AEISMEDIUM SIGNALFINANCIAL10-K

AEIS completed significant debt restructuring by paying down $345M in term loans and expanding revolving credit capacity to $600M, while revenue grew substantially but net income declined meaningfully.

The company strengthened its financial flexibility by eliminating term loan obligations and tripling its revolving credit capacity, though profitability compressed despite strong revenue growth. The debt restructuring positions AEIS for potential strategic investments or acquisitions while reducing interest expense, but investors should monitor the factors driving lower net income margins.

Comparing 2026-02-13 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

AEIS delivered strong operational performance with revenue growing 38% and operating cash flow substantially higher, while capital expenditures nearly doubled indicating significant investment activity. However, net income declined meaningfully despite the revenue growth, suggesting margin compression or one-time charges. The balance sheet reflects growth with higher receivables and inventory supporting the expanded revenue base, while the debt restructuring and strong cash generation improved the company's financial position.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+89.1%
$56.8M→$107.4M

Capital expenditure jumped 89.1% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
+78.4%
$130.7M→$233.3M

Operating cash flow surged 78.4% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
-57.7%
$128.3M→$54.2M

Net income declined 57.7% — review whether driven by operations, interest costs, or non-recurring items.

Revenue
P&L
+38.4%
$327.4M→$453.1M

Strong top-line growth of 38.4% — accelerating demand or successful expansion into new markets.

Interest Expense
P&L
-33.5%
$25.1M→$16.7M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Gross Profit
P&L
+28%
$529.3M→$677.4M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Accounts Receivable
Balance Sheet
+22.6%
$265.3M→$325.2M

Receivables grew 22.6% — monitor days sales outstanding for collection efficiency.

Inventory
Balance Sheet
+14.1%
$360.4M→$411.2M

Inventory built 14.1% — monitor whether demand supports this build or if write-downs may follow.

Stockholders Equity
Balance Sheet
+13.3%
$1.2B→$1.4B

Equity base grew 13.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+13.3%
$1.4B→$1.6B

Current assets grew 13.3% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-18
ADDED
As of February 4, 2026, there were 37,750,990 shares of the registrant s common stock outstanding.
federal, state, local and foreign regulations, including with respect to trade compliance, privacy and data protection, supply chain, and environmental regulation; effect of our debt obligations and restrictive covenants on our ability to operate our business; risks related to our unfunded pension obligations; our estimates of the fair value of intangible assets; the potential impact of dilution related to our convertible debt, hedge, and warrant transactions; risks relating to ownership of our common stock; and the risks and uncertainties described in Part I, Item 1A in this Form 10-K.
The maturity date may be accelerated to the date that is 91 days prior to the maturity date of our 2.50% convertible senior notes due September 15, 2028 (the Convertible Notes ), if the sum of our consolidated cash and cash equivalents plus the undrawn balance on the Revolving Facility is less than 120% of the redemption amount of the Convertible Notes.
The financing terms of the new Credit Agreement are substantially the same as the terms of the prior credit agreement.
( HSBC ) was appointed as the administrative agent for the lender group.
+7 more — sign up free →
REMOVED
As of February 6, 2025, there were 37,721,671 shares of the registrant s common stock outstanding.
Recent Events Airity Acquisition On June 20, 2024, we acquired Airity Technologies, Inc.
This acquisition added high voltage power conversion technologies and products, broadening our range of targeted applications within the Semiconductor Equipment and Industrial and Medical markets.
In connection with the 2024 Plan, we recorded a $29.6 million charge primarily associated with expected employment-related charges and facility exit costs.
Credit Agreement Amendment On September 9, 2024, we used existing cash on hand to prepay the full $345.0 million outstanding principal balance of the senior unsecured term loan facility (the Term Loan Facility ) under the credit agreement dated as of September 10, 2019, as amended (the Credit Agreement ).
+7 more — sign up free →
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →