NYSE: FPS

We manufacture every major category of electrical distribution equipment, and we believe we have one of the most comprehensive product portfolios available for Data Center, Grid, and Industrial applications in the United States. Major product categories of electrical distribution equipment that we manufacture and sell include automatic transfer switches (“ATS”), dry type transformers, electrical houses (“eHouse”), generator connection cabinets, liquid filled transformers, panelboards, power distribution units (“PDU”), power skids, remote power panels (“RPP”), switchboards, switchgear, and tap boxes.

We sell Custom Products, Powertrain Solutions, and Standard Products. Our Custom Products are designed for a specific project or application, involve significant consultation between our in-house engineering team and the customer and are typically produced in small quantities. Our Powertrain Solutions are combinations of Custom Products that are integrated together, skidded together, or designed to work together as a system. Our Standard Products leverage common designs that are suitable for basic applications and are typically manufactured in large quantities. We also provide on-site commissioning and maintenance services for our products. In fiscal 2026, we generated approximately 70%, 25%, 3%, and 2% of our revenues from Custom Products, Powertrain Solutions, Standard Products, and Services, respectively.

We specialize in manufacturing Custom Products and Powertrain Solutions that are “engineered-to-order” for technically demanding applications, including data center power distribution, utility substations and energy-intensive manufacturing. Demand for customized electrical distribution equipment is increasing as data centers, independent power producers, utilities and other customers seek to address varying power quality and availability, stringent uptime requirements, challenging form factors and environments, demanding thermal management requirements, integration with other equipment and systems, evolving regulatory requirements and safety considerations and rising construction costs and labor scarcity.

We support our sales of Custom Products and Powertrain Solutions with a dedicated team of engineers who work closely with our customers to define system requirements; identify and evaluate cost, performance and availability trade-offs; and develop tailored solutions that meet their specific needs. Leveraging our proprietary design tools and extensive database of reference designs, we can engineer a custom product for a customer in as little as a few hours and we are able to produce and ship a custom product in as little as a week. The upfront collaboration between our customers and our application engineers allows us to value-engineer systems, de-risk delivery timelines and reduce the potential for change orders, which together result in more efficient and predictable execution.

Our customers include technology, power, utility and industrial companies who purchase from us directly; intermediaries such as original equipment manufacturers (“OEMs”) and integrators who incorporate our products into systems that they sell; contractors that build data centers, power plants and T&D infrastructure; and electrical products distributors. We generated approximately 59%, 21%, 10% and 10% of our fiscal 2026 revenues from the Data Center, Grid, Industrial and other markets, respectively. In fiscal 2026, substantially all of our revenues were generated from customers located in North America.

Our Customer Value Proposition—Marrying In-House Engineering with Product Breadth and Manufacturing Depth to Address Bottlenecks in the Digital and Industrial Economies

We believe we are one of only a small number of companies that can engineer and manufacture all of the electrical distribution equipment required for a data center or large manufacturing facility’s powertrain—the system and components that deliver electrical power from its source to the various pieces of equipment within the facilities—with some of the highest levels of customization and shortest lead times available in our industry. We believe we are able to deliver end-to-end, customized Powertrain Solutions for technically demanding applications with short lead times because we:

•possess the engineering resources, culture and mindset required to rapidly develop products that meet the fast-changing requirements of technology companies and other customers with technically demanding applications;

•manufacture critical components in-house, including medium voltage switchgear and dry type transformers, which allows us to offer significantly shorter lead times and greater levels of customization than our competitors;

•provide significant upfront engineering support that reduces costs, de-risks delivery timelines and minimizes the risk of change orders for our customers;

•offer prefabricated, modular, or integrated solutions that significantly reduce field labor requirements, which lowers our customers’ construction costs and shortens their installation times;

•offer Powertrain Solutions rather than emphasizing single-point solutions which enables customers to be single-source with us; and

•offer comprehensive commissioning and maintenance services that give our customers confidence that our systems will meet safety, performance and regulatory standards on schedule.

Our Strengths

We believe our business has a series of interrelated strengths that we refer to as “product breadth,” “manufacturing depth,” “solutions mindset,” “market focus” and “aligned leadership.” Together, we believe these strengths differentiate us from our competitors, position us to grow faster than the overall electrical distribution equipment market and enable us to earn attractive margins.

Product Breadth

We manufacture every major category of electrical distribution equipment, and we believe we have one of the most comprehensive product portfolios available for Data Center, Grid, and Industrial applications in the United States. We believe our product breadth gives us the ability to:

•Capture market share through upfront engineering and custom manufacturing that optimizes customers’ electrical infrastructure in ways that are challenging for competitors to replicate.

•Win customers that value speed and simplicity by delivering the benefits of a single-source relationship.

•Leverage our ability to deliver the entire powertrain, including through prefabricated solutions, to grow sales to data centers.

•Use complex, long lead time products like medium voltage switchgear and dry type transformers to “pull through” other product categories.

•Expand wallet share through prefabricated products like eHouses and power skids while delivering shorter lead times, greater customization, and higher quality.

•Leverage extensive UL certifications to accelerate product development.

Manufacturing Depth

Our manufacturing campuses and processes are designed to be flexible, enabling us to rapidly change what we produce or ramp up or down our production in a particular location without disrupting our operations. We believe our manufacturing depth gives us the ability to:

•Take share from competitors that are capacity constrained.

•Rapidly change the mix of products that we produce or shift production between plants to respond to market demand.

•Capture additional margin through vertically integrated transformer manufacturing.

•Grow into our recently expanded capacity.

•Navigate a dynamic trade policy environment with scaled manufacturing in both the United States and Mexico.

Solutions Mindset

We have oriented our product development, marketing, and sales efforts to address the issues that we believe our customers care most about—performance, lead time and cost—rather than to sell individual products. We believe our solutions mindset gives us the ability to:

•Generate attractive margins by delivering engineered-to-order products.

•Capture more wallet share by influencing purchasing decisions early in the procurement process with our dedicated team of application engineers.

•Build close relationships with customers that result in repeat business.

•Transition customers to prefabricated solutions that expand our addressable market and increase our revenue potential.

Market Focus

We focus on three high-growth end markets: Data Centers, Grid, and Industrial. We believe demand for electrical distribution equipment from these end markets is growing faster than overall demand for electrical distribution equipment. We believe our market focus gives us the ability to:

•Grow our revenues faster than the overall market for electrical distribution equipment.

•Earn attractive margins by serving customers that prioritize speed and performance over price.

•Use customization and lead time as barriers to entry for overseas competition.

•Benefit from more consistent market growth than competitors with greater exposure to economically sensitive sectors.

Aligned Leadership

We believe our management team’s skills, experience and incentives are aligned with our business goals. We believe our aligned leadership gives us the ability to:

•Rapidly scale our business by leveraging the past experience and relationships of our leadership team.

•Drive results that benefit our shareholders through performance-based compensation tied to Adjusted EBITDA and Revenue growth.

Our Growth Strategy

We have developed the following near- and long-term strategies to continue to grow our revenues and profits:

Near-term

•Strategically use our recently expanded capacity to capture market share.

•Sell more prefabricated solutions and expand our prefabricated offerings that can shorten construction timelines, reduce costs, and lower field labor requirements for our customers.

•Increase average order sizes and grow our share of wallet.

•Introduce new products and solutions, particularly for data center applications.

•Expand our service offerings.

Long-Term

•Offer “upgrade” services for existing data centers.

•Acquire companies that increase our scale, add customer relationships, or expand our service capabilities.

•Expand our operations internationally.

Products

We manufacture every major category of electrical distribution equipment, and we believe we have one of the most comprehensive product portfolios available for Data Center, Grid, and Industrial applications in the United States. We sell Custom and Standard Products for the Data Center, Grid, Industrial, and other markets, while we sell Powertrain Solutions primarily for the Data Center and Grid markets. The major categories of electrical distribution equipment that we sell include:

Transformers Switchgear & Panels Transfer Switches & Connection Systems Prefabricated Solutions

•Dry type transformers

•Liquid filled transformers

•Switchgear

•Switchboards

•Panelboards

•Remote power panels

•Generator connection cabinets

•Tap boxes

•Automatic transfer switches

•Gear eHouses

•Power skids

•Power distribution units

•UPS eHouses

Services

We have a dedicated team of field service technicians that provide maintenance, testing, repair, modernization, start-up and commissioning and aftermarket retrofit services.

Customers typically use our services in connection with new facility construction and upgrades to existing facilities. Our start-up and commissioning services ensure newly installed or retrofitted systems are safe, reliable, and compliant with design and operational requirements. This process involves systematic testing, inspection, and verification to confirm proper installation, functionality, and adherence to applicable standards. In applications where system uptime is critical, we can provide our customers with 24/7 support.

Sales and Marketing

We have a multi-channel sales and marketing strategy, which includes selling our products through our direct salesforce and independent third-party sales representatives, integrators and other OEMs pursuant to private label arrangements. Our direct sales organization includes both sales professionals and application engineers who work together, particularly on technically demanding projects. Both our sales professionals and application engineers are organized by end market focus, namely Data Centers, Grid, and Industrial, and we also maintain specialists in certain related areas. We maintain a network of third-party sales representatives strategically located across the United States who receive commissions when they sell our products. We believe the combination of our direct salesforce and sales representative network gives us comprehensive market coverage and maximizes local customer engagement. We have longstanding relationships with integrators and OEMs who incorporate our products into theirs or resell our products under their brand. By partnering with integrators and other OEMs, we gain access to their extensive sales resources, customer relationships and brand equity at no direct cost to us. We believe our multi-channel approach allows us to maximize our market reach.

Customers

Our customers include technology, power, utility, and industrial companies who purchase from us directly; intermediaries such as OEMs and integrators who incorporate our products into systems that they sell; contractors that build data centers, power plants and T&D infrastructure; and electrical products distributors. Our customers typically choose to purchase products from us based on our ability and willingness to customize products to their needs, reputation for reliability, competitive lead time and, to a lesser extent, price. During the year ended June 30, 2026, the Company had one customer whose revenues were greater than 10% of revenues.

Manufacturing

We operate manufacturing campuses located in Minnesota, Texas, Maryland, California, and Mexico totaling approximately 2.3 million square feet. After identifying electrical distribution equipment as a critical bottleneck, during fiscal years 2025 and 2026 we substantially completed our 2025-2026 Capacity Expansion Plan that added 1.8 million square feet of manufacturing space. We leased, completed construction and installed production equipment at five new campuses that are now operational and rapidly increasing production. We are growing into our larger footprint and adding additional production lines and shifts to accommodate growing demand. However, while our footprint is generally fungible across product categories and end-markets, strong demand for certain product categories may warrant additional investment before we approach full capacity in our existing footprint.

Our manufacturing process is highly vertically integrated and we typically purchase only raw materials such as copper, steel and aluminum and components such as breakers to produce our products. Our vertical integration differentiates us by enabling faster execution, reducing supply chain complexity and dependency, providing greater flexibility and supporting efficient customization of our products to meet customer requirements.

Our manufacturing campuses are designed to be highly flexible and have the capability to rapidly change what products they make as well as increase or decrease their production volume with minimal disruption to our operations. We have the capability to manufacture all of the products we sell for any of the end markets we serve in at least two of our campuses.

The flexibility and scalability of our manufacturing operations are reinforced by modern manufacturing methods and tech-enablement, including:

•Advanced Fabrication. Our production floor is equipped with CNC cutting, automated copper processing, and collaborative robotic arm systems to drive consistency, accelerate cycle times, and support both high-mix and high-volume production environments.

•Real-Time Visibility. Jobs are tracked end-to-end via dashboards, work travelers, and detailed labor tracking and costing. Automated alerts flag schedule risk, material shortages or quality issues in real time, enabling rapid response and execution control.

•Dynamic Floor Communication. Our command centers broadcast live build priorities, safety alerts, and shift-level updates across the factory, aligning teams, and accelerating handoffs.

•Advanced Data Analytics. We have initiated a program in one of our campuses to centralize our operational data with the goal of enabling real-time insights across production, labor, and materials using software from a leading AI company.

Suppliers

The materials and components we use in our products include electrical steel, carbon steel, aluminum, copper, specialized insulation materials, circuit breakers, protective devices, fiberglass, resin, electrical wires and fuses. We generally source our key materials and components from a large number of domestic and international suppliers.

We typically do not enter into long-term contracts with our suppliers or sourcing partners. Instead, most raw materials and sourced goods are obtained on a “purchase order” basis; however, we may also fix prices with our suppliers for certain raw materials at the beginning of each year to reduce our exposure to changes in the price of those materials during the year. In addition, certain of the materials we use, such as copper, electrical steel, carbon steel, aluminum, and insulation are commodities subject to market price fluctuations, which can be substantial. To reduce our exposure to changes in the prices of these commodities, we incorporate current pricing into our customer quotes, provide quotes that are only valid for a limited period of time and incorporate into certain of our customer contracts provisions that adjust the final price of the product based on changes in key raw material input costs between the date of quotation and the date of shipment.

Engineering, Research, and Development

Our engineering, research, and development activities support an ongoing product development pipeline across our portfolio. We direct these efforts toward the next generation of power architectures we expect to serve, as well as toward specific customer projects that result in new customer products and powertrain solutions. We employ more than 200 engineers who focus on product development. Our engineering team uses proprietary in-house software developed by us as well as commercially available software tools to design new products. To develop new products, we leverage our proprietary database of reference designs and UL Solutions files that span every major category of electrical distribution equipment.

We typically recover the cost of research and development for custom products and powertrain solutions in the price we charge our customers, and our research and development costs generally qualify for the federal research and development tax credit.

Intellectual Property

The success of our business depends, in part, on our ability to maintain and protect our proprietary technologies, information, processes and know-how. We rely primarily on trademark, copyright and trade secret laws in the United States, confidentiality agreements and procedures and other contractual arrangements to protect our technology. Electrical distribution equipment technology is mature and generally not patent protected. As of June 30, 2026, we had 8 U.S. trademark registrations and 36 domain name registrations, all of which are related to U.S. applications.

We rely on trade secret protection and confidentiality agreements to safeguard our interests with respect to proprietary know-how that is not patentable and processes for which patents are difficult to enforce. We believe many elements of our manufacturing processes involve proprietary know-how, technology, or data that are not covered by patents or patent applications, including technical processes, test equipment designs, algorithms and procedures. As a result, we require our customers and business partners to enter into confidentiality agreements before we disclose any sensitive aspects of our technology or business plans.

Competition

In the Data Center market, we compete with Vertiv Holdings Co.’s power management products business; PCX Corporation LLC, a subsidiary of Hubbell Incorporated; Schneider Electric SE’s power management products business; and IEM Holdings Group, Inc. Specifically within the prefabricated and modular market, we compete with Schneider Electric SE’s prefabricated data center and electrical infrastructure solutions; Eaton Corporation plc’s modular integrated power assembly and eHouse offerings; Vertiv Holdings Co.’s Modular Power Solutions business; and Mission Critical Group’s electrical skids, modular power systems and eHouse offerings. In the Grid market, we compete with Hitachi Energy Ltd.; GE-Prolec Transformers, Inc.; Systems Control, a Hubbell Incorporated brand; and Eaton Corporation plc.’s Cooper Power series. In the Industrial market, we compete with nVent Electric plc; Hitachi Energy Ltd.; GE-Prolec Transformers, Inc.; Eaton Corporation plc.’s Cooper Power series; and WEG S.A. We also compete with a number of smaller private companies in all of the markets that we serve. We compete on the basis of lead time, ability to customize, product performance and features, reliability, and price.

Environmental, Health, and Safety Matters and Regulation

We are committed to maintaining compliance with applicable environmental, health, and safety (“EHS”) laws and regulations, including providing and promoting a safe and healthy working environment. In addition to our own internal standards and requirements on various EHS topics, we are subject to international, national, state and local EHS laws, regulations in the jurisdictions in which we operate and industry and customer standards, including those related to occupational health and safety; the use, handling, generation, storage, and disposal of and exposure to, hazardous substances and waste; our products, including the use of certain chemicals in our products and production processes; emissions and discharges to the environment; climate change and greenhouse gas emissions; and protection of the environment and use of natural resources.

We commit extensive resources to maintaining our compliance with these EHS requirements. Safety is incorporated into our operating method and we prioritize safeguarding our employees and contractors. The costs of compliance with these laws and regulations has not had a material effect on the business or our operations.

We use, handle, generate, store, and dispose of hazardous substances, chemicals, and wastes at some of our campuses in connection with our manufacturing activities. Any failure by us to control the use of, to remediate the presence of or to restrict adequately the discharge of such substances, chemicals, or wastes could subject us to potentially significant liabilities, clean-up costs, monetary damages, and fines or suspensions in our business operations. In addition, some of our campuses are located on properties with a history of using hazardous substances, chemicals and wastes and may be contaminated (for which we have, at times, negotiated for the landlord to indemnify us for any associated expenses or remediation costs). Although we have not incurred, and do not currently anticipate, any material liabilities in connection with such contamination, we may be required to make expenditures for environmental remediation in the future (for which we may, in certain cases, be indemnified).

Our business and operations are affected by other laws, regulations and standards. Our production cycle and products are subject to regulations, such as permitting, quality controls, export control laws, product specifications, market-related policies and distribution regulations.

We maintain policies, processes, and procedures that aim to comply with applicable laws and regulations as they pertain to the various stages of our production life cycle, including the development of our products. Additionally, we maintain policies, processes, and procedures that aim to comply with other applicable laws and regulations, including but not limited to data privacy laws, cybersecurity laws, anti-bribery laws, and whistleblower directives, which generally pertain to our operations in various jurisdictions globally. Complying with these legal and regulatory requirements can impose significant costs, especially in jurisdictions where we do not have a significant physical presence. However, compliance with such laws and regulations, including with respect to the protection of the environment, has not had a material effect on our capital expenditures, earnings, or competitive position.

Human Capital and Culture

As of June 30, 2026, we had approximately 3,000 full-time and 450 temporary employees across our manufacturing campuses and corporate functions. Our workforce includes production employees, engineers, skilled trades and technicians, and sales and administrative personnel supporting our operations.

A significant portion of our manufacturing workforce is highly skilled and trained in fabrication, electrical assembly, transformer manufacturing and related disciplines. We rely on our engineering team to design and develop customized products and integrated solutions for our customers. Our ability to attract, develop, and retain skilled manufacturing labor, engineers and technical personnel is an important factor in executing our growth strategy and supporting our expanded manufacturing footprint.

Certain of our employees are represented by labor unions, including most of our employees in Mexico and our employees in Minnesota. We have not experienced any employment-related work stoppages, and we consider relations with our employees to be good.

Given the labor-intensive nature of our manufacturing operations, we focus on workforce development, training, and safety. We provide on-the-job training and technical development programs designed to enhance the skills of our employees and support operational efficiency and product quality. We are also committed to maintaining safe working conditions for our employees. Our operations are subject to applicable occupational health and safety regulations, and we maintain policies and procedures designed to promote workplace safety and reduce the risk of incidents.

Our workforce has grown significantly in recent years in connection with our capacity expansion. We anticipate continued hiring to support increased production levels and demand for our products. As a result, labor availability and the ability to recruit and retain qualified employees in our operating regions are important considerations for our business. We believe our ability to scale our workforce, maintain a skilled labor base and support employee development is important to our long-term success.

We encourage our employees to operate by a common set of values, which includes:

•attracting and developing great people who thrive on exceeding expectations;

•trusting our people to lead, valuing them for their impact, and recognizing them for their voices;

•building trust by showing up, speaking up, and owning every outcome - with confidence, integrity, and heart;

•thinking boldly and taking smart risks, creating what does not yet exist, and delivering breakthrough solutions; and

•operating at a winning pace.

Available Information

The Company’s website is http://www.forgentpower.com. The Company’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, are available, free of charge, through its website, as soon as reasonably practicable after electronically filing such materials with, or furnishing them to, the SEC.

References to the Company’s website address in this report are provided as a convenience and do not constitute, and should not be viewed as, an incorporation by reference of the information contained on, or available through, the website. Therefore, such information should not be considered part of this report.