Graham (GHM) TD Cowen 46th Annual Aerospace & Defense Conference 2025 summary

Strategic direction and leadership transition

• Diversification from energy to defense and space has doubled company size since 2021.

• Five-year plan targets $200M+ revenue and low to mid-teen EBITDA by 2027.

• Leadership transition: Matt Malone to become CEO in June, with Dan Thoren moving to executive chairman focused on business development.

• Emphasis on strengthening executive team and long-term vision for the next decade.

Market focus and innovation

• Defense is now the largest segment, with $1B+ opportunity and 80% sole-source contracts.

• Investments in new facilities and people, including $13.5M in a new plant and $2.5M in workforce development.

• Leveraging space sector expertise to drive innovation in legacy energy and chemical businesses.

• Focused on high-value, mission-critical applications in MEO/GEO satellite and advanced energy markets.

Technology and operational improvements

• New technologies like next-gen steam ejector nozzle and automated welding drive margin and revenue growth.

• Advanced modeling and cryogenics applied to both space and new energy sectors, including small modular nuclear and hydrogen.

• Continuous improvement culture and pragmatic approach to margin enhancement across all segments.