Graham Corporation

and welcome to Graham Corporation first quarter fiscal year 2025 financial results conference call at this time all participants are in a listen only mode a brief question and answer session will follow the formal presentation if anyone should require operator assistance during the conference please press star 0 on your telephone keypad as a reminder this conference is being recorded It is now my pleasure to introduce your host, Ms. Deborah Palovsky, Investor Relations for Graham Corporation. Thank you, Ms. Palovsky. You may begin.

Thank you, Ranju, and good morning, everyone. We certainly appreciate your time today and your interest in Graham Corporation. Here with me on the call are Dan Thorin, our President and CEO, Chris Thome, our Chief Financial Officer, and Matt Malone. Vice President of Grand Corporation, and General Manager of Barber Nichols. Dan, Chris, and Matt are going to provide their formal remarks, after which we will open the line for questions. You should have a copy of the first quarter fiscal year 2025 financial results that were released this morning. I will also note that you will be seeing momentarily a corrected release crossing the wires. It is correcting the fiscal year 2025 ending date to read March 31, 2025. If you don't have the release, the corrected release is on our website at ir.gramcorp.com, along with the slides that will accompany today's discussion. If you turn to slide two, I will review the Safe Harbor Statement. You should be aware that we may make some forward-looking statements during the formal discussion, as well as during the Q&A session. These statements apply to future events that are subject to risks and uncertainties, as well as other factors that could cause actual results to differ materially from what is stated here today. These risks and uncertainties and other factors are provided in the earnings release, as well as with other documents filed by the company with Securities and Exchange Commission. You can find those documents on our website or at sec.gov. During today's call, we will also discuss some non-GAAP financial measures. We believe these will be useful in evaluating our performance. However, you should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We've provided reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany today's release and slides. We also use key performance indicators to help gauge the progress and performance of the company. These key performance metrics are orders backlog and a book-to-bill ratio. They are operational measures, and a quantitative reconciliation of each of these is not required or provided. You can find the disclaimer regarding our use of key performance metrics at the back of our slide deck. So with that, if you would please advance to slide three, I'll turn it over to Dan to begin. Dan?

Thanks, Debbie. Good morning, everyone. The first quarter can be characterized by solid growth, consistent improvement, and strengthened profitability, as demonstrated by our robust order flow, record revenue, expanded gross margin, and improved bottom line. Additionally, we have enhanced our balance sheet through strong cash generation, which provides us with the financial flexibility to support future growth opportunities. It is also worth noting that the expansion of our defense business has reduced our economic sensitivity. With a steady flow of program renewals and new opportunities, our total backlog is nearly $400 million. These results are a testament to the dedication and discipline of the Graham team, the confidence our customers have in us, and the effectiveness of our strategy to build better companies. Later this month, we will break ground on a new 29,000 square foot facility in Batavia, New York. This expansion will enhance our capacity and production efficiencies, ensure that we can consistently meet our commitments, particularly to the U.S. Navy. Additionally, as announced a few weeks ago, we have been awarded $2.1 million by the Blue Forge Alliance, a nonprofit neutral integrator supporting the U.S. Navy's submarine industrial base initiatives. This funding will enable us to expand our defense welder training programs and acquire equipment needed to support the programs. One of our more exciting projects, which we announced in June, is our involvement in the world's first net zero carbon emissions integrated ethylene cracker and derivative site being developed in North America. Our state-of-the-art surface condensers equipped with custom venting will optimize turbine drive efficiency. This project is designed to enhance the eco-friendliness of gas refining, with the overarching goal of minimizing carbon emissions throughout the production process. The acquisition of P3 Technologies is progressing as expected, delivering both on revenue and profitability. The integration of their engineering and analysis capabilities have been smooth, with their team effectively supporting both operating companies. Now let me hand it over to Matt, who will provide details on the three project awards valued at over $65 million that we announced earlier this week. Matt? Thank you, Dan.