Taylor Devices, Inc. reported a net revenue of $46.3 million for the fiscal year ending May 31, 2025, reflecting a 4% increase from $44.6 million in the previous year. The company's net income rose to $9.4 million, a 5% increase compared to $9.0 million in 2024. The gross profit margin remained stable at 46%, consistent with the prior year. The increase in revenue was primarily driven by a 19% rise in revenues from long-term projects, although overall project counts decreased slightly from 39 to 37.
In terms of operational performance, Taylor Devices experienced a 3% increase in sales to structural customers, while sales to aerospace and defense customers grew by 2%. Notably, sales to industrial customers surged by 24%. However, total sales within the U.S. decreased by 5%, while sales to Asia increased significantly from $2.0 million to $7.0 million, indicating a shift in geographic sales concentration. The company had 142 open sales orders in its backlog valued at $27.1 million as of May 31, 2025, down from $33.1 million the previous year.
The company invested $2.6 million in capital expenditures during the fiscal year, a significant increase from $1.1 million in 2024, focusing on new manufacturing machinery and facility improvements. Research and development expenses also rose by 14% to $444,000, reflecting the company's commitment to innovation. Taylor Devices maintained a workforce of 137 employees, with no significant changes in employee headcount reported.
The filing noted that sales to three major customers accounted for approximately 42% of total net sales, highlighting a continued reliance on key accounts. The company increased its allowance for estimated credit losses to $564,000 due to uncertainties surrounding a $751,000 overdue balance on a structural project. Looking ahead, Taylor Devices anticipates recognizing the majority of its backlog revenue during the fiscal year ending May 31, 2026, with the remainder expected in 2027. The company remains optimistic about its growth prospects, driven by ongoing demand in the aerospace, defense, and industrial sectors.
About TAYLOR DEVICES INC
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