Form 8-K

8-K — ASTRONICS CORP

Accession: 0000008063-26-000037

Filed: 2026-08-11

Period: 2026-08-11

CIK: 0000008063

SIC: 3728 (AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — atro-20260811.htm (Primary)

EX-99.1 (ex99120260704-pr.htm)

GRAPHIC (atrocorp_image1a11a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: atro-20260811.htm · Sequence: 1

atro-20260811

FALSE000000806300000080632026-08-112026-08-11

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): August 11, 2026

ASTRONICS CORPORATION

(Exact name of registrant as specified in its charter)

New York

0-7087

16-0959303

(State of Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

130 Commerce Way

East Aurora, New York

14052

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (716) 805-1599

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 Name of each exchange on which registered

Common Stock, $.01 par value per share ATRO The NASDAQ Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

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 August 11, 2026, Astronics Corporation issued a news release announcing its second quarter financial results for 2026. A copy of the news release is attached as Exhibit 99.1.

The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing. The information in this report including the exhibit hereto, shall not be deemed to be “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

Exhibit Description

99.1

News Release of Astronics Corporation dated August 11, 2026

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

SIGNATURE

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.

Astronics Corporation

Dated: August 11, 2026 By: /s/ Nancy L. Hedges

Name: Nancy L. Hedges

Vice President and

Chief Financial Officer

EX-99.1

Filename: ex99120260704-pr.htm · Sequence: 2

Document

Exhibit 99.1

Astronics Corporation • 130 Commerce Way • East Aurora, NY • 14052-2164

FOR IMMEDIATE RELEASE

Astronics Corporation Reports Record Operating Income on

27% Sales Growth for Second Quarter 2026

•Second quarter sales increased 27.0% to a record $260.0 million

•Record operating income was $40.5 million, or 15.6% of sales

•Second quarter net income was $35.1 million, or $0.75 per diluted share; adjusted EBITDA1 was $51.5 million, or 19.8% of sales

•Record Aerospace sales of $237.3 million drove Aerospace operating margin of 20.3%; adjusted Aerospace operating margin1 was 21.4%

•Record quarterly bookings reached $306.2 million for book-to-bill of 1.18 and third consecutive record backlog quarter of $780.6 million

•Generated $30.1 million in cash from operations

•Raising 2026 revenue guidance to $1.02 billion to $1.04 billion

EAST AURORA, NY, August 11, 2026 – Astronics Corporation (Nasdaq: ATRO) (“Astronics” or the “Company”), a leading supplier of advanced technologies and products to the global aerospace, defense, and other mission critical industries, today reported financial results for the three and six months ended July 4, 2026. Financial results include the acquisition of Bühler Motor Aviation (“BMA”) on October 13, 2025.

Peter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “We had a very strong second quarter, with record sales, operating income, bookings and backlog. Our adjusted EBITDA margin of 19.8% was a multi-year high. We see continued strength across our range of markets and products, resulting in another step up in our forecasted 2026 revenue level. We expect momentum to build during the second half of the year. It is an exciting time for our Company.”

1 Adjusted EBITDA, adjusted EBITDA margin, and adjusted segment operating margin are Non-GAAP financial measures. Please see the reconciliation of GAAP to non-GAAP financial measures in the tables that accompany this release.

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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026

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Second Quarter Results

Three Months Ended Six Months Ended

($ in thousands) July 4, 2026 June 28, 2025 % Change July 4, 2026 June 28, 2025 % Change

Sales $ 259,957 $ 204,678 27.0 % $ 490,576 $ 410,614 19.5 %

Gross profit $ 86,897 $ 52,827 64.5 % $ 162,030 $ 113,676 42.5 %

Gross margin 33.4 % 25.8 % 33.0 % 27.7 %

Income from operations $ 40,467 $ 4,758 750.5 % $ 67,697 $ 17,895 278.3 %

Operating margin % 15.6 % 2.3 % 13.8 % 4.4 %

Net income $ 35,060 $ 1,314 2,568.2 % $ 60,600 $ 10,842 458.9 %

Net income % 13.5 % 0.6 % 12.4 % 2.6 %

Adjusted operating income2

$ 43,226 $ 18,283 136.4 % $ 72,786 $ 40,902 78.0 %

Adjusted operating margin %2

16.6 % 8.9 % 14.8 % 10.0 %

Adjusted net income2 $ 32,623 $ 13,741 137.4 % $ 55,124 $ 30,714 79.5 %

Adjusted EBITDA2

$ 51,549 $ 25,408 102.9 % $ 89,450 $ 56,147 59.3 %

Adjusted EBITDA margin %2

19.8 % 12.4 % 18.2 % 13.7 %

Second Quarter 2026 Results (compared with the prior-year period, unless noted otherwise)

Growth in sales was driven by the Aerospace segment’s continued strength in demand primarily from the Commercial Transport market, including $5.9 million from the acquisition of BMA. Aerospace sales increased $43.7 million, or 22.6%, while Test Systems sales grew $11.6 million, or 105.1%. Test Systems sales in the prior year were negatively impacted by $6.4 million due to revisions of estimated costs to complete certain long-term mass transit contracts.

Gross profit increased $34.1 million to $86.9 million, or 33.4% of sales, a 760 basis point improvement over the comparator quarter. Gross profit growth and margin expansion were primarily attributable to higher volume, improved productivity, and a $2.0 million IEEPA tariff refund. Prior-year gross profit was negatively impacted by a $5.8 million charge related to Aerospace simplification initiatives and a $6.9 million adverse impact related to a revision of estimated costs to complete certain long-term mass transit contracts in the Test Systems segment.

Selling, general and administrative expenses (“SG&A”) decreased $0.9 million. Litigation-related expenses were down $0.9 million, and the prior-year period included a $3.5 million legal fee reimbursement charge relating to the patent infringement dispute in the UK. These decreases were mostly offset by higher wages and benefits, higher incentive-based compensation expenses driven by increased profitability, and incremental expenses related to the acquired BMA business. R&D was down $0.7 million reflecting the timing of projects.

Operating margin expanded 1,330 basis points and adjusted operating margin2 expanded 770 basis points as a result of higher volume and improved productivity in the Aerospace segment and improved performance in the Test Systems segment.

Interest expense was down $0.8 million, or 24.7%, on lower rates following the September 2025 refinancing activities. Tax expense in the quarter of $2.8 million reflects the benefits of a partial valuation allowance reversal and research and development costs expected to be expensed.

2 Adjusted operating income, adjusted operating margin, adjusted segment operating profit and margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted diluted earnings per share (“EPS”) are Non-GAAP financial measures. Please see the reconciliation of GAAP to non-GAAP financial measures in the tables that accompany this release.

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Consolidated net income of $0.75 per diluted share improved from $0.03 per diluted share in the prior-year period from stronger operating profit. Adjusted EBITDA2 increased 102.9% to $51.5 million, and adjusted EBITDA margin2 expanded 740 basis points to 19.8% of consolidated sales.

Record bookings of $306.2 million in the quarter resulted in a book-to-bill ratio of 1.18:1. For the trailing twelve months, bookings totaled $1.06 billion and the book-to-bill ratio was 1.13:1. Backlog at the end of the quarter was $780.6 million, representing the third consecutive quarter of record backlog.

Aerospace Segment Review (compared with the prior-year period, unless noted otherwise)

Aerospace segment sales of $237.3 million increased $43.7 million, or 22.6%. Sales in the Commercial Transport market increased $31.4 million, or 21.6%. Growth was primarily related to increased demand for seat motion and inflight entertainment & connectivity (“IFEC”) products. General Aviation sales increased $9.2 million, or 50.3%, to $27.6 million due to higher IFEC product sales of VVIP products. Military Aircraft sales increased $3.2 million, or 11.7%, to $30.6 million from increased sales of flight critical airframe power products.

Aerospace segment operating profit of $48.3 million, or 20.3% of sales, improved over the prior-year period reflecting the leverage gained on higher volume, improving production efficiencies, a $2.0 million IEEPA tariff refund, a $4.6 million decrease in litigation-related expenses and legal reserve adjustments related to the UK patent dispute previously discussed, and the absence of a $6.2 million charge for simplification initiatives in the prior-year period. Adjusted Aerospace operating profit2 increased 61.0% to $50.7 million, or 21.4% of sales, a 510-basis point expansion over the comparator quarter.

Aerospace bookings were $243.1 million for a book-to-bill ratio of 1.02:1. During the second quarter, the contract for the current engineering phase of the MV-75 FLRAA program was finalized, which resulted in a booking of $27.4 million. Record backlog for the Aerospace segment was $657.2 million at quarter end.

Mr. Gundermann commented, “Our Aerospace business delivered excellent results for the second quarter, achieving record quarterly sales and a 20.3% operating margin. A highlight in the quarter was the finalization of the development contract for the MV-75 FLRAA program, which resulted in a net booking of $27 million. We continue to perform well on that program with expected completion of the development program occurring in mid-2027. Overall, demand for our products remains robust, the team is executing well and we believe we are well positioned for further growth.”

Test Systems Segment Review (compared with the prior-year period, unless noted otherwise)

Test Systems segment sales of $22.7 million were up $11.6 million from the comparator quarter in 2025. Segment sales in the prior-year period were negatively impacted by a $6.4 million revision of estimated costs to complete certain long-term mass transit contracts, reducing revenue recognized in the period.

Test Systems segment operating profit was $0.6 million, compared with an operating loss of $6.7 million in the second quarter of 2025. The revisions to the estimated costs to complete had a $6.9 million detrimental impact to operating income in the prior year. Test Systems profitability continues to be negatively affected by mix and under absorption of fixed costs at current volume levels, as well as approximately $4.1 million of revenue in the current quarter at no margin related to dedicated raw materials for the U.S. Army and U.S. Marine Corps Radio Test Set programs. Margin on that revenue will be recognized through 2026 as production on those programs progress further.

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Bookings for the Test Systems segment in the quarter were $63.1 million, inclusive of a

$44.7 million order from the U.S. Army initiating full rate production for the TS-4549/T Radio Test Sets Program, which is expected to cover deliveries over the next 18 months. The book-to-bill ratio for the quarter was 2.78:1. Backlog for the Test Systems segment was $123.3 million at quarter end.

Mr. Gundermann commented, “The big news in the second quarter for our Test business was the first production order for the U.S. Army’s TS-4549/T Radio Test program. Its contribution to our second quarter results was marginal, but the program’s impact will be significant as it ramps up in the coming quarters. This first production order is expected to be followed by similar annual orders in each of the coming four years.”

Balance Sheet and Liquidity

Cash provided by operations in the second quarter of 2026 was $30.1 million, reflecting higher cash earnings offset by higher working capital requirements, including higher inventory levels to support anticipated revenue growth in the coming quarters. Capital expenditures in the quarter were $5.7 million and $16.9 million year-to-date. Elevated capital expenditures reflect necessary catch-up investments on previously deferred spending as well as the consolidation of operations and capacity improvement in a new Seattle facility. The Company expects to be free cash flow positive for the remainder of the year.

Long-term debt decreased $24.1 million to $310.3 million at July 4, 2026, compared with the end of 2025. The Company had available liquidity of $253.2 million at quarter-end, including $15.4 million in available cash and $237.8 million in availability on its revolver.

Update on Favorable Appeal Ruling from UK Court of Appeal

As previously announced, a favorable judgment was issued on July 27, 2026, by the United Kingdom Court of Appeal regarding the Company’s long-running patent infringement dispute with Lufthansa Technik AG. The Company’s position is that approximately $2.2 million (including interest) of the damages paid by the Company to Lufthansa is due to be repaid to the Company. The Company also expects to be reimbursed for a portion its legal fees and those previously paid to Lufthansa, but the amount cannot be estimated at this time. Any reimbursements will be recorded when received, which is expected to be in the third quarter of 2026.

2026 Outlook

Astronics expects to set another annual sales record in 2026 with revenue estimated to be $1.02 billion to $1.04 billion for the year, with third quarter sales of $265 million to $275 million. Record backlog at the end of the second quarter was $780.6 million, of which approximately 82% is expected to drive revenue over the next twelve months.

Mr. Gundermann concluded, “We expect to set yet another quarterly sales record in the third quarter, with revenue in the fourth quarter to improve modestly from there. Given our record backlog and the continued strength in our order book, we believe we are well situated to deliver growth for the foreseeable future.”

Planned capital expenditures in 2026 are expected to be in the range of $40 million to $45 million driven largely by costs associated with the Seattle operation consolidation, which will conclude in the third quarter.

The Company estimates future IEEPA tariff refunds will range from $6 million to $8 million although the timing of such receipts cannot be confirmed at this time.

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Second Quarter 2026 Webcast and Conference Call

The Company will host a teleconference today at 4:45 p.m. ET. During the teleconference, management will review the financial and operating results for the period and discuss Astronics’ corporate strategy and outlook. A question-and-answer session will follow.

The Astronics conference call can be accessed by calling (201) 493-6784. The listen-only audio webcast can be monitored at investors.astronics.com. To listen to the archived call, dial

(412) 317-6671 and enter replay pin number 13761059. The telephonic replay will be available from 8:00 p.m. on the day of the call through Tuesday, August 25, 2026. The webcast replay can be accessed via the investor relations section of the Company’s website where a transcript will also be posted once available.

About Astronics Corporation

Astronics Corporation (Nasdaq: ATRO) serves the world’s aerospace, defense, and other mission-critical industries with proven innovative technology solutions. Astronics works side-by-side with customers, integrating its array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges. For over 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. Today, global airframe manufacturers, airlines, military branches, completion centers, and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics. The Company’s strategy is to increase its value by developing technologies and capabilities that provide innovative solutions to its targeted markets.

Safe Harbor Statement

This news release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words “expect,” “anticipate,” “plan,” “may,” “will,” “estimate,” “feeling” or other similar expressions and include all statements with regard to the Company’s 2026 outlook including record annual and quarterly sales, the level of activity in the second half of 2026, the strength of the Company’s market position and product demand as well as any level of growth into the foreseeable future, operating leverage gained on higher volume and resulting profitability, the significance of the U.S. Army Radio Test Set program to results, any future potential orders and the rate and level of sales growth and profitability improvement in the Test segment related to ramping the program up to full rate production, the amount of reimbursement related to the favorable UK award for the intellectual property case and the amount of tariff refunds to be received. The forward-looking statements also include all statements related to achieving any revenue or profitability expectations, expectations of continued growth, the level of liquidity, the level of cash generation and free cash flow, the level of demand by customers and markets and the amount of expected capital expenditures, the amount of investment in an ERP system, the amount of backlog to be recognized as revenue over the next twelve months, statements regarding the amount of opportunities available to be executed and the effectiveness of the Company’s execution in its operations. Because such statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially from what may be stated here include the trend in growth with passenger power and connectivity on airplanes, the state of the aerospace and defense industries, commercial aircraft build rates, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes and delivery schedules, the demand for and market acceptance of new or existing aircraft which contain the Company’s products, the impact of regulatory activity, the need for new and advanced test equipment, customer preferences and relationships, the effectiveness of the Company’s supply chain and execution on opportunities, and other factors which are described in filings by Astronics with the Securities and

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Exchange Commission. Except as required by applicable law, the Company assumes no obligation to update forward-looking information in this news release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.

Use of Non-GAAP Financial Metrics and Additional Financial Information

In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Astronics provides Adjusted Non-GAAP information as additional information for its operating results. References to Adjusted Non-GAAP information are to non-GAAP financial measures. These measures are not required by, in accordance with, or an alternative for, GAAP and may be different from non-GAAP financial measures used by other companies. Astronics management uses these measures for reviewing the financial results of Astronics for budget planning purposes and for making operational and financial decisions. Management believes that providing these non-GAAP financial measures to investors, as a supplement to GAAP financial measures, help investors evaluate Astronics core operating and financial performance and business trends consistent with how management evaluates such performance and trends.

FINANCIAL TABLES FOLLOW

For more information, contact:

Company: Investor Relations:

Nancy L. Hedges, Chief Financial Officer Deborah K. Pawlowski, Alliance Advisors LLC

Phone: (716) 805-1599 Phone: (716) 843-3908

Email: invest@astronics.com Email: dpawlowski@allianceadvisors.com

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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026

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ASTRONICS CORPORATION

CONSOLIDATED STATEMENT OF OPERATIONS DATA

(Unaudited, $ in thousands except per share amounts)

Three Months Ended Six Months Ended

7/4/2026 6/28/2025 7/4/2026 6/28/2025

Sales

$ 259,957 $ 204,678 $ 490,576 $ 410,614

Cost of products sold 173,060 151,851 328,546 296,938

Gross profit

86,897 52,827 162,030 113,676

Gross margin

33.4 % 25.8 % 33.0 % 27.7 %

Research and development expenses 10,869 11,572 22,958 22,639

Selling, general and administrative 35,561 36,497 71,375 73,142

SG&A % of sales

13.7 % 17.8 % 14.5 % 17.8 %

Income from operations 40,467 4,758 67,697 17,895

Operating margin

15.6 % 2.3 % 13.8 % 4.4 %

Other expense (income) 281 (190) 390 (377)

Interest expense, net 2,332 3,097 4,668 6,247

Income before tax 37,854 1,851 62,639 12,025

Income tax expense 2,794 537 2,039 1,183

Net income $ 35,060 $ 1,314 $ 60,600 $ 10,842

Net income % of sales 13.5 % 0.6 % 12.4 % 2.6 %

Basic earnings per share:3 $ 0.82 $ 0.03 $ 1.41 $ 0.26

Diluted earnings per share:3, 4

$ 0.75 $ 0.03 $ 1.31 $ 0.25

Weighted average diluted shares outstanding (in thousands) 3, 4

46,535 43,641 46,219 43,271

3 All share and per share information have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholder of record on June 15, 2026.

4 In addition to incremental shares from stock awards, weighted-average diluted shares for the three and six months ended July 4, 2026 include 1.708 million and 1.492 million assumed shares, respectively, related to the premium on the 0% convertible notes, as the Company’s average stock price during the periods exceeded the $45.19 per‑share conversion price (as adjusted for the twenty percent Class B stock distribution). Because of the capped call, there is no effective dilution to shareholders from the 0% convertible notes unless and until the share price exceeds $68.44 per-share cap price. The diluted EPS calculation for the three and six months ended July 4, 2026 and June 28, 2025 excludes the effect of the 5.5% convertible notes because they are anti-dilutive for those periods.

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ASTRONICS CORPORATION

CONSOLIDATED BALANCE SHEETS

($ in thousands)

(unaudited)

7/4/2026 12/31/2025

ASSETS

Cash and cash equivalents

$ 9,016 $ 18,180

Accounts receivable, net of allowance for estimated credit losses 228,900 204,672

Inventories

220,065 196,860

Prepaid expenses and other current assets 27,763 18,027

Total current assets 485,744 437,739

Property, plant and equipment, net of accumulated depreciation 115,568 107,078

Operating right-of-use assets 31,273 32,269

Other assets 14,366 11,316

Intangible assets, net of accumulated amortization 49,392 55,353

Goodwill 64,501 62,923

Total assets $ 760,844 $ 706,678

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable $ 64,399 $ 41,080

Current operating lease liabilities 5,930 5,802

Accrued expenses and other current liabilities 66,462 68,324

Customer advances and deferred revenue 26,589 26,069

Total current liabilities 163,380 141,275

Long-term debt 310,319 334,451

Long-term operating lease liabilities 36,717 38,101

Other liabilities 52,208 52,777

Total liabilities 562,624 566,604

Shareholders’ equity:5

Common stock 457 456

Accumulated other comprehensive loss (6,108) (4,410)

Other shareholders’ equity 203,871 144,028

Total shareholders’ equity 198,220 140,074

Total liabilities and shareholders’ equity $ 760,844 $ 706,678

5 Prior-period Shareholders’ Equity balances have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026, with no impact on Total Shareholders’ Equity.

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ASTRONICS CORPORATION

CONSOLIDATED CASH FLOWS DATA

Six Months Ended

(Unaudited, $ in thousands) 7/4/2026 6/28/2025

Cash flows from operating activities:

Net income $ 60,600 $ 10,842

Adjustments to reconcile net income to cash from operating activities:

Non-cash items:

Depreciation and amortization 12,235 10,966

Amortization of deferred financing fees 1,204 1,214

Provisions for non-cash losses on inventory and receivables 3,257 2,941

Equity-based compensation expense 4,819 3,902

Deferred tax expense (benefit) 1,022 (1,125)

Operating lease non-cash expense 2,806 3,174

Simplification initiative-related non-cash charges — 6,229

Other 1,223 (601)

Cash flows from changes in operating assets and liabilities:

Accounts receivable (24,997) 5,803

Inventories (27,500) (1,498)

Accounts payable 23,620 2,957

Operating lease liabilities (3,093) (2,302)

Accrued expenses (1,929) (17,064)

Income taxes (1,128) (10,505)

Cloud computing implementation costs (4,122) —

Customer advance payments and deferred revenue 478 (859)

Supplemental retirement plan liabilities (367) (202)

Other assets and liabilities (7,403) (864)

Net cash provided by operating activities 40,725 13,008

Cash flows from investing activities:

Capital expenditures (16,869) (6,710)

Net cash used by investing activities (16,869) (6,710)

Cash flows from financing activities:

Proceeds from long-term debt 40,000 1,143

Principal payments on long-term debt (65,000) (11,143)

Financing-related costs — (740)

Stock award activity (5,441) (1,730)

Other (2,220) (76)

Net cash used by financing activities (32,661) (12,546)

Effect of exchange rates on cash (359) 1,280

Decrease in cash and cash equivalents and restricted cash (9,164) (4,968)

Cash and cash equivalents and restricted cash at beginning of period 18,180 18,428

Cash and cash equivalents and restricted cash at end of period $ 9,016 $ 13,460

Supplemental disclosure of cash flow information

Capital expenditures in accounts payable (non-cash investing activities) $ 422 $ —

Interest paid $ 3,972 $ 2,967

Income taxes paid, net $ 2,110 $ 12,848

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ASTRONICS CORPORATION

SEGMENT SALES AND PROFIT

(Unaudited, $ in thousands)

Three Months Ended Six Months Ended

7/4/2026 6/28/2025 7/4/2026 6/28/2025

Sales

Aerospace $ 237,292 $ 193,647 $ 451,135 $ 385,035

Less inter-segment — (21) (23) (34)

Total Aerospace 237,292 193,626 451,112 385,001

Test Systems 22,674 11,341 39,498 25,933

Less inter-segment (9) (289) (34) (320)

Total Test Systems 22,665 11,052 39,464 25,613

Total consolidated sales 259,957 204,678 490,576 410,614

Segment gross profit and margins

Aerospace 82,152 54,891 152,845 113,374

34.6 % 28.3 % 33.9 % 29.4 %

Test Systems 4,745 (2,064) 9,185 302

20.9 % (18.7) % 23.3 % 1.2 %

Total gross profit 86,897 52,827 162,030 113,676

33.4 % 25.8 % 33.0 % 27.7 %

Segment operating profit and margins

Aerospace 48,264 18,039 83,596 40,303

20.3 % 9.3 % 18.5 % 10.5 %

Test Systems 592 (6,710) 995 (8,933)

2.6 % (60.7) % 2.5 % (34.9) %

Total segment operating profit 48,856 11,329 84,591 31,370

Interest expense 2,332 3,097 4,668 6,247

Corporate expenses and other 8,670 6,381 17,284 13,098

Income before taxes $ 37,854 $ 1,851 $ 62,639 $ 12,025

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ASTRONICS CORPORATION

SALES BY MARKET

(Unaudited, $ in thousands)

Three Months Ended Six Months Ended

2026 YTD

7/4/2026 6/28/2025 % Change 7/4/2026 6/28/2025 % Change % of Sales

Aerospace Segment

Commercial Transport

$ 177,006 $ 145,573 21.6 % $ 333,425 $ 283,115 17.8 % 68.0 %

Military Aircraft

30,631 27,433 11.7 % 64,133 60,696 5.7 % 13.1 %

General Aviation

27,603 18,370 50.3 % 49,052 33,613 45.9 % 10.0 %

Other

2,052 2,250 (8.8) % 4,502 7,577 (40.6) % 0.9 %

Aerospace Total 237,292 193,626 22.6 % 451,112 385,001 17.2 % 92.0 %

Test Systems Segment

Government & Defense

22,665 11,052 105.1 % 39,464 25,613 54.1 % 8.0 %

Total Sales $ 259,957 $ 204,678 27.0 % $ 490,576 $ 410,614 19.5 %

SALES BY PRODUCT LINE6

(Unaudited, $ in thousands)

Three Months Ended Six Months Ended

Recast Recast

2026 YTD

7/4/2026 6/28/2025 % Change 7/4/2026 6/28/2025 % Change % of Sales

Aerospace Segment

Inflight Entertainment & Connectivity $ 126,008 $ 105,902 19.0 % $ 236,756 $ 209,012 13.3 % 48.3 %

Lighting & Safety 59,170 56,100 5.5 % 111,977 108,057 3.6 % 22.8 %

Flight Critical Electrical Power 23,660 15,832 49.4 % 48,423 37,146 30.4 % 9.9 %

Seat Motion 22,186 10,217 117.1 % 42,065 16,889 149.1 % 8.6 %

Other 6,268 5,575 12.4 % 11,891 13,897 (14.4) % 2.4 %

Aerospace Total 237,292 193,626 22.6 % 451,112 385,001 17.2 % 92.0 %

Test Systems 22,665 11,052 105.1 % 39,464 25,613 54.1 % 8.0 %

Total $ 259,957 $ 204,678 27.0 % $ 490,576 $ 410,614 19.5 %

6 Beginning in the first quarter of 2026, the Company reorganized its product line structure to align with changes in internal reporting. The Company recast the prior-year disaggregation of sales by product line to conform with the updated, current-period presentation.

-MORE-

Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026

August 11, 2026

Page 12

ASTRONICS CORPORATION

ORDER AND BACKLOG TREND

(Unaudited, $ in thousands)

Q3 2025 Q4 2025 Q1 2026 Q2 2026 Trailing Twelve Months

9/27/2025 12/31/2025 4/4/2026 7/4/2026 7/4/2026

Sales

Aerospace $ 192,725 $ 219,593 $ 213,820 $ 237,292 $ 863,430

Test Systems 18,722 20,474 16,799 22,665 78,660

Total Sales $ 211,447 $ 240,067 $ 230,619 $ 259,957 $ 942,090

Bookings

Aerospace $ 191,859 $ 237,327 $ 264,381 $ 243,140 $ 936,707

Test Systems 18,532 19,902 26,067 63,051 127,552

Total Bookings $ 210,391 $ 257,229 $ 290,448 $ 306,191 $ 1,064,259

Backlog7

Aerospace $ 572,459 $ 600,803 $ 651,364 $ 657,212

Test Systems 74,264 73,692 82,960 123,346

Total Backlog $ 646,723 $ 674,495 $ 734,324 $ 780,558 N/A

Book:Bill Ratio

Aerospace 1.00 1.08 1.24 1.02 1.08

Test Systems 0.99 0.97 1.55 2.78 1.62

Total Book:Bill 1.00 1.07 1.26 1.18 1.13

7 Aerospace backlog of approximately $2.4 million and $10.6 million was added in the third and fourth quarters of 2025, respectively, in connection with the acquisitions of Envoy Aerospace and Bühler Motor Aviation.

-MORE-

Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026

August 11, 2026

Page 13

ASTRONICS CORPORATION

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

(Unaudited, $ in thousands)

Consolidated

Three Months Ended Six Months Ended

7/4/2026 6/28/2025 7/4/2026 6/28/2025

Net income $ 35,060 $ 1,314 $ 60,600 $ 10,842

Add back:

Interest expense 2,332 3,097 4,668 6,247

Income tax expense 2,794 537 2,039 1,183

Depreciation and amortization expense 6,341 5,378 12,235 10,966

Equity-based compensation expense 2,263 1,557 4,819 3,902

Simplification and restructuring initiatives — 6,229 — 6,508

ERP implementation consulting expenses 482 — 656 —

Legal reserve, settlements and recoveries — 3,504 — 9,732

Litigation-related legal expenses 1,871 2,753 3,650 5,728

Acquisition-related expenses — — 186 —

Warranty reserve 406 1,039 597 1,039

Adjusted EBITDA $ 51,549 $ 25,408 $ 89,450 $ 56,147

Sales $ 259,957 $ 204,678 $ 490,576 $ 410,614

Adjusted EBITDA margin % 19.8 % 12.4 % 18.2 % 13.7 %

Adjusted EBITDA is defined as net income before interest expense, income taxes, depreciation, amortization, and other adjustments. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by sales. Adjusted EBITDA and Adjusted EBITDA Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted EBITDA and Adjusted EBITDA Margin as used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA Margin, are important for investors and other readers of the Company’s financial statements.

-MORE-

Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026

August 11, 2026

Page 14

ASTRONICS CORPORATION

RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT

(Unaudited, $ in thousands)

Consolidated

Three Months Ended Six Months Ended

7/4/2026 6/28/2025 7/4/2026 6/28/2025

Gross profit $ 86,897 $ 52,827 $ 162,030 $ 113,676

Add back:

Restructuring-related charges including severance — 5,807 — 5,807

Warranty reserve 406 1,039 597 1,039

Adjusted gross profit $ 87,303 $ 59,673 $ 162,627 $ 120,522

Sales $ 259,957 $ 204,678 $ 490,576 $ 410,614

Gross Margin 33.4 % 25.8 % 33.0 % 27.7 %

Adjusted gross margin 33.6 % 29.2 % 33.2 % 29.4 %

Adjusted Gross Profit is defined as gross profit as reported, adjusted for certain items. Adjusted Gross Profit Margin is defined as Adjusted Gross Profit divided by sales. Adjusted Gross Profit and Adjusted Gross Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Gross Profit and Adjusted Gross Profit Margin as used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Adjusted Gross Profit and Adjusted Gross Profit Margin, are 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 year’s gross profit and gross profit margin to the historical periods’ gross profit, as well as facilitates a more meaningful comparison of the Company’s gross profit and gross profit margin to that of other companies.

-MORE-

Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026

August 11, 2026

Page 15

ASTRONICS CORPORATION

RECONCILIATION OF OPERATING INCOME TO ADJUSTED OPERATING INCOME

(Unaudited, $ in thousands)

Consolidated

Three Months Ended Six Months Ended

7/4/2026 6/28/2025 7/4/2026 6/28/2025

Income from operations $ 40,467 $ 4,758 $ 67,697 $ 17,895

Add back:

Restructuring-related charges including severance — 6,229 — 6,508

ERP implementation consulting expenses 482 — 656 —

Legal reserve, settlements and recoveries — 3,504 — 9,732

Litigation-related legal expenses 1,871 2,753 3,650 5,728

Acquisition-related expenses — — 186 —

Warranty reserve 406 1,039 597 1,039

Adjusted operating income $ 43,226 $ 18,283 $ 72,786 $ 40,902

Sales $ 259,957 $ 204,678 $ 490,576 $ 410,614

Operating margin 15.6 % 2.3 % 13.8 % 4.4 %

Adjusted operating margin 16.6 % 8.9 % 14.8 % 10.0 %

Adjusted Operating Income is defined as income from operations as reported, adjusted for certain items. Adjusted Operating Margin is defined as Adjusted Operating Income divided by sales. Adjusted Operating Income and Adjusted Operating Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Operating Income and Adjusted Operating Margin as used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Adjusted Operating Income and Adjusted Operating Margin, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current periods’ income from operations to the historical periods’ income from operations and operating margin, as well as facilitates a more meaningful comparison of the Company’s income from operations and operating margin to that of other companies.

-MORE-

Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026

August 11, 2026

Page 16

ASTRONICS CORPORATION

RECONCILIATION OF NET INCOME AND DILUTED EARNINGS PER SHARE

TO ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE

(Unaudited, $ in thousands except per share amounts)

Consolidated

Three Months Ended Six Months Ended

7/4/2026 6/28/2025 7/4/2026 6/28/2025

Net income $ 35,060 $ 1,314 $ 60,600 $ 10,842

Add back (deduct):

Amortization of intangibles 2,884 2,945 5,771 5,920

Simplification and restructuring initiatives — 6,229 — 6,508

ERP implementation consulting expenses 482 — 656 —

Legal reserve, settlements and recoveries — 3,504 — 9,732

Litigation-related legal expenses 1,871 2,753 3,650 5,728

Acquisition-related expenses — — 186 —

Warranty reserve 406 1,039 597 1,039

Normalize tax rate8 (8,080) (4,043) (16,336) (9,055)

Adjusted net income $ 32,623 $ 13,741 $ 55,124 $ 30,714

Weighted average diluted shares outstanding (in thousands)9,10 46,535 43,641 46,219 43,271

Diluted earnings per share9,10

$ 0.75 $ 0.03 $ 1.31 $ 0.25

Adjusted diluted earnings per share9,10

$ 0.70 $ 0.31 $ 1.19 $ 0.71

Adjusted Net Income and Adjusted Diluted EPS are defined as net income and diluted EPS as reported, adjusted for certain items, including amortization of intangibles, and also adjusted for a normalized tax rate. Adjusted Net Income and Adjusted Diluted EPS are not measures determined in accordance with GAAP and may not be comparable with the measures used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Adjusted Net Income and Adjusted Diluted EPS, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current periods’ net income and diluted EPS to the historical periods’ net income and diluted EPS, as well as facilitates a more meaningful comparison of the Company’s net income and diluted EPS to that of other companies. The Company believes that presenting Adjusted Diluted EPS provides a better understanding of its earnings power inclusive of adjusting for the non-cash amortization of intangible assets, reflecting the Company’s strategy to grow through acquisitions as well as organically.

8 Applies a normalized tax rate of 25% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.

9 All share and per share information have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026.

10 In addition to incremental shares from stock awards, weighted-average diluted shares for the three and six months ended July 4, 2026 include 1.708 million and 1.492 million assumed shares, respectively, related to the premium on the 0% convertible notes, as the Company’s average stock price during the periods exceeded the $45.19 per‑share conversion price (as adjusted for the twenty percent Class B stock distribution). Because of the capped call, there is no effective dilution to shareholders from the 0% convertible notes unless and until the share price exceeds $68.44 per-share cap price. The diluted EPS calculation for the three and six months ended July 4, 2026 and June 28, 2025 excludes the effect of the 5.5% convertible notes because they are anti-dilutive for those periods.

-MORE-

Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026

August 11, 2026

Page 17

ASTRONICS CORPORATION

RECONCILIATION OF SEGMENT OPERATING PROFIT (LOSS)

TO ADJUSTED SEGMENT OPERATING PROFIT (LOSS)

(Unaudited, $ in thousands)

Three Months Ended Six Months Ended

7/4/2026 6/28/2025 7/4/2026 6/28/2025

Aerospace operating profit $ 48,264 $ 18,039 $ 83,596 $ 40,303

Simplification and restructuring initiatives — 6,229 — 6,508

ERP implementation consulting expenses 482 — 656 —

Legal reserve, settlements and recoveries — 3,504 — 9,732

Litigation-related legal expenses 1,556 2,676 3,067 4,920

Warranty reserve 406 1,039 597 1,039

Adjusted Aerospace operating profit $ 50,708 $ 31,487 $ 87,916 $ 62,502

Aerospace sales $ 237,292 $ 193,626 $ 451,112 $ 385,001

Aerospace margin 20.3 % 9.3 % 18.5 % 10.5 %

Adjusted Aerospace margin 21.4 % 16.3 % 19.5 % 16.2 %

Test Systems operating profit (loss) $ 592 $ (6,710) $ 995 $ (8,933)

Litigation-related legal expenses 112 77 160 808

Adjusted Test Systems operating profit (loss) $ 704 $ (6,633) $ 1,155 $ (8,125)

Test Systems sales $ 22,665 $ 11,052 $ 39,464 $ 25,613

Test Systems margin 2.6 % (60.7) % 2.5 % (34.9) %

Adjusted Test Systems margin 3.1 % (60.0) % 2.9 % (31.7) %

Adjusted Segment Operating Profit is defined as segment operating profit as reported, adjusted for certain items. Adjusted Segment Margin is defined as Adjusted Segment Operating Profit divided by segment sales. Adjusted Segment Operating Profit and Adjusted Segment Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Segment Operating Profit and Adjusted Segment Margin as used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Adjusted Segment Operating Profit and Adjusted Segment Margin, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current periods’ segment operating profit to the historical periods’ segment operating profit and segment margin, as well as facilitates a more meaningful comparison of the Company’s segment operating profit and segment margin to that of other companies.

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