WLDNHIGH SIGNALFINANCIAL10-K

WLDN delivered exceptional growth with revenue surging 296% to $273.4M and net income jumping 283% to $52.6M, while simultaneously reducing total debt by 46% and expanding into new geographic markets.

This represents a transformational year for WLDN with revenue nearly quadrupling, suggesting either major acquisitions, significant organic growth, or both. The company has strengthened its balance sheet by cutting debt in half while growing equity by 30%, indicating strong cash generation and disciplined capital allocation that positions them well for continued expansion.

Comparing 2026-02-27 vs 2025-03-07View on EDGAR →
FINANCIAL ANALYSIS

WLDN experienced explosive growth across all income statement metrics, with revenue increasing nearly 300% and profitability scaling even more efficiently as net income grew 283%. The balance sheet strengthened considerably with total debt declining 46% to $48.5M while stockholders' equity expanded 30% to $304.9M, though cash decreased 11% likely due to growth investments. The overall picture signals a company in rapid expansion mode that is generating substantial cash flow and using it to deleverage while funding growth, creating a very attractive financial profile for investors.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+296.1%
$69.0M$273.4M

Strong top-line growth of 296.1% — accelerating demand or successful expansion into new markets.

Net Income
P&L
+283%
$13.7M$52.6M

Net income grew 283% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+197%
$14.9M$44.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Total Debt
Balance Sheet
-45.8%
$89.5M$48.5M

Debt reduced 45.8% — deleveraging strengthens balance sheet and reduces financial risk.

Stockholders Equity
Balance Sheet
+30.1%
$234.3M$304.9M

Equity base grew 30.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Gross Profit
P&L
+26.1%
$202.8M$255.7M

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

Interest Expense
P&L
-23.7%
$5.1M$3.9M

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

Current Liabilities
Balance Sheet
+17.5%
$137.7M$161.8M

Current liabilities rose 17.5% — increased short-term obligations, watch current ratio.

Total Assets
Balance Sheet
+17.1%
$464.9M$544.2M

Asset base grew 17.1% — expansion through organic growth, acquisitions, or capital deployment.

Cash & Equivalents
Balance Sheet
-11.1%
$74.2M$65.9M

Cash decreased 11.1% — monitor burn rate and upcoming capital needs.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-03-07
ADDED
On February 25, 2026, there were 14,796,110 shares of the registrant s common stock issued and outstanding.
We believe that we are well positioned to capitalize on the ongoing expansion and transformation of the energy and infrastructure environments as they adapt to climate change and other environmental challenges, electrification, and technology advancements, including the growing demand in load growth being fueled by artificial intelligence ( AI ) data centers, electric vehicles and other political and technological changes.
Our business with public and private utilities has concentrations in California and New York, but includes numerous other utilities in the Midwest, Northeast, Southeast and Mountain states.
Additional acquisitions may continue to expand our geographic footprint.
Our business with public agencies is concentrated in California, New York, and Nevada with ongoing expansion into Texas, Florida, Kentucky, and South Carolina.
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REMOVED
On March 5, 2025 there were 14,407,642 shares of the registrant s common stock issued and outstanding.
We believe that we are well positioned to capitalize on the ongoing expansion and transformation of the energy and infrastructure environments as they adapt to climate change, electrification, and technology advancements.
Our business with public and private utilities has concentrations in California and New York, but includes numerous other utilities in the Midwest, Southeast and Mountain states and additional acquisitions may continue to expand our geographic footprint.
Our business with public agencies is concentrated in California, New York, and Arizona.
We believe the energy services market will continue to expand in response to the increasing awareness of global warming, climate change issues, and the advent of new technologies in renewable energy generation and the electrification of the nation s economy.
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