Richardson Electronics Ltd. reported a 9.6% increase in full-year fiscal 2026 revenue to $228 million, driven by growth in power and green energy solutions, the company said during the 17th Annual Midwest IDEAS Conference.
Net income for the year ended May 31 rose to $6.4 million from a loss in the prior period. Fourth-quarter revenue reached $66 million, while net income totaled $3.7 million, up from $1.1 million a year earlier. The company maintained a strong balance sheet with $31.9 million in cash and no debt, supported by an unused credit facility with PNC Bank and a current ratio of 4.75.
More than 55% of revenue now stems from products manufactured either in-house at its La Fox, Illinois facility or through dedicated global suppliers, according to Chief Operating Officer Wendy Diddell. The company operates 24 legal entities, employs roughly 430 people—over half based in Illinois—and serves a database of more than 20,000 customers across 60 locations worldwide.
The Power and Microwave Technologies segment generated about $80 million in revenue, with stable performance in its legacy tube business offset by pricing power. The semiconductor wafer fab market contributed approximately $32 million in fiscal 2026, down from $40 million in fiscal 2023 but expected to exceed $40 million again in fiscal 2027. This segment supplies high-mix, low-volume power subassemblies exclusively to Lam Research and MKS.
Richardson’s Green Energy Solutions segment is expanding its focus on battery longevity and energy storage. The company’s wind turbine battery replacement modules extend battery life from 12–18 months to up to 10 years, with an estimated 15% penetration on GE turbines in the U.S. equivalent to roughly 4,500 units. New original equipment manufacturer partnerships include SSB Wind Systems, Alstom, Nordex, and Suzlon, marking its first entry into India’s new-build turbine market.
The company also highlighted its battery energy storage systems for commercial, industrial, and data center applications, describing the market as a $35 billion opportunity capable of exceeding $100 billion over time. Recent deployments include 18 small systems for an Alaskan tribal community.
The display business, Canvys, generated about $38 million in revenue, producing custom displays primarily for medical equipment manufacturers including Medtronic, Philips, Siemens, KARL STORZ, and Stryker.
Management noted that a multi-year inventory purchase program concluded in March 2026, shifting inventory from a cash outflow to a potential future source of liquidity. The La Fox facility is operating near full capacity, with the potential to add shifts to support growth without significantly increasing overhead.
Shares of Richardson Electronics have delivered a 73.56% return over the past year and a 57% gain year-to-date, trading around $17.81 at the time of the presentation.
