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 July 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 August 6, 2026, 43,009,064 shares of common stock were outstanding consisting of 36,107,984 shares of common stock ($.01 par value) and 6,901,080 shares of Class B common stock ($.01 par value).

TABLE OF CONTENTS

				PAGE
PART I	FINANCIAL INFORMATION
	Item 1	Financial Statements:
		•	Consolidated Condensed Balance Sheets as of July 4, 2026 and December 31, 2025	3
		•	Consolidated Condensed Statements of Operations for the Three and Six Months Ended July 4, 2026 and June 28, 2025	4
		•	Consolidated Condensed Statements of Comprehensive Income for the Three and Six Months Ended July 4, 2026 and June 28, 2025	5
		•	Consolidated Condensed Statements of Cash Flows for the Six Months Ended July 4, 2026 and June 28, 2025	6
		•	Consolidated Condensed Statements of Shareholders’ Equity for the Three and Six Months Ended July 4, 2026 and June 28, 2025	7
		•	Notes to Consolidated Condensed Financial Statements	9
	Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		23
	Item 3	Quantitative and Qualitative Disclosures about Market Risk		29
	Item 4	Controls and Procedures		30
PART II	OTHER INFORMATION
	Item 1	Legal Proceedings		31
	Item 1A	Risk Factors		31
	Item 2	Unregistered Sales of Equity Securities and Use of Proceeds		31
	Item 3	Defaults Upon Senior Securities		31
	Item 4	Mine Safety Disclosures		31
	Item 5	Other Information		31
	Item 6	Exhibits		32
SIGNATURES				33

2

Part I – Financial Information

Item 1. Financial Statements

ASTRONICS CORPORATION

Consolidated Condensed Balance Sheets

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

(Unaudited)

(In thousands)

 

	July 4, 2026		December 31, 2025
Current Assets:
Cash and Cash Equivalents	$	9,016	$	18,180
Accounts Receivable, Net of Allowance for Estimated Credit Losses	228,900		204,672
Inventories	220,065		196,860
Prepaid Expenses and Other Current Assets	27,763		18,027
Total Current Assets	485,744		437,739
Property, Plant and Equipment, Net of Accumulated Depreciation	115,568		107,078
Operating Right-of-Use Assets	31,273		32,269
Other Assets	14,366		11,316
Intangible Assets, Net of Accumulated Amortization	49,392		55,353
Goodwill	64,501		62,923
Total Assets	$	760,844	$	706,678
Current Liabilities:
Accounts Payable	$	64,399	$	41,080
Current Operating Lease Liabilities	5,930		5,802
Accrued Expenses and Other Current Liabilities	66,462		68,324
Customer Advance Payments and Deferred Revenue	26,589		26,069
Total Current Liabilities	163,380		141,275
Long-term Debt	310,319		334,451
Long-term Operating Lease Liabilities	36,717		38,101
Other Liabilities	52,208		52,777
Total Liabilities	562,624		566,604
Shareholders’ Equity:1
Common Stock	457		456
Accumulated Other Comprehensive Loss	(6,108)		(4,410)
Other Shareholders’ Equity	203,871		144,028
Total Shareholders’ Equity	198,220		140,074
Total Liabilities and Shareholders’ Equity	$	760,844	$	706,678

See notes to Consolidated Condensed Financial Statements.

1 Prior-period Shareholders’ Equity balances have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026, with no impact on Total Shareholders’ Equity.

3

ASTRONICS CORPORATION

Consolidated Condensed Statements of Operations

Three and Six Months Ended July 4, 2026 with Comparative Figures for 2025

(Unaudited)

(In thousands, except per share data)

 

	Six Months Ended				Three Months Ended
	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Sales	$	490,576	$	410,614	$	259,957	$	204,678
Cost of Products Sold	328,546		296,938		173,060		151,851
Gross Profit	162,030		113,676		86,897		52,827
Research and Development Expenses	22,958		22,639		10,869		11,572
Selling, General and Administrative Expenses	71,375		73,142		35,561		36,497
Income from Operations	67,697		17,895		40,467		4,758
Other Expense (Income), Net	390		(377)		281		(190)
Interest Expense, Net of Interest Income	4,668		6,247		2,332		3,097
Income Before Income Taxes	62,639		12,025		37,854		1,851
Provision for Income Taxes	2,039		1,183		2,794		537
Net Income	$	60,600	$	10,842	$	35,060	$	1,314
Earnings Per Share:
Basic1	$	1.41	$	0.26	$	0.82	$	0.03
Diluted1	$	1.31	$	0.25	$	0.75	$	0.03

See notes to Consolidated Condensed Financial Statements.

1All per share information have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026.

4

ASTRONICS CORPORATION

Consolidated Condensed Statements of Comprehensive Income

Three and Six Months Ended July 4, 2026 with Comparative Figures for 2025

(Unaudited)

(In thousands)

 

	Six Months Ended				Three Months Ended
	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Net Income	$	60,600	$	10,842	$	35,060	$	1,314
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustments	(1,953)		2,931		(798)		2,179
Retirement Liability Adjustment – Net of Tax	255		(472)		128		(236)
Total Other Comprehensive (Loss) Income	(1,698)		2,459		(670)		1,943
Comprehensive Income	$	58,902	$	13,301	$	34,390	$	3,257

See notes to Consolidated Condensed Financial Statements.

5

ASTRONICS CORPORATION

Consolidated Condensed Statements of Cash Flows

Six Months Ended July 4, 2026 with Comparative Figures for 2025

(Unaudited)

	Six Months Ended
(In thousands)	July 4, 2026		June 28, 2025
Cash Flows from Operating Activities:
Net Income	$	60,600	$	10,842
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:
Non-cash items:
Depreciation and Amortization	12,235		10,966
Amortization of Deferred Financing Fees	1,204		1,214
Provisions for Non-cash Losses on Inventory and Receivables	3,257		2,941
Equity-based Compensation Expense	4,819		3,902
Deferred Tax Expense (Benefit)	1,022		(1,125)
Operating Lease Non-cash Expense	2,806		3,174
Simplification Initiative-related Non-cash Charges	—		6,229
Other	1,223		(601)
Changes in Operating Assets and Liabilities Providing (Using) Cash:
Accounts Receivable	(24,997)		5,803
Inventories	(27,500)		(1,498)
Accounts Payable	23,620		2,957
Operating Lease Liabilities	(3,093)		(2,302)
Accrued Expenses	(1,929)		(17,064)
Income Taxes	(1,128)		(10,505)
Customer Advance Payments and Deferred Revenue	478		(859)
Cloud Computing Implementation Costs	(4,122)		—
Supplemental Retirement Plan Liabilities	(367)		(202)
Other Assets and Liabilities	(7,403)		(864)
Net Cash Provided by Operating Activities	40,725		13,008
Cash Flows from Investing Activities:
Capital Expenditures	(16,869)		(6,710)
Net Cash Used by Investing Activities	(16,869)		(6,710)
Cash Flows from Financing Activities:
Proceeds from Long-term Debt	40,000		1,143
Principal Payments on Long-term Debt	(65,000)		(11,143)
Financing-related Costs	—		(740)
Stock Award Activity	(5,441)		(1,730)
Other	(2,220)		(76)
Net Cash Used by Financing Activities	(32,661)		(12,546)
Effect of Exchange Rates on Cash	(359)		1,280
Decrease in Cash and Cash Equivalents and Restricted Cash	(9,164)		(4,968)
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	$	9,016	$	13,460
Supplemental Disclosure of Cash Flow Information
Capital Expenditures in Accounts Payable (Non-Cash Investing Activities)	$	422	$	—
Interest Paid	$	3,972	$	2,967
Income Taxes Paid, Net	$	2,110	$	12,848

See notes to Consolidated Condensed Financial Statements.

6

ASTRONICS CORPORATION

Consolidated Condensed Statements of Shareholders’ Equity

Three and Six Months Ended July 4, 2026 with Comparative Figures for 2025

(Unaudited)

(In thousands)

	Six Months Ended				Three Months Ended
	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Common Stock
Beginning of Period	$	345	$	329	$	348	$	333
Net Issuance of Common Stock for Restricted Stock Units (“RSUs”)	1		1		—		—
Class B Stock Converted to Common Stock	12		7		10		4
End of Period	358		337		358		337
Convertible Class B Stock1
Beginning of Period	111		122		109		119
Class B Stock Converted to Common Stock	(12)		(7)		(10)		(4)
End of Period	99		115		99		115
Additional Paid in Capital1
Beginning of Period	4,827		144,078		1,942		144,693
Equity-based Compensation Expense and Net Exercise of Stock Options, including ESPP	4,819		3,902		2,263		1,557
Tax Withholding Related to Issuance of RSUs	(5,441)		(1,730)		—		—
Cash Paid in Lieu of Fractional Shares from Stock Distribution	(135)		—		(135)		—
End of Period	4,070		146,250		4,070		146,250
Accumulated Comprehensive Loss
Beginning of Period	(4,410)		(3,863)		(5,438)		(3,347)
Foreign Currency Translation Adjustments	(1,953)		2,931		(798)		2,179
Retirement Liability Adjustment – Net of Taxes	255		(472)		128		(236)
End of Period	(6,108)		(1,404)		(6,108)		(1,404)
Retained Earnings
Beginning of Period	216,699		192,208		242,239		201,736
Net Income	60,600		10,842		35,060		1,314
End of Period	277,299		203,050		277,299		203,050
Treasury Stock
Beginning of Period	(77,498)		(76,777)		(77,498)		(76,777)
End of Period	(77,498)		(76,777)		(77,498)		(76,777)
Total Shareholders’ Equity	$	198,220	$	271,571	$	198,220	$	271,571

See notes to Consolidated Condensed Financial Statements.

1 Prior-period Shareholders’ Equity balances have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026, with no impact on Total Shareholders’ Equity.

7

ASTRONICS CORPORATION

Consolidated Condensed Statements of Shareholders’ Equity, Continued

Three and Six Months Ended July 4, 2026 with Comparative Figures for 2025

(Unaudited)

(In thousands)

	Six Months Ended		Three Months Ended
(Shares)	July 4, 2026	June 28, 2025	July 4, 2026	June 28, 2025
Common Stock
Beginning of Period	34,464	32,871	34,786	33,301
Net Issuance of Common Stock for RSUs	160	143	—	—
Class B Stock Converted to Common Stock	1,186	729	1,024	442
End of Period	35,810	33,743	35,810	33,743
Convertible Class B Stock1
Beginning of Period	11,132	12,252	10,971	11,965
Net Issuance from Exercise of Stock Options	1	—	—	—
Class B Stock Converted to Common Stock	(1,186)	(729)	(1,024)	(442)
End of Period	9,947	11,523	9,947	11,523
Treasury Stock
Beginning of Period	2,751	2,694	2,751	2,694
End of Period	2,751	2,694	2,751	2,694

See notes to Consolidated Condensed Financial Statements.

1 All share information have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026.

8

ASTRONICS CORPORATION

Notes to Consolidated Condensed Financial Statements

July 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.

On June 1, 2026, Astronics Corporation announced a twenty percent stock distribution of Class B Stock (the “Class B stock distribution”) to holders of both Common and Class B Stock. Stockholders received one share of Class B Stock for every five shares of Common and Class B Stock held on the record date of June 15, 2026, with an ex-dividend date of June 15, 2026. All prior-period share or per share amounts presented herein have been retroactively adjusted to reflect the Class B stock distribution. The number of shares underlying, and the exercise price of outstanding stock options and other equity awards were proportionately adjusted to reflect the Class B stock distribution.

Operating Results

The results of operations for any interim period are not necessarily indicative of results for the full year. Operating results for the six months ended July 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 closing adjustment. Of the purchase price, $4.5 million was paid at the closing date and $2.0 million was paid on the first anniversary of the closing date which was reflected as an outflow from financing activities in the Consolidated Condensed Statement of Cash Flows. A payment of $1.8 million becomes payable by the Company following the second anniversary of the closing date 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.

9

Restricted Cash

Under the provisions of the Company’s prior asset-based revolving credit facility 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

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 and six months ended July 4, 2026 and June 28, 2025 consisted of the following:

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Balance at Beginning of the Period	$	847	$	2,377	$	1,363	$	2,291
Bad Debt Expense, Net of Recoveries	117		(105)		(535)		23
Write-off Charges Against the Allowance and Other Adjustments	(97)		(1,430)		39		(1,472)
Balance at End of the Period	$	867	$	842	$	867	$	842

Simplification Initiatives

In the second quarter of 2025, the Company initiated simplification activities in the Aerospace segment, including costs related to footprint rationalization and portfolio shaping. Restructuring charges, including impairments of inventory and other long-lived assets, were recorded as a result of these simplification initiatives. In the three and six months ended June 28, 2025, the Company recorded $5.8 million and $0.4 million in simplification initiative charges to Cost of Products Sold and Selling, General and Administrative Expenses, respectively, in the accompanying Consolidated Condensed Statements of Operations. No such charges were recorded in the three and six months ended July 4, 2026.

Cloud Computing Arrangements

The Company incurs costs to implement cloud computing arrangements hosted by third-party vendors. Implementation costs incurred during the application development phase are capitalized in accordance with ASC Topic 350-40, Intangibles—Goodwill and Other—Internal-Use Software, and are included in Other Non-Current Assets on the Consolidated Condensed Balance Sheets. Capitalized costs are amortized on a straight-line basis over the contractual term of the arrangement, beginning when the related cloud computing solution is ready for its intended use. Implementation costs are reflected within Cash from Operating Activities on the Consolidated Condensed Statements of Cash Flows. Amortization expense was immaterial for the three and six months ended July 4, 2026 and June 28, 2025. As of July 4, 2026 and December 31, 2025, the Company had capitalized implementation costs of $6.7 million and $2.8 million, respectively, which relate to one cloud computing implementation project that has not yet been placed into service; accordingly, amortization on this project has not yet begun.

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 July 4, 2026 and June 28, 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 six-month periods then ended.

10

Foreign Currency Translation

The aggregate foreign currency transaction gain or loss included in operations was immaterial for the three and six months ended July 4, 2026 and June 28, 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 July 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.

2) Revenue

On July 4, 2026, we had $780.6 million of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately $642.2 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, July 4, 2026	$	56,961	$	27,282

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. The increase in contract liabilities reflects the net impact of new customer advances or deferred revenues recorded in excess of revenue recognized.

During the three and six months ended July 4, 2026, the Company recognized $12.7 million and $13.9 million, respectively, in revenues that were included in the contract liability balance at the beginning of the period. During the three and six months ended June 28, 2025, the Company recognized $9.9 million and $17.8 million, respectively, in such revenues.

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 $6.9 million and $6.0 million on July 4, 2026 and December 31, 2025, respectively. Amortization of fulfillment costs recognized within Cost of Products Sold was $0.1 million and $0.2 million for the three and six months ended July 4, 2026, respectively, and $0.1 million and $3.4 million for the three and six months ended June 28, 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. 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. 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.

11

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

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Aerospace Segment
Commercial Transport	$	333,425	$	283,115	$	177,006	$	145,573
Military Aircraft	64,133		60,696		30,631		27,433
General Aviation	49,052		33,613		27,603		18,370
Other	4,502		7,577		2,052		2,250
Aerospace Total	451,112		385,001		237,292		193,626
Test Systems Segment
Government & Defense	39,464		25,613		22,665		11,052
Test Systems Total	39,464		25,613		22,665		11,052
Total	$	490,576	$	410,614	$	259,957	$	204,678

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

	Six Months Ended				Three Months Ended
			Recast				Recast
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Aerospace Segment
Inflight Entertainment & Connectivity	$	236,756	$	209,012	$	126,008	$	105,902
Lighting & Safety	111,977		108,057		59,170		56,100
Flight Critical Electrical Power	48,423		37,146		23,660		15,832
Seat Motion	42,065		16,889		22,186		10,217
Other	11,891		13,897		6,268		5,575
Aerospace Total	451,112		385,001		237,292		193,626
Test Systems	39,464		25,613		22,665		11,052
Total	$	490,576	$	410,614	$	259,957	$	204,678

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.

For the six months ended July 4, 2026, revenue in the Flight Critical Electrical Power product line includes $2.6 million related to performance obligations satisfied in prior periods due to a change in estimate of variable consideration.

3) Inventories

Inventories consisted of the following:

(In thousands)	July 4, 2026		December 31, 2025
Finished Goods	$	33,609	$	32,838
Work in Progress	46,146		38,686
Raw Material	140,310		125,336
	$	220,065	$	196,860

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4) Property, Plant and Equipment

Property, Plant and Equipment consisted of the following:

(In thousands)	July 4, 2026		December 31, 2025
Land	$	8,869	$	8,902
Buildings and Improvements	99,450		83,482
Machinery and Equipment	139,759		131,610
Construction in Progress	8,333		19,616
Total Property, Plant and Equipment, Gross	256,411		243,610
Less Accumulated Depreciation	140,843		136,532
Total Property, Plant and Equipment, Net	$	115,568	$	107,078

5) Intangible Assets

The following table summarizes acquired intangible assets as follows:

		July 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	11,544		10,633		11,565		10,541
Completed and Unpatented Technology	9 years	47,944		46,260		47,980		45,207
Backlog	4 years	3,888		602		3,991		177
Customer Relationships	15 years	145,623		108,352		145,773		104,531
Licensing Agreement	13 years	6,760		520		6,760		260
Total Intangible Assets	13 years	$	228,987	$	179,595	$	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:

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Amortization Expense	$	5,771	$	5,920	$	2,884	$	2,945

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

(In thousands)
2026	$	11,312
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 six months ended July 4, 2026:

(In thousands)	December 31, 2025		Acquisition Adjustments		Foreign Currency Translation		July 4, 2026
Aerospace	$	41,288	$	1,048	$	530	$	42,866
Test Systems	21,635		—		—		21,635
	$	62,923	$	1,048	$	530	$	64,501

7) Long-term Debt and Notes Payable

Revolving Credit Facility

On October 22, 2025, the Company entered into a $300.0 million senior secured, cash flow-based revolving credit facility (the “Revolving Credit Facility”), which replaced the Company’s prior asset-based revolving credit facility, which was terminated. 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 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 on unused Revolving Commitments ranging from 0.20% to 0.35%, determined based upon the Company’s Total Net Debt Leverage Ratio. The Revolving Credit Facility has an accordion feature that allows the Company to request incremental commitments of up to $100.0 million plus additional incremental amounts, subject to compliance with specified leverage requirements.

Pursuant to the Revolving Credit Facility, the Company is subject to a total net debt leverage ratio covenant that requires that the Company’s Total Net Debt Leverage Ratio may not exceed 4.50 to 1.00, 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 July 4, 2026, the Company was in compliance with these covenants.

There was $60.0 million outstanding and $237.8 million available for future borrowings, net of outstanding letters of credit, under the Revolving Credit Facility at July 4, 2026, and $85.0 million outstanding and $212.8 million available at December 31, 2025.

Unamortized deferred debt issuance costs associated with the Revolving Credit Facility were $2.7 million and $3.0 million as of July 4, 2026 and December 31, 2025, respectively, and are recorded within Other Assets. Debt issuance cost amortization expense was $0.6 million for each of the three months ended July 4, 2026 and June 28, 2025, and $1.2 million for each of the six months ended July 4, 2026 and June 28, 2025. All costs are amortized to interest expense over the term of the respective agreement.

Interest expense was $2.3 million and $3.1 million for the three months ended July 4, 2026 and June 28, 2025, respectively, and $4.7 million and $6.2 million for the six months ended July 4, 2026 and June 28, 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. The 2030 Convertible Notes will mature on March 15, 2030, unless earlier converted, redeemed or repurchased. As adjusted for the Company’s twenty percent Class B stock distribution, the conversion rate is 53.0389 shares of common stock per $1,000 principal amount of 2030 Convertible Notes, which represents a conversion price of $18.85 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

14

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 July 4, 2026, the Company’s stock price met the price trigger defined above, and therefore holders of the 2030 Convertible Notes will have the ability to convert their notes at their option at any time during the fiscal quarter ending October 3, 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”). The 2031 Convertible Notes do not bear interest and will mature on January 15, 2031, unless earlier converted, redeemed or repurchased. As adjusted for the Company’s twenty percent Class B stock distribution, the conversion rate is 22.1283 shares of common stock per $1,000 principal amount of 2031 Convertible Notes, which represents a conversion price of $45.19 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 any amount 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 Company. 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 a 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 July 4, 2026, the Company’s stock price met the price trigger defined above, and holders of the 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.

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

	July 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	$	(902)	$	32,098	$	33,000	$	(1,023)	$	31,977
2031 Convertible Notes	225,000		(6,779)		218,221		225,000		(7,526)		217,474
Total	$	258,000	$	(7,681)	$	250,319	$	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 and classifies these fair value measurements as Level 1 within the fair value hierarchy. The fair value of the 2031 Convertible Notes was approximately $378.2 million and $264.1 million as of July 4, 2026 and December 31, 2025, respectively. The fair value of the 2030 Convertible Notes was approximately $126.7 million and $84.8 million as of July 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, subject to a cap. As adjusted for the Company’s twenty percent Class B stock distribution, the cap price of the Capped Calls is approximately $68.44 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.

The Company 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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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:

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Balance at Beginning of Period	$	20,740	$	18,081	$	19,525	$	17,611
Warranties Issued	2,523		3,401		1,574		2,494
Warranties Settled	(3,884)		(2,928)		(2,075)		(1,608)
Change in Warranty Estimate	(411)		459		(56)		516
Balance at End of Period	$	18,968	$	19,013	$	18,968	$	19,013

9) Income Taxes

The effective tax rates were approximately 7.4% and 29.0% for the three months ended and 3.3% and 9.8% for the six months ended July 4, 2026 and June 28, 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 most recently completed fiscal 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, which required us to reverse a portion of the valuation allowance associated with such deferred tax assets expected to be so realized. 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 residual amount of deferred tax assets as of July 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 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. These provisions of the OBBBA 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:

	Six Months Ended				Three Months Ended
(In thousands, except per share amounts)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Basic Earnings per Common Share:
Net Income - Basic	$	60,600	$	10,842	$	35,060	$	1,314
Weighted Average Shares - Basic	42,944		42,416		43,008		42,487
Basic Earnings per Common Share	$	1.41	$	0.26	$	0.82	$	0.03

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

	Six Months Ended				Three Months Ended
(In thousands, except per share amounts)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Diluted Earnings per Common Share:
Net Income - Diluted	$	60,600	$	10,842	$	35,060	$	1,314
Weighted Average Shares - Basic	42,944		42,416		43,008		42,487
Net Effect of Dilutive Stock Awards	1,783		855		1,819		1,154
Net Effect of Dilutive Convertible Notes	1,492		—		1,708		—
Weighted Average Shares - Diluted	46,219		43,271		46,535		43,641
Diluted Earnings per Common Share	$	1.31	$	0.25	$	0.75	$	0.03

The above information has been adjusted to reflect the impact of the twenty percent distribution of Class B Stock for shareholders of record on June 15, 2026.

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 the three and six months ended July 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 the three and six months ended July 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:

	Six Months Ended		Three Months Ended
(In thousands)	July 4, 2026	June 28, 2025	July 4, 2026	June 28, 2025
Stock Options and Unvested RSUs	—	522	—	479
2030 Convertible Notes	1,750	8,751	1,750	8,751
Total Antidilutive Securities	1,750	9,273	1,750	9,230

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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.

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 and six months ended July 4, 2026 and June 28, 2025, the Company did not sell any shares of its common stock under the ATM Program. As of July 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)	July 4, 2026		December 31, 2025
Foreign Currency Translation Adjustments	$	(7,105)	$	(5,152)
Retirement Liability Adjustment – Before Tax	(1,285)		(1,540)
Tax Benefit of Retirement Liability Adjustment	2,282		2,282
Retirement Liability Adjustment – After Tax	997		742
Accumulated Other Comprehensive Loss	$	(6,108)	$	(4,410)

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

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Foreign Currency Translation Adjustments	$	(1,953)	$	2,931	$	(798)	$	2,179
Retirement Liability Adjustments:
Reclassifications to Selling, General and Administrative Expenses:
Amortization of Prior Service Cost	193		193		96		97
Amortization of Net Actuarial Losses (Gains)	62		(665)		32		(333)
Retirement Liability Adjustment	255		(472)		128		(236)
Other Comprehensive (Loss) Income	$	(1,698)	$	2,459	$	(670)	$	1,943

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 and six months ended July 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 12.0% and 11.1% of consolidated sales in the three and six months ended July 4, 2026. Accounts receivable from Boeing on July 4, 2026 were approximately $27.1 million. In the three and six months ended June 28, 2025, the Company had no major customers over 10% of consolidated sales.

13) Legal Proceedings and Other Matters

Legal Proceedings

One of the Company’s Aerospace 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.

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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 $17.8 million at July 4, 2026 and $17.6 million at 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 July 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 within Selling, General and Administrative Expenses in the Company’s Consolidated Condensed Statement of Operations during the first quarter of 2025.

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 previously accrued interest and $3.5 million for partial reimbursement of Lufthansa’s legal costs. The legal cost reimbursement was recorded within Selling, General and Administrative Expenses in the Company’s Consolidated Condensed Statement of Operations during the second quarter of 2025.

During the three and six months ended June 28, 2025, the Company made payments totaling $21.6 million, in satisfaction of the liabilities for damages, interest and provisional legal fee reimbursement.

Both the Company and Lufthansa were granted permission to appeal the rulings by the UK High Court of Justice. The appeals were heard by the UK Court of Appeal in July 2026 and judgment was handed down on July 27, 2026. The Court’s judgment is that Lufthansa failed in its appeal and the Company succeeded in one of its appeals. The Company’s position is that approximately $2.2 million (including interest) of the damages paid by the Company to Lufthansa following the judgments in February 2025 and April 2025 is due to be repaid to the Company by Lufthansa. The Company is seeking an order for repayment of this money from the Court of Appeal. The Company is also seeking from the Court of Appeal that a portion of its legal expense for the appeals and the first instance damages trial is reimbursed; such amount has not yet been estimated. It is possible for either side to seek permission to appeal to the UK Supreme Court. No such applications have yet been made by either side. The Company expects to record the gain for the damages repayment as well as the legal fee reimbursement as an offset to Selling, General and Administrative Expense in the quarter in which the Court orders such payments.

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 July 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 July 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 July 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 July 4, 2026.

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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. Refunds of previously paid tariffs represent gain contingencies under ASC 450-30. Consistent with this guidance, the Company recognizes such refunds as a reduction of Cost of Products Sold in the period in which the gain is realized or realizable, generally when cash is received. Refunds that have been approved but not yet received, or that remain subject to appeal, further agency action, or other contingencies, are not recognized until realization criteria are met.

As a result, during the three and six months ended July 4, 2026, the Company received $2.0 million in IEEPA tariff refunds in the Consolidated Condensed Statement of Operations. The ultimate impact of these developments on our future financial results remains uncertain, including the timing and extent of any future refunds of tariffs previously paid under IEEPA and the nature, scope, and rate of any replacement tariffs or other trade measures that may be implemented.

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.

20

Segment information and reconciliations to consolidated amounts are as follows:

	Six Months Ended						Three Months Ended
(In thousands)	July 4, 2026			June 28, 2025			July 4, 2026			June 28, 2025
Sales:
Aerospace	$	451,135		$	385,035		$	237,292		$	193,647
Less Inter-segment Sales	(23)			(34)			—			(21)
Total Aerospace Sales	451,112			385,001			237,292			193,626
Test Systems	39,498			25,933			22,674			11,341
Less Inter-segment Sales	(34)			(320)			(9)			(289)
Total Test Systems Sales	39,464			25,613			22,665			11,052
Total Consolidated Sales	490,576			410,614			259,957			204,678
Less1
Cost of Products Sold:
Aerospace	298,267			271,627			155,140			138,735
	66.1		%	70.6		%	65.4		%	71.7		%
Test Systems	30,279			25,311			17,920			13,116
	76.7		%	98.8		%	79.1		%	118.7		%
Other Segment Items2
Aerospace	69,249			73,071			33,888			36,852
Test Systems	8,190			9,235			4,153			4,646
Operating Profit and Margins:
Aerospace	83,596			40,303			48,264			18,039
	18.5		%	10.5		%	20.3		%	9.3		%
Test Systems3	995			(8,933)			592			(6,710)
	2.5		%	(34.9)		%	2.6		%	(60.7)		%
Total Operating Profit	84,591			31,370			48,856			11,329
	17.2		%	7.6		%	18.8		%	5.5		%
Deductions from Segment Measure of Operating Profit:
Interest Expense, Net of Interest Income	4,668			6,247			2,332			3,097
Corporate Expenses and Other	17,284			13,098			8,670			6,381
Income Before Income Taxes	$	62,639		$	12,025		$	37,854		$	1,851

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.

3 In the three and six months ended June 28, 2025, revisions of estimated costs to complete certain long-term mass transit Test contracts had an adverse impact to operating profit of $6.9 million and $8.8 million, respectively.

(In thousands)	July 4, 2026		December 31, 2025
Total Assets:
Aerospace	$	614,128	$	570,294
Test Systems	126,664		119,603
Corporate	20,052		16,781
Total Assets	$	760,844	$	706,678

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	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Depreciation and Amortization:
Aerospace	$	11,205	$	8,955	$	5,826	$	4,457
Test Systems	1,002		1,990		497		912
Corporate	28		21		18		9
Total Depreciation and Amortization	$	12,235	$	10,966	$	6,341	$	5,378
Capital Expenditures:
Aerospace	$	16,221	$	6,525	$	5,490	$	4,443
Test Systems	605		185		176		162
Corporate	43		—		43		—
Total Capital Expenditures	$	16,869	$	6,710	$	5,709	$	4,605

15) Fair Value

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

There were no non-recurring fair value measurements performed in the six months ended July 4, 2026 and June 28, 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 and $2.0 million was paid on the first anniversary of the closing date. A payment of $1.8 million becomes payable by the Company following the second anniversary of the closing date 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. Purchased intangible assets and goodwill are not expected to be deductible for tax purposes. This transaction was not considered material to the Company’s financial position or results of operations.

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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 and defense 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, communications 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. 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. Refunds of previously paid tariffs represent gain contingencies under ASC 450-30. Consistent with this guidance, the Company recognizes such refunds as a reduction of Cost of Products Sold in the period in which the gain is realized or realizable, generally when cash is received. Refunds that have been approved but not yet received, or that remain subject to appeal, further agency action, or other contingencies, are not recognized until realization criteria are met.

As a result, during the three and six months ended July 4, 2026, the Company received $2.0 million in IEEPA tariff refunds in the Consolidated Condensed Statement of Operations. The ultimate impact of these developments on our future financial results remains uncertain, including the timing and extent of any future refunds of tariffs previously paid under IEEPA and the nature, scope, and rate of any replacement tariffs or other trade measures that may be implemented.

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CONSOLIDATED RESULTS OF OPERATIONS

	Six Months Ended						Three Months Ended
($ in thousands)	July 4, 2026			June 28, 2025			July 4, 2026			June 28, 2025
Sales	$	490,576		$	410,614		$	259,957		$	204,678
Gross Profit (sales less cost of products sold)	$	162,030		$	113,676		$	86,897		$	52,827
Gross Margin	33.0		%	27.7		%	33.4		%	25.8		%
Research and Development Expenses	$	22,958		$	22,639		$	10,869		$	11,572
Selling, General and Administrative Expenses (“SG&A”)	$	71,375		$	73,142		$	35,561		$	36,497
SG&A Expenses as a Percentage of Sales	14.5		%	17.8		%	13.7		%	17.8		%
Interest Expense, Net	$	4,668		$	6,247		$	2,332		$	3,097
Effective Tax Rate	3.3		%	9.8		%	7.4		%	29.0		%
Net Income	$	60,600		$	10,842		$	35,060		$	1,314

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

CONSOLIDATED SECOND QUARTER RESULTS

Growth in sales was driven by the Aerospace segment’s continued strength in demand primarily from the Commercial Transport market, including $5.9 million from the acquisition of BMA. Aerospace sales increased $43.7 million, or 22.6%, while Test Systems sales grew $11.6 million, or 105.1%. Test Systems sales in the prior year were negatively impacted by $6.4 million due to revisions of estimated costs to complete certain long-term mass transit contracts.

Consolidated cost of products sold in the second quarter of 2026 was $173.1 million, compared with $151.9 million in the second quarter of 2025, primarily due to higher volume. This increase was partially offset by a $2.0 million IEEPA tariff refund. The prior year included a $5.8 million charge related to Aerospace simplification initiatives.

SG&A decreased $0.9 million. Litigation-related expenses were down $0.9 million, and the prior-year period included a $3.5 million legal fee reimbursement charge relating to the patent infringement dispute in the UK. These decreases were mostly offset by higher wages and benefits, higher incentive-based compensation expenses driven by increased profitability, and incremental expenses related to the acquired BMA business. R&D was down $0.7 million reflecting the timing of projects.

Interest expense was down $0.8 million, or 24.7%, on lower rates following the September 2025 refinancing activities. Tax expense in the quarter of $2.8 million reflects the benefits of a partial valuation allowance reversal and research and development costs expected to be expensed.

Consolidated net income of $0.75 per diluted share improved from $0.03 per diluted share in the prior-year period from stronger operating profit.

Bookings of $306.2 million in the quarter resulted in a book-to-bill ratio of 1.18:1. For the trailing twelve months, bookings totaled $1.06 billion and the book-to-bill ratio was 1.13:1. Backlog at the end of the quarter was $780.6 million.

CONSOLIDATED YEAR-TO-DATE RESULTS

Growth in sales was driven by the Aerospace segment’s continued strength in demand primarily from the Commercial Transport market, including $10.5 million from the acquisition of BMA. Aerospace sales increased $66.1 million, or 17.2%, while Test Systems sales grew $13.9 million, or 54.1%. In the prior year, year-to-date consolidated sales were negatively impacted by $8.3 million, resulting from revisions of estimated costs to complete certain long-term mass transit contracts in the Test Systems segment.

Consolidated cost of products sold in the first half of 2026 was $328.5 million, compared with $296.9 million in the same prior-year period primarily attributable to higher volume. The prior year included a $5.8 million charge related to Aerospace simplification initiatives.

SG&A decreased $1.8 million. Litigation-related expenses were down $2.1 million and the prior-year period included $9.7 million reserve adjustment relating to the patent infringement dispute in the UK. 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 $0.3 million reflecting the timing of projects.

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Interest expense was down $1.6 million, or 25.3%, on lower rates following the September 2025 refinancing activities. Tax expense in the first half of 2026 was $2.0 million compared with tax expense of $1.2 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 partial 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 $1.31 per diluted share improved from $0.25 per diluted share in the prior-year period from stronger operating profit.

Bookings of $596.6 million in the first half of 2026 resulted in a book-to-bill ratio of 1.22:1.

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.

AEROSPACE SEGMENT

	Six Months Ended						Three Months Ended
($ in thousands)	July 4, 2026			June 28, 2025			July 4, 2026			June 28, 2025
Sales	$	451,135		$	385,035		$	237,292		$	193,647
Less Inter-segment Sales	(23)			(34)			—			(21)
Total Aerospace Sales	$	451,112		$	385,001		$	237,292		$	193,626
Operating Profit	$	83,596		$	40,303		$	48,264		$	18,039
Operating Margin	18.5		%	10.5		%	20.3		%	9.3		%
Aerospace Sales by Market	Six Months Ended						Three Months Ended
(In thousands)	July 4, 2026			June 28, 2025			July 4, 2026			June 28, 2025
Commercial Transport	$	333,425		$	283,115		$	177,006		$	145,573
Military Aircraft	64,133			60,696			30,631			27,433
General Aviation	49,052			33,613			27,603			18,370
Other	4,502			7,577			2,052			2,250
	$	451,112		$	385,001		$	237,292		$	193,626
Aerospace Sales by Product Line	Six Months Ended						Three Months Ended
				Recast						Recast
(In thousands)	July 4, 2026			June 28, 2025			July 4, 2026			June 28, 2025
Inflight Entertainment & Connectivity	$	236,756		$	209,012		$	126,008		$	105,902
Lighting & Safety	111,977			108,057			59,170			56,100
Flight Critical Electrical Power	48,423			37,146			23,660			15,832
Seat Motion	42,065			16,889			22,186			10,217
Other	11,891			13,897			6,268			5,575
	$	451,112		$	385,001		$	237,292		$	193,626

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)	July 4, 2026		December 31, 2025
Total Assets	$	614,128	$	570,294
Backlog	$	657,212	$	600,803

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AEROSPACE SECOND QUARTER RESULTS

Aerospace segment sales of $237.3 million increased $43.7 million, or 22.6%. Sales in the Commercial Transport market increased $31.4 million, or 21.6%. Growth was primarily related to increased demand for seat motion and inflight entertainment & connectivity (“IFEC”) products. General Aviation sales increased $9.2 million, or 50.3%, to $27.6 million due to higher IFEC sales of VVIP products. Military Aircraft sales increased $3.2 million, or 11.7%, to $30.6 million due to increased sales of flight critical airframe power products.

Aerospace segment operating profit of $48.3 million, or 20.3% of sales, improved over the prior-year period reflecting the leverage gained on higher volume, improving production efficiencies, a $2.0 million IEEPA tariff refund, a $4.6 million decrease in litigation-related expenses and legal reserve adjustments related to the UK patent dispute previously discussed, and the absence of a $6.2 million charge for simplification initiatives in the prior-year period.

Aerospace bookings were $243.1 million for a book-to-bill ratio of 1.02:1. Backlog for the Aerospace segment was $657.2 million at quarter end.

AEROSPACE YEAR-TO-DATE RESULTS

Aerospace segment sales of $451.1 million increased $66.1 million, or 17.2%. Sales in the Commercial Transport market increased $50.3 million, or 17.8%. Growth was primarily related to increased demand for seat motion and IFEC products. General Aviation sales increased $15.4 million, or 45.9%, to $49.1 million due to higher IFEC product sales to the VVIP market. Military Aircraft sales increased $3.4 million with the prior-year period. Other sales decreased $3.1 million as the Company has wound down its non-core contract manufacturing arrangements.

Aerospace segment operating profit of $83.6 million, or 18.5% 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 FLRAA program based on revised program estimates, a $11.6 million decrease in litigation-related expenses and legal reserve adjustments related to the UK patent dispute previously discussed, and the absence of a $6.5 million charge for simplification initiatives in the prior-year period.

Aerospace bookings of $507.5 million in the first half of 2026 resulted in a book-to-bill ratio of 1.13:1.

TEST SYSTEMS SEGMENT

	Six Months Ended						Three Months Ended
($ in thousands)	July 4, 2026			June 28, 2025			July 4, 2026			June 28, 2025
Sales	$	39,498		$	25,933		$	22,674		$	11,341
Less Inter-segment Sales	(34)			(320)			(9)			(289)
Total Test Systems Sales	$	39,464		$	25,613		$	22,665		$	11,052
Operating Profit (Loss)	$	995		$	(8,933)		$	592		$	(6,710)
Operating Margin	2.5		%	(34.9)		%	2.6		%	(60.7)		%

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

(In thousands)	July 4, 2026		December 31, 2025
Total Assets	$	126,664	$	119,603
Backlog	$	123,346	$	73,692

TEST SYSTEMS SECOND QUARTER RESULTS

Test Systems segment sales of $22.7 million were up $11.6 million from the comparator quarter in 2025. Segment sales in the prior-year period were negatively impacted by a $6.4 million revision of estimated costs to complete certain long-term mass transit contracts reducing revenue recognized in the period.

Test Systems segment operating profit was $0.6 million, compared with an operating loss of $6.7 million in the second quarter of 2025. The revisions to the estimated costs to complete had a $6.9 million detrimental impact to operating income in the prior year. Test Systems profitability continues to be negatively affected by mix and under absorption of fixed costs at current volume levels, as well as approximately $4.1 million of revenue in the current quarter at no margin related to dedicated raw materials for the U.S. Army and U.S. Marine Corps Radio Test programs. Margin on that revenue will be recognized through 2026 as production on those programs progress further.

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Bookings for the Test Systems segment in the quarter were $63.1 million. The book-to-bill ratio was 2.78:1 for the quarter. Backlog for the Test Systems segment was $123.3 million at quarter end.

TEST SYSTEMS YEAR-TO-DATE RESULTS

Test Systems segment sales of $39.5 million were up $13.9 million from the comparator quarter in 2025. Segment sales in the prior-year period were negatively impacted by $8.3 million revision of estimated costs to complete certain long-term mass transit Test contracts reducing revenue recognized in the period.

Test Systems segment operating profit was $1.0 million, compared with an operating loss of $8.9 million in the first half of 2025. Test Systems profitability, while improving, continues to be negatively affected by mix and under absorption of fixed costs at current volume levels. In the prior-year period, the revisions to the estimated costs to complete had a $8.8 million detrimental impact to operating income.

Test Systems bookings of $89.1 million in the first half of 2026 resulted in a book-to-bill ratio of 2.26:1.

LIQUIDITY AND CAPITAL RESOURCES

Operating Activities:

Cash provided by operating activities totaled $40.7 million for the first six months of 2026, as compared with $13.0 million cash provided by operating activities during the same period in 2025. Cash flow from operating activities increased 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. Cash provided by operating activities in the prior-year period included $21.6 million in payments related to the UK patent dispute and $12.8 million in net income tax payments.

Investing Activities:

Cash used for investing activities was $16.9 million for the first six months of 2026 compared with $6.7 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 $32.7 million for the first six months of 2026, as compared with cash used for financing activities of $12.5 million during the same prior-year period. The Company made net payments on long-term debt of $25.0 million compared to $10.0 million in the prior-year period.

Cash on hand at the end of the quarter was $9.0 million. Net debt was $309.0 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 July 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.

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 and six months ended July 4, 2026, and June 28, 2025, the Company did not sell any shares of its common stock under the ATM Program. As of July 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.

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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 July 4, 2026 was $780.6 million compared with $674.5 million on December 31, 2025 and $645.4 million on June 28, 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 and six months ended July 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 and six months ended July 4, 2026 was approximately $0.7 million and $3.2 million, respectively, net of $2.0 million of IEEPA tariff refunds.

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 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.

29

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 July 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 July 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.

30

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Except as described below, 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.

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 certain of these proceedings are probable. For a discussion of contingencies related to legal proceedings as of July 4, 2026, see Note 13, Legal Proceedings and Other Matters, to the Consolidated Condensed Financial Statements in Item 1, Financial Statements, of this report.

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 July 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)
April 5, 2026 - May 2, 2026	—	$	—	—	$	41,483,815
May 3, 2026 - May 30, 2026	—	$	—	—	$	41,483,815
May 31, 2026 - July 4, 2026	—	$	—	—	$	41,483,815

(1) On September 17, 2019, the Company’s Board of Directors authorized a share repurchase program. This program authorizes Company repurchases of up to $50 million of its 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.

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 July 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.

31

Item 6. Exhibits

Exhibit 10.1	2026 Long Term Incentive Plan, incorporated by reference to Exhibit A to the registrant’s Definitive Proxy Statement on Schedule 14A for the 2026 Annual Meeting of Shareholders, as filed with the SEC on April 17, 2026.
Exhibit 10.2	2026 Employee Stock Purchase Plan, incorporated by reference to Exhibit B to the registrant’s Definitive Proxy Statement on Schedule 14A for the 2026 Annual Meeting of Shareholders, as filed with the SEC on April 17, 2026.
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 July 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.

32

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:	August 12, 2026	By:	/s/ Nancy L. Hedges
			Nancy L. Hedges Vice President and Chief Financial Officer (Principal Financial and Principal Accounting Officer)

33

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: August 12, 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: August 12, 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 July 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.

August 12, 2026	/s/ Peter J. Gundermann
	Peter J. Gundermann
	Title:	Chief Executive Officer
August 12, 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.

XML

Cover - shares	6 Months Ended
	Jul. 04, 2026	Aug. 06, 2026
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 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	Q2
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)		36,107,984
Class B Common Stock
Document Information
Entity Common Stock, Shares Outstanding (in shares)		6,901,080

XML

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands		Jul. 04, 2026	Dec. 31, 2025
Current Assets:
Cash and Cash Equivalents		$ 9,016	$ 18,180
Accounts Receivable, Net of Allowance for Estimated Credit Losses		228,900	204,672
Inventories		220,065	196,860
Prepaid Expenses and Other Current Assets		27,763	18,027
Total Current Assets		485,744	437,739
Property, Plant and Equipment, Net of Accumulated Depreciation		115,568	107,078
Operating Right-of-Use Assets		31,273	32,269
Other Assets		14,366	11,316
Intangible Assets, Net of Accumulated Amortization		49,392	55,353
Goodwill		64,501	62,923
Total Assets		760,844	706,678
Current Liabilities:
Accounts Payable		64,399	41,080
Current Operating Lease Liabilities		5,930	5,802
Accrued Expenses and Other Current Liabilities		66,462	68,324
Customer Advance Payments and Deferred Revenue		26,589	26,069
Total Current Liabilities		163,380	141,275
Long-term Debt		310,319	334,451
Long-term Operating Lease Liabilities		36,717	38,101
Other Liabilities		52,208	52,777
Total Liabilities		562,624	566,604
Shareholders’ Equity:
Common Stock	[1]	457	456
Accumulated Other Comprehensive Loss	[1]	(6,108)	(4,410)
Other Shareholders’ Equity	[1]	203,871	144,028
Total Shareholders’ Equity	[1]	198,220	140,074
Total Liabilities and Shareholders’ Equity		$ 760,844	$ 706,678

[1] Prior-period Shareholders’ Equity balances have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026, with no impact on Total Shareholders’ Equity.

XML

Consolidated Condensed Balance Sheets (Parenthetical)	Jul. 04, 2026	Jun. 15, 2026	Jun. 01, 2026
Statement of Financial Position [Abstract]
Stock distribution, percentage	20.00%	20.00%	20.00%

XML

Consolidated Condensed Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Income Statement [Abstract]
Sales		$ 259,957	$ 204,678	$ 490,576	$ 410,614
Cost of Products Sold		173,060	151,851	328,546	296,938
Gross Profit		86,897	52,827	162,030	113,676
Research and Development Expenses		10,869	11,572	22,958	22,639
Selling, General and Administrative Expenses		35,561	36,497	71,375	73,142
Income from Operations		40,467	4,758	67,697	17,895
Other Expense (Income), Net		281	(190)	390	(377)
Interest Expense, Net of Interest Income		2,332	3,097	4,668	6,247
Income Before Income Taxes		37,854	1,851	62,639	12,025
Provision for Income Taxes		2,794	537	2,039	1,183
Net Income		$ 35,060	$ 1,314	$ 60,600	$ 10,842
Earnings Per Share:
Basic (in usd per share)	[1]	$ 0.82	$ 0.03	$ 1.41	$ 0.26
Diluted (in usd per share)	[1]	$ 0.75	$ 0.03	$ 1.31	$ 0.25

[1] All per share information have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026.

XML

Consolidated Condensed Statements of Operations (Parenthetical)	Jul. 04, 2026	Jun. 15, 2026	Jun. 01, 2026
Income Statement [Abstract]
Stock distribution, percentage	20.00%	20.00%	20.00%

XML

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Statement of Comprehensive Income [Abstract]
Net Income	$ 35,060	$ 1,314	$ 60,600	$ 10,842
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustments	(798)	2,179	(1,953)	2,931
Retirement Liability Adjustment – Net of Tax	128	(236)	255	(472)
Total Other Comprehensive (Loss) Income	(670)	1,943	(1,698)	2,459
Comprehensive Income	$ 34,390	$ 3,257	$ 58,902	$ 13,301

XML

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025
Cash Flows from Operating Activities:
Net Income	$ 60,600	$ 10,842
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:
Depreciation and Amortization	12,235	10,966
Amortization of Deferred Financing Fees	1,204	1,214
Provisions for Non-cash Losses on Inventory and Receivables	3,257	2,941
Equity-based Compensation Expense	4,819	3,902
Deferred Tax Expense (Benefit)	1,022	(1,125)
Operating Lease Non-cash Expense	2,806	3,174
Simplification Initiative-related Non-cash Charges	0	6,229
Other	1,223	(601)
Changes in Operating Assets and Liabilities Providing (Using) Cash:
Accounts Receivable	(24,997)	5,803
Inventories	(27,500)	(1,498)
Accounts Payable	23,620	2,957
Operating Lease Liabilities	(3,093)	(2,302)
Accrued Expenses	(1,929)	(17,064)
Income Taxes	(1,128)	(10,505)
Customer Advance Payments and Deferred Revenue	478	(859)
Cloud Computing Implementation Costs	(4,122)	0
Supplemental Retirement Plan Liabilities	(367)	(202)
Other Assets and Liabilities	(7,403)	(864)
Net Cash Provided by Operating Activities	40,725	13,008
Cash Flows from Investing Activities:
Capital Expenditures	(16,869)	(6,710)
Net Cash Used by Investing Activities	(16,869)	(6,710)
Cash Flows from Financing Activities:
Proceeds from Long-term Debt	40,000	1,143
Principal Payments on Long-term Debt	(65,000)	(11,143)
Financing-related Costs	0	(740)
Stock Award Activity	(5,441)	(1,730)
Other	(2,220)	(76)
Net Cash Used by Financing Activities	(32,661)	(12,546)
Effect of Exchange Rates on Cash	(359)	1,280
Decrease in Cash and Cash Equivalents and Restricted Cash	(9,164)	(4,968)
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	9,016	13,460
Supplemental Disclosure of Cash Flow Information
Capital Expenditures in Accounts Payable (Non-Cash Investing Activities)	422	0
Interest Paid	3,972	2,967
Income Taxes Paid, Net	$ 2,110	$ 12,848

XML

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	$ 122	[1]	$ 144,078	[1]	$ (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				7	(7)	[1]
Equity-based Compensation Expense and Net Exercise of Stock Options, including ESPP	[1]						3,902
Tax Withholding Related to Issuance of RSUs	[1]						(1,730)
Foreign Currency Translation Adjustments		$ 2,931							2,931
Retirement Liability Adjustment – Net of Taxes									(472)
Net Income		10,842								10,842
End of Period at Jun. 28, 2025		271,571		$ 337	$ 115	[1]	146,250	[1]	(1,404)	203,050	$ (76,777)
Beginning of Period (in shares) at Dec. 31, 2024				32,871	12,252	[2]
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)				729	(729)	[2]
End of Period (in shares) at Jun. 28, 2025				33,743	11,523	[2]
Treasury stock, End of year (in shares) at Jun. 28, 2025											2,694
Beginning of Period at Mar. 29, 2025				$ 333	$ 119	[1]	144,693	[1]	(3,347)	201,736	$ (76,777)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class B Stock Converted to Common Stock				4	(4)	[1]
Equity-based Compensation Expense and Net Exercise of Stock Options, including ESPP	[1]						1,557
Foreign Currency Translation Adjustments		2,179							2,179
Retirement Liability Adjustment – Net of Taxes									(236)
Net Income		1,314								1,314
End of Period at Jun. 28, 2025		271,571		$ 337	$ 115	[1]	146,250	[1]	(1,404)	203,050	$ (76,777)
Beginning of Period (in shares) at Mar. 29, 2025				33,301	11,965	[2]
Treasury stock, Beginning of year (in shares) at Mar. 29, 2025											2,694
Increase (Decrease) in Stockholders' Equity (in shares)
Class B Stock Converted to Common Stock (in shares)				442	(442)	[2]
End of Period (in shares) at Jun. 28, 2025				33,743	11,523	[2]
Treasury stock, End of year (in shares) at Jun. 28, 2025											2,694
Beginning of Period at Dec. 31, 2025		140,074	[3]	$ 345	$ 111	[1]	4,827	[1]	(4,410)	216,699	$ (77,498)
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				12	(12)	[1]
Equity-based Compensation Expense and Net Exercise of Stock Options, including ESPP	[1]						4,819
Tax Withholding Related to Issuance of RSUs	[1]						(5,441)
Cash Paid in Lieu of Fractional Shares from Stock Distribution	[1]						(135)
Foreign Currency Translation Adjustments		(1,953)							(1,953)
Retirement Liability Adjustment – Net of Taxes									255
Net Income		60,600								60,600
End of Period at Jul. 04, 2026		198,220	[3]	$ 358	$ 99	[1]	4,070	[1]	(6,108)	277,299	$ (77,498)
Beginning of Period (in shares) at Dec. 31, 2025				34,464	11,132	[2]
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)	[2]				1
Class B Stock Converted to Common Stock (in shares)				1,186	(1,186)	[2]
End of Period (in shares) at Jul. 04, 2026				35,810	9,947	[2]
Treasury stock, End of year (in shares) at Jul. 04, 2026											2,751
Beginning of Period at Apr. 04, 2026				$ 348	$ 109	[1]	1,942	[1]	(5,438)	242,239	$ (77,498)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class B Stock Converted to Common Stock				10	(10)	[1]
Equity-based Compensation Expense and Net Exercise of Stock Options, including ESPP	[1]						2,263
Cash Paid in Lieu of Fractional Shares from Stock Distribution	[1]						(135)
Foreign Currency Translation Adjustments		(798)							(798)
Retirement Liability Adjustment – Net of Taxes									128
Net Income		35,060								35,060
End of Period at Jul. 04, 2026		$ 198,220	[3]	$ 358	$ 99	[1]	$ 4,070	[1]	$ (6,108)	$ 277,299	$ (77,498)
Beginning of Period (in shares) at Apr. 04, 2026				34,786	10,971	[2]
Treasury stock, Beginning of year (in shares) at Apr. 04, 2026											2,751
Increase (Decrease) in Stockholders' Equity (in shares)
Class B Stock Converted to Common Stock (in shares)				1,024	(1,024)	[2]
End of Period (in shares) at Jul. 04, 2026				35,810	9,947	[2]
Treasury stock, End of year (in shares) at Jul. 04, 2026											2,751

[1] Prior-period Shareholders’ Equity balances have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026, with no impact on Total Shareholders’ Equity.

[2] All share information have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026.

[3] Prior-period Shareholders’ Equity balances have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026, with no impact on Total Shareholders’ Equity.

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Consolidated Condensed Statements of Shareholders’ Equity (Parenthetical)	Jul. 04, 2026	Jun. 15, 2026	Jun. 01, 2026
Statement of Stockholders' Equity [Abstract]
Stock distribution, percentage	20.00%	20.00%	20.00%

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Basis of Presentation

6 Months Ended

Jul. 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.

On June 1, 2026, Astronics Corporation announced a twenty percent stock distribution of Class B Stock (the “Class B stock distribution”) to holders of both Common and Class B Stock. Stockholders received one share of Class B Stock for every five shares of Common and Class B Stock held on the record date of June 15, 2026, with an ex-dividend date of June 15, 2026. All prior-period share or per share amounts presented herein have been retroactively adjusted to reflect the Class B stock distribution. The number of shares underlying, and the exercise price of outstanding stock options and other equity awards were proportionately adjusted to reflect the Class B stock distribution.

Operating Results

The results of operations for any interim period are not necessarily indicative of results for the full year. Operating results for the six months ended July 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 closing adjustment. Of the purchase price, $4.5 million was paid at the closing date and $2.0 million was paid on the first anniversary of the closing date which was reflected as an outflow from financing activities in the Consolidated Condensed Statement of Cash Flows. A payment of $1.8 million becomes payable by the Company following the second anniversary of the closing date 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 Company’s prior asset-based revolving credit facility 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

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 and six months ended July 4, 2026 and June 28, 2025 consisted of the following:

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Balance at Beginning of the Period	$	847	$	2,377	$	1,363	$	2,291
Bad Debt Expense, Net of Recoveries	117		(105)		(535)		23
Write-off Charges Against the Allowance and Other Adjustments	(97)		(1,430)		39		(1,472)
Balance at End of the Period	$	867	$	842	$	867	$	842

Simplification Initiatives

In the second quarter of 2025, the Company initiated simplification activities in the Aerospace segment, including costs related to footprint rationalization and portfolio shaping. Restructuring charges, including impairments of inventory and other long-lived assets, were recorded as a result of these simplification initiatives. In the three and six months ended June 28, 2025, the Company recorded $5.8 million and $0.4 million in simplification initiative charges to Cost of Products Sold and Selling, General and Administrative Expenses, respectively, in the accompanying Consolidated Condensed Statements of Operations. No such charges were recorded in the three and six months ended July 4, 2026.

Cloud Computing Arrangements

The Company incurs costs to implement cloud computing arrangements hosted by third-party vendors. Implementation costs incurred during the application development phase are capitalized in accordance with ASC Topic 350-40, Intangibles—Goodwill and Other—Internal-Use Software, and are included in Other Non-Current Assets on the Consolidated Condensed Balance Sheets. Capitalized costs are amortized on a straight-line basis over the contractual term of the arrangement, beginning when the related cloud computing solution is ready for its intended use. Implementation costs are reflected within Cash from Operating Activities on the Consolidated Condensed Statements of Cash Flows. Amortization expense was immaterial for the three and six months ended July 4, 2026 and June 28, 2025. As of July 4, 2026 and December 31, 2025, the Company had capitalized implementation costs of $6.7 million and $2.8 million, respectively, which relate to one cloud computing implementation project that has not yet been placed into service; accordingly, amortization on this project has not yet begun.

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 July 4, 2026 and June 28, 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 six-month periods then ended.

Foreign Currency Translation

The aggregate foreign currency transaction gain or loss included in operations was immaterial for the three and six months ended July 4, 2026 and June 28, 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 July 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

6 Months Ended

Jul. 04, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

On July 4, 2026, we had $780.6 million of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately $642.2 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, July 4, 2026	$	56,961	$	27,282

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. The increase in contract liabilities reflects the net impact of new customer advances or deferred revenues recorded in excess of revenue recognized.

During the three and six months ended July 4, 2026, the Company recognized $12.7 million and $13.9 million, respectively, in revenues that were included in the contract liability balance at the beginning of the period. During the three and six months ended June 28, 2025, the Company recognized $9.9 million and $17.8 million, respectively, in such revenues.

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 $6.9 million and $6.0 million on July 4, 2026 and December 31, 2025, respectively. Amortization of fulfillment costs recognized within Cost of Products Sold was $0.1 million and $0.2 million for the three and six months ended July 4, 2026, respectively, and $0.1 million and $3.4 million for the three and six months ended June 28, 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. 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. 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:

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Aerospace Segment
Commercial Transport	$	333,425	$	283,115	$	177,006	$	145,573
Military Aircraft	64,133		60,696		30,631		27,433
General Aviation	49,052		33,613		27,603		18,370
Other	4,502		7,577		2,052		2,250
Aerospace Total	451,112		385,001		237,292		193,626
Test Systems Segment
Government & Defense	39,464		25,613		22,665		11,052
Test Systems Total	39,464		25,613		22,665		11,052
Total	$	490,576	$	410,614	$	259,957	$	204,678

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

	Six Months Ended				Three Months Ended
			Recast				Recast
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Aerospace Segment
Inflight Entertainment & Connectivity	$	236,756	$	209,012	$	126,008	$	105,902
Lighting & Safety	111,977		108,057		59,170		56,100
Flight Critical Electrical Power	48,423		37,146		23,660		15,832
Seat Motion	42,065		16,889		22,186		10,217
Other	11,891		13,897		6,268		5,575
Aerospace Total	451,112		385,001		237,292		193,626
Test Systems	39,464		25,613		22,665		11,052
Total	$	490,576	$	410,614	$	259,957	$	204,678

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.

For the six months ended July 4, 2026, revenue in the Flight Critical Electrical Power product line includes $2.6 million related to performance obligations satisfied in prior periods due to a change in estimate of variable consideration.

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Inventories

6 Months Ended

Jul. 04, 2026

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following:

(In thousands)	July 4, 2026		December 31, 2025
Finished Goods	$	33,609	$	32,838
Work in Progress	46,146		38,686
Raw Material	140,310		125,336
	$	220,065	$	196,860

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Property, Plant and Equipment

6 Months Ended

Jul. 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)	July 4, 2026		December 31, 2025
Land	$	8,869	$	8,902
Buildings and Improvements	99,450		83,482
Machinery and Equipment	139,759		131,610
Construction in Progress	8,333		19,616
Total Property, Plant and Equipment, Gross	256,411		243,610
Less Accumulated Depreciation	140,843		136,532
Total Property, Plant and Equipment, Net	$	115,568	$	107,078

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Intangible Assets

6 Months Ended

Jul. 04, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible Assets

Intangible Assets

The following table summarizes acquired intangible assets as follows:

		July 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	11,544		10,633		11,565		10,541
Completed and Unpatented Technology	9 years	47,944		46,260		47,980		45,207
Backlog	4 years	3,888		602		3,991		177
Customer Relationships	15 years	145,623		108,352		145,773		104,531
Licensing Agreement	13 years	6,760		520		6,760		260
Total Intangible Assets	13 years	$	228,987	$	179,595	$	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:

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Amortization Expense	$	5,771	$	5,920	$	2,884	$	2,945

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

(In thousands)
2026	$	11,312
2027	$	9,498
2028	$	8,711
2029	$	7,161
2030	$	4,406
2031	$	4,195

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Goodwill

6 Months Ended

Jul. 04, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill

Goodwill

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

(In thousands)	December 31, 2025		Acquisition Adjustments		Foreign Currency Translation		July 4, 2026
Aerospace	$	41,288	$	1,048	$	530	$	42,866
Test Systems	21,635		—		—		21,635
	$	62,923	$	1,048	$	530	$	64,501

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Long-term Debt and Notes Payable

6 Months Ended

Jul. 04, 2026

Debt Disclosure [Abstract]

Long-term Debt and Notes Payable

Long-term Debt and Notes Payable

Revolving Credit Facility

On October 22, 2025, the Company entered into a $300.0 million senior secured, cash flow-based revolving credit facility (the “Revolving Credit Facility”), which replaced the Company’s prior asset-based revolving credit facility, which was terminated. 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 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 on unused Revolving Commitments ranging from 0.20% to 0.35%, determined based upon the Company’s Total Net Debt Leverage Ratio. The Revolving Credit Facility has an accordion feature that allows the Company to request incremental commitments of up to $100.0 million plus additional incremental amounts, subject to compliance with specified leverage requirements.

Pursuant to the Revolving Credit Facility, the Company is subject to a total net debt leverage ratio covenant that requires that the Company’s Total Net Debt Leverage Ratio may not exceed 4.50 to 1.00, 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 July 4, 2026, the Company was in compliance with these covenants.

There was $60.0 million outstanding and $237.8 million available for future borrowings, net of outstanding letters of credit, under the Revolving Credit Facility at July 4, 2026, and $85.0 million outstanding and $212.8 million available at December 31, 2025.

Unamortized deferred debt issuance costs associated with the Revolving Credit Facility were $2.7 million and $3.0 million as of July 4, 2026 and December 31, 2025, respectively, and are recorded within Other Assets. Debt issuance cost amortization expense was $0.6 million for each of the three months ended July 4, 2026 and June 28, 2025, and $1.2 million for each of the six months ended July 4, 2026 and June 28, 2025. All costs are amortized to interest expense over the term of the respective agreement.

Interest expense was $2.3 million and $3.1 million for the three months ended July 4, 2026 and June 28, 2025, respectively, and $4.7 million and $6.2 million for the six months ended July 4, 2026 and June 28, 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. The 2030 Convertible Notes will mature on March 15, 2030, unless earlier converted, redeemed or repurchased. As adjusted for the Company’s twenty percent Class B stock distribution, the conversion rate is 53.0389 shares of common stock per $1,000 principal amount of 2030 Convertible Notes, which represents a conversion price of $18.85 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 July 4, 2026, the Company’s stock price met the price trigger defined above, and therefore holders of the 2030 Convertible Notes will have the ability to convert their notes at their option at any time during the fiscal quarter ending October 3, 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”). The 2031 Convertible Notes do not bear interest and will mature on January 15, 2031, unless earlier converted, redeemed or repurchased. As adjusted for the Company’s twenty percent Class B stock distribution, the conversion rate is 22.1283 shares of common stock per $1,000 principal amount of 2031 Convertible Notes, which represents a conversion price of $45.19 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 any amount 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 Company. 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 a 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 July 4, 2026, the Company’s stock price met the price trigger defined above, and holders of the 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.

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

	July 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	$	(902)	$	32,098	$	33,000	$	(1,023)	$	31,977
2031 Convertible Notes	225,000		(6,779)		218,221		225,000		(7,526)		217,474
Total	$	258,000	$	(7,681)	$	250,319	$	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 and classifies these fair value measurements as Level 1 within the fair value hierarchy. The fair value of the 2031 Convertible Notes was approximately $378.2 million and $264.1 million as of July 4, 2026 and December 31, 2025, respectively. The fair value of the 2030 Convertible Notes was approximately $126.7 million and $84.8 million as of July 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, subject to a cap. As adjusted for the Company’s twenty percent Class B stock distribution, the cap price of the Capped Calls is approximately $68.44 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.

The Company 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

6 Months Ended

Jul. 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:

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Balance at Beginning of Period	$	20,740	$	18,081	$	19,525	$	17,611
Warranties Issued	2,523		3,401		1,574		2,494
Warranties Settled	(3,884)		(2,928)		(2,075)		(1,608)
Change in Warranty Estimate	(411)		459		(56)		516
Balance at End of Period	$	18,968	$	19,013	$	18,968	$	19,013

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Income Taxes

6 Months Ended

Jul. 04, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rates were approximately 7.4% and 29.0% for the three months ended and 3.3% and 9.8% for the six months ended July 4, 2026 and June 28, 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 most recently completed fiscal 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, which required us to reverse a portion of the valuation allowance associated with such deferred tax assets expected to be so realized. 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 residual amount of deferred tax assets as of July 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 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. These provisions of the OBBBA 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

6 Months Ended

Jul. 04, 2026

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

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

	Six Months Ended				Three Months Ended
(In thousands, except per share amounts)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Basic Earnings per Common Share:
Net Income - Basic	$	60,600	$	10,842	$	35,060	$	1,314
Weighted Average Shares - Basic	42,944		42,416		43,008		42,487
Basic Earnings per Common Share	$	1.41	$	0.26	$	0.82	$	0.03

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

	Six Months Ended				Three Months Ended
(In thousands, except per share amounts)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Diluted Earnings per Common Share:
Net Income - Diluted	$	60,600	$	10,842	$	35,060	$	1,314
Weighted Average Shares - Basic	42,944		42,416		43,008		42,487
Net Effect of Dilutive Stock Awards	1,783		855		1,819		1,154
Net Effect of Dilutive Convertible Notes	1,492		—		1,708		—
Weighted Average Shares - Diluted	46,219		43,271		46,535		43,641
Diluted Earnings per Common Share	$	1.31	$	0.25	$	0.75	$	0.03

The above information has been adjusted to reflect the impact of the twenty percent distribution of Class B Stock for shareholders of record on June 15, 2026.

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 the three and six months ended July 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 the three and six months ended July 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:

	Six Months Ended		Three Months Ended
(In thousands)	July 4, 2026	June 28, 2025	July 4, 2026	June 28, 2025
Stock Options and Unvested RSUs	—	522	—	479
2030 Convertible Notes	1,750	8,751	1,750	8,751
Total Antidilutive Securities	1,750	9,273	1,750	9,230

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Shareholders’ Equity

6 Months Ended

Jul. 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 and six months ended July 4, 2026 and June 28, 2025, the Company did not sell any shares of its common stock under the ATM Program. As of July 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)	July 4, 2026		December 31, 2025
Foreign Currency Translation Adjustments	$	(7,105)	$	(5,152)
Retirement Liability Adjustment – Before Tax	(1,285)		(1,540)
Tax Benefit of Retirement Liability Adjustment	2,282		2,282
Retirement Liability Adjustment – After Tax	997		742
Accumulated Other Comprehensive Loss	$	(6,108)	$	(4,410)

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

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Foreign Currency Translation Adjustments	$	(1,953)	$	2,931	$	(798)	$	2,179
Retirement Liability Adjustments:
Reclassifications to Selling, General and Administrative Expenses:
Amortization of Prior Service Cost	193		193		96		97
Amortization of Net Actuarial Losses (Gains)	62		(665)		32		(333)
Retirement Liability Adjustment	255		(472)		128		(236)
Other Comprehensive (Loss) Income	$	(1,698)	$	2,459	$	(670)	$	1,943

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Sales to Major Customers	6 Months Ended
	Jul. 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 and six months ended July 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 12.0% and 11.1% of consolidated sales in the three and six months ended July 4, 2026. Accounts receivable from Boeing on July 4, 2026 were approximately $27.1 million. In the three and six months ended June 28, 2025, the Company had no major customers over 10% of consolidated sales.

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Legal Proceedings and Other Matters

6 Months Ended

Jul. 04, 2026

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings and Other Matters

Legal Proceedings and Other Matters

Legal Proceedings

One of the Company’s Aerospace 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 $17.8 million at July 4, 2026 and $17.6 million at 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 July 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 within Selling, General and Administrative Expenses in the Company’s Consolidated Condensed Statement of Operations during the first quarter of 2025.

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 previously accrued interest and $3.5 million for partial reimbursement of Lufthansa’s legal costs. The legal cost reimbursement was recorded within Selling, General and Administrative Expenses in the Company’s Consolidated Condensed Statement of Operations during the second quarter of 2025.

During the three and six months ended June 28, 2025, the Company made payments totaling $21.6 million, in satisfaction of the liabilities for damages, interest and provisional legal fee reimbursement.

Both the Company and Lufthansa were granted permission to appeal the rulings by the UK High Court of Justice. The appeals were heard by the UK Court of Appeal in July 2026 and judgment was handed down on July 27, 2026. The Court’s judgment is that Lufthansa failed in its appeal and the Company succeeded in one of its appeals. The Company’s position is that approximately $2.2 million (including interest) of the damages paid by the Company to Lufthansa following the judgments in February 2025 and April 2025 is due to be repaid to the Company by Lufthansa. The Company is seeking an order for repayment of this money from the Court of Appeal. The Company is also seeking from the Court of Appeal that a portion of its legal expense for the appeals and the first instance damages trial is reimbursed; such amount has not yet been estimated. It is possible for either side to seek permission to appeal to the UK Supreme Court. No such applications have yet been made by either side. The Company expects to record the gain for the damages repayment as well as the legal fee reimbursement as an offset to Selling, General and Administrative Expense in the quarter in which the Court orders such payments.

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 July 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 July 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 July 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 July 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. Refunds of previously paid tariffs represent gain contingencies under ASC 450-30. Consistent with this guidance, the Company recognizes such refunds as a reduction of Cost of Products Sold in the period in which the gain is realized or realizable, generally when cash is received. Refunds that have been approved but not yet received, or that remain subject to appeal, further agency action, or other contingencies, are not recognized until realization criteria are met.

As a result, during the three and six months ended July 4, 2026, the Company received $2.0 million in IEEPA tariff refunds in the Consolidated Condensed Statement of Operations. The ultimate impact of these developments on our future financial results remains uncertain, including the timing and extent of any future refunds of tariffs previously paid under IEEPA and the nature, scope, and rate of any replacement tariffs or other trade measures that may be implemented.

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Segment Information

6 Months Ended

Jul. 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:

	Six Months Ended						Three Months Ended
(In thousands)	July 4, 2026			June 28, 2025			July 4, 2026			June 28, 2025
Sales:
Aerospace	$	451,135		$	385,035		$	237,292		$	193,647
Less Inter-segment Sales	(23)			(34)			—			(21)
Total Aerospace Sales	451,112			385,001			237,292			193,626
Test Systems	39,498			25,933			22,674			11,341
Less Inter-segment Sales	(34)			(320)			(9)			(289)
Total Test Systems Sales	39,464			25,613			22,665			11,052
Total Consolidated Sales	490,576			410,614			259,957			204,678
Less1
Cost of Products Sold:
Aerospace	298,267			271,627			155,140			138,735
	66.1		%	70.6		%	65.4		%	71.7		%
Test Systems	30,279			25,311			17,920			13,116
	76.7		%	98.8		%	79.1		%	118.7		%
Other Segment Items2
Aerospace	69,249			73,071			33,888			36,852
Test Systems	8,190			9,235			4,153			4,646
Operating Profit and Margins:
Aerospace	83,596			40,303			48,264			18,039
	18.5		%	10.5		%	20.3		%	9.3		%
Test Systems3	995			(8,933)			592			(6,710)
	2.5		%	(34.9)		%	2.6		%	(60.7)		%
Total Operating Profit	84,591			31,370			48,856			11,329
	17.2		%	7.6		%	18.8		%	5.5		%
Deductions from Segment Measure of Operating Profit:
Interest Expense, Net of Interest Income	4,668			6,247			2,332			3,097
Corporate Expenses and Other	17,284			13,098			8,670			6,381
Income Before Income Taxes	$	62,639		$	12,025		$	37,854		$	1,851

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.

3 In the three and six months ended June 28, 2025, revisions of estimated costs to complete certain long-term mass transit Test contracts had an adverse impact to operating profit of $6.9 million and $8.8 million, respectively.

(In thousands)	July 4, 2026		December 31, 2025
Total Assets:
Aerospace	$	614,128	$	570,294
Test Systems	126,664		119,603
Corporate	20,052		16,781
Total Assets	$	760,844	$	706,678

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Depreciation and Amortization:
Aerospace	$	11,205	$	8,955	$	5,826	$	4,457
Test Systems	1,002		1,990		497		912
Corporate	28		21		18		9
Total Depreciation and Amortization	$	12,235	$	10,966	$	6,341	$	5,378
Capital Expenditures:
Aerospace	$	16,221	$	6,525	$	5,490	$	4,443
Test Systems	605		185		176		162
Corporate	43		—		43		—
Total Capital Expenditures	$	16,869	$	6,710	$	5,709	$	4,605

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Fair Value

6 Months Ended

Jul. 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 July 4, 2026 or December 31, 2025.

There were no non-recurring fair value measurements performed in the six months ended July 4, 2026 and June 28, 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

6 Months Ended

Jul. 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 and $2.0 million was paid on the first anniversary of the closing date. A payment of $1.8 million becomes payable by the Company following the second anniversary of the closing date 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. Purchased intangible assets and goodwill are not expected to be deductible for tax purposes. This transaction was not considered material to the Company’s financial position or results of operations.

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Insider Trading Arrangements	3 Months Ended
	Jul. 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)

6 Months Ended

Jul. 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.

On June 1, 2026, Astronics Corporation announced a twenty percent stock distribution of Class B Stock (the “Class B stock distribution”) to holders of both Common and Class B Stock. Stockholders received one share of Class B Stock for every five shares of Common and Class B Stock held on the record date of June 15, 2026, with an ex-dividend date of June 15, 2026. All prior-period share or per share amounts presented herein have been retroactively adjusted to reflect the Class B stock distribution. The number of shares underlying, and the exercise price of outstanding stock options and other equity awards were proportionately adjusted to reflect the Class B stock distribution.

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 six months ended July 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 Company’s prior asset-based revolving credit facility 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.

Simplification Initiatives

Simplification Initiatives

In the second quarter of 2025, the Company initiated simplification activities in the Aerospace segment, including costs related to footprint rationalization and portfolio shaping. Restructuring charges, including impairments of inventory and other long-lived assets, were recorded as a result of these simplification initiatives.

Cloud Computing Arrangements

Cloud Computing Arrangements

The Company incurs costs to implement cloud computing arrangements hosted by third-party vendors. Implementation costs incurred during the application development phase are capitalized in accordance with ASC Topic 350-40, Intangibles—Goodwill and Other—Internal-Use Software, and are included in Other Non-Current Assets on the Consolidated Condensed Balance Sheets. Capitalized costs are amortized on a straight-line basis over the contractual term of the arrangement, beginning when the related cloud computing solution is ready for its intended use. Implementation costs are reflected within Cash from Operating Activities on the Consolidated Condensed Statements of Cash Flows. Amortization expense was immaterial for the three and six months ended July 4, 2026 and June 28, 2025.

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 July 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)

6 Months Ended

Jul. 04, 2026

Accounting Policies [Abstract]

Schedule of Allowance for Estimated Credit Losses

The changes in allowances for estimated credit losses for the three and six months ended July 4, 2026 and June 28, 2025 consisted of the following:

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Balance at Beginning of the Period	$	847	$	2,377	$	1,363	$	2,291
Bad Debt Expense, Net of Recoveries	117		(105)		(535)		23
Write-off Charges Against the Allowance and Other Adjustments	(97)		(1,430)		39		(1,472)
Balance at End of the Period	$	867	$	842	$	867	$	842

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Revenue (Tables)

6 Months Ended

Jul. 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, July 4, 2026	$	56,961	$	27,282

Schedule of Disaggregation of Revenue

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

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Aerospace Segment
Commercial Transport	$	333,425	$	283,115	$	177,006	$	145,573
Military Aircraft	64,133		60,696		30,631		27,433
General Aviation	49,052		33,613		27,603		18,370
Other	4,502		7,577		2,052		2,250
Aerospace Total	451,112		385,001		237,292		193,626
Test Systems Segment
Government & Defense	39,464		25,613		22,665		11,052
Test Systems Total	39,464		25,613		22,665		11,052
Total	$	490,576	$	410,614	$	259,957	$	204,678

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

	Six Months Ended				Three Months Ended
			Recast				Recast
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Aerospace Segment
Inflight Entertainment & Connectivity	$	236,756	$	209,012	$	126,008	$	105,902
Lighting & Safety	111,977		108,057		59,170		56,100
Flight Critical Electrical Power	48,423		37,146		23,660		15,832
Seat Motion	42,065		16,889		22,186		10,217
Other	11,891		13,897		6,268		5,575
Aerospace Total	451,112		385,001		237,292		193,626
Test Systems	39,464		25,613		22,665		11,052
Total	$	490,576	$	410,614	$	259,957	$	204,678

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Inventories (Tables)

6 Months Ended

Jul. 04, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

(In thousands)	July 4, 2026		December 31, 2025
Finished Goods	$	33,609	$	32,838
Work in Progress	46,146		38,686
Raw Material	140,310		125,336
	$	220,065	$	196,860

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Property, Plant and Equipment (Tables)

6 Months Ended

Jul. 04, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, Plant and Equipment consisted of the following:

(In thousands)	July 4, 2026		December 31, 2025
Land	$	8,869	$	8,902
Buildings and Improvements	99,450		83,482
Machinery and Equipment	139,759		131,610
Construction in Progress	8,333		19,616
Total Property, Plant and Equipment, Gross	256,411		243,610
Less Accumulated Depreciation	140,843		136,532
Total Property, Plant and Equipment, Net	$	115,568	$	107,078

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Intangible Assets (Tables)

6 Months Ended

Jul. 04, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Acquired Intangible Assets

The following table summarizes acquired intangible assets as follows:

		July 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	11,544		10,633		11,565		10,541
Completed and Unpatented Technology	9 years	47,944		46,260		47,980		45,207
Backlog	4 years	3,888		602		3,991		177
Customer Relationships	15 years	145,623		108,352		145,773		104,531
Licensing Agreement	13 years	6,760		520		6,760		260
Total Intangible Assets	13 years	$	228,987	$	179,595	$	229,297	$	173,944

Schedule of Amortization Expense for Acquired Intangibles

Amortization expense for acquired intangibles is summarized as follows:

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Amortization Expense	$	5,771	$	5,920	$	2,884	$	2,945

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	$	11,312
2027	$	9,498
2028	$	8,711
2029	$	7,161
2030	$	4,406
2031	$	4,195

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Goodwill (Tables)

6 Months Ended

Jul. 04, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

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

(In thousands)	December 31, 2025		Acquisition Adjustments		Foreign Currency Translation		July 4, 2026
Aerospace	$	41,288	$	1,048	$	530	$	42,866
Test Systems	21,635		—		—		21,635
	$	62,923	$	1,048	$	530	$	64,501

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Long-term Debt and Notes Payable (Tables)

6 Months Ended

Jul. 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:

	July 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	$	(902)	$	32,098	$	33,000	$	(1,023)	$	31,977
2031 Convertible Notes	225,000		(6,779)		218,221		225,000		(7,526)		217,474
Total	$	258,000	$	(7,681)	$	250,319	$	258,000	$	(8,549)	$	249,451

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Product Warranties (Tables)

6 Months Ended

Jul. 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:

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Balance at Beginning of Period	$	20,740	$	18,081	$	19,525	$	17,611
Warranties Issued	2,523		3,401		1,574		2,494
Warranties Settled	(3,884)		(2,928)		(2,075)		(1,608)
Change in Warranty Estimate	(411)		459		(56)		516
Balance at End of Period	$	18,968	$	19,013	$	18,968	$	19,013

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Earnings Per Share (Tables)

6 Months Ended

Jul. 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:

	Six Months Ended				Three Months Ended
(In thousands, except per share amounts)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Basic Earnings per Common Share:
Net Income - Basic	$	60,600	$	10,842	$	35,060	$	1,314
Weighted Average Shares - Basic	42,944		42,416		43,008		42,487
Basic Earnings per Common Share	$	1.41	$	0.26	$	0.82	$	0.03

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

	Six Months Ended				Three Months Ended
(In thousands, except per share amounts)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Diluted Earnings per Common Share:
Net Income - Diluted	$	60,600	$	10,842	$	35,060	$	1,314
Weighted Average Shares - Basic	42,944		42,416		43,008		42,487
Net Effect of Dilutive Stock Awards	1,783		855		1,819		1,154
Net Effect of Dilutive Convertible Notes	1,492		—		1,708		—
Weighted Average Shares - Diluted	46,219		43,271		46,535		43,641
Diluted Earnings per Common Share	$	1.31	$	0.25	$	0.75	$	0.03

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:

	Six Months Ended		Three Months Ended
(In thousands)	July 4, 2026	June 28, 2025	July 4, 2026	June 28, 2025
Stock Options and Unvested RSUs	—	522	—	479
2030 Convertible Notes	1,750	8,751	1,750	8,751
Total Antidilutive Securities	1,750	9,273	1,750	9,230

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Shareholders’ Equity (Tables)

6 Months Ended

Jul. 04, 2026

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:

(In thousands)	July 4, 2026		December 31, 2025
Foreign Currency Translation Adjustments	$	(7,105)	$	(5,152)
Retirement Liability Adjustment – Before Tax	(1,285)		(1,540)
Tax Benefit of Retirement Liability Adjustment	2,282		2,282
Retirement Liability Adjustment – After Tax	997		742
Accumulated Other Comprehensive Loss	$	(6,108)	$	(4,410)

Schedule of Other Comprehensive (Loss) Income

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

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Foreign Currency Translation Adjustments	$	(1,953)	$	2,931	$	(798)	$	2,179
Retirement Liability Adjustments:
Reclassifications to Selling, General and Administrative Expenses:
Amortization of Prior Service Cost	193		193		96		97
Amortization of Net Actuarial Losses (Gains)	62		(665)		32		(333)
Retirement Liability Adjustment	255		(472)		128		(236)
Other Comprehensive (Loss) Income	$	(1,698)	$	2,459	$	(670)	$	1,943

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Segment Information (Tables)

6 Months Ended

Jul. 04, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Segment information and reconciliations to consolidated amounts are as follows:

	Six Months Ended						Three Months Ended
(In thousands)	July 4, 2026			June 28, 2025			July 4, 2026			June 28, 2025
Sales:
Aerospace	$	451,135		$	385,035		$	237,292		$	193,647
Less Inter-segment Sales	(23)			(34)			—			(21)
Total Aerospace Sales	451,112			385,001			237,292			193,626
Test Systems	39,498			25,933			22,674			11,341
Less Inter-segment Sales	(34)			(320)			(9)			(289)
Total Test Systems Sales	39,464			25,613			22,665			11,052
Total Consolidated Sales	490,576			410,614			259,957			204,678
Less1
Cost of Products Sold:
Aerospace	298,267			271,627			155,140			138,735
	66.1		%	70.6		%	65.4		%	71.7		%
Test Systems	30,279			25,311			17,920			13,116
	76.7		%	98.8		%	79.1		%	118.7		%
Other Segment Items2
Aerospace	69,249			73,071			33,888			36,852
Test Systems	8,190			9,235			4,153			4,646
Operating Profit and Margins:
Aerospace	83,596			40,303			48,264			18,039
	18.5		%	10.5		%	20.3		%	9.3		%
Test Systems3	995			(8,933)			592			(6,710)
	2.5		%	(34.9)		%	2.6		%	(60.7)		%
Total Operating Profit	84,591			31,370			48,856			11,329
	17.2		%	7.6		%	18.8		%	5.5		%
Deductions from Segment Measure of Operating Profit:
Interest Expense, Net of Interest Income	4,668			6,247			2,332			3,097
Corporate Expenses and Other	17,284			13,098			8,670			6,381
Income Before Income Taxes	$	62,639		$	12,025		$	37,854		$	1,851

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.

3 In the three and six months ended June 28, 2025, revisions of estimated costs to complete certain long-term mass transit Test contracts had an adverse impact to operating profit of $6.9 million and $8.8 million, respectively.

(In thousands)	July 4, 2026		December 31, 2025
Total Assets:
Aerospace	$	614,128	$	570,294
Test Systems	126,664		119,603
Corporate	20,052		16,781
Total Assets	$	760,844	$	706,678

	Six Months Ended				Three Months Ended
(In thousands)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Depreciation and Amortization:
Aerospace	$	11,205	$	8,955	$	5,826	$	4,457
Test Systems	1,002		1,990		497		912
Corporate	28		21		18		9
Total Depreciation and Amortization	$	12,235	$	10,966	$	6,341	$	5,378
Capital Expenditures:
Aerospace	$	16,221	$	6,525	$	5,490	$	4,443
Test Systems	605		185		176		162
Corporate	43		—		43		—
Total Capital Expenditures	$	16,869	$	6,710	$	5,709	$	4,605

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Basis of Presentation - Narrative (Details) $ in Thousands				3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($)	Oct. 13, 2025 USD ($)	Jun. 30, 2025 USD ($)	Jul. 04, 2026 USD ($) project	Jun. 28, 2025 USD ($)	Jul. 04, 2026 USD ($) project segment	Jun. 28, 2025 USD ($)	Jun. 15, 2026	Jun. 01, 2026	Dec. 31, 2025 USD ($) project
Restructuring Cost and Reserve [Line Items]
Stock distribution, percentage				20.00%		20.00%		20.00%	20.00%
Number of reportable segments | segment						2
Payment for business combination liability						$ 2,220	$ 76
Other noncurrent assets				$ 14,366		$ 14,366				$ 11,316
Cloud computing implementation projects, not yet placed in service (in projects) | project				1		1				1
Common Stock, Conversion Ratio									0.20
Software, In-Development, Internally Developed, and Purchased
Restructuring Cost and Reserve [Line Items]
Other noncurrent assets				$ 6,700		$ 6,700				$ 2,800
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold
Restructuring Cost and Reserve [Line Items]
Restructuring charges				0	$ 5,800	0	5,800
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 0	$ 400	$ 0	$ 400
Envoy Aerospace, LLC
Restructuring Cost and Reserve [Line Items]
Total purchase price			$ 8,300
Cash purchase price			4,500
Payment for business combination liability	$ 2,000
Contingent consideration, liability			$ 1,800
Bühler Motor Aviation
Restructuring Cost and Reserve [Line Items]
Total purchase price		$ 18,000

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Basis of Presentation - Schedule of Allowance for Estimated Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of the Period	$ 1,363	$ 2,291	$ 847	$ 2,377
Bad Debt Expense, Net of Recoveries	(535)	23	117	(105)
Write-off Charges Against the Allowance and Other Adjustments	39	(1,472)	(97)	(1,430)
Balance at End of the Period	$ 867	$ 842	$ 867	$ 842

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Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025	Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 780.6		$ 780.6
Revenue recognized included in contract liability balance	12.7	$ 9.9	13.9	$ 17.8
Capitalized fulfillment cost	6.9		6.9		$ 6.0
Amortization of fulfillment costs	0.1	$ 0.1	0.2	$ 3.4
Contract with customer, asset, impact from change in estimate due to variable consideration			2.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-05
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 642.2		$ 642.2
Period of recognition	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-03
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	Jul. 04, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 56,961	$ 54,687
Contract Liabilities	$ 27,282	$ 26,962

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Revenue - Schedule of Revenue Disaggregated by Market (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Disaggregation of Revenue [Line Items]
Total	$ 259,957	$ 204,678	$ 490,576	$ 410,614
Aerospace Segment
Disaggregation of Revenue [Line Items]
Total	237,292	193,626	451,112	385,001
Aerospace Segment | Commercial Transport
Disaggregation of Revenue [Line Items]
Total	177,006	145,573	333,425	283,115
Aerospace Segment | Military Aircraft
Disaggregation of Revenue [Line Items]
Total	30,631	27,433	64,133	60,696
Aerospace Segment | General Aviation
Disaggregation of Revenue [Line Items]
Total	27,603	18,370	49,052	33,613
Aerospace Segment | Other
Disaggregation of Revenue [Line Items]
Total	2,052	2,250	4,502	7,577
Test Systems Segment
Disaggregation of Revenue [Line Items]
Total	22,665	11,052	39,464	25,613
Test Systems Segment | Government & Defense
Disaggregation of Revenue [Line Items]
Total	$ 22,665	$ 11,052	$ 39,464	$ 25,613

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Revenue - Schedule of Disaggregated by Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Disaggregation of Revenue [Line Items]
Total	$ 259,957	$ 204,678	$ 490,576	$ 410,614
Aerospace Segment
Disaggregation of Revenue [Line Items]
Total	237,292	193,626	451,112	385,001
Aerospace Segment | Inflight Entertainment & Connectivity
Disaggregation of Revenue [Line Items]
Total	126,008	105,902	236,756	209,012
Aerospace Segment | Lighting & Safety
Disaggregation of Revenue [Line Items]
Total	59,170	56,100	111,977	108,057
Aerospace Segment | Flight Critical Electrical Power
Disaggregation of Revenue [Line Items]
Total	23,660	15,832	48,423	37,146
Aerospace Segment | Seat Motion
Disaggregation of Revenue [Line Items]
Total	22,186	10,217	42,065	16,889
Aerospace Segment | Other
Disaggregation of Revenue [Line Items]
Total	6,268	5,575	11,891	13,897
Test Systems
Disaggregation of Revenue [Line Items]
Total	$ 22,665	$ 11,052	$ 39,464	$ 25,613

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Inventories (Details) - USD ($) $ in Thousands	Jul. 04, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Finished Goods	$ 33,609	$ 32,838
Work in Progress	46,146	38,686
Raw Material	140,310	125,336
Inventory, net	$ 220,065	$ 196,860

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Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jul. 04, 2026	Dec. 31, 2025
Property, Plant, and Equipment
Total Property, Plant and Equipment, Gross	$ 256,411	$ 243,610
Less Accumulated Depreciation	140,843	136,532
Total Property, Plant and Equipment, Net	115,568	107,078
Land
Property, Plant, and Equipment
Total Property, Plant and Equipment, Gross	8,869	8,902
Buildings and Improvements
Property, Plant, and Equipment
Total Property, Plant and Equipment, Gross	99,450	83,482
Machinery and Equipment
Property, Plant, and Equipment
Total Property, Plant and Equipment, Gross	139,759	131,610
Construction in Progress
Property, Plant, and Equipment
Total Property, Plant and Equipment, Gross	$ 8,333	$ 19,616

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Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 04, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived
Weighted Average Life	13 years
Gross Carrying Amount	$ 228,987	$ 229,297
Accumulated Amortization	$ 179,595	173,944
Patents
Intangible Asset, Finite-Lived
Weighted Average Life	11 years
Gross Carrying Amount	$ 2,146	2,146
Accumulated Amortization	$ 2,146	2,146
Non-compete Agreement
Intangible Asset, Finite-Lived
Weighted Average Life	4 years
Gross Carrying Amount	$ 11,082	11,082
Accumulated Amortization	$ 11,082	11,082
Trade Names
Intangible Asset, Finite-Lived
Weighted Average Life	10 years
Gross Carrying Amount	$ 11,544	11,565
Accumulated Amortization	$ 10,633	10,541
Completed and Unpatented Technology
Intangible Asset, Finite-Lived
Weighted Average Life	9 years
Gross Carrying Amount	$ 47,944	47,980
Accumulated Amortization	$ 46,260	45,207
Backlog
Intangible Asset, Finite-Lived
Weighted Average Life	4 years
Gross Carrying Amount	$ 3,888	3,991
Accumulated Amortization	$ 602	177
Customer Relationships
Intangible Asset, Finite-Lived
Weighted Average Life	15 years
Gross Carrying Amount	$ 145,623	145,773
Accumulated Amortization	$ 108,352	104,531
Licensing Agreement
Intangible Asset, Finite-Lived
Weighted Average Life	13 years
Gross Carrying Amount	$ 6,760	6,760
Accumulated Amortization	$ 520	$ 260

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Intangible Assets - Narrative (Details)	6 Months Ended
	Jul. 04, 2026 tradeName
Intangible Asset, Goodwill and Other [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		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Intangible Asset, Goodwill and Other [Abstract]
Amortization Expense	$ 2,884	$ 2,945	$ 5,771	$ 5,920

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Intangible Assets - Schedule of Amortization Expense for Intangible Assets for Each of Next Five Years (Details) $ in Thousands	Jul. 04, 2026 USD ($)
Intangible Asset, Goodwill and Other [Abstract]
2026	$ 11,312
2027	9,498
2028	8,711
2029	7,161
2030	4,406
2031	$ 4,195

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Goodwill (Details) $ in Thousands	6 Months Ended
	Jul. 04, 2026 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 62,923
Acquisition Adjustments	1,048
Foreign Currency Translation	530
Balance at end of period	64,501
Aerospace
Goodwill [Roll Forward]
Balance at beginning of period	41,288
Acquisition Adjustments	1,048
Foreign Currency Translation	530
Balance at end of period	42,866
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		6 Months Ended
	Oct. 22, 2025 USD ($)	Sep. 15, 2025 USD ($) day $ / shares	Dec. 03, 2024 USD ($) day $ / shares	Jul. 04, 2026 USD ($)	Jun. 28, 2025 USD ($)	Jul. 04, 2026 USD ($)	Jun. 28, 2025 USD ($)	Jun. 15, 2026	Jun. 01, 2026 $ / Unit	Dec. 31, 2025 USD ($)
Debt Instrument
Stock distribution, percentage				20.00%		20.00%		20.00%	20.00%
Convertible Debt
Debt Instrument
Unamortized balance of deferred financing costs				$ 7,681		$ 7,681				$ 8,549
Convertible Senior Notes Due 2030 | Convertible Debt
Debt Instrument
Unamortized balance of deferred financing costs				902		902				1,023
Debt face amount			$ 165,000
Debt instrument, interest rate, stated percentage			5.50%
Debt instrument, convertible, conversion ratio			0.0530389
Initial conversion price (in dollars per share) | $ / shares			$ 18.85
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
Convertible debt, fair value				126,700		126,700				84,800
Convertible Senior Notes Due 2031 | Convertible Debt
Debt Instrument
Unamortized balance of deferred financing costs				6,779		6,779				7,526
Debt face amount		$ 225,000
Debt instrument, convertible, conversion ratio		0.0221283
Initial conversion price (in dollars per share) | $ / shares		$ 45.19
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
Debt instrument, convertible, trading day period		30 days
Convertible debt, fair value				378,200		378,200				264,100
Capped calls, cap price (in dollars per unit) | $ / Unit									68.44
Payment for capped calls						26,900
Revolving Credit Facility | Senior Secured, Cash Flow-Based Revolving Credit Facility | Line of Credit
Debt Instrument
Maximum borrowing capacity	$ 300,000
Accordion feature, increase limit (up to)	$ 100,000
Total net debt leverage ratio, maximum	4.50
Interest coverage ratio, minimum	3.50
Secured net leverage ratio, maximum	3.00
Amounts outstanding under revolving line of credit				60,000		60,000				85,000
Remaining capacity under the credit facility				237,800		237,800				212,800
Unamortized balance of deferred financing costs				2,700		2,700				$ 3,000
Debt issuance amortization expense				600	$ 600	1,200	$ 1,200
Interest expense				$ 2,300	$ 3,100	$ 4,700	$ 6,200
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	Jul. 04, 2026	Dec. 31, 2025
Debt Instrument
Principal	$ 258,000	$ 258,000
Unamortized Debt Issuance Costs	(7,681)	(8,549)
Carrying Value	250,319	249,451
Convertible Senior Notes Due 2030
Debt Instrument
Principal	33,000	33,000
Unamortized Debt Issuance Costs	(902)	(1,023)
Carrying Value	32,098	31,977
Convertible Senior Notes Due 2031
Debt Instrument
Principal	225,000	225,000
Unamortized Debt Issuance Costs	(6,779)	(7,526)
Carrying Value	$ 218,221	$ 217,474

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Product Warranties - Narrative (Details)	6 Months Ended
	Jul. 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		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at Beginning of Period	$ 19,525	$ 17,611	$ 20,740	$ 18,081
Warranties Issued	1,574	2,494	2,523	3,401
Warranties Settled	(2,075)	(1,608)	(3,884)	(2,928)
Change in Warranty Estimate	(56)	516	(411)	459
Balance at End of Period	$ 18,968	$ 19,013	$ 18,968	$ 19,013

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Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	7.40%	29.00%	3.30%	9.80%

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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		6 Months Ended
		Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Earnings Per Share [Abstract]
Net Income - Basic		$ 35,060	$ 1,314	$ 60,600	$ 10,842
Weighted Average Shares - Basic (in shares)		43,008	42,487	42,944	42,416
Basic Earnings per Common Share (in usd per share)	[1]	$ 0.82	$ 0.03	$ 1.41	$ 0.26

[1] All per share information have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026.

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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		6 Months Ended
		Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Earnings Per Share [Abstract]
Net Income - Basic		$ 35,060	$ 1,314	$ 60,600	$ 10,842
Weighted Average Shares - Basic (in shares)		43,008	42,487	42,944	42,416
Basic (in usd per share)	[1]	$ 0.82	$ 0.03	$ 1.41	$ 0.26
Net Income - Diluted		$ 35,060	$ 1,314	$ 60,600	$ 10,842
Net Effect of Dilutive Stock Awards (in shares)		1,819	1,154	1,783	855
Net Effect of Dilutive Convertible Notes (in shares)		1,708	0	1,492	0
Weighted Average Shares - Diluted (in shares)		46,535	43,641	46,219	43,271
Diluted Earnings per Common Share (in usd per share)	[1]	$ 0.75	$ 0.03	$ 1.31	$ 0.25

[1] All per share information have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026.

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Earnings Per Share - Narrative (Details)	Jul. 04, 2026	Jun. 15, 2026	Jun. 01, 2026
Earnings Per Share [Abstract]
Stock distribution, percentage	20.00%	20.00%	20.00%

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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		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from computation (in shares)	1,750	9,230	1,750	9,273
Stock Options and Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from computation (in shares)	0	479	0	522
2030 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from computation (in shares)	1,750	8,751	1,750	8,751

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Shareholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025	Aug. 08, 2023
Stockholders Equity [Line Items]
Share repurchase program, authorized, amount	$ 41.5		$ 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	0	0
Remaining available for sale	$ 8.2		$ 8.2

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Shareholders’ Equity - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Jul. 04, 2026		Apr. 04, 2026	Dec. 31, 2025		Jun. 28, 2025	Mar. 29, 2025	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 198,220	[1]		$ 140,074	[1]	$ 271,571
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(7,105)			(5,152)
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	997			742
Retirement Liability Adjustment – Before Tax	(1,285)			(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	$ (6,108)		$ (5,438)	$ (4,410)		$ (1,404)	$ (3,347)	$ (3,863)

[1] Prior-period Shareholders’ Equity balances have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026, with no impact on Total Shareholders’ Equity.

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Shareholders’ Equity - Schedule of Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	$ (670)	$ 1,943	$ (1,698)	$ 2,459
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	(798)	2,179	(1,953)	2,931
Amortization of Prior Service Cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	96	97	193	193
Amortization of Net Actuarial Losses (Gains)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	32	(333)	62	(665)
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	$ 128	$ (236)	$ 255	$ (472)

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Sales to Major Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025	Dec. 31, 2025
Segment Reporting
Accounts receivable	$ 228,900		$ 228,900		$ 204,672
Customer Concentration Risk | Customer One | Consolidated Sales
Segment Reporting
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%
Customer Concentration Risk | The Boeing Company | Consolidated Sales
Segment Reporting
Concentration risk, percentage	12.00%		11.10%
Customer Concentration Risk | The Boeing Company | Accounts Receivable
Segment Reporting
Accounts receivable	$ 27,100		$ 27,100

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Legal Proceedings and Other Matters (Details) $ in Millions					3 Months Ended		6 Months Ended
	Jul. 27, 2026 USD ($) appeal	May 16, 2025 USD ($)	Mar. 20, 2025 USD ($)	Feb. 21, 2025 USD ($)	Jul. 04, 2026 USD ($)	Jun. 28, 2025 USD ($)	Jul. 04, 2026 USD ($)	Jun. 28, 2025 USD ($)	Dec. 31, 2025 USD ($)	Apr. 30, 2025 USD ($)
IEEPA Tariff Refund
Loss Contingencies [Line Items]
Tariff refunds					$ 2.0		$ 2.0
Lufthansa Technik AG
Loss Contingencies [Line Items]
Estimated litigation liability					1.0		1.0		$ 1.0
Lufthansa Technik AG | Patent Infringement
Loss Contingencies [Line Items]
Loss contingency, damages paid, value						$ 21.6		$ 21.6
Lufthansa Technik AG | Patent Infringement | Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 2.2
Number of appeals with successful ruling | appeal	1
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					$ 17.8		$ 17.8		$ 17.6

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Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Segment Reporting
Sales	$ 259,957	$ 204,678	$ 490,576	$ 410,614
Cost of Products Sold	173,060	151,851	328,546	296,938
Operating Profit	40,467	4,758	67,697	17,895
Deductions from Segment Measure of Operating Profit:
Interest Expense, Net of Interest Income	2,332	3,097	4,668	6,247
Income Before Income Taxes	37,854	1,851	62,639	12,025
Operating profit impact of adverse change in costs on long-term mass transit test contracts		6,900		8,800
Aerospace
Segment Reporting
Sales	237,292	193,626	451,112	385,001
Test Systems Segment
Segment Reporting
Sales	22,665	11,052	39,464	25,613
Operating Segments, Excluding Intersegment Elimination | Aerospace
Segment Reporting
Sales	237,292	193,647	451,135	385,035
Operating Segments, Excluding Intersegment Elimination | Test Systems Segment
Segment Reporting
Sales	22,674	11,341	39,498	25,933
Less Inter-segment Sales | Aerospace
Segment Reporting
Sales	0	(21)	(23)	(34)
Less Inter-segment Sales | Test Systems Segment
Segment Reporting
Sales	(9)	(289)	(34)	(320)
Operating Segments
Segment Reporting
Operating Profit	$ 48,856	$ 11,329	$ 84,591	$ 31,370
Operating Margins	18.80%	5.50%	17.20%	7.60%
Operating Segments | Aerospace
Segment Reporting
Sales	$ 237,292	$ 193,626	$ 451,112	$ 385,001
Cost of Products Sold	$ 155,140	$ 138,735	$ 298,267	$ 271,627
Cost of Products Sold Margins	65.40%	71.70%	66.10%	70.60%
Other Segment Items	$ 33,888	$ 36,852	$ 69,249	$ 73,071
Operating Profit	$ 48,264	$ 18,039	$ 83,596	$ 40,303
Operating Margins	20.30%	9.30%	18.50%	10.50%
Operating Segments | Test Systems Segment
Segment Reporting
Sales	$ 22,665	$ 11,052	$ 39,464	$ 25,613
Cost of Products Sold	$ 17,920	$ 13,116	$ 30,279	$ 25,311
Cost of Products Sold Margins	79.10%	118.70%	76.70%	98.80%
Other Segment Items	$ 4,153	$ 4,646	$ 8,190	$ 9,235
Operating Profit	$ 592	$ (6,710)	$ 995	$ (8,933)
Operating Margins	2.60%	(60.70%)	2.50%	(34.90%)
Corporate Expenses and Other
Deductions from Segment Measure of Operating Profit:
Corporate Expenses and Other	$ 8,670	$ 6,381	$ 17,284	$ 13,098

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Segment Information - Schedule of Total Assets, Depreciation and Amortization, Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025	Dec. 31, 2025
Segment Reporting
Total Assets	$ 760,844		$ 760,844		$ 706,678
Total Depreciation and Amortization	6,341	$ 5,378	12,235	$ 10,966
Total Capital Expenditures	5,709	4,605	16,869	6,710
Operating Segments | Aerospace
Segment Reporting
Total Assets	614,128		614,128		570,294
Total Depreciation and Amortization	5,826	4,457	11,205	8,955
Total Capital Expenditures	5,490	4,443	16,221	6,525
Operating Segments | Test Systems Segment
Segment Reporting
Total Assets	126,664		126,664		119,603
Total Depreciation and Amortization	497	912	1,002	1,990
Total Capital Expenditures	176	162	605	185
Corporate
Segment Reporting
Total Assets	20,052		20,052		$ 16,781
Total Depreciation and Amortization	18	9	28	21
Total Capital Expenditures	$ 43	$ 0	$ 43	$ 0

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Acquisitions (Details) - USD ($) $ in Thousands				6 Months Ended
	Jun. 30, 2026	Oct. 13, 2025	Jun. 30, 2025	Jul. 04, 2026	Jun. 28, 2025
Business Combination [Line Items]
Payment for business combination liability				$ 2,220	$ 76
Envoy Aerospace, LLC
Business Combination [Line Items]
Total purchase price			$ 8,300
Cash purchase price			4,500
Payment for business combination liability	$ 2,000
Contingent consideration, liability			$ 1,800
Bühler Motor Aviation
Business Combination [Line Items]
Total purchase price		$ 18,000