Net income +82% on below-the-line gains as operating cash swings to $24M outflow

Filed May 8, 2026 · Period ending April 3, 2026 · Compared to 10-Q May 9, 2025 · ~2 min read

Key Changes

• high

  Net income surged 82% to $8.5M, but operating income rose only 3.6%. The $3.6M net below-the-line swing came from non-operating/other income (+$1.8M) and income tax benefit (+$1.8M), not core operations.

  MD&A: Net Income & Tax verify on EDGAR →
• high

  Operating cash flow swung from $3.3M inflow to $24.4M outflow, a $27.7M deterioration, driven by timing of billings and collections on major projects despite higher net income.

  MD&A: Cash Flow verify on EDGAR →
• high

  Gross margin expanded 290 basis points to 40.7% from improved productivity in energy efficiency and electrification utility programs, reversing prior-period compression.

  MD&A: Gross Margin verify on EDGAR →