ROGHIGH SIGNALFINANCIAL10-K

ROG experienced a dramatic financial deterioration with net income swinging from $26.1M profit to -$61.8M loss despite a 287% revenue increase, indicating severe operational inefficiencies or one-time charges.

The massive revenue growth coupled with operating losses suggests ROG may have completed a major acquisition or business combination that has not yet achieved operational synergies. The company is burning through profitability despite top-line growth, which raises questions about integration costs, asset impairments, or strategic execution challenges.

Comparing 2026-02-19 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

ROG's financials show a paradoxical pattern where revenue surged 287% to $879.1M but the company swung to significant losses with net income falling to -$61.8M and operating income to -$45.0M. Despite the poor profitability, the company maintained a strong balance sheet with cash increasing 23% to $197.0M and reduced inventory by 12%, while simultaneously increasing share buybacks by 165% and cutting capital expenditures in half. This suggests management confidence in the underlying business despite current operational challenges, likely indicating temporary integration costs from a major transaction rather than fundamental business deterioration.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-336.8%
$26.1M→-$61.8M

Net income declined 336.8% — review whether driven by operations, interest costs, or non-recurring items.

Revenue
P&L
+287.5%
$226.9M→$879.1M

Strong top-line growth of 287.5% — accelerating demand or successful expansion into new markets.

Operating Income
P&L
-280.7%
$24.9M→-$45.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Share Buybacks
Cash Flow
+164.6%
$19.8M→$52.4M

Share repurchases increased 164.6% — management returning capital, signals confidence in intrinsic value.

Capital Expenditure
Cash Flow
-46.3%
$56.1M→$30.1M

Capex reduced 46.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Cash & Equivalents
Balance Sheet
+23.3%
$159.8M→$197.0M

Cash grew 23.3% — improving liquidity position supports investment and shareholder returns.

Operating Cash Flow
Cash Flow
-20.4%
$127.1M→$101.2M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

R&D Expense
P&L
-18.8%
$34.6M→$28.1M

R&D spending cut 18.8% — could signal cost discipline or concerning reduction in innovation investment.

Inventory
Balance Sheet
-12.2%
$142.3M→$125.0M

Inventory reduced 12.2% — lean inventory management or demand outpacing supply.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-26
ADDED
Among the factors that could cause our results to differ materially from those indicated by forward-looking statements are risks and uncertainties inherent in our business including, without limitation: failure to capitalize on, volatility within, or other adverse changes with respect to growth opportunities, such as delays in adoption or implementation of new technologies; uncertain business, economic and political conditions in the U.S.
As of December 31, 2025, our AES operating segment had manufacturing and administrative facilities in Chandler, Arizona; Rogers, Connecticut; Bear, Delaware; Eschenbach, Germany; Suzhou, China; Budapest, Hungary; and administrative facilities in Evergem, Belgium.
As of December 31, 2025, our EMS operating segment had manufacturing and administrative facilities in Rogers, Connecticut; Woodstock, Connecticut; Bear, Delaware; Carol Stream, Illinois; Narragansett, Rhode Island; Suzhou, China; Blackburn, England; Ansan, South Korea; and Evergem, Belgium.
We sold to approximately 2,800 customers worldwide in 2025, consisting primarily of OEMs and component suppliers.
We also face competition from manufacturers of commodity materials, including smaller regional producers, particularly in Asia, that generally compete on price, especially for products later in their life cycle.
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REMOVED
and abroad, particularly in China, South Korea, Germany, Belgium, England and Hungary, where we maintain significant manufacturing, sales or administrative operations; the trade policy dynamics between the U.S.
As of December 31, 2024, our AES operating segment had manufacturing and administrative facilities in Chandler, Arizona; Rogers, Connecticut; Bear, Delaware; Eschenbach, Germany; Suzhou, China; Budapest, Hungary; Evergem, Belgium; and Apodoca, Mexico.
As of December 31, 2024, our EMS operating segment had manufacturing and administrative facilities in Rogers, Connecticut; Woodstock, Connecticut; Bear, Delaware; Carol Stream, Illinois; Narragansett, Rhode Island; Suzhou, China; Blackburn, England; Evergem, Belgium; Siheung, South Korea; and Ansan, South Korea.
Joint Venture Separation Agreement On October 29, 2024, we entered into a JV Separation Agreement with INOAC with an effective date of November 5, 2024, in which INOAC acquired our shares of RIC, we acquired INOAC s shares of RIS, and we sold the property, plant and equipment constituting RIS Production Line 1 to INOAC.
The combined transaction resulted in a net payment to us from INOAC of $4.9 million.
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