🇺🇸 SECRF Industries Ltd.Doubao · 实盘不做把握 5/10不做原因:风险收益比不佳
北京时间·🕒 发布 20:08:16·⟳ 抓取 20:26:49 +18m33s·⚡ 决策 09-14 20:37:47 +10m58s·43.2 天前
RF Industries（RFIL）公布FY2026 Q3财报：营收创纪录同比+21%但EPS不及预期，盘前冲高回落转跌
营收创纪录+利润率扩张是实质利好，但non-GAAP EPS被Zacks/Earnings Whispers判定低于一致预期，属混合财报；盘后一度+4.9%、盘前已冲高至11.17后回落转跌约-1.7%，呈现典型冲高回落/见光死，且为日成交仅约300万美元、买卖价差近7%(9.60/10.30)的低流动性微盘股，正向上的edge已被盘前交易消化并反转，风险回报不足。
📄 原文RF Industries Ltd.↗ 原文
----- rfil20260909_8k.htm ----- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURREN…
不做 RF Industries, Ltd.（RFIL.US）
营收beat但EPS miss的混合财报，盘后+5%后盘前冲高回落转跌-1.7%，利好已被实时消化并见光死；叠加日成交约320万美元、盘前价差近7%的微盘低流动性，无正期望买点，不追多(也无强空催化，不做空)。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
RFIL FY26Q3营收2396万创纪录(+21%)、毛利率与利润显著改善，但non-GAAP EPS 0.19美元低于一致预期，构成营收beat/盈利miss的混合财报；盘前冲高后转跌且流动性极差，无可执行正edge，回避追多。
消息传播链
- 公司盘前披露FY26Q3业绩并将于8:30 ET召开电话会，为法定一手披露。市场反应:盘后高见10.83(+4.9%)
- Zacks与EW判定EPS miss、Ticker Report强调营收beat，解读分歧偏负面。市场反应:盘前冲高11.17后回落，08:34报10.14(-1.74%)，量约4.6万股，呈冲高回落。
关键理由
- 营收同比+21%创纪录、毛利率+160bp、营业利润翻倍以上、积压订单近2000万，经营杠杆兑现并切入AI基础设施/边缘数据中心。
- 但EPS被两家跟踪机构判定miss，盘前价格已从+5%冲高回落转跌，说明利好被提前消化、市场更关注盈利不及预期。
主要风险
- 微盘股(市值约1.1亿美元)、日成交约320万美元、盘前买卖价差近7%，滑点与冲击成本极高。
- 电话会指引及关税/电信capex敞口若不积极，可能延续见光死；FOMC决议在2天后亦压制风险偏好。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-09-14 · 影响 weakens
两家跟踪机构判定EPS不及预期，新闻稿前瞻语句亦提示关税、电信capex周期及信贷契约风险，削弱纯做多逻辑。
检索:RFIL Q3 fiscal 2026 EPS miss estimate guidance tariff 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例不足叠加当次盘前转跌，支持不追多、给AVOID。
方向:内部无干净对齐先例；Web检索到该公司过往财报beat当日多上涨(Q4FY25、Q2FY26)，但本次为EPS miss，方向不具可比性。
涨幅量级:缺乏同主体、同相位、锚干净的对齐样本，不据外部历史涨幅设定止盈止损。
形态:本次盘前+5%→-1.7%的实时走势本身即是见光死/派发信号，比历史类比更直接。
工具执行结果 · 成功 3 · 降级 1 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 18 ms
{"result": "search_processed_events:agent query=`rf industries rfil q3 fiscal 2026 earnings results | rfil third quarter july 31 2026 net sales record $23.96 million`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选，不能据此证明消息首发或不是重复；按当前事件继续正常研判。"} - stock_quote 降级 stock_tools HTTP · 1,696 ms
{ - web_search 成功 doubao_search · 2,111 ms
豆包搜索结果（原始查询:RF Industries RFIL Q3 fiscal 2026 earnings analyst estimate reaction September 14 2026；API SearchType:web） - web_search 成功 doubao_search · 2,009 ms
豆包搜索结果（原始查询:RF Industries RFIL quarterly earnings beat stock reaction history；API SearchType:web）
原文全文
展开原文 · 20,250 字
----- rfil20260909_8k.htm -----
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
September 14, 2026
R F INDUSTRIES, LTD.
(Exact name of registrant as specified in its charter)
Nevada
(State or Other Jurisdiction
of Incorporation)
0-13301
(Commission File Number)
88-0168936
(I.R.S. Employer
Identification No.)
16868 Via Del Campo Court, Suite 200
San Diego
,
CA
92127
(Address of Principal Executive Offices, including Zip Code)
(
858
)
549-6340
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value per share
RFIL
NASDAQ
Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02
Results of Operations and Financial Condition.
On September 14, 2026, RF Industries, Ltd. (the “Company”) issued a press release announcing information regarding the Company’s financial results for the third quarter ended July 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished in this Current Report on Form 8-K, including the accompanying Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed to be incorporated by reference in any subsequent filing by the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, regardless of the general incorporation language of such filing, except as specifically stated in such filing.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1
Press Release of RF Industries, Ltd., dated September 14, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RF INDUSTRIES, LTD.
September 14, 2026
By:
/s/ Peter Yin
Peter Yin
Chief Financial Officer
----- ex_1014274.htm -----
EX-99.1
2
ex_1014274.htm
EXHIBIT 99.1
ex_1014274.htm
Exhibit 99.1
RF Industries Reports Third Quarter Fiscal Year 2026 Financial Results
SAN DIEGO, CA, September 14, 2026
–
RF Industries, Ltd. (NASDAQ: RFIL),
a national manufacturer and marketer of interconnect products and systems, today announced financial results for the third quarter of fiscal year 2026 ended July 31, 2026.
Third Quarter Fiscal 2026 Highlights and Operating Results:
●
Net sales were a record $23.96 million, a 21% increase from $19.8 million in the prior year period and a 16% increase from $20.7 million in the second quarter of fiscal 2026.
●
Backlog of $18.6 million at quarter end on third quarter bookings of $22.5 million. As of today, the backlog stands at $19.8 million.
●
Gross profit margin was 35.6%, a 160-basis point improvement from 34% in the prior year period.
●
Operating income was $1.8 million, an improvement of $1.1 million from operating income of $720,000 in the prior year period.
●
Consolidated net income was $1.44 million, or $0.12 per diluted share, a 267% increase from $392,000, or $0.04 per diluted share in the prior year period.
●
Non-GAAP net income was $2.2 million, or $0.19 per diluted share, compared to non-GAAP net income of $1.1 million, or $0.10 per diluted share, in the third quarter of fiscal 2025.
●
Adjusted EBITDA was $2.7 million, up from $1.6 million in the prior year period.
See "Note Regarding Use of Non-GAAP Financial Measures," "Unaudited Reconciliation of GAAP to non-GAAP Net Income," "Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA" and the description of bookings and backlog below for additional information.
Management Commentary
“The RFI team delivered another quarter of accelerating topline growth by converting stronger demand into expanding margins and dramatically higher profitability, as well as demonstrating the earnings power of the business as revenue scales above the $20 million quarterly run rate,” said Robert Dawson, Chief Executive Officer of RF Industries. "Our third quarter results reflect the operating leverage story that we have discussed for the last couple of years, which is now yielding continued growth at every level of the income statement. Revenue grew 21% to a record $24 million while margins improved 160 basis points to 35.6%, operating income increased over 150% to $1.8 million and Adjusted EBITDA expanded 69% to $2.7 million year-over-year.”
“Our steady margin expansion is a direct result of successfully executing a multi-year mix shift toward higher-value solutions, including our custom cabling and integrated systems offerings. These solutions have more engineering content, larger project scope, and engender stronger customer relationships than traditional component sales. Our strategy to offer higher-value, differentiated products and solutions with broad applications has also diversified our end markets considerably. RFI now serves fast growing markets such as aerospace, edge data centers, AI infrastructure, transportation, and public safety. While the wireless carrier ecosystem will always be very important to us, we have materially reduced our historical reliance on the cyclical carrier capex spending through product innovation, strategic diversification, and go-to-market execution,” concluded Dawson.
Conference Call and Webcast
RF Industries will host a conference call and live webcast today, September 14, 2026, at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss its fiscal third quarter 2026 financial results. To access the live call, dial 888-506-0062 (US and Canada) or 973-528-0011 (International) and give the participant access code 360409. A live audio webcast of the call will also be available on the Investor Relations section of RFI’s website at
www.rfindustries.com
and will be archived for replay.
About RF Industries
Connecting the next generation with tomorrow's technology, RF Industries designs and manufactures a broad range of interconnect products across diversified, growing markets, including wireless/wireline telecom, data communications and industrial. The Company's products include high-performance components used in commercial applications such as RF connectors and adapters, RF passives including dividers, directional couplers and filters, coaxial cables, data cables, wire harnesses, fiber optic cables, custom cabling, energy-efficient cooling systems, and integrated small cell enclosures. The Company is headquartered in San Diego, California with additional operations in New York, Connecticut, and New Jersey. Please visit the RF Industries website at
www.rfindustries.com
.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to future events. Forward-looking statements include, among others, statements concerning our expectations about profitability, revenues, industry trends, markets and any growth trajectory thereof, our ability to sustain our operating leverage, demand for our products, backlog, financial goals, growth opportunities and the expected benefits and desirability of our products, in each case which are subject to a number of factors that could cause actual results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to: changes in the telecommunications industry and materialization and timing of expected network buildouts; timing and breadth of new products; our ability to realize increased sales; successfully integrating new products and teams; our ability to execute on our go-to-market strategies and channel models; our reliance on certain distributors and customers for a significant portion of anticipated revenues; the impact of existing and additional future tariffs imposed by U.S. and foreign nations; our ability to expand our OEM relationships; our ability to continue to deliver newly designed and custom fiber optic and cabling products to principal customers; our ability to maintain strong margins and diversify our customer base; our ability to initiate operating efficiencies, cost savings and expense reductions; our ability to address the changing needs of the market and capitalize on new market opportunities; our ability to add value to our customers’ needs; the success of any product launches; our cash and liquidity needs; our ability to continue as a going concern; non-compliance with terms and covenants in our credit facility; and our ability to increase revenue, gross margins or obtain profitability in a timely manner. Further discussion of these and other potential risks and uncertainties may be found in the Company's public filings with the Securities and Exchange Commission (www.sec.gov) including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. All forward-looking statements are based upon information available to the Company on the date they are published, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or new information after the date of this release.
Note Regarding Use of Non-GAAP Financial Measures
To supplement our unaudited condensed financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including adjusted earnings before interest, taxes, depreciation, amortization (Adjusted EBITDA), non-GAAP net income (loss) and non-GAAP earnings (loss) per share, basic and diluted (non-GAAP EPS).
We believe these financial measures provide useful information to investors with which to analyze our operating trends and performance by excluding certain non-cash and other one-time expenses that we believe are not indicative of our operating results.
In computing Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS, we exclude stock-based compensation expense, which represents non-cash charges for the fair value of stock options and other non-cash awards granted to employees, non-cash and other one-time charges, severance, amortization expense and provision for income taxes. For Adjusted EBITDA, we also exclude depreciation and interest expense. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company's non-cash operating expenses, we believe that providing non-GAAP financial measures that exclude non-cash expense and non-recurring costs and expenses allows for meaningful comparisons between our core business operating results and those of other companies, as well as provides us with an important tool for financial and operational decision-making and for evaluating our own core business operating results over different periods of time.
Our Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. Our Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS are not measurements of financial performance under GAAP and should not be considered as an alternative to operating or net income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. We do not consider these non-GAAP measures to be a substitute for, or superior to, the information provided by GAAP financial results. Non-GAAP financial measures are subject to limitations and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance. A reconciliation of specific adjustments to GAAP results is provided in the last two tables at the end of this press release.
In addition, we have included order bookings and backlog in this earnings release. Bookings represent new orders that have been received inclusive of any modification or cancellation of previous orders. Backlog represents orders that have been received where revenue has not been recognized as of the specified date. We believe both Bookings and Backlog are indicators of future revenues that the Company expects to generate based on orders that management believes to be firm.
RF Industries Contact:
Peter Yin
SVP and CFO
(858) 549-6340
rfi@rfindustries.com
IR Contact:
Donni Case
Financial Profiles, Inc.
(310) 622-8224
RFIL@finprofiles.com
Source: RF Industries
# # #
RF INDUSTRIES, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
Jul. 31,
Oct. 31,
2026
2025
(unaudited)
(audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
4,454
$
5,079
Trade accounts receivable, net
17,047
14,871
Inventories
13,177
13,735
Other current assets
1,766
1,284
TOTAL CURRENT ASSETS
36,444
34,969
Property and equipment, net
3,984
4,229
Operating right-of-use asset, net
12,890
13,848
Goodwill
8,085
8,085
Amortizable intangible assets, net
9,032
10,264
Non-amortizable intangible assets
1,174
1,174
Other assets
488
477
TOTAL ASSETS
$
72,097
$
73,046
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses
$
10,073
$
10,746
Line of credit
5,718
7,836
Current portion of operating lease liabilities
2,263
2,054
Income taxes payable
-
260
TOTAL CURRENT LIABILITIES
18,054
20,896
Operating lease liabilities
15,212
16,699
Deferred tax liabilities
286
247
TOTAL LIABILITIES
33,552
37,842
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, authorized 20,000,000 shares of $0.01 par value; 10,847,761 and 10,713,801 shares issued and outstanding at July 31, 2026 and October 31, 2025, respectively
109
107
Additional paid-in capital
29,118
28,050
Retained earnings
9,318
7,047
TOTAL STOCKHOLDERS' EQUITY
38,545
35,204
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
72,097
$
73,046
RF INDUSTRIES, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
Three Months Ended
Nine Months Ended
July 31,
July 31,
2026
2025
2026
2025
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Net sales
$
23,960
$
19,790
$
63,621
$
57,900
Cost of sales
15,422
13,071
41,696
39,514
Gross profit
8,538
6,719
21,925
18,386
Operating expenses:
Engineering
1,074
759
2,842
2,124
Selling and general
5,705
5,240
16,049
15,380
Total operating expenses
6,779
5,999
18,891
17,504
Operating income
1,759
720
3,034
882
Other expense
(233
)
(240
)
(585
)
(721
)
Income before provision for income taxes
1,526
480
2,449
161
Provision for income taxes
84
88
178
259
Consolidated net income (loss)
$
1,442
$
392
$
2,271
$
(98
)
Earnings (loss) per share - Basic
$
0.13
$
0.04
$
0.21
$
(0.01
)
Earnings (loss) per share - Diluted
$
0.12
$
0.04
$
0.20
$
(0.01
)
Weighted average shares outstanding:
Basic
10,850,483
10,668,375
10,806,219
10,632,566
Diluted
11,600,299
10,774,304
11,397,571
10,632,566
RF INDUSTRIES, LTD. AND SUBSIDIARIES
Unaudited Reconciliation of GAAP to Non-GAAP Net Income
(In thousands, except share and per share amounts)
Three Months Ended
Nine Months Ended
July 31,
July 31,
2026
2025
2026
2025
Consolidated net income (loss)
$
1,442
$
392
$
2,271
$
(98
)
Provision from income taxes
84
88
178
259
Stock-based compensation expense
283
219
824
640
Non-cash and other one-time charges
-
-
-
123
Severance
-
-
-
51
Amortization expense
411
411
1,233
1,233
Non-GAAP net income
$
2,220
$
1,110
$
4,506
$
2,208
Non-GAAP earnings per share:
Basic
$
0.20
$
0.10
$
0.42
$
0.21
Diluted
$
0.19
$
0.10
$
0.40
$
0.21
Weighted average shares outstanding
Basic
10,850,483
10,668,375
10,806,219
10,632,566
Diluted
11,600,299
10,774,304
11,397,571
10,694,378
RF INDUSTRIES, LTD. AND SUBSIDIARIES
Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA
(In thousands)
Three Months Ended
Nine Months Ended
July 31,
July 31,
2026
2025
2026
2025
Consolidated net income (loss)
$
1,442
$
392
$
2,271
$
(98
)
Stock-based compensation expense
283
219
824
640
Non-cash and other one-time charges
-
-
-
123
Severance
-
-
-
51
Amortization expense
411
411
1,233
1,233
Depreciation expense
201
206
609
615
Other expense
233
240
585
721
Provision from income taxes
84
88
178
259
Adjusted EBITDA
$
2,654
$
1,556
$
5,700
$
3,544
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
September 14, 2026
R F INDUSTRIES, LTD.
(Exact name of registrant as specified in its charter)
Nevada
(State or Other Jurisdiction
of Incorporation)
0-13301
(Commission File Number)
88-0168936
(I.R.S. Employer
Identification No.)
16868 Via Del Campo Court, Suite 200
San Diego
,
CA
92127
(Address of Principal Executive Offices, including Zip Code)
(
858
)
549-6340
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value per share
RFIL
NASDAQ
Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02
Results of Operations and Financial Condition.
On September 14, 2026, RF Industries, Ltd. (the “Company”) issued a press release announcing information regarding the Company’s financial results for the third quarter ended July 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished in this Current Report on Form 8-K, including the accompanying Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed to be incorporated by reference in any subsequent filing by the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, regardless of the general incorporation language of such filing, except as specifically stated in such filing.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1
Press Release of RF Industries, Ltd., dated September 14, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RF INDUSTRIES, LTD.
September 14, 2026
By:
/s/ Peter Yin
Peter Yin
Chief Financial Officer
----- ex_1014274.htm -----
EX-99.1
2
ex_1014274.htm
EXHIBIT 99.1
ex_1014274.htm
Exhibit 99.1
RF Industries Reports Third Quarter Fiscal Year 2026 Financial Results
SAN DIEGO, CA, September 14, 2026
–
RF Industries, Ltd. (NASDAQ: RFIL),
a national manufacturer and marketer of interconnect products and systems, today announced financial results for the third quarter of fiscal year 2026 ended July 31, 2026.
Third Quarter Fiscal 2026 Highlights and Operating Results:
●
Net sales were a record $23.96 million, a 21% increase from $19.8 million in the prior year period and a 16% increase from $20.7 million in the second quarter of fiscal 2026.
●
Backlog of $18.6 million at quarter end on third quarter bookings of $22.5 million. As of today, the backlog stands at $19.8 million.
●
Gross profit margin was 35.6%, a 160-basis point improvement from 34% in the prior year period.
●
Operating income was $1.8 million, an improvement of $1.1 million from operating income of $720,000 in the prior year period.
●
Consolidated net income was $1.44 million, or $0.12 per diluted share, a 267% increase from $392,000, or $0.04 per diluted share in the prior year period.
●
Non-GAAP net income was $2.2 million, or $0.19 per diluted share, compared to non-GAAP net income of $1.1 million, or $0.10 per diluted share, in the third quarter of fiscal 2025.
●
Adjusted EBITDA was $2.7 million, up from $1.6 million in the prior year period.
See "Note Regarding Use of Non-GAAP Financial Measures," "Unaudited Reconciliation of GAAP to non-GAAP Net Income," "Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA" and the description of bookings and backlog below for additional information.
Management Commentary
“The RFI team delivered another quarter of accelerating topline growth by converting stronger demand into expanding margins and dramatically higher profitability, as well as demonstrating the earnings power of the business as revenue scales above the $20 million quarterly run rate,” said Robert Dawson, Chief Executive Officer of RF Industries. "Our third quarter results reflect the operating leverage story that we have discussed for the last couple of years, which is now yielding continued growth at every level of the income statement. Revenue grew 21% to a record $24 million while margins improved 160 basis points to 35.6%, operating income increased over 150% to $1.8 million and Adjusted EBITDA expanded 69% to $2.7 million year-over-year.”
“Our steady margin expansion is a direct result of successfully executing a multi-year mix shift toward higher-value solutions, including our custom cabling and integrated systems offerings. These solutions have more engineering content, larger project scope, and engender stronger customer relationships than traditional component sales. Our strategy to offer higher-value, differentiated products and solutions with broad applications has also diversified our end markets considerably. RFI now serves fast growing markets such as aerospace, edge data centers, AI infrastructure, transportation, and public safety. While the wireless carrier ecosystem will always be very important to us, we have materially reduced our historical reliance on the cyclical carrier capex spending through product innovation, strategic diversification, and go-to-market execution,” concluded Dawson.
Conference Call and Webcast
RF Industries will host a conference call and live webcast today, September 14, 2026, at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss its fiscal third quarter 2026 financial results. To access the live call, dial 888-506-0062 (US and Canada) or 973-528-0011 (International) and give the participant access code 360409. A live audio webcast of the call will also be available on the Investor Relations section of RFI’s website at
www.rfindustries.com
and will be archived for replay.
About RF Industries
Connecting the next generation with tomorrow's technology, RF Industries designs and manufactures a broad range of interconnect products across diversified, growing markets, including wireless/wireline telecom, data communications and industrial. The Company's products include high-performance components used in commercial applications such as RF connectors and adapters, RF passives including dividers, directional couplers and filters, coaxial cables, data cables, wire harnesses, fiber optic cables, custom cabling, energy-efficient cooling systems, and integrated small cell enclosures. The Company is headquartered in San Diego, California with additional operations in New York, Connecticut, and New Jersey. Please visit the RF Industries website at
www.rfindustries.com
.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to future events. Forward-looking statements include, among others, statements concerning our expectations about profitability, revenues, industry trends, markets and any growth trajectory thereof, our ability to sustain our operating leverage, demand for our products, backlog, financial goals, growth opportunities and the expected benefits and desirability of our products, in each case which are subject to a number of factors that could cause actual results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to: changes in the telecommunications industry and materialization and timing of expected network buildouts; timing and breadth of new products; our ability to realize increased sales; successfully integrating new products and teams; our ability to execute on our go-to-market strategies and channel models; our reliance on certain distributors and customers for a significant portion of anticipated revenues; the impact of existing and additional future tariffs imposed by U.S. and foreign nations; our ability to expand our OEM relationships; our ability to continue to deliver newly designed and custom fiber optic and cabling products to principal customers; our ability to maintain strong margins and diversify our customer base; our ability to initiate operating efficiencies, cost savings and expense reductions; our ability to address the changing needs of the market and capitalize on new market opportunities; our ability to add value to our customers’ needs; the success of any product launches; our cash and liquidity needs; our ability to continue as a going concern; non-compliance with terms and covenants in our credit facility; and our ability to increase revenue, gross margins or obtain profitability in a timely manner. Further discussion of these and other potential risks and uncertainties may be found in the Company's public filings with the Securities and Exchange Commission (www.sec.gov) including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. All forward-looking statements are based upon information available to the Company on the date they are published, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or new information after the date of this release.
Note Regarding Use of Non-GAAP Financial Measures
To supplement our unaudited condensed financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including adjusted earnings before interest, taxes, depreciation, amortization (Adjusted EBITDA), non-GAAP net income (loss) and non-GAAP earnings (loss) per share, basic and diluted (non-GAAP EPS).
We believe these financial measures provide useful information to investors with which to analyze our operating trends and performance by excluding certain non-cash and other one-time expenses that we believe are not indicative of our operating results.
In computing Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS, we exclude stock-based compensation expense, which represents non-cash charges for the fair value of stock options and other non-cash awards granted to employees, non-cash and other one-time charges, severance, amortization expense and provision for income taxes. For Adjusted EBITDA, we also exclude depreciation and interest expense. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company's non-cash operating expenses, we believe that providing non-GAAP financial measures that exclude non-cash expense and non-recurring costs and expenses allows for meaningful comparisons between our core business operating results and those of other companies, as well as provides us with an important tool for financial and operational decision-making and for evaluating our own core business operating results over different periods of time.
Our Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. Our Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS are not measurements of financial performance under GAAP and should not be considered as an alternative to operating or net income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. We do not consider these non-GAAP measures to be a substitute for, or superior to, the information provided by GAAP financial results. Non-GAAP financial measures are subject to limitations and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance. A reconciliation of specific adjustments to GAAP results is provided in the last two tables at the end of this press release.
In addition, we have included order bookings and backlog in this earnings release. Bookings represent new orders that have been received inclusive of any modification or cancellation of previous orders. Backlog represents orders that have been received where revenue has not been recognized as of the specified date. We believe both Bookings and Backlog are indicators of future revenues that the Company expects to generate based on orders that management believes to be firm.
RF Industries Contact:
Peter Yin
SVP and CFO
(858) 549-6340
rfi@rfindustries.com
IR Contact:
Donni Case
Financial Profiles, Inc.
(310) 622-8224
RFIL@finprofiles.com
Source: RF Industries
# # #
RF INDUSTRIES, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
Jul. 31,
Oct. 31,
2026
2025
(unaudited)
(audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
4,454
$
5,079
Trade accounts receivable, net
17,047
14,871
Inventories
13,177
13,735
Other current assets
1,766
1,284
TOTAL CURRENT ASSETS
36,444
34,969
Property and equipment, net
3,984
4,229
Operating right-of-use asset, net
12,890
13,848
Goodwill
8,085
8,085
Amortizable intangible assets, net
9,032
10,264
Non-amortizable intangible assets
1,174
1,174
Other assets
488
477
TOTAL ASSETS
$
72,097
$
73,046
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses
$
10,073
$
10,746
Line of credit
5,718
7,836
Current portion of operating lease liabilities
2,263
2,054
Income taxes payable
-
260
TOTAL CURRENT LIABILITIES
18,054
20,896
Operating lease liabilities
15,212
16,699
Deferred tax liabilities
286
247
TOTAL LIABILITIES
33,552
37,842
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, authorized 20,000,000 shares of $0.01 par value; 10,847,761 and 10,713,801 shares issued and outstanding at July 31, 2026 and October 31, 2025, respectively
109
107
Additional paid-in capital
29,118
28,050
Retained earnings
9,318
7,047
TOTAL STOCKHOLDERS' EQUITY
38,545
35,204
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
72,097
$
73,046
RF INDUSTRIES, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
Three Months Ended
Nine Months Ended
July 31,
July 31,
2026
2025
2026
2025
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Net sales
$
23,960
$
19,790
$
63,621
$
57,900
Cost of sales
15,422
13,071
41,696
39,514
Gross profit
8,538
6,719
21,925
18,386
Operating expenses:
Engineering
1,074
759
2,842
2,124
Selling and general
5,705
5,240
16,049
15,380
Total operating expenses
6,779
5,999
18,891
17,504
Operating income
1,759
720
3,034
882
Other expense
(233
)
(240
)
(585
)
(721
)
Income before provision for income taxes
1,526
480
2,449
161
Provision for income taxes
84
88
178
259
Consolidated net income (loss)
$
1,442
$
392
$
2,271
$
(98
)
Earnings (loss) per share - Basic
$
0.13
$
0.04
$
0.21
$
(0.01
)
Earnings (loss) per share - Diluted
$
0.12
$
0.04
$
0.20
$
(0.01
)
Weighted average shares outstanding:
Basic
10,850,483
10,668,375
10,806,219
10,632,566
Diluted
11,600,299
10,774,304
11,397,571
10,632,566
RF INDUSTRIES, LTD. AND SUBSIDIARIES
Unaudited Reconciliation of GAAP to Non-GAAP Net Income
(In thousands, except share and per share amounts)
Three Months Ended
Nine Months Ended
July 31,
July 31,
2026
2025
2026
2025
Consolidated net income (loss)
$
1,442
$
392
$
2,271
$
(98
)
Provision from income taxes
84
88
178
259
Stock-based compensation expense
283
219
824
640
Non-cash and other one-time charges
-
-
-
123
Severance
-
-
-
51
Amortization expense
411
411
1,233
1,233
Non-GAAP net income
$
2,220
$
1,110
$
4,506
$
2,208
Non-GAAP earnings per share:
Basic
$
0.20
$
0.10
$
0.42
$
0.21
Diluted
$
0.19
$
0.10
$
0.40
$
0.21
Weighted average shares outstanding
Basic
10,850,483
10,668,375
10,806,219
10,632,566
Diluted
11,600,299
10,774,304
11,397,571
10,694,378
RF INDUSTRIES, LTD. AND SUBSIDIARIES
Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA
(In thousands)
Three Months Ended
Nine Months Ended
July 31,
July 31,
2026
2025
2026
2025
Consolidated net income (loss)
$
1,442
$
392
$
2,271
$
(98
)
Stock-based compensation expense
283
219
824
640
Non-cash and other one-time charges
-
-
-
123
Severance
-
-
-
51
Amortization expense
411
411
1,233
1,233
Depreciation expense
201
206
609
615
Other expense
233
240
585
721
Provision from income taxes
84
88
178
259
Adjusted EBITDA
$
2,654
$
1,556
$
5,700
$
3,544
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