What you need to know: • IEHC reported its annual financial results, including FY26 revenue of $29.4M (+2% YoY) vs. our estimate of $29.2M and Q4 revenue of $8.5M (+20% YoY) vs. our estimate of $8.3M. • Adjusted EBITDA came in at ($0.9M) for the year vs. our ($1.5M) and $0.2M for the quarter vs. our ($0.5M). • Backlog at quarter end was $27.8M (+123% YoY, +51% QoQ) but was reported to be nearly $40M as of June 1st. Today, IEH Corporation (IEHC:OTCQX) reported its FY26 financial results (ending March 31st), which slightly beat our estimates. Q4 showed strong progress on improving both growth and margins, while backlog growth continues to outpace revenue growth, setting up IEHC for the years ahead. We are maintaining our BUY rating and target price of $26.00/share on IEHC. Financial Highlights • FY26 revenue was $29.4M (+2% YoY), slightly above our $29.2M estimate, while Q4 revenue was $8.5M (+20% YoY) vs. our $8.3M. • FY26 revenue included 63% from the defense segment (vs. 66% in FY25), 25% from the commercial aerospace segment (vs. 20% in FY25), 8% from the space segment (11% in FY25), and 4% from the other segment (unchanged). • Backlog was reported at an all-time high of $27.8M (+123% YoY, +51% QoQ), driven by missile defense programs. In a recent presentation, IEHC stated the backlog was nearly $40M as of June 1st (Figure 2), having tripled over the past year and doubled in the last five months.