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Richardson Electronics (RELL) investor relations material

Richardson Electronics Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary9 Oct, 2025

Executive summary

  • Q1 FY2026 net sales rose 1.6% year-over-year to $54.6 million, with net income increasing to $1.9 million from $0.6 million, driven by PMT and Canvys growth and partially offset by the healthcare business sale.

  • Gross margin improved to 31.0% from 30.6% year-over-year, supported by favorable product mix, engineered solutions, and improved manufacturing utilization.

  • Operating income rose to $1.0 million from $0.3 million, and diluted EPS increased to $0.13 from $0.04.

  • Positive operating cash flow was generated for the sixth consecutive quarter, with a strong cash position of $35.7 million and no debt.

  • Excluding Healthcare, net sales increased 6.8% year-over-year, led by semiconductor wafer fab performance.

Financial highlights

  • EBITDA doubled to $3.3 million from $1.7 million in the prior year’s first quarter.

  • Operating expenses were $16.0 million (29.2% of net sales), down from $16.1 million (30.0%) year-over-year.

  • Backlog at Q1 FY2026 was $134.7 million, up over 125% since FY2019.

  • Other income included a $0.9 million non-recurring gain from a confidential settlement.

  • Capital expenditures were $1.0 million in Q1; full-year CapEx expected at $4–5 million.

Outlook and guidance

  • Expect continued growth in PMT and GES, with strong momentum entering Q2 FY2026 and double-digit GES growth projected for FY2026.

  • Semi wafer fab sales anticipated to remain steady in Q1 and Q2, with significant growth forecasted for Q3 and Q4.

  • Operating expenses expected to rise only modestly for the full year, maintaining leverage.

  • Management expects existing liquidity and cash flow to meet capital and working capital needs for the next twelve months.

  • Near-term volatility expected from global trade and U.S. economic policies, but only ~5% of purchases come from China.

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Frequently asked questions

Richardson Electronics, Ltd. engages in the power and microwave technologies, customized display solutions, and healthcare businesses in North America, the Asia Pacific, Europe, and Latin America. The company operates through four segments: Power and Microwave Technologies Group; Optronics Group; Custom Solutions Group; and Healthcare Technology Group. The Power and Microwave Technologies Group offers power electronics modules that convert mains voltages to regulated low voltage for further distribution within buildings. It also provides power conversion products consisting of inverters, drivers, and DC-to-DC converters; power management system components that offer microcontrollers with set features for PWM and analogue signal conditioning; motor control products sought for consumer applications such as washing machines, fans, and vacuum cleaners; electronic control systems used for industrial applications such as conveyors and rollers; telecommunications peripheral products for audio output amplifiers; high-current transformers for systems such as cathodic protection of pipelines; RF power amplifiers used in satellite communications systems such as uplink tracking is part of its operations. Richardson Electronics is based in LaFox, Illinois.

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