Form 8-K - Current report

GHM Graham Corp

GHM Graham Corp

Notizie Graham Corp - GHM

Notizie Graham Corp - GHM

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): June 7, 2024

Graham Corporation

(Exact name of Registrant as specified in its charter)


Delaware	001-08462	16-1194720
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


20 Florence Avenue, Batavia, New York		14020
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (585) 343-2216

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.10 per share

GHM

NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition.

On June 7, 2024, Graham Corporation (the “Company”) issued a press release describing its results of operations and financial condition for its fourth quarter and fiscal year ended March 31, 2024. The Company’s earnings press release is attached to this Current Report on Form 8-K as Exhibit 99.1.

Item 7.01.

Regulation FD Disclosure.

On June 7, 2024, the Company will post on its website at www.grahamcorp.com supplemental data tables, attached hereto as Exhibit 99.2, regarding historical sales, orders and backlog information as well as a quarterly breakdown of the Company’s Adjusted EBITDA and Adjusted Net Income for the two prior fiscal years.

The information furnished pursuant to these Items 2.02 and 7.01, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under such section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits.


Exhibit No.		Description

99.1		Press Release dated June 7, 2024 describing the results of operations and financial condition for Graham Corporation’s fourth quarter and fiscal year ended March 31, 2024.

99.2		Supplemental Data Tables.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

Exhibit 99.1


		News Release

Graham Corporation t 20 Florence Avenue t Batavia, NY 14020

IMMEDIATE RELEASE

GRAHAM CORPORATION REPORTS EXPANDED MARGINS ON SALES GROWTH OF 18% TO A RECORD $185.5 MILLION FOR FISCAL 2024

•

FOURTH QUARTER 2024 RESULTS DEMONSTRATED ONGOING PROGRESS IN DRIVING GROWTH AND EXPANDING MARGINS

•

REVENUE GREW 14% TO $49.1 MILLION DRIVEN BY STRENGTH IN DEFENSE AND AFTERMARKET

•

GROSS MARGIN EXPANDED 930 BASIS POINTS TO 25.9% AND ACHIEVED OPERATING MARGIN OF 3.1% COMPARED WITH AN OPERATING LOSS IN THE PRIOR-YEAR PERIOD

•

STRENGTHENED MARGINS DROVE MEASURABLY IMPROVED EARNINGS: NET INCOME WAS $1.3 MILLION; ADJUSTED NET INCOME¹ WAS $1.6 MILLION AND ADJUSTED EBITDA¹ WAS $3.0 MILLION OR 6.0% OF SALES

•

FISCAL 2024 RESULTS VALIDATE THE EFFECTIVENESS OF GRAHAM’S STRATEGIC GROWTH AND PROFITABILITY INITIATIVES, FURTHERING ITS PROGRESS TOWARD LONG-TERM GOALS

•

SALES GROWTH OF 18% WAS LARGELY ORGANIC AND DRIVEN BY DEFENSE PROJECTS AND AFTERMARKET DEMAND

•

GROSS MARGIN EXPANDED 570 BASIS POINTS TO 21.9%

•

NET INCOME WAS $4.6 MILLION COMPARED WITH $0.4 MILLION IN PRIOR FISCAL YEAR; ACHIEVED ADJUSTED EBITDA¹OF $13.3 MILLION OR 7.2% OF SALES

•

PAID OFF FULL DEBT BALANCE OF $12.5 MILLION DURING THE YEAR

•

RECEIVED FULL YEAR ORDERS² OF $268.4 MILLION, WHICH REPRESENTED A BOOK-TO-BILL RATIO² OF 1.4X

•

EXPECT FISCAL 2025 REVENUE OF $200 MILLION TO $210 MILLION, UP 11% AT MID-POINT OVER PRIOR FISCAL YEAR WITH ADJUSTED EBITDA³ IN THE RANGE OF $16.5 MILLION TO $19.5 MILLION, UP 35% AT THE MID-POINT OVER FISCAL 2024

BATAVIA, NY, June 7, 2024 – Graham Corporation (NYSE: GHM) (“GHM” or the “Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries, today reported financial results for its fourth quarter and fiscal year ended March 31, 2024 (“fiscal 2024”). Results for the fiscal year include approximately five months of operations from the P3 Technologies, LLC (“P3”) acquisition, which was completed on November 9, 2023.

“Steady execution on our plan set two years ago has brought significant progress,” commented Daniel J. Thoren, President and Chief Executive Officer. “Over the past year, we achieved record revenue and orders, and enhanced profitability and cash flow management. This enabled continued investments in our operations and people, the acquisition of P3 Technologies, as well as the complete repayment of our debt. However, our successes extend beyond these financial achievements.

¹	Adjusted Net Income, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. See attached tables and other information on pages 11 through 13 for important disclosures regarding Graham’s use of these non-GAAP measures.

²	Orders, backlog and book-to-bill ratio are key performance metrics. See “Key Performance Indicators” below for important disclosures regarding Graham’s use of these metrics.

³	Forward-looking Adjusted EBITDA is a non-GAAP measure. See ‘Forward-Looking Non-GAAP Measures’ on page 6 for important disclosures regarding Graham’s use of this non-GAAP measures.

Graham Corporation Reports Expanded Margins on Sales Growth of 18% to a Record $185.5 Million for Fiscal 2024

June 7, 2024

Page 2 of 13

“During fiscal 2024, we completed and shipped the remaining two first article units for the Columbia Class submarine and Ford Class carrier programs. The Navy expansion at Barber-Nichols has been successful, resulting in a significant follow-on order to support the MK48 Mod 7 Heavyweight Torpedo program. Additionally, we received a $13.5 million strategic investment from a major defense customer to expand and enhance our Batavia, N.Y. production capabilities. Furthermore, we acquired P3 Technologies and successfully integrated it with our Barber-Nichols team.

“Looking ahead, our nearly $400 million of backlog and the increasing demand from the Navy for accelerated work and expanded scope make this an exciting time for GHM. We will continue to strive to engage all partners in improving our business and are confident in our future growth prospects. Our fiscal 2025 guidance reflects continued growth and enhancements in margin and profitability and keeps us on track to hit our fiscal 2027 targets.”

Fourth Quarter Fiscal 2024 Performance Review

(All comparisons are with the same prior-year period unless noted otherwise.)


($ in thousands except per share data)	Q4 FY24			Q4 FY23			$ Change		% Change
Net sales	$	49,070		$	43,027		$	6,043	14%
Gross profit	$	12,694		$	7,157		$	5,537	77%
Gross margin		25.9	%		16.6	%			+930 bps
Operating profit (loss)	$	1,524		$	(352	)	$	1,876	NA
Operating margin		3.1	%		(0.8	%)			NA
Net income (loss)	$	1,340		$	(481	)	$	1,821	NA
Net income (loss) margin		2.7	%		(1.1	%)			NA
Net income per diluted share	$	0.12		$	(0.05	)	$	0.17	NA
Adjusted net income*	$	1,608		$	8		$	1,600	NA
Adjusted net income per diluted share	$	0.15		$	0.00		$	0.15	NA
Adjusted EBITDA*	$	2,955		$	1,453		$	1,502	103%
Adjusted EBITDA margin*		6.0	%		3.4	%			+260 bps
NA: Not Applicable

Graham believes that, when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles, Adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted diluted net income per share, which are non-GAAP measures, help in the understanding of its operating performance. See attached tables and other information on pages 11 through 13 for important disclosures regarding Graham’s use of these non-GAAP measures.

Graham Corporation Reports Expanded Margins on Sales Growth of 18% to a Record $185.5 Million for Fiscal 2024

June 7, 2024

Page 3 of 13

Record quarterly net sales of $49.1 million increased 14%, or $6.0 million, and included $1.2 million of incremental sales from P3. Sales to the defense market increased $8.2 million, or 43%, and included a growing aftermarket business reflecting the Company’s efforts to provide full lifecycle solutions. Total aftermarket sales, which include those within defense and to the refining and petrochemical markets, were $9.5 million, up $1.7 million or 22% from the comparable prior-year period. Revenue from P3 helped to offset lower revenue in the space market which reflected both timing of projects and the loss of a customer in April 2023 due to its bankruptcy. See supplemental data for a further breakdown of sales by market and region.

Gross margin expanded 930 basis points to 25.9%, which reflected higher volume and related improved absorption, higher margin commercial aftermarket sales, P3 margin accretive sales, improved execution and better pricing on defense contracts.

Selling, general and administrative expense (“SG&A”), inclusive of amortization, was $11.1 million, or 22.6% of sales, compared with $7.5 million, or 17.5% of sales for the comparable prior-year period. The increase reflects higher performance-based compensation, as well as the supplemental performance bonus for Barber-Nichols employees in connection with the 2021 acquisition of Barber-Nichols LLC of $1.4 million. Also contributing to the increase in SG&A were higher professional fees and enterprise resource planning (“ERP”) conversion costs at the Batavia facility.

Full Year Fiscal 2024 Performance Review

(All comparisons are with the same prior-year period unless noted otherwise.)


($ in thousands except per share data)	FY 2024			FY 2023			Change			% Change
Net sales	$	185,533		$	157,118		$	28,415			18%
Gross profit	$	40,585		$	25,408		$	15,177			60%
Gross margin		21.9	%		16.2	%		0.0	%		+570 bps
Operating profit	$	6,922		$	1,250		$	5,672			454%
Operating margin		3.7	%		0.8	%		0.0	%		+290 bps
Net income (loss)	$	4,556		$	367		$	4,189			NA
Net income (loss) margin		2.5	%		0.2	%		0.0	%		+230 bps
Net income per diluted share	$	0.42		$	0.03		$	0.39			1300%
Adjusted net income*	$	6,796		$	2,519		$	4,277			170%
Adjusted net income per diluted share	$	0.63		$	0.24		$	0.39			165%
Adjusted EBITDA*	$	13,285		$	8,541		$	4,744			56%
Adjusted EBITDA margin*		7.2	%		5.4	%		0.0	%		+180 bps
NA: Not Applicable

Net sales for fiscal 2024 were a record $185.5 million, up $28.4 million, or 18%, driven by defense sales of $99.5 million, a 52% increase. Net sales also benefited from a 46% increase in aftermarket sales to the defense, refining, and petrochemical markets. The P3 acquisition added $2.2 million of revenue in fiscal 2024. These increases more than offset a 37%, or $7.9 million, decrease in the space market. See supplemental data for a further breakdown of sales by market and region.

Gross margin improved 570 basis points, which reflected higher volume and related improved absorption, favorable mix, and improved execution and better pricing on defense contracts.

SG&A expense, inclusive of amortization, was $33.6 million, or 18.1% of sales, compared with $24.2 million, or 15.4% of sales, for the prior-year period. The increase reflected the BN supplemental performance bonus of $4.3 million, as well as higher performance-based compensation given the strong results, P3 acquisition-related costs, increased professional fees, and ERP conversion costs partially offset by lower bad debt expense as fiscal 2023 results included the impact of a customer bankruptcy.

Graham Corporation Reports Expanded Margins on Sales Growth of 18% to a Record $185.5 Million for Fiscal 2024

June 7, 2024

Page 4 of 13

The effective tax rate for fiscal 2024 was 18% compared with 35% for fiscal 2023 and reflected higher tax credits recognized in fiscal 2024 for higher income levels and increased investment in research and development. Also contributing to the change was discrete tax expense recognized in fiscal 2023 related to the vesting of restricted stock awards, and a higher mix of income in higher tax rate foreign jurisdictions in fiscal 2023 compared with fiscal 2024.

Cash Management and Balance Sheet

Cash provided by operating activities was $28.1 million in fiscal 2024 compared with $13.9 million in the prior fiscal year. The increase reflected higher net income along with improved working capital, which was largely due to changes in payment terms related to large defense customers and stronger financial discipline. Cash and cash equivalents on March 31, 2024 were $16.9 million.

Capital expenditures of $9.2 million for fiscal 2024 were focused on capacity expansion, productivity improvements and the start of the ERP implementation. Investing activities in fiscal 2024 also included $6.8 million toward the acquisition of P3.

In fiscal 2024, Graham received a $13.5 million strategic investment from a major defense customer to expand and enhance its Batavia, N.Y. production capabilities, primarily for machinery and equipment, in order to support the U.S. Navy’s shipbuilding schedule. The Company expects to break ground on this expansion project in early fiscal 2025 and will invest an additional approximately $4 million toward the total estimated project cost of $18 million.

Capital expenditures for fiscal 2025 are expected to be between $10 million to $15 million of which approximately half is related to the Batavia facility defense expansion.

In fiscal 2024, the Company paid off $12.5 million of debt and had zero debt outstanding at March 31, 2024. The Company has access to a $50 million senior secured revolving credit facility, which was amended in October 2023 to provide expanded flexibility with reduced borrowing costs.

Orders, Backlog, and Book-to-Bill Ratio

See supplemental data filed with the Securities and Exchange Commission on Form 8-K and provided on the Company’s website for a further breakdown of orders and backlog by market. See “Key Performance Indicators” below for important disclosures regarding Graham’s use of these metrics.


($ in millions)
	Q1 23		Q2 23		Q3 23		Q4 23		FY23		Q1 24		Q2 24		Q3 24		Q4 24		FY24
Orders	$	40.3	$	91.5	$	20.0	$	50.9	$	202.7	$	67.9	$	36.5	$	123.3	$	40.8	$	268.4
Backlog	$	260.7	$	313.3	$	293.7	$	301.7	$	301.7	$	322.0	$	313.3	$	399.2	$	390.9	$	390.9

Record orders in fiscal 2024 of $268.4 million increased 32% over fiscal 2023, and were driven primarily by a 52%, or $60.7 million, increase in defense orders. For fiscal 2024, the book-to-bill ratio was 1.4x.

Backlog of $390.9 million was down 2% sequentially, but up 30% year-over-year. Approximately 35% to 40% of orders currently in backlog are expected to be converted to sales in fiscal 2025 and another 25% to 30% is expected to convert to sales over the following twelve months. The majority of orders expected to convert beyond twelve months are for the defense industry, specifically the U.S. Navy.

Graham Corporation Reports Expanded Margins on Sales Growth of 18% to a Record $185.5 Million for Fiscal 2024

June 7, 2024

Page 5 of 13

Fiscal 2025 Outlook


(as of June 7, 2024)		Fiscal 2025 Guidance
Net Sales:		$200 million to $210 million

Gross Margin:		22% to 23% of sales

SG&A expense⁽¹⁾		16.5% to 17.5% of sales

Adjusted EBITDA⁽²⁾		$16.5 million to $19.5 million

Effective Tax Rate		20% to 22%

Capital Expenditures		$10.0 million to $15.0 million

(1)

Includes approximately $6.5 million to $7.5 million of BN supplemental performance bonus, equity-based compensation, and ERP conversion costs included in SG&A expense.

(2)

Excludes net interest expense, income taxes, depreciation and amortization from net income, as well as approximately $2.0 million to $3.0 million of equity-based compensation and ERP conversion costs included in SG&A expense.

Webcast and Conference Call

GHM’s management will host a conference call and live webcast today at 11:00 a.m. Eastern Time (“ET”) to review its financial condition and operating results, as well as its strategy and outlook. The review will be accompanied by a slide presentation, which will be made available immediately prior to the conference call on GHM’s investor relations website.

A question-and-answer session will follow the formal presentation. GHM’s conference call can be accessed by calling (201) 689-8560. Alternatively, the webcast can be monitored from the events section of GHM’s investor relations website.

A telephonic replay will be available from 3:00 p.m. ET on the day of the teleconference through Friday, June 14, 2024. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13745902 or access the webcast replay via the Company’s website at ir.grahamcorp.com, where a transcript will also be posted once available.

About Graham Corporation

GHM is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. The Graham Manufacturing and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

Graham Corporation Reports Expanded Margins on Sales Growth of 18% to a Record $185.5 Million for Fiscal 2024

June 7, 2024

Page 6 of 13

Safe Harbor Regarding Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “future,” “outlook,” “looking ahead,” “anticipates,” “believes,” “could,” “guidance,” “should,” ”may”, “will,” “plan” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, profitability of future projects and the business, its ability to deliver to plan, its ability to continue to strengthen relationships with customers in the defense industry, its ability to secure future projects and applications, expected expansion and growth opportunities, anticipated sales, revenues, adjusted EBITDA, adjusted EBITDA margins, capital expenditures and SG&A expenses, the timing of conversion of backlog to sales, orders, market presence, profit margins, tax rates, foreign sales operations, customer preferences, changes in market conditions in the industries in which it operates, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, and its acquisition and growth strategy, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission (the “SEC”), included under the heading entitled “Risk Factors”, and in other reports filed with the SEC.

Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

Forward-Looking Non-GAAP Measures

Forward-looking adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort largely because forecasting or predicting our future operating results is subject to many factors out of our control or not readily predictable. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s fiscal 2024 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end, and year-end adjustments. Any variation between the Company’s actual results and preliminary financial estimates set forth above may be material.

Key Performance Indicators

In addition to the foregoing non-GAAP measures, management uses the following key performance metrics to analyze and measure the Company’s financial performance and results of operations: orders, backlog, and book-to-bill ratio. Management uses orders and backlog as measures of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Backlog is defined as the total dollar value of net orders received for which revenue has not yet been recognized. Management believes tracking orders and backlog are useful as they often times are leading indicators of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.

Graham Corporation Reports Expanded Margins on Sales Growth of 18% to a Record $185.5 Million for Fiscal 2024

June 7, 2024

Page 7 of 13

The book-to-bill ratio is an operational measure that management uses to track the growth prospects of the Company. The Company calculates the book-to-bill ratio for a given period as net orders divided by net sales.

Given that each of orders, backlog, and book-to-bill ratio are operational measures and that the Company’s methodology for calculating orders, backlog and book-to-bill ratio does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for each is not required or provided.


For more information, contact:
Christopher J. Thome		Deborah K. Pawlowski
Vice President - Finance and CFO		Kei Advisors LLC
Phone: (585) 343-2216		Phone: (716) 843-3908
		dpawlowski@keiadvisors.com

FINANCIAL TABLES FOLLOW.

Graham Corporation Reports Expanded Margins on Sales Growth of 18% to a Record $185.5 Million for Fiscal 2024

June 7, 2024

Page 8 of 13

Graham Corporation

Consolidated Statements of Operations - Unaudited

(Amounts in thousands, except per share data)


	Three Months Ended									Year Ended
	March 31,									March 31,
	2024			2023			% Change			2024			2023			% Change
Net sales	$	49,070		$	43,027			14	%	$	185,533		$	157,118			18	%
Cost of products sold		36,376			35,870			1	%		144,948			131,710			10	%

Gross profit		12,694			7,157			77	%		40,585			25,408			60	%
Gross margin		25.9	%		16.6	%					21.9	%		16.2	%
Operating expenses and income:
Selling, general and administrative		10,654			7,235			47	%		32,217			23,063			40	%
Selling, general and administrative – amortization		436			274			59	%		1,366			1,095			25	%
Other operating expense		80			—			NA			80			—			NA

Operating profit (loss)		1,524			(352	)		NA			6,922			1,250			454	%

Operating margin		3.1	%		(0.8	%)					3.7	%		0.8	%
Loss on extinguishment of debt		—			—			NA			726			—			NA
Other expense (income), net		94			(62	)		NA			374			(250	)		NA
Interest (income) expense, net		(29	)		242			NA			248			939			(74	%)

Income (loss) before provision (benefit) for income taxes .		1,459			(532	)		NA			5,574			561			894	%
Provision (benefit) for income taxes		119			(51	)		NA			1,018			194			425	%

Net income (loss)	$	1,340		$	(481	)		NA		$	4,556		$	367			1141	%

Per share data:
Basic:
Net income (loss)	$	0.12		$	(0.05	)		NA		$	0.42		$	0.03			1300	%

Diluted:
Net income (loss)	$	0.12		$	(0.05	)		NA		$	0.42		$	0.03			1300	%

Weighted average common shares outstanding:
Basic		10,844			10,617						10,743			10,614
Diluted		10,988			10,617						10,844			10,654

NA: Not Applicable

Graham Corporation Reports Expanded Margins on Sales Growth of 18% to a Record $185.5 Million for Fiscal 2024

June 7, 2024

Page 9 of 13

Graham Corporation

Consolidated Balance Sheets – Unaudited

(Amounts in thousands, except per share data)


	March 31,
	2024			2023
Assets
Current assets:
Cash and cash equivalents	$	16,939		$	18,257
Trade accounts receivable, net of allowances ($79 and $1,841 at March 31, 2024 and 2023, respectively)		44,400			24,000
Unbilled revenue		28,015			39,684
Inventories		33,410			26,293
Prepaid expenses and other current assets		3,561			1,836

Total current assets		126,325			110,070
Property, plant and equipment, net		32,080			25,523
Prepaid pension asset		6,396			6,107
Operating lease assets		7,306			8,237
Goodwill		25,520			23,523
Customer relationships, net		14,299			10,718
Technology and technical know-how, net		11,065			9,174
Other intangible assets, net		7,181			7,610
Deferred income tax asset		2,983			2,798
Other assets		724			158

Total assets	$	233,879		$	203,918

Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt	$	—		$	2,000
Current portion of finance lease obligations		20			29
Accounts payable		20,788			20,222
Accrued compensation		16,800			10,401
Accrued expenses and other current liabilities		6,666			6,434
Customer deposits		71,987			46,042
Operating lease liabilities		1,237			1,022
Income taxes payable		715			16

Total current liabilities		118,213			86,166
Long-term debt		—			9,744
Finance lease obligations		65			85
Operating lease liabilities		6,449			7,498
Accrued pension and postretirement benefit liabilities		1,254			1,342
Other long-term liabilities		2,332			2,150

Total liabilities		128,313			106,985

Stockholders’ equity:
Preferred stock, $1.00 par value, 500 shares authorized		—			—
Common stock, $0.10 par value, 25,500 shares authorized, 10,993 and 10,774 shares issued and 10,850 and 10,635 shares outstanding at March 31, 2024 and 2023, respectively		1,099			1,075
Capital in excess of par value		32,015			28,061
Retained earnings		81,999			77,443
Accumulated other comprehensive loss		(7,013	)		(7,463	)
Treasury stock (143 and 138 shares at March 31, 2024 and 2023, respectively)		(2,534	)		(2,183	)

Total stockholders’ equity		105,566			96,933

Total liabilities and stockholders’ equity	$	233,879		$	203,918

Graham Corporation Reports Expanded Margins on Sales Growth of 18% to a Record $185.5 Million for Fiscal 2024

June 7, 2024

Page 10 of 13

Graham Corporation

Consolidated Statements of Cash Flows – Unaudited

(Amounts in thousands)


	Year Ended March 31,
	2024			2023
Operating activities:
Net income	$	4,556		$	367
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		3,275			3,511
Amortization		2,157			2,476
Virgin Orbit reserves		95			3,050
Amortization of unrecognized prior service cost and actuarial losses		843			672
Amortization of debt issuance costs		131			212
Equity-based compensation expense		1,279			806
Gain on disposal or sale of property, plant and equipment		(5	)		—
Change in fair value of contingent consideration		80			—
Loss on extinguishment of debt		726			—
Deferred income taxes		(472	)		(120	)
(Increase) decrease in operating assets, net of acquisitions:
Accounts receivable		(20,724	)		1,520
Unbilled revenue		11,855			(14,228	)
Inventories		(6,220	)		(9,919	)
Prepaid expenses and other current and non-current assets		(2,199	)		(97	)
Income taxes receivable		998			139
Operating lease assets		1,212			1,206
Prepaid pension asset		(287	)		(651	)
Increase (decrease) in operating liabilities, net of acquisitions:
Accounts payable		401			3,467
Accrued compensation, accrued expenses and other current and non-current liabilities		6,011			2,654
Customer deposits		25,572			20,526
Operating lease liabilities		(1,119	)		(1,049	)
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits		(45	)		(628	)

Net cash provided by operating activities		28,120			13,914

Investing activities:
Purchase of property, plant and equipment		(9,226	)		(3,749	)
Proceeds from disposal of property, plant and equipment		44			—
Acquisition of P3 Technologies, LLC, net of cash acquired		(6,812	)		—

Net cash used by investing activities		(15,994	)		(3,749	)

Financing activities:
Principal repayments on debt		(25,500	)		(11,000	)
Proceeds from the issuance of debt		13,000			5,000
Payment of debt exit costs		(752	)		—
Principal repayments on finance lease obligations		(29	)		(23	)
Issuance of common stock		476			—
Repayments on lease financing obligations		(287	)		(275	)
Payment of debt issuance costs		(241	)		(122	)
Purchase of treasury stock		(58	)		(21	)

Net cash used by financing activities		(13,391	)		(6,441	)

Effect of exchange rate changes on cash		(53	)		(208	)

Net (decrease) increase in cash and cash equivalents		(1,318	)		3,516
Cash and cash equivalents at beginning of period		18,257			14,741

Cash and cash equivalents at end of period	$	16,939		$	18,257

Graham Corporation Reports Expanded Margins on Sales Growth of 18% to a Record $185.5 Million for Fiscal 2024

June 7, 2024

Page 11 of 13

Graham Corporation

Adjusted EBITDA Reconciliation*

(Unaudited, $ in thousands)

See supplemental data filed with the Securities and Exchange Commission on Form 8-K and provided on the Company’s website for additional history of Adjusted EBITDA and Adjusted EBITDA margin.

(1) Beginning in the fourth quarter of fiscal 2024, Adjusted EBITDA no longer excludes the Barber-Nichols supplemental performance bonus, but now excludes the impact of non-cash equity-based compensation expense in order to be more consistent with market practice. Prior period results have been adjusted to reflect these changes on a comparable basis. The Barber-Nichols supplemental performance bonus expense was $1.4 million and $4.3 million for the fourth quarter and full year of fiscal 2024, respectively, and $0 for the comparable periods of fiscal 2023 and will continue through fiscal year 2026.


	Three Months Ended March 31,						Year Ended March 31,
	2024			2023			2024			2023
Net income (loss)	$	1,340		$	(481	)	$	4,556		$	367
Acquisition & integration costs		158			—			432			54
ERC tax credit, net		(702	)		—			(702	)		—
Debt amendment costs		37			—			781			194
ERP Implementation costs		185			—			241			—
Net interest (income) expense		(29	)		242			248			939
Income tax expense (benefit)		119			(51	)		1,018			194
Equity-based compensation expense		277			224			1,279			806
Depreciation & amortization		1,570			1,519			5,432			5,987

Adjusted EBITDA⁽¹⁾	$	2,955		$	1,453		$	13,285		$	8,541

Net sales	$	49,070		$	43,027		$	185,533		$	157,118
Net income (loss) margin		2.7	%		-1.1	%		2.5	%		0.2	%
Adjusted EBITDA margin		6.0	%		3.4	%		7.2	%		5.4	%

Graham Corporation Reports Expanded Margins on Sales Growth of 18% to a Record $185.5 Million for Fiscal 2024

June 7, 2024

Page 12 of 13

Adjusted Net Income and

Adjusted Net Income per Diluted Share Reconciliation*

(Unaudited, $ in thousands, except per share amounts)

See supplemental data filed with the Securities and Exchange Commission on Form 8-K and provided on the Company’s website for additional history of Adjusted Net Income and Adjusted Net Income per Diluted Share.

(1) Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the statutory tax rate.

(2) Beginning in the fourth quarter of fiscal 2024, Adjusted Net Income no longer excludes the Barber-Nichols supplemental performance bonus. Prior period results have been adjusted to reflect this change on a comparable basis. The Barber-Nichols supplemental performance bonus expense, net-of-tax, was $1.1 million and $3.3 million for the fourth quarter and full year of fiscal 2024, respectively, and $0 for the comparable periods of fiscal 2023 and will continue through fiscal year 2026.


	Three Months Ended March 31,						Year Ended March 31,
	2024			2023			2024			2023
Net income (loss)	$	1,340		$	(481	)	$	4,556		$	367
Acquisition & integration costs		158			—			432			54
Amortization of intangible assets		670			619			2,157			2,476
ERC tax credit, net		(702	)		—			(702	)		—
Debt amendment costs		37			—			781			194
ERP Implementation costs		185			—			241			—
Normalized tax rate⁽¹⁾		(80	)		(130	)		(669	)		(572	)

Adjusted net income⁽²⁾	$	1,608		$	8		$	6,796		$	2,519

GAAP net income (loss) per diluted share	$	0.12		$	(0.05	)	$	0.42		$	0.03
Adjusted net income per diluted share⁽²⁾	$	0.15		$	0.00		$	0.63		$	0.24
Diluted weighted average common shares outstanding		10,988			10,617			10,844			10,654

Acquisition and Integration Costs are incremental costs that are directly related to the BN and P3 acquisitions. These costs may include, among other things, professional, consulting and other fees, system integration costs, and fair value adjustments relating to contingent consideration. Debt Amendment Costs consists of accelerated write-offs of unamortized deferred debt issuance costs and discounts, prepayment penalties and attorney fees in connection with the amendment of our credit facility. The Employee Retention Tax Credit (“ERC”) reflects payroll tax amounts expected to be recovered due to COVID-19 relief programs and is not expected to recur in the future. ERP Implementation Costs relate to consulting costs incurred in connection with the new ERP system being implemented throughout our Batavia, N.Y. facility and are not expected to recur once the project is completed.

Graham Corporation Reports Expanded Margins on Sales Growth of 18% to a Record $185.5 Million for Fiscal 2024

June 7, 2024

Page 13 of 13

Non-GAAP Financial Measures

Adjusted EBITDA is defined as consolidated net income (loss) before net interest expense, income taxes, depreciation, amortization, other acquisition related expenses, and other unusual/nonrecurring expenses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of sales. Adjusted EBITDA and Adjusted EBITDA margin are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Graham believes that providing non-GAAP information, such as Adjusted EBITDA and Adjusted EBITDA margin, is important for investors and other readers of Graham’s financial statements, as it is used as an analytical indicator by Graham’s management to better understand operating performance. Moreover, Graham’s credit facility also contains ratios based on Adjusted EBITDA. Because Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures and are thus susceptible to varying calculations, Adjusted EBITDA, and Adjusted EBITDA margin, as presented, may not be directly comparable to other similarly titled measures used by other companies.

Adjusted net income and adjusted net income per diluted share are defined as net income and net income per diluted share as reported, adjusted for certain items and at a normalized tax rate. Adjusted net income and adjusted net income per diluted share are not measures determined in accordance with GAAP, and may not be comparable to the measures as used by other companies. Nevertheless, Graham believes that providing non-GAAP information, such as adjusted net income and adjusted net income per diluted share, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current fiscal year’s net income and net income per diluted share to the historical periods’ net income and net income per diluted share. Graham also believes that adjusted net income per share, which adds back intangible amortization expense related to acquisitions, provides a better representation of the cash earnings of the Company.

###

Exhibit 99.2

Graham Corporation

Q4 FY 2024

Supplemental Information - Unaudited

($ in thousands)


SALES BY MARKET	FY 2023																									FY 2024																									Q4 24 vs Q4 23					Q4 24 vs Q3 24					FYTD24 vs FYTD23
	Q1		% of			Q2		% of			Q3		% of			Q4		% of					% of			Q1		% of			Q2		% of			Q3		% of			Q4		% of			YTD		% of
	2023		Total			2023		Total			2023		Total			2023		Total			2023		Total			2024		Total			2024		Total			2024		Total			2024		Total			2024		Total			Variance					Variance					Variance
Refining	$	7,875		22	%	$	7,568		20	%	$	6,497		16	%	$	5,330		12	%	$	27,270		17	%	$	6,867		14	%	$	7,289		16	%	$	7,638		17	%	$	7,293		15	%	$	29,087		16	%	$	1,963		37	%	$	(345	)	-5	%	$	1,817		7	%
Chemical/Petrochemical		5,875		16	%		5,804		15	%		3,927		10	%		6,344		15	%		21,950		14	%		6,041		13	%		4,365		10	%		4,130		9	%		6,357		13	%		20,893		11	%		13		0	%		2,227		54	%		(1,057	)	-5	%
Space		6,462		18	%		4,306		11	%		3,510		9	%		6,902		16	%		21,180		13	%		4,822		10	%		2,775		6	%		2,931		7	%		2,754		6	%		13,282		7	%		(4,148	)	-60	%		(177	)	-6	%		(7,898	)	-37	%
Defense		9,800		27	%		14,855		39	%		21,687		54	%		18,985		44	%		65,327		42	%		22,817		48	%		25,118		56	%		24,330		56	%		27,228		55	%		99,493		54	%		8,243		43	%		2,898		12	%		34,166		52	%
Other		6,063		17	%		5,610		15	%		4,252		11	%		5,466		13	%		21,391		14	%		7,022		15	%		5,529		12	%		4,789		11	%		5,438		11	%		22,778		12	%		(28	)	-1	%		649		14	%		1,387		6	%

	$	36,075		100	%	$	38,143		100	%	$	39,873		100	%	$	43,027		100	%	$	157,118		100	%	$	47,569		100	%	$	45,076		100	%	$	43,818		100	%	$	49,070		100	%	$	185,533		100	%	$	6,043		14	%	$	5,252		12	%	$	28,415		18	%

SALES BY REGION	FY 2023																									FY 2024																									Q4 24 vs Q4 23					Q4 24 vs Q3 24					FYTD24 vs FYTD23
	Q1		% of			Q2		% of			Q3		% of			Q4		% of					% of			Q1		% of			Q2		% of			Q3		% of			Q4		% of			YTD		% of
	2023		Total			2023		Total			2023		Total			2023		Total			2023		Total			2024		Total			2024		Total			2024		Total			2024		Total			2024		Total			Variance					Variance					Variance
United States	$	28,169		78	%	$	30,325		80	%	$	33,163		83	%	$	35,862		83	%	$	127,519		81	%	$	38,141		80	%	$	38,604		86	%	$	36,822		84	%	$	42,341		86	%	$	155,908		84	%	$	6,479		18	%	$	5,519		15	%	$	28,389		22	%
Middle East		459		1	%		686		2	%		621		2	%		1,148		3	%		2,914		2	%		1,049		2	%		669		1	%		501		1	%		348		1	%		2,567		1	%		(800	)	-70	%		(153	)	-31	%		(347	)	-12	%
Asia		4,248		12	%		4,255		11	%		4,226		11	%		3,311		8	%		16,040		10	%		5,902		12	%		2,979		7	%		4,017		9	%		2,245		5	%		15,143		8	%		(1,066	)	-32	%		(1,772	)	-44	%		(897	)	-6	%
Other		3,199		9	%		2,877		8	%		1,863		5	%		2,706		6	%		10,645		7	%		2,477		5	%		2,824		6	%		2,478		6	%		4,136		8	%		11,915		6	%		1,430		53	%		1,658		67	%		1,270		12	%

	$	36,075		100	%	$	38,143		100	%	$	39,873		100	%	$	43,027		100	%	$	157,118		100	%	$	47,569		100	%	$	45,076		100	%	$	43,818		100	%	$	49,070		100	%	$	185,533		100	%	$	6,043		14	%	$	5,252		12	%	$	28,415		18	%

ORDERS BY MARKET	FY 2023																									FY 2024																									Q4 24 vs Q4 23					Q4 24 vs Q3 24					FYTD24 vs FYTD23
	Q1		% of			Q2		% of			Q3		% of			Q4		% of					% of			Q1		% of			Q2		% of			Q3		% of			Q4		% of			YTD		% of
	2023		Total			2023		Total			2023		Total			2023		Total			2023		Total			2024		Total			2024		Total			2024		Total			2024		Total			2024		Total			Variance					Variance					Variance
Refining	$	11,491		29	%	$	8,723		10	%	$	3,764		19	%	$	5,298		10	%	$	29,276		14	%	$	14,321		21	%	$	4,086		11	%	$	5,372		4	%	$	9,466		23	%	$	33,245		12	%	$	4,168		79	%	$	4,094		76	%	$	3,969		14	%
Chemical/Petrochemical		5,543		14	%		4,608		5	%		2,313		12	%		2,842		6	%		15,306		8	%		10,863		16	%		4,242		12	%		5,803		5	%		2,841		7	%		23,749		9	%		(1	)	0	%		(2,962	)	-51	%		8,443		55	%
Space		7,274		18	%		3,742		4	%		1,631		8	%		2,513		5	%		15,160		7	%		4,606		7	%		3,049		8	%		6,086		5	%		3,084		8	%		16,825		6	%		571		23	%		(3,002	)	-49	%		1,665		11	%
Defense		11,317		28	%		69,598		76	%		7,788		39	%		28,011		55	%		116,714		58	%		32,958		49	%		20,844		57	%		103,233		84	%		20,375		50	%		177,410		66	%		(7,636	)	-27	%		(82,858	)	-80	%		60,696		52	%
Other		4,683		12	%		4,840		5	%		4,548		23	%		12,159		24	%		26,230		13	%		5,185		8	%		4,243		12	%		2,773		2	%		5,017		12	%		17,218		6	%		(7,142	)	-59	%		2,244		81	%		(9,012	)	-34	%

	$	40,308		100	%	$	91,511		100	%	$	20,044		100	%	$	50,823		100	%	$	202,686		100	%	$	67,933		100	%	$	36,464		100	%	$	123,267		100	%	$	40,783		100	%	$	268,447		100	%	$	(10,040	)	-20	%	$	(82,484	)	-67	%	$	65,761		32	%

BACKLOG BY MARKET	FY 2023																									FY 2024																									Q4 24 vs Q4 23					Q4 24 vs Q3 24
	Q1		% of			Q2		% of			Q3		% of			Q4		% of					% of			Q1		% of			Q2		% of			Q3		% of			Q4		% of			YTD		% of
	2023		Total			2023		Total			2023		Total			2023		Total			2023		Total			2024		Total			2024		Total			2024		Total			2024		Total			2024		Total			Variance					Variance
Refining	$	27,939		11	%	$	28,502		9	%	$	26,255		9	%	$	26,142		9	%	$	26,142		9	%	$	33,264		10	%	$	29,116		9	%	$	27,428		7	%	$	29,526		8	%	$	29,526		8	%	$	3,384		13	%	$	2,098		8	%
Chemical/Petrochemical		13,853		5	%		12,549		4	%		10,996		4	%		7,842		3	%		7,842		3	%		12,794		4	%		13,705		4	%		14,815		4	%		11,276		3	%		11,276		3	%		3,434		44	%		(3,539	)	-24	%
Space		15,143		6	%		13,210		4	%		12,492		4	%		8,242		3	%		8,242		3	%		8,675		3	%		7,263		2	%		11,059		3	%		10,651		3	%		10,651		3	%		2,409		29	%		(408	)	-4	%
Defense		193,195		74	%		248,672		79	%		234,485		80	%		243,628		81	%		243,628		81	%		253,358		79	%		250,732		80	%		334,455		84	%		328,389		84	%		328,389		84	%		84,761		35	%		(6,066	)	-2	%
Other		10,545		4	%		10,407		3	%		9,443		3	%		15,880		5	%		15,880		5	%		13,912		4.3	%		12,527		4	%		11,487		3	%		11,026		3	%		11,026		3	%		(4,854	)	-31	%		(461	)	-4	%

	$	260,675		100	%	$	313,340		100	%	$	293,671		100	%	$	301,734		100	%	$	301,734		100	%	$	322,003		100	%	$	313,343		100	%	$	399,244		100	%	$	390,868		100	%	$	390,868		100	%	$	89,134		30	%	$	(8,376	)	-2	%

BOOK TO BILL RATIO		1.1					2.4					0.5					1.2					1.3					1.4					0.8					2.8					0.8					1.4

Graham Corporation

Q4 FY 2024

Supplemental Information - Unaudited

($ in thousands)


ADJUSTED EBITDA	FY 2023															FY 2024
	Q1 2023			Q2 2023			Q3 2023			Q4 2023			YTD 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			YTD 2024
Net income (loss)	$	676		$	(196	)	$	368		$	(481	)	$	367		$	2,640		$	411		$	165		$	1,340		$	4,556
Acquisition & integration costs		54			—			—			—			54			—			—			274			158			432
ERC tax credit, net		—			—			—			—			—			—			—			—			(702	)		(702	)
Debt amendment costs		153			41			—			—			194			—			—			744			37			781
ERP Implementation costs		—			—			—			—			—			—			—			56			185			241
Net interest (income) expense		157			246			294			242			939			185			55			37			(29	)		248
Income tax expense (benefit)		215			(40	)		70			(51	)		194			766			243			(110	)		119			1,018
Equity-based compensation expense		114			198			270			224			806			293			332			377			277			1,279
Depreciation & amortization		1,475			1,487			1,506			1,519			5,987			1,239			1,201			1,422			1,570			5,432

Adjusted EBITDA ⁽¹⁾	$	2,844		$	1,736		$	2,508		$	1,453		$	8,541		$	5,123		$	2,242		$	2,965		$	2,955		$	13,285

Net sales	$	36,075		$	38,143		$	39,873		$	43,027		$	157,118		$	47,569		$	45,076		$	43,818		$	49,070		$	185,533
Net income (loss) margin		1.9	%		-0.5	%		0.9	%		-1.1	%		0.2	%		5.5	%		0.9	%		0.4	%		2.7	%		2.5	%
Adjusted EBITDA margin		7.9	%		4.6	%		6.3	%		3.4	%		5.4	%		10.8	%		5.0	%		6.8	%		6.0	%		7.2	%

⁽¹⁾

Beginning in the fourth quarter of fiscal 2024, Adjusted EBITDA no longer excludes the Barber-Nichols supplemental performance bonus, but now excludes the impact of non-cash equity-based compensation expense in order to be more consistent with market practice. Prior period results have been adjusted to reflect these changes on a comparable basis. The Barber-Nichols supplemental performance bonus expense was $0.8 million, $0.8 million, $1.3 million, $1.4 million and $4.3 million for the first, second, third and fourth quarters and full year of fiscal 2024, respectively, and $0 for the comparable periods of fiscal 2023 and will continue through fiscal year 2026.


ADJUSTED NET INCOME	FY 2023															FY 2024
	Q1 2023			Q2 2023			Q3 2023			Q4 2023			YTD 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			YTD 2024
Net income (loss)	$	676		$	(196	)	$	368		$	(481	)	$	367		$	2,640		$	411		$	165		$	1,340		$	4,556
Acquisition & integration costs		54			—			—			—			54			—			—			274			158			432
Amortization of intangible assets		619			619			619			619			2,476			446			445			596			670			2,157
ERC tax credit, net		—			—			—			—			—			—			—			—			(702	)		(702	)
Debt amendment costs		153			41			—			—			194			—			—			744			37			781
ERP Implementation costs		—			—			—			—			—			—			—			56			185			241
Normalized tax rate⁽¹⁾		(173	)		(139	)		(130	)		(130	)		(572	)		(103	)		(102	)		(384	)		(80	)		(669	)

Adjusted net income⁽²⁾	$	1,329		$	325		$	857		$	8		$	2,519		$	2,983		$	754		$	1,451		$	1,608		$	6,796

GAAP net income (loss) per diluted share	$	0.06		$	(0.02	)	$	0.03		$	(0.05	)	$	0.03		$	0.25		$	0.04		$	0.02		$	0.12		$	0.42
Adjusted net income per diluted share⁽²⁾	$	0.12		$	0.03		$	0.08		$	0.00		$	0.24		$	0.28		$	0.07		$	0.13		$	0.15		$	0.63
Diluted weighted average common shares outstanding		10,630			10,617			10,660			10,617			10,654			10,719			10,810			10,920			10,988			10,844

⁽¹⁾	Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the statutory tax rate.

⁽²⁾

Beginning in the fourth quarter of fiscal 2024 Adjusted Net Income no longer excludes the Barber-Nichols supplemental performance bonus. Prior period results have been adjusted to reflect this change on a comparable basis. The Barber-Nichols supplemental performance bonus expense, net-of-tax, was $0.6 million, $0.6 million, $1.0 million, $1.1 million and $3.3 million for the first, second, third and fourth quarters and full year of fiscal 2024, respectively, and $0 for the comparable periods of fiscal 2023 and will continue through fiscal year 2026.

Document and Entity Information	Jun. 07, 2024
Cover [Abstract]
Entity Registrant Name	GRAHAM CORP
Amendment Flag	false
Entity Central Index Key	0000716314
Document Type	8-K
Document Period End Date	Jun. 07, 2024
Entity Incorporation State Country Code	DE
Entity File Number	001-08462
Entity Tax Identification Number	16-1194720
Entity Address, Address Line One	20 Florence Avenue
Entity Address, City or Town	Batavia
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14020
City Area Code	(585)
Local Phone Number	343-2216
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.10 per share
Trading Symbol	GHM
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

Grafico Azioni Graham (NYSE:GHM)
Storico
Da Ott 2024 a Nov 2024

Grafico Azioni Graham (NYSE:GHM)
Storico
Da Nov 2023 a Nov 2024

Graham Corporation

Date: June 7, 2024

/s/ Christopher J. Thome

Christopher J. Thome

Vice President – Finance, Chief Financial Officer and Chief Accounting Officer