RFILMEDIUM SIGNALFINANCIAL10-K

RFIL shows solid revenue growth with meaningfully improved gross profit margins and stronger cash generation, while simplifying its risk disclosures around COVID-19 and prior acquisitions.

The company appears to be executing well operationally with revenue growth of 10% accompanied by gross profit expanding at a notably faster pace, suggesting improved pricing power or cost management. The removal of Microlab acquisition-related language and shift from COVID-specific to general public health crisis language indicates management views integration risks as diminished and pandemic concerns as normalized.

Comparing 2026-01-14 vs 2025-01-21View on EDGAR →
FINANCIAL ANALYSIS

RFIL delivered solid top-line growth of 10% to $55.3M while gross profit grew notably faster at 42%, indicating meaningful margin expansion from $18.9M to $26.7M. Operating cash flow strengthened materially from $3.2M to $4.6M, while the company reduced capital expenditures substantially from $738K to $235K. The balance sheet reflects business growth with accounts receivable and current assets increasing proportionally to revenue expansion, while current liabilities grew at a more modest pace.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-68.2%
$738K→$235K

Capex reduced 68.2% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Cash Flow
Cash Flow
+44.7%
$3.2M→$4.6M

Operating cash flow surged 44.7% — exceptional cash generation, highest quality earnings signal.

Gross Profit
P&L
+41.7%
$18.9M→$26.7M

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

Accounts Receivable
Balance Sheet
+22.7%
$12.1M→$14.9M

Receivables grew 22.7% — monitor days sales outstanding for collection efficiency.

Current Assets
Balance Sheet
+20.1%
$29.1M→$35.0M

Current assets grew 20.1% — improving short-term liquidity or inventory/receivables build.

SG&A Expense
P&L
+16.2%
$18.9M→$22.0M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Current Liabilities
Balance Sheet
+15.5%
$18.1M→$20.9M

Current liabilities rose 15.5% — increased short-term obligations, watch current ratio.

Revenue
P&L
+10.2%
$50.2M→$55.3M

Revenue growing 10.2% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-01-14
PRIOR — 2025-01-21
ADDED
On January 14, 2026 the Registrant had 10,713,801 outstanding shares of Common Stock, $0.01 par value.
We have entered into a credit facility, which may expose us to additional risks, including risks associated with the inability to repay the loan on a timely basis.
Our business, financial condition and results of operations could be harmed by the effects of public health crises.
We are subject to risks from changes to the trade policies, tariffs and import and export regulations of the U.S.
Claims by other companies that we infringe their intellectual property could adversely affect our business.
We previously managed our business as two reportable segments: (i) the RF Connector and Cable Assembly ( RF Connector ) segment, and (ii) the Custom Cabling Manufacturing and Assembly ( Custom Cabling ) segment.
During the fourth quarter of fiscal year 2025, we completed changes to the structure of our organization in connection with broader restructuring initiatives, including consolidation of manufacturing operations, headcount reductions, and the transition of our sales organization to a unified, customer centric model.
As a result of these changes, our previous RF Connector and Custom Cabling operating segments were combined into a single reportable segment.
The Company s operations are managed and reported to the Chief Executive Officer, our chief operating decision maker ( CODM ), on a consolidated basis.
The products and solutions that we offer are discussed below and a summary of our net revenue by these product and solution categories is found in Management s Discussion and Analysis of Financial Condition and Results of Operations included in Part II, Item 7 of this Report.
REMOVED
On January 10, 2025, the Registrant had 10,544,431 outstanding shares of Common Stock, $.01 par value.
The acquisition of Microlab will affect both the Company s liquidity and its capital resources in the near future.
We entered into a new credit facility, which replaced a L oan A greement we previously entered into to fund our acquisition of Microlab, which may expose us to additional risks, including risks associated with the inability to repay the loan on a timely basis.
Our business, financial condition and results of operations could be harmed by the effects of outbreaks of COVID-19 or similar public health crises.
Claims by other companies that we infringe their intellectual property could adversely affect our business A cyber incident could result in information theft, data corruption, operational disruption, and/or financial loss.
We operate through two reporting segments: (i) the RF Connector and Cable Assembly ( RF Connector ) segment, and (ii) the Custom Cabling Manufacturing and Assembly ( Custom Cabling ) segment.
The RF Connector segment primarily designs, manufactures, markets and distributes a broad range of RF connector, adapter, coupler, divider, and cable products, including coaxial passives and cable assemblies that are used in telecommunications and information technology, OEM markets and other end markets.
The Custom Cabling segment designs, manufactures, markets and distributes custom copper and fiber cable assemblies, complex hybrid fiber optic and power solution cables, electromechanical wiring harnesses, wiring harnesses for a broad range of applications in a diverse set of end markets, energy-efficient cooling systems for wireless base stations and remote equipment shelters and custom designed, pole-ready 5G small cell integrated enclosures.
4 Recent Events In February 2022, we entered into a loan agreement (the BofA Loan Agreement ) providing for a revolving line of credit (the BofA Revolving Credit Facility ) in the amount of $3.0 million and a $17.0 million term loan (the BofA Term Loan , and together with the BofA Revolving Credit Facility, the BofA Credit Facility ) with Bank of America, N.A.
Amounts outstanding under the BofA Revolving Credit Facility bore interest at a rate of 2.0% plus the Bloomberg Short-Term Bank Yield Index Rate.
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