additional damages and interest could be incurred if the appellate court in France was to rule in favor of Lufthansa, or if damages in the UK matter upon conclusion of the appeal are calculated on a different basis than the initial judgment.

There were no other significant developments in any of these matters during the three months ended April 4, 2026.

Other than these proceedings, we are not party to any significant pending legal proceedings that management believes will result in a material adverse effect on our financial condition or results of operations.

Other Matters

On February 20, 2026, the U.S. Supreme Court struck down certain tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). Following the Supreme Court decision, the U.S. Administration announced a new 10% global tariff under Section 122 of the Trade Act of 1974, which was subsequently struck down on May 7, 2026 by the U.S. Court of International Trade. As of the filing date, it remains uncertain what impact these decisions will have on our future financial results, including the process and availability of obtaining refunds of amounts previously paid for the IEEPA tariffs or any fluctuations of the level of replacement tariffs imposed or the addition of any new tariffs through other means.

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Segment Information

3 Months Ended

Apr. 04, 2026

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company reports segment information based on the management approach, which designates the internal reporting used by the CODM for making decisions and assessing performance as the source of the Company’s reportable segments. The CODM, which is the Company’s Chief Executive Officer, allocates resources and assesses the performance of each operating segment based on historical and potential future product sales, gross margin associated with those sales, and operating profit (loss) before interest, taxes, and corporate expenses. The Company has determined its reportable segments to be Aerospace and Test Systems based on the information used by the CODM.

Segment information and reconciliations to consolidated amounts are as follows:

	Three Months Ended
(In thousands)	April 4, 2026			March 29, 2025
Sales:
Aerospace	$	213,843		$	191,388
Less Inter-segment Sales	(23)			(13)
Total Aerospace Sales	213,820			191,375
Test Systems	16,824			14,592
Less Inter-segment Sales	(25)			(31)
Total Test Systems Sales	16,799			14,561
Total Consolidated Sales	230,619			205,936
Less1
Cost of Products Sold:
Aerospace	143,127			132,892
	66.9		%	69.4		%
Test Systems	12,359			12,195
	73.6		%	83.8		%
Other Segment Items2
Aerospace	35,361			36,219
Test Systems	4,037			4,589
Operating Profit and Margins:
Aerospace	35,332			22,264
	16.5		%	11.6		%
Test Systems	403			(2,223)
	2.4		%	(15.3)		%
Total Operating Profit	35,735			20,041
	15.5		%	9.7		%
Deductions from Segment Measure of Operating Profit:
Interest Expense, Net of Interest Income	2,336			3,150
Corporate Expenses and Other	8,614			6,717
Income Before Income Taxes	$	24,785		$	10,174

1 The significant expenses and amounts presented align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

2 Other segment items include Selling, General and Administrative Expenses, Research and Development Expenses, and sublease and rental income.

(In thousands)	April 4, 2026		December 31, 2025
Total Assets:
Aerospace	$	604,480	$	570,294
Test Systems	120,115		119,603
Corporate	22,548		16,781
Total Assets	$	747,143	$	706,678

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Depreciation and Amortization:
Aerospace	$	5,379	$	4,498
Test Systems	505		1,078
Corporate	10		12
Total Depreciation and Amortization	$	5,894	$	5,588
Capital Expenditures:
Aerospace	$	10,731	$	2,082
Test Systems	429		23
Total Capital Expenditures	$	11,160	$	2,105

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Fair Value

3 Months Ended

Apr. 04, 2026

Fair Value Disclosures [Abstract]

Fair Value

Fair Value

There were no financial assets or liabilities carried at fair value measured on a recurring basis on April 4, 2026 or December 31, 2025.

There were no non-recurring fair value measurements performed in the three months ended April 4, 2026 and March 29, 2025.

Due to their short-term nature, the carrying value of cash and equivalents, accounts receivable, and accounts payable approximate fair value. The carrying value of the Company’s variable rate long-term debt instruments also approximates fair value due to the variable rate feature of these instruments. Refer to Note 7, Long-term Debt and Notes Payable, for additional information relating to the fair value of the Company’s outstanding fixed-rate Convertible Notes.

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Acquisitions

3 Months Ended

Apr. 04, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Acquisitions

Envoy Aerospace, LLC

On June 30, 2025, the Company purchased the membership interests of Envoy Aerospace, LLC (“Envoy Aerospace”), located in Aurora, Illinois. Envoy Aerospace is an FAA Organization Designation Authorization (“ODA”) services provider. Envoy Aerospace is included in our Aerospace segment. The total purchase price was approximately $8.3 million, net of cash acquired and the estimated closing adjustment. Of the purchase price, $4.5 million was paid at the closing date. Payments of $2.0 million and $1.8 million will become payable by the Company following the first and second anniversary of the closing date, respectively, based on the achievement of certain milestones. The Company has finalized the purchase price allocation. Purchased intangible assets and goodwill are expected to be deductible for tax purposes over 15 years. This transaction was not considered material to the Company’s financial position or results of operations.

Bühler Motor Aviation

On October 13, 2025, the Company acquired all of the issued and outstanding capital stock of Bühler Motor Aviation (“BMA”), located in Uhldingen-Mühlhofen, Germany. BMA is an established manufacturer of aircraft seat actuation systems with a broad product portfolio that includes actuators, electronics, control panels, pneumatic systems, and lighting. BMA is included in our Aerospace segment. The total purchase price was approximately $18.0 million, net of cash acquired and the estimated closing adjustment. The purchase price was paid at the closing date. The Company has not yet finalized the purchase price allocation.

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Insider Trading Arrangements	3 Months Ended
	Apr. 04, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Basis of Presentation (Policies)

3 Months Ended

Apr. 04, 2026

Accounting Policies [Abstract]

Basis of Presentation and Description of the Business

Basis of Presentation

The accompanying unaudited statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included.

Description of the Business

Astronics Corporation (“Astronics” or the “Company”) is a leading provider of advanced technologies to the global aerospace, defense, and electronics industries. Our products and services include advanced, high-performance inflight entertainment and connectivity products and services, lighting and safety systems, flight critical electrical power generation and distribution systems, seat motion systems and automated test systems.

We have principal operations in the United States (“U.S.”), Canada, France and Germany, as well as engineering offices in Ukraine and India.

The Company has two reportable segments, Aerospace and Test Systems. The Aerospace segment designs and manufactures products for the global aerospace and defense industry. Our Test Systems segment designs, develops, manufactures and maintains automated test systems that support the aerospace and defense, communications and mass transit industries.

Operating Results

Operating Results

The results of operations for any interim period are not necessarily indicative of results for the full year. Operating results for the three months ended April 4, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

The balance sheet on December 31, 2025, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

Restricted Cash

Restricted Cash

Under the provisions of the ABL Revolving Credit Facility (as defined and discussed below in Note 7, Long-term Debt and Notes Payable) which was terminated on October 22, 2025, the Company had a cash dominion arrangement with the banking institution for its accounts within the United States whereby daily cash receipts were contractually utilized to pay down outstanding balances on the ABL Revolving Credit Facility. Account balances that had not yet been applied to the ABL Revolving Credit Facility were classified as restricted cash in the applicable Consolidated Condensed Balance Sheets.

Trade Accounts Receivable and Contract Assets

Trade Accounts Receivable and Contract Assets

The allowance for estimated credit losses is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as the age of the receivable balances, historical experience, credit quality, current economic conditions, and reasonable and supportable forecasts of future economic conditions that may affect a customer’s ability to pay.

Cloud Computing Arrangements

Cloud Computing Arrangements

The Company incurs costs to implement cloud computing arrangements that are hosted by third-party vendors. Implementation costs associated with cloud computing arrangements are capitalized when incurred during the application development phase. Amortization begins when the related cloud computing solution is ready for its intended use and is calculated on a straight-line basis over the contractual term of the cloud computing arrangement. Implementation costs associated with cloud computing arrangements are reflected in Cash from Operating Activities on the Consolidated Condensed Statements of Cash Flows in accordance with ASC Topic 350-40, Intangibles - Goodwill and Other - Internal-Use Software. The Company capitalized implementation costs related to such arrangements of $5.0 million and $2.8 million as of April 4, 2026 and December 31, 2025, respectively, within other non-current assets in the Consolidated Condensed Balance Sheets.

Valuation of Goodwill and Long-Lived Assets

Valuation of Goodwill and Long-Lived Assets

The Company tests goodwill at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

Long-lived assets are evaluated for recoverability whenever adverse effects or changes in circumstances indicate that the carrying value may not be recoverable. The recoverability test consists of comparing the undiscounted projected cash flows with the carrying amount. Should the carrying amount exceed undiscounted projected cash flows, an impairment loss would be recognized to the extent the carrying amount exceeds fair value.

New or Recent Accounting Pronouncements

New or Recent Accounting Pronouncements

We consider the applicability and impact of all ASUs. There have been no new applicable accounting pronouncements or changes in accounting pronouncements during the three months ended April 4, 2026 as compared with the recent accounting

pronouncements described in the 2025 10-K. ASUs not disclosed were assessed and determined to be either not applicable or had or are expected to have minimal impact on our financial statements and related disclosures.

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Basis of Presentation (Tables)

3 Months Ended

Apr. 04, 2026

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash

The

following table provides a reconciliation of cash and restricted cash included in Consolidated Condensed Balance Sheets to the amounts included in the Consolidated Condensed Statements of Cash Flows.

(In thousands)	April 4, 2026		March 29, 2025
Cash and Cash Equivalents	$	11,867	$	24,805
Restricted Cash	—		1,143
Total Cash and Restricted Cash Shown in Statements of Cash Flows	$	11,867	$	25,948

Schedule of Reconciliation of Restricted Cash

The

following table provides a reconciliation of cash and restricted cash included in Consolidated Condensed Balance Sheets to the amounts included in the Consolidated Condensed Statements of Cash Flows.

(In thousands)	April 4, 2026		March 29, 2025
Cash and Cash Equivalents	$	11,867	$	24,805
Restricted Cash	—		1,143
Total Cash and Restricted Cash Shown in Statements of Cash Flows	$	11,867	$	25,948

Schedule of Allowance for Estimated Credit Losses

The changes in allowances for estimated credit losses for the three months ended April 4, 2026 and March 29, 2025 consisted of the following:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Balance at Beginning of the Period	$	847	$	2,377
Bad Debt Expense, Net of Recoveries	652		(128)
Write-off Charges Against the Allowance and Other Adjustments	(136)		42
Balance at End of the Period	$	1,363	$	2,291

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Revenue (Tables)

3 Months Ended

Apr. 04, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Liabilities

The following table presents the beginning and ending balances of contract assets and contract liabilities:

(In thousands)	Contract Assets		Contract Liabilities
Beginning Balance, January 1, 2026	$	54,687	$	26,962
Ending Balance, April 4, 2026	$	65,147	$	30,464

Schedule of Disaggregation of Revenue

The following table presents our revenue disaggregated by Market Segments for the periods indicated:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Aerospace Segment
Commercial Transport	$	156,419	$	137,542
Military Aircraft	33,502		33,263
General Aviation	21,449		15,243
Other	2,450		5,327
Aerospace Total	213,820		191,375
Test Systems Segment
Government & Defense	16,799		14,561
Test Systems Total	16,799		14,561
Total	$	230,619	$	205,936

The following table presents our revenue disaggregated by Product Lines for the periods indicated:

	Three Months Ended
			Recast
(In thousands)	April 4, 2026		March 29, 2025
Aerospace Segment
Inflight Entertainment & Connectivity	$	110,748	$	103,110
Lighting & Safety	52,807		51,957
Flight Critical Electrical Power	24,763		21,314
Seat Motion	19,879		6,672
Other	5,623		8,322
Aerospace Total	213,820		191,375
Test Systems	16,799		14,561
Total	$	230,619	$	205,936

The following table presents our revenue disaggregated by Product Lines for the fiscal years ended December 31, 2025 and 2024 as follows:

	Recast		Recast
(In thousands)	2025		2024
Aerospace Segment
Inflight Entertainment & Connectivity	$	434,239	$	383,679
Lighting & Safety	216,583		188,355
Flight Critical Electrical Power	73,706		68,368
Seat Motion	47,242		35,229
Other	25,549		31,053
Aerospace Total	797,319		706,684
Test Systems	64,809		88,742
Total	$	862,128	$	795,426

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Inventories (Tables)

3 Months Ended

Apr. 04, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

(In thousands)	April 4, 2026		December 31, 2025
Finished Goods	$	34,516	$	32,838
Work in Progress	45,593		38,686
Raw Material	131,836		125,336
	$	211,945	$	196,860

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Property, Plant and Equipment (Tables)

3 Months Ended

Apr. 04, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, Plant and Equipment consisted of the following:

(In thousands)	April 4, 2026		December 31, 2025
Land	$	8,878	$	8,902
Buildings and Improvements	96,360		83,482
Machinery and Equipment	141,875		131,610
Construction in Progress	7,228		19,616
Total Property, Plant and Equipment, Gross	254,341		243,610
Less Accumulated Depreciation	138,860		136,532
Total Property, Plant and Equipment, Net	$	115,481	$	107,078

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Intangible Assets (Tables)

3 Months Ended

Apr. 04, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquired Intangible Assets

The following table summarizes acquired intangible assets as follows:

		April 4, 2026				December 31, 2025
(In thousands)	Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents	11 years	$	2,146	$	2,146	$	2,146	$	2,146
Non-compete Agreement	4 years	11,082		11,082		11,082		11,082
Trade Names	10 years	11,549		10,587		11,565		10,541
Completed and Unpatented Technology	9 years	47,953		45,733		47,980		45,207
Backlog	4 years	3,916		390		3,991		177
Customer Relationships	15 years	145,664		105,845		145,773		104,531
Licensing Agreement	13 years	6,760		967		6,760		260
Total Intangible Assets	13 years	$	229,070	$	176,750	$	229,297	$	173,944

Schedule of Amortization Expense for Acquired Intangibles

Amortization expense for acquired intangibles is summarized as follows:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Amortization Expense	$	2,887	$	2,975

Schedule of Amortization Expense for Intangible Assets for Each of Next Five Years

Amortization expense for acquired intangible assets expected for 2026 and for each of the next five years is summarized as follows:

(In thousands)
2026	$	11,261
2027	$	9,498
2028	$	8,711
2029	$	7,161
2030	$	4,406
2031	$	4,195

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Goodwill (Tables)

3 Months Ended

Apr. 04, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The following table summarizes the changes in the carrying amount of goodwill for the three months ended April 4, 2026:

(In thousands)	December 31, 2025		Acquisition Adjustments		Foreign Currency Translation		April 4, 2026
Aerospace	$	41,288	$	851	$	572	$	42,711
Test Systems	21,635		—		—		21,635
	$	62,923	$	851	$	572	$	64,346

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Long-term Debt and Notes Payable (Tables)

3 Months Ended

Apr. 04, 2026

Debt Disclosure [Abstract]

Schedule of Outstanding Principal Amount and Carrying Value of Convertible Notes

The following table presents the outstanding principal amount and carrying value of the Convertible Notes as of the dates indicated:

	April 4, 2026						December 31, 2025
(In thousands)	Principal		Unamortized Debt Issuance Costs		Carrying Value		Principal		Unamortized Debt Issuance Costs		Carrying Value
2030 Convertible Notes	$	33,000	$	(963)	$	32,037	$	33,000	$	(1,023)	$	31,977
2031 Convertible Notes	225,000		(7,152)		217,848		225,000		(7,526)		217,474
Total	$	258,000	$	(8,115)	$	249,885	$	258,000	$	(8,549)	$	249,451

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Product Warranties (Tables)

3 Months Ended

Apr. 04, 2026

Guarantees [Abstract]

Schedule of Activity in Warranty Accrual

Activity in the warranty accrual, which is included in Accrued Expenses and Other Current Liabilities on the Consolidated Condensed Balance Sheets, is summarized as follows:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Balance at Beginning of Period	$	20,740	$	18,081
Warranties Issued	949		907
Warranties Settled	(1,809)		(1,320)
Change in Warranty Estimate	(355)		(57)
Balance at End of Period	$	19,525	$	17,611

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Earnings Per Share (Tables)

3 Months Ended

Apr. 04, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic earnings per share:

	Three months ended
(In thousands, except per share amounts)	April 4, 2026		March 29, 2025
Basic Earnings per Common Share:
Net Income - Basic	$	25,540	$	9,528
Weighted Average Shares - Basic	35,736		35,285
Basic Earnings per Common Share	$	0.71	$	0.27

The following table sets forth the computation of diluted net income (loss) per share:

	Three months ended
(In thousands, except per share amounts)	April 4, 2026		March 29, 2025
Diluted Earnings per Common Share:
Net Income - Basic	$	25,540	$	9,528
Convertible Notes Interest Expense, Net of Tax	—		1,792
Net Income - Diluted	$	25,540	$	11,320
Weighted Average Shares - Basic	35,736		35,285
Net Effect of Dilutive Stock Awards	1,495		464
Net Effect of Dilutive Convertible Notes	992		7,208
Weighted Average Shares - Diluted	38,223		42,957
Diluted Earnings per Common Share	$	0.67	$	0.26

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Antidilutive shares excluded from diluted earnings per share computations as of the date indicated were as follows:

(In thousands)	April 4, 2026	March 29, 2025
Stock Options and Unvested RSUs	—	471
2030 Convertible Notes	1,442	—
Total Antidilutive Securities	1,442	471

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Shareholders’ Equity (Tables)

3 Months Ended

Apr. 04, 2026

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:

(In thousands)	April 4, 2026		December 31, 2025
Foreign Currency Translation Adjustments	$	(6,307)	$	(5,152)
Retirement Liability Adjustment – Before Tax	(1,413)		(1,540)
Tax Benefit of Retirement Liability Adjustment	2,282		2,282
Retirement Liability Adjustment – After Tax	869		742
Accumulated Other Comprehensive Loss	$	(5,438)	$	(4,410)

Schedule of Other Comprehensive Income (Loss)

The components of other comprehensive (loss) income are as follows:

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Foreign Currency Translation Adjustments	$	(1,155)	$	752
Retirement Liability Adjustments:
Reclassifications to Selling, General and Administrative Expenses:
Amortization of Prior Service Cost	97		96
Amortization of Net Actuarial (Gains) Losses	30		(332)
Retirement Liability Adjustment	127		(236)
Other Comprehensive (Loss) Income	$	(1,028)	$	516

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Segment Information (Tables)

3 Months Ended

Apr. 04, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Segment information and reconciliations to consolidated amounts are as follows:

	Three Months Ended
(In thousands)	April 4, 2026			March 29, 2025
Sales:
Aerospace	$	213,843		$	191,388
Less Inter-segment Sales	(23)			(13)
Total Aerospace Sales	213,820			191,375
Test Systems	16,824			14,592
Less Inter-segment Sales	(25)			(31)
Total Test Systems Sales	16,799			14,561
Total Consolidated Sales	230,619			205,936
Less1
Cost of Products Sold:
Aerospace	143,127			132,892
	66.9		%	69.4		%
Test Systems	12,359			12,195
	73.6		%	83.8		%
Other Segment Items2
Aerospace	35,361			36,219
Test Systems	4,037			4,589
Operating Profit and Margins:
Aerospace	35,332			22,264
	16.5		%	11.6		%
Test Systems	403			(2,223)
	2.4		%	(15.3)		%
Total Operating Profit	35,735			20,041
	15.5		%	9.7		%
Deductions from Segment Measure of Operating Profit:
Interest Expense, Net of Interest Income	2,336			3,150
Corporate Expenses and Other	8,614			6,717
Income Before Income Taxes	$	24,785		$	10,174

1 The significant expenses and amounts presented align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

2 Other segment items include Selling, General and Administrative Expenses, Research and Development Expenses, and sublease and rental income.

(In thousands)	April 4, 2026		December 31, 2025
Total Assets:
Aerospace	$	604,480	$	570,294
Test Systems	120,115		119,603
Corporate	22,548		16,781
Total Assets	$	747,143	$	706,678

	Three Months Ended
(In thousands)	April 4, 2026		March 29, 2025
Depreciation and Amortization:
Aerospace	$	5,379	$	4,498
Test Systems	505		1,078
Corporate	10		12
Total Depreciation and Amortization	$	5,894	$	5,588
Capital Expenditures:
Aerospace	$	10,731	$	2,082
Test Systems	429		23
Total Capital Expenditures	$	11,160	$	2,105

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Basis of Presentation - Narrative (Details) $ in Millions			3 Months Ended
	Oct. 13, 2025 USD ($)	Jun. 30, 2025 USD ($)	Apr. 04, 2026 USD ($) segment	Dec. 31, 2025 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of reportable segments | segment			2
Capitalized computer software, gross			$ 5.0	$ 2.8
Envoy Aerospace, LLC
Restructuring Cost and Reserve [Line Items]
Total purchase price		$ 8.3
Cash purchase price		4.5
Consideration transferred, liabilities incurred		2.0
Contingent consideration, liability		$ 1.8
Bühler Motor Aviation
Restructuring Cost and Reserve [Line Items]
Total purchase price	$ 18.0

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Basis of Presentation - Schedule of Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Apr. 04, 2026	Dec. 31, 2025	Mar. 29, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and Cash Equivalents	$ 11,867	$ 18,180	$ 24,805
Restricted Cash	0		1,143
Total Cash and Restricted Cash Shown in Statements of Cash Flows	$ 11,867	$ 18,180	$ 25,948	$ 18,428

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Basis of Presentation - Schedule of Allowance for Estimated Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of the Period	$ 847	$ 2,377
Bad Debt Expense, Net of Recoveries	652	(128)
Write-off Charges Against the Allowance and Other Adjustments	(136)	42
Balance at End of the Period	$ 1,363	$ 2,291

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Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025	Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 734.3
Contract with customer, asset, impact from change in estimate due to variable consideration	2.8
Revenue recognized included in contract liability balance	6.6	$ 11.6
Capitalized fulfillment cost	6.3		$ 6.0
Amortization of fulfillment costs	0.1	$ 3.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-05
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 596.2
Period of recognition	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-04
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period of recognition

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Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 04, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 65,147	$ 54,687
Contract Liabilities	$ 30,464	$ 26,962

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Revenue - Schedule of Revenue Disaggregated by Market (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 04, 2026	Mar. 29, 2025	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total	$ 230,619	$ 205,936	$ 862,128	$ 795,426
Aerospace Segment
Disaggregation of Revenue [Line Items]
Total	213,820	191,375	797,319	706,684
Aerospace Segment | Commercial Transport
Disaggregation of Revenue [Line Items]
Total	156,419	137,542
Aerospace Segment | Military Aircraft
Disaggregation of Revenue [Line Items]
Total	33,502	33,263
Aerospace Segment | General Aviation
Disaggregation of Revenue [Line Items]
Total	21,449	15,243
Aerospace Segment | Other
Disaggregation of Revenue [Line Items]
Total	2,450	5,327
Test Systems Segment
Disaggregation of Revenue [Line Items]
Total	16,799	14,561	$ 64,809	$ 88,742
Test Systems Segment | Government & Defense
Disaggregation of Revenue [Line Items]
Total	$ 16,799	$ 14,561

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Revenue - Schedule of Disaggregated by Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 04, 2026	Mar. 29, 2025	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total	$ 230,619	$ 205,936	$ 862,128	$ 795,426
Aerospace Segment
Disaggregation of Revenue [Line Items]
Total	213,820	191,375	797,319	706,684
Aerospace Segment | Inflight Entertainment & Connectivity
Disaggregation of Revenue [Line Items]
Total	110,748	103,110	434,239	383,679
Aerospace Segment | Lighting & Safety
Disaggregation of Revenue [Line Items]
Total	52,807	51,957	216,583	188,355
Aerospace Segment | Flight Critical Electrical Power
Disaggregation of Revenue [Line Items]
Total	24,763	21,314	73,706	68,368
Aerospace Segment | Seat Motion
Disaggregation of Revenue [Line Items]
Total	19,879	6,672	47,242	35,229
Aerospace Segment | Other
Disaggregation of Revenue [Line Items]
Total	5,623	8,322	25,549	31,053
Test Systems
Disaggregation of Revenue [Line Items]
Total	$ 16,799	$ 14,561	$ 64,809	$ 88,742

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Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Apr. 04, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Finished Goods	$ 34,516	$ 32,838
Work in Progress	45,593	38,686
Raw Material	131,836	125,336
Inventory, net	$ 211,945	$ 196,860

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Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Apr. 04, 2026	Dec. 31, 2025
Property, Plant and Equipment
Total Property, Plant and Equipment, Gross	$ 254,341	$ 243,610
Less Accumulated Depreciation	138,860	136,532
Total Property, Plant and Equipment, Net	115,481	107,078
Land
Property, Plant and Equipment
Total Property, Plant and Equipment, Gross	8,878	8,902
Buildings and Improvements
Property, Plant and Equipment
Total Property, Plant and Equipment, Gross	96,360	83,482
Machinery and Equipment
Property, Plant and Equipment
Total Property, Plant and Equipment, Gross	141,875	131,610
Construction in Progress
Property, Plant and Equipment
Total Property, Plant and Equipment, Gross	$ 7,228	$ 19,616

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Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 04, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets
Weighted Average Life	13 years
Gross Carrying Amount	$ 229,070	$ 229,297
Accumulated Amortization	$ 176,750	173,944
Patents
Finite-Lived Intangible Assets
Weighted Average Life	11 years
Gross Carrying Amount	$ 2,146	2,146
Accumulated Amortization	$ 2,146	2,146
Non-compete Agreement
Finite-Lived Intangible Assets
Weighted Average Life	4 years
Gross Carrying Amount	$ 11,082	11,082
Accumulated Amortization	$ 11,082	11,082
Trade Names
Finite-Lived Intangible Assets
Weighted Average Life	10 years
Gross Carrying Amount	$ 11,549	11,565
Accumulated Amortization	$ 10,587	10,541
Completed and Unpatented Technology
Finite-Lived Intangible Assets
Weighted Average Life	9 years
Gross Carrying Amount	$ 47,953	47,980
Accumulated Amortization	$ 45,733	45,207
Backlog
Finite-Lived Intangible Assets
Weighted Average Life	4 years
Gross Carrying Amount	$ 3,916	3,991
Accumulated Amortization	$ 390	177
Customer Relationships
Finite-Lived Intangible Assets
Weighted Average Life	15 years
Gross Carrying Amount	$ 145,664	145,773
Accumulated Amortization	$ 105,845	104,531
Licensing Agreement
Finite-Lived Intangible Assets
Weighted Average Life	13 years
Gross Carrying Amount	$ 6,760	6,760
Accumulated Amortization	$ 967	$ 260

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Intangible Assets - Narrative (Details)	3 Months Ended
	Apr. 04, 2026 tradeName
Goodwill and Intangible Assets Disclosure [Abstract]
Number of trade names not amortized	1

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Intangible Assets - Schedule of Amortization Expense for Acquired Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 2,887	$ 2,975

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Intangible Assets - Schedule of Amortization Expense for Intangible Assets for Each of Next Five Years (Details) $ in Thousands	Apr. 04, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 11,261
2027	9,498
2028	8,711
2029	7,161
2030	4,406
2031	$ 4,195

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Goodwill (Details) $ in Thousands	3 Months Ended
	Apr. 04, 2026 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 62,923
Acquisition Adjustments	851
Foreign Currency Translation	572
Balance at end of period	64,346
Aerospace
Goodwill [Roll Forward]
Balance at beginning of period	41,288
Acquisition Adjustments	851
Foreign Currency Translation	572
Balance at end of period	42,711
Test Systems
Goodwill [Roll Forward]
Balance at beginning of period	21,635
Acquisition Adjustments	0
Foreign Currency Translation	0
Balance at end of period	$ 21,635

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Long-term Debt and Notes Payable - Narrative (Details) $ / shares in Units, $ in Thousands					3 Months Ended
	Oct. 22, 2025 USD ($)	Sep. 15, 2025 USD ($) day $ / shares	Dec. 03, 2024 USD ($) day $ / shares	Nov. 25, 2024	Apr. 04, 2026 USD ($) $ / Unit	Mar. 29, 2025 USD ($)	Dec. 31, 2025 USD ($)
Debt Instrument
Debt issuance amortization expense					$ 600	$ 600
Interest expense					2,300	$ 3,200
Convertible Debt
Debt Instrument
Unamortized balance of deferred financing costs					8,115		$ 8,549
Convertible Senior Notes Due 2030 | Convertible Debt
Debt Instrument
Unamortized balance of deferred financing costs					963		1,023
Debt face amount			$ 165,000
Debt instrument, interest rate, stated percentage			5.50%
Debt instrument, convertible, conversion ratio			0.0436814
Initial conversion price (in dollars per share) | $ / shares			$ 22.89
Debt instrument, convertible, threshold percentage (at least)			130.00%
Number of convertible threshold trading days | day			20
Number of convertible, threshold consecutive trading days | day			30
Proceeds from convertible debt issuance used for repurchase					189,800
Proceeds from line of credit facility used for repurchase					85,000
Cash used for debt repurchase					11,000
Debt repurchase amount					132,000
Total cash paid for debt repurchase					285,800
Convertible debt, fair value					105,800		84,800
Convertible Senior Notes Due 2031 | Convertible Debt
Debt Instrument
Unamortized balance of deferred financing costs					$ 7,152		7,526
Debt face amount		$ 225,000
Debt instrument, convertible, conversion ratio		0.0182243
Initial conversion price (in dollars per share) | $ / shares		$ 54.87
Debt instrument, convertible, threshold percentage (at least)		130.00%
Number of convertible threshold trading days | day		5
Number of convertible, threshold consecutive trading days | day		20
Proceeds from convertible debt		$ 216,700
Debt instrument, convertible, trading day period		30 days			30 days
Convertible debt, fair value					$ 323,400		264,100
Capped calls, cap price (in dollars per unit) | $ / Unit					83.41
Payment for capped calls					$ 26,900
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit
Debt Instrument
Unamortized balance of deferred financing costs					2,900		3,000
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument
Commitment fee				0.25%
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument
Commitment fee				0.375%
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit | SOFR
Debt Instrument
Basis spread on variable rate				0.10%
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit | SOFR | Minimum
Debt Instrument
Basis spread on variable rate				2.75%
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit | SOFR | Maximum
Debt Instrument
Basis spread on variable rate				3.25%
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit | SOFR (at least)
Debt Instrument
Basis spread on variable rate				1.00%
Revolving Credit Facility | Senior Secured, Cash Flow-Based Revolving Credit Facility | Line of Credit
Debt Instrument
Maximum borrowing capacity	$ 300,000
Net leverage ratio, maximum	4.50
Interest coverage ratio, minimum	3.50
Amounts outstanding under revolving line of credit					85,000		85,000
Remaining capacity under the credit facility					$ 212,800		$ 212,800
Secured net leverage ratio, maximum	3.00
Accordion feature, increase limit (up to)	$ 100,000
Revolving Credit Facility | Senior Secured, Cash Flow-Based Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument
Basis spread on variable rate	1.25%
Unused capacity, commitment fee	0.20%
Revolving Credit Facility | Senior Secured, Cash Flow-Based Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument
Basis spread on variable rate	2.125%
Unused capacity, commitment fee	0.35%

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Long-term Debt and Notes Payable - Schedule of Outstanding Principal Amount and Carrying Value of Convertible Notes (Details) - Convertible Debt - USD ($) $ in Thousands	Apr. 04, 2026	Dec. 31, 2025
Debt Instrument
Principal	$ 258,000	$ 258,000
Unamortized Debt Issuance Costs	(8,115)	(8,549)
Carrying Value	249,885	249,451
Convertible Senior Notes Due 2030
Debt Instrument
Principal	33,000	33,000
Unamortized Debt Issuance Costs	(963)	(1,023)
Carrying Value	32,037	31,977
Convertible Senior Notes Due 2031
Debt Instrument
Principal	225,000	225,000
Unamortized Debt Issuance Costs	(7,152)	(7,526)
Carrying Value	$ 217,848	$ 217,474

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Product Warranties - Narrative (Details)	3 Months Ended
	Apr. 04, 2026
Minimum
Product Warranty Liability [Line Items]
Product warranty period	12 months
Maximum
Product Warranty Liability [Line Items]
Product warranty period	60 months

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Product Warranties - Schedule of Activity in Warranty Accrual (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at Beginning of Period	$ 20,740	$ 18,081
Warranties Issued	949	907
Warranties Settled	(1,809)	(1,320)
Change in Warranty Estimate	(355)	(57)
Balance at End of Period	$ 19,525	$ 17,611

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Income Taxes (Details)	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	(3.00%)	6.30%

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Earnings Per Share - Schedule of Computation of Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025
Earnings Per Share [Abstract]
Net Income - Basic	$ 25,540	$ 9,528
Weighted Average Shares - Basic (in shares)	35,736	35,285
Basic Earnings per Common Share (in usd per share)	$ 0.71	$ 0.27

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Earnings Per Share - Schedule of Computation of Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025
Earnings Per Share [Abstract]
Net Income - Basic	$ 25,540	$ 9,528
Convertible Notes Interest Expense, Net of Tax	0	1,792
Net Income - Diluted	$ 25,540	$ 11,320
Weighted Average Shares - Basic (in shares)	35,736	35,285
Net Effect of Dilutive Stock Awards (in shares)	1,495	464
Net Effect of Dilutive Convertible Notes (in shares)	992	7,208
Weighted Average Shares - Diluted (in shares)	38,223	42,957
Diluted Earnings per Common Share (in usd per share)	$ 0.67	$ 0.26

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Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025
Earnings Per Share [Abstract]
Common shares excluded from computation (in shares)	1,442	471

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Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from computation (in shares)	1,442	471
Stock Options and Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from computation (in shares)	0	471
2030 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from computation (in shares)	1,442	0

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Shareholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025	Aug. 08, 2023
Stockholders Equity [Line Items]
Share repurchase program, authorized, amount	$ 41.5
Share par value (in usd per share)			$ 0.01
ATM Program
Stockholders Equity [Line Items]
Aggregate offering price			$ 30.0
Number of shares issued in transaction	0	0
Remaining available for sale	$ 8.2

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Shareholders’ Equity - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Apr. 04, 2026	Dec. 31, 2025	Mar. 29, 2025	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 161,702	$ 140,074	$ 266,757
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(6,307)	(5,152)
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	869	742
Retirement Liability Adjustment – Before Tax	(1,413)	(1,540)
Tax Benefit of Retirement Liability Adjustment	2,282	2,282
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ (5,438)	$ (4,410)	$ (3,347)	$ (3,863)

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Shareholders’ Equity - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	$ (1,028)	$ 516
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	(1,155)	752
Amortization of Prior Service Cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	97	96
Amortization of Net Actuarial (Gains) Losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	30	(332)
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	$ 127	$ (236)

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Sales to Major Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025	Dec. 31, 2025
Segment Reporting, Asset Reconciling Item
Accounts receivable	$ 217,024		$ 204,672
Customer Concentration Risk | The Boeing Company | Consolidated Sales
Segment Reporting, Asset Reconciling Item
Concentration risk, percentage	10.10%
Customer Concentration Risk | The Boeing Company | Accounts Receivable
Segment Reporting, Asset Reconciling Item
Accounts receivable	$ 19,800
Customer Concentration Risk | Safran Group | Consolidated Sales
Segment Reporting, Asset Reconciling Item
Concentration risk, percentage		10.30%

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Legal Proceedings and Other Matters (Details) - USD ($) $ in Millions	May 16, 2025	Mar. 20, 2025	Feb. 21, 2025	Apr. 04, 2026	Dec. 31, 2025	Apr. 30, 2025
Lufthansa Technik AG
Loss Contingencies [Line Items]
Estimated litigation liability				$ 1.0	$ 1.0
Lufthansa Technik AG | Patent Infringement, Damages
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party			$ 11.9
Loss contingency accrual, provision		$ 0.5
Lufthansa Technik AG | Patent Infringement, Interest
Loss Contingencies [Line Items]
Loss contingency accrual						$ 5.7
Loss contingency, damages paid, value	$ 5.7
Lufthansa Technik AG | Patent Infringement, Reimbursement Of Legal Costs
Loss Contingencies [Line Items]
Loss contingency, damages paid, value	$ 3.5
AES | Indirect Sales | Patent Infringement
Loss Contingencies [Line Items]
Loss contingency accrual				$ 17.7	$ 17.6

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Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 04, 2026	Mar. 29, 2025	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information
Sales	$ 230,619	$ 205,936	$ 862,128	$ 795,426
Cost of Products Sold	155,486	145,087
Operating Profit (Loss)	27,230	13,137
Deductions from Segment Measure of Operating Profit:
Interest Expense, Net of Interest Income	2,336	3,150
Income Before Income Taxes	24,785	10,174
Aerospace
Segment Reporting Information
Sales	213,820	191,375	797,319	706,684
Test Systems Segment
Segment Reporting Information
Sales	16,799	14,561	$ 64,809	$ 88,742
Operating Segments, Excluding Intersegment Elimination | Aerospace
Segment Reporting Information
Sales	213,843	191,388
Operating Segments, Excluding Intersegment Elimination | Test Systems Segment
Segment Reporting Information
Sales	16,824	14,592
Less Inter-segment Sales | Aerospace
Segment Reporting Information
Sales	(23)	(13)
Less Inter-segment Sales | Test Systems Segment
Segment Reporting Information
Sales	(25)	(31)
Operating Segments
Segment Reporting Information
Operating Profit (Loss)	$ 35,735	$ 20,041
Operating Margins	15.50%	9.70%
Operating Segments | Aerospace
Segment Reporting Information
Sales	$ 213,820	$ 191,375
Cost of Products Sold	$ 143,127	$ 132,892
Cost of Products Sold Margins	66.90%	69.40%
Other Segment Items	$ 35,361	$ 36,219
Operating Profit (Loss)	$ 35,332	$ 22,264
Operating Margins	16.50%	11.60%
Operating Segments | Test Systems Segment
Segment Reporting Information
Sales	$ 16,799	$ 14,561
Cost of Products Sold	$ 12,359	$ 12,195
Cost of Products Sold Margins	73.60%	83.80%
Other Segment Items	$ 4,037	$ 4,589
Operating Profit (Loss)	$ 403	$ (2,223)
Operating Margins	2.40%	(15.30%)
Corporate Expenses and Other
Deductions from Segment Measure of Operating Profit:
Corporate Expenses and Other	$ 8,614	$ 6,717

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Segment Information - Schedule of Total Assets, Depreciation and Amortization, Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2026	Mar. 29, 2025	Dec. 31, 2025
Segment Reporting Information
Total Assets	$ 747,143		$ 706,678
Total Depreciation and Amortization	5,894	$ 5,588
Total Capital Expenditures	11,160	2,105
Aerospace
Segment Reporting Information
Total Capital Expenditures	10,731	2,082
Test Systems Segment
Segment Reporting Information
Total Capital Expenditures	429	23
Operating Segments | Aerospace
Segment Reporting Information
Total Assets	604,480		570,294
Total Depreciation and Amortization	5,379	4,498
Operating Segments | Test Systems Segment
Segment Reporting Information
Total Assets	120,115		119,603
Total Depreciation and Amortization	505	1,078
Corporate
Segment Reporting Information
Total Assets	22,548		$ 16,781
Total Depreciation and Amortization	$ 10	$ 12

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Acquisitions (Details) - USD ($) $ in Millions	Oct. 13, 2025	Jun. 30, 2025
Envoy Aerospace, LLC
Business Combination [Line Items]
Total purchase price		$ 8.3
Cash purchase price		4.5
Consideration transferred, liabilities incurred		2.0
Contingent consideration, liability		$ 1.8
Bühler Motor Aviation
Business Combination [Line Items]
Total purchase price	$ 18.0