AAON · AAON restated its Q1 2026 financials due to revenue recognition errors…

AAON restated its Q1 2026 financials due to revenue recognition errors in the BASX-branded revenue process and improper amortization of software subscriptions. The restatement reduced net sales by $4.4M, net income by $3.4M, and EPS by $0.04, and identified a material weakness in internal controls over financial reporting. The company concurrently filed a similar amendment for Q2 2026.

• Restatement due to errors in revenue recognition under ASC 606 (percent-of-completion method) and software subscription amortization
• Net sales reduced by $4.4M from $496.9M to $492.5M; net income reduced by $3.4M from $39.8M to $36.5M
• Basic EPS reduced by $0.04 from $0.49 to $0.45; diluted EPS reduced by $0.04 from $0.48 to $0.44
• Material weakness identified in internal controls over BASX-branded revenue process and financial close process