The strong backlog (tripled YoY) and positive commentary about gold/tariff relief later in FY2027 suggest a potential inflection if cost pressures ease, but the reported deterioration in profits is real and recent. Watch next quarter's 10-Q for evidence that margins are recovering and backlog is converting to revenue. The stock's YTD gain of >100% already prices in the OTCQX uplisting and SEC case dismissal — this filing adds downside confirmation risk.
Price Chart
Executive Summary
IEH Corp reported FY2026 (ended March 31, 2026) annual results: revenue of $29.42M (+2.2% YoY), but swung to an operating loss of $1.63M and a net loss of $1.33M ($0.53 loss per share) vs prior-year income of $1.0M ($0.42 EPS). Margins were compressed by higher gold costs and tariff charges, partially offset by an all-time high backlog from missile defense programs. The stock has more than doubled year-to-date on the SEC case dismissal and OTCQX uplisting, but this filing confirms the fundamental deterioration under the surface.
Key Financial Metrics
Key Facts
- Revenue $29,417,600, +2.2% vs $28,783,861 in FY2025
- Operating loss of $1,625,634 vs operating income of $574,862 in FY2025
- Net loss of $1,333,285 vs net income of $999,038 in FY2025
- Basic loss per share $0.53 vs basic EPS $0.42 in FY2025
- All-time high backlog driven by missile defense orders; backlog tripled YoY and doubled in last 5 months
- Losses driven by steep gold price increases and tariff charges; management expects these pressures to abate
- SEC administrative proceeding dismissed; company uplisted to OTCQX
Financial Impact
Revenue grew only $634K (+2.2%) while operating income swung from +$575K to -$1.63M; net income swung from +$999K to -$1.33M; EPS swung from +$0.42 to -$0.53
Risk Factors
- Gold prices and tariff costs may not abate as quickly as management expects
- Revenue growth of only 2.2% is modest despite a record backlog — conversion risk
- Stock has more than doubled YTD on non-fundamental catalysts; valuation may be disconnected from earnings reality
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001174947-26-000663 |
| Exhibit: ex99-1.htm | 0001174947-26-000663 |
| Document: 0001174947-26-000663-index-headers.html | 0001174947-26-000663 |
| Document: 0001174947-26-000663-index.html | 0001174947-26-000663 |
| Document: 0001174947-26-000663.txt | 0001174947-26-000663 |
| 8-K Data (Synthetic) | 0001174947-26-000663 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 8-K | $29.90 | awaiting T+60 | — | $28.75 (−3.85%) |
Aug 20, 2026 9w ago | Insider Cluster | $33.00 | awaiting T+60 | — | $28.75 (−12.88%) |
Aug 6, 2026 11w ago | 8-K | $23.17 | awaiting T+60 | — | $28.75 (+24.08%) |
Jun 12, 2026 19w ago | 8-K | $20.10 $32.26 | ▼ −60.50% | ▼ −56.97% | $28.75 (−43.03%) |
Jun 8, 2026 20w ago | 8-K | $19.60 $28.62 | ▲ +46.02% | ▲ +42.70% | $28.75 (+46.68%) |
May 18, 2026 23w ago | 8-K | $19.50 $32.20 | ▲ +65.13% | ▲ +58.84% | $28.75 (+47.44%) |
US Market Status
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