revenue $3.18B, net income $121.5M. Modine to spin off Performance Tech, merge with Gentherm; data center sales hit 35% of revenue

Filed May 27, 2026 · Period ending March 31, 2026 · Compared to 10-K May 21, 2025 · ~2 min read

Key Changes

• high

  Announced Reverse Morris Trust transaction to spin off Performance Technologies segment and merge it with Gentherm, expected to close by end of calendar 2026. Modine shareholders will receive ~40% of combined entity; Modine to receive $210M cash and become pure-play climate solutions company.

  Business: Gentherm spin-off transaction verify on EDGAR →
• high

  Data center sales surged to 35% of total revenue (from 25% prior year) driven by AI and hyperscale demand. One global tech customer now represents 11% of total sales, crossing 10% threshold for first time. Top 10 customers increased from 43% to 49% of sales.

  Business: Data center sales mix expansion verify on EDGAR →
• high

  Supply shortages for data center components emerged in Q4 FY2026, negatively impacting production schedules for Q1 FY2027. Company is qualifying new vendors to mitigate constraints, but near-term production ramp-up is limited despite strong demand.

  Business: Supply chain constraints for data center components verify on EDGAR →