KEQU sales +17% on Nu Aire, but backlog falls 23% and net earnings drop 16%

Filed June 26, 2026 · Period ending April 30, 2026 · Compared to 10-K Jul 2, 2025 · ~1 min read

Key Changes

• high

  Order backlog declined 23% year-over-year to $165.9M (from $214.6M), reversing prior-year growth and signaling weaker forward order flow despite Nu Aire acquisition.

  Business: Order backlog decline verify on EDGAR →
• high

  Net earnings fell 16% to $9.6M ($3.22/share) despite 17% sales growth, as operating expenses rose 25% and interest expense increased 20% from acquisition debt.

  MD&A: Net earnings decline verify on EDGAR →
• high

  Company repaid $23M seller note early (Dec 2025) and drew additional $10M on PNC term loan to fund the payoff, reducing total debt obligations to $69.6M from $90.7M.

  Notes: Seller note repayment verify on EDGAR →