Keytronic (KTCC) FY2026 Q4 Earnings Call: Revenue Rebounds as Liquidity Limits Shipments
Source Tradingkey
Key Takeaways
- Keytronic reported FY2026 Q4 revenue of $102 million, up 14% sequentially from $89.6 million, as demand improved across legacy and new programs. Vietnam production revenue more than doubled sequentially.
- Supply-chain financing and liquidity constraints delayed approximately $10 million of shipments. Management said the revenue was not lost, but warned that liquidity continues to limit execution against customer demand.
- Q4 gross margin improved to 7.8% from 6.2% a year earlier, while adjusted gross margin reached 8.3%, reflecting cost reductions and operating-efficiency initiatives.
- The company secured more than $60 million in new program awards during Q4, including a $40 million-$45 million annual data-center program for Mexico, a $5 million-$10 million construction program, and a $15 million industrial power-management program.
- Q4 net loss widened to $34.3 million, or $3.16 per share, primarily reflecting a $28.4 million non-cash deferred-tax valuation allowance and an $8.4 million write-off of long-term receivables from distressed customers.
- Management expects revenue to grow in the coming quarters and anticipates a return to profitability in FY2027, but declined to provide FY2027 Q1 guidance because of uncertain product-ramp timing and macroeconomic conditions.
Core Financial Data
| Metric | FY2026 Q4 | Comparison / Commentary |
|---|---|---|
| Revenue | $102 million | $89.6 million in FY2026 Q3; $110.5 million in FY2025 Q4 |
| Gross margin | 7.8% | 6.2% in FY2025 Q4 |
| Adjusted gross margin | 8.3% | 6.2% in FY2025 Q4 |
| Operating margin | (3.6%) | (2.1%) in FY2025 Q4 |
| Net loss | $34.3 million | $3.9 million loss in FY2025 Q4 |
| Diluted loss per share | $3.16 | $0.36 loss per share in FY2025 Q4 |
| Capital expenditures | $2.7 million | FY2026 capital expenditures totaled approximately $6.4 million |
| FY2026 revenue | $386.7 million | $467.9 million in FY2025 |
| FY2026 net loss | $47.8 million | $8.3 million loss in FY2025 |
| FY2026 loss per share | $4.41 | $0.77 loss per share in FY2025 |
| FY2026 adjusted net loss | $3.7 million, or $0.34 per diluted share | $5 million, or $0.47 per diluted share, in FY2025 |
| Accounts receivable DSO | 75 days | 86 days a year earlier |
| Current ratio | 2.1 to 1 | 2.6 to 1 a year earlier |
Business and Operating Performance
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