The record backlog ($38M+) provides strong revenue visibility over the next 12-24 months, and the defense program wins (PATRIOT, APKWS, THAAD) are structural, long-cycle tailwinds. However, near-term FY2026 revenue growth is modest (~2% over FY2025) and cost pressures (gold, tariffs) could cap margin expansion. Watch for conversion of backlog to revenue in upcoming quarterly filings and any update on margin trends.
Price Chart
Executive Summary
IEH Corporation's CEO presented an investor deck highlighting a record backlog of $38M+, FY2025 revenue of $28.8M, FY2026 projected revenue of $29.4M, and FY2027 projected revenue of $36M. The filing also notes major defense program wins (PATRIOT, APKWS, AMRAAM, THAAD) and the dismissal of the SEC enforcement proceeding in January 2026. The key bullish takeaway is the backlog surge and structural defense tailwinds, but near-term revenue growth is modest and cost headwinds (gold, tariffs) persist.
Key Facts
- Record order backlog of $38M+, 65% higher than previous record and tripled in 12 months
- FY2025 revenue of $28.8M; FY2026 projected at $29.4M (3rd best year); FY2027 projected at $36M
- Defense program wins: $15M PATRIOT, $2.4M APKWS, $2.5M AMRAAM, $2.9M PATRIOT Radar, $2.4M LTAMDS, $500K THAAD with 7-year DoD commitment
- SEC enforcement proceeding dismissed January 2026; OTCQX listing reinstated February 2026
- Gold costs doubled from 2023-2025; tariffs and health insurance pressuring margins
Financial Impact
Record backlog of $38M+; FY2025 revenue $28.8M, FY2026 projected $29.4M, FY2027 projected $36M; $15M PATRIOT orders since March
Risk Factors
- Gold costs have doubled since 2023, compressing margins
- Tariffs and health insurance costs remain stressors
- FY2026 revenue projection of $29.4M is only 2% above FY2025, indicating a slow growth year
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001174947-26-000648 |
| Exhibit: ex99-1.htm | 0001174947-26-000648 |
| Document: 0001174947-26-000648-index-headers.html | 0001174947-26-000648 |
| Document: 0001174947-26-000648-index.html | 0001174947-26-000648 |
| Document: 0001174947-26-000648.txt | 0001174947-26-000648 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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%) |
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