AAON, Inc. (AAON): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la innovación de HVAC, Aaon, Inc. se erige como una potencia tecnológica, transformando el control climático a través de su ingenioso lienzo de modelo de negocio. Al integrar meticulosamente la ingeniería de vanguardia, el diseño sostenible y las soluciones centradas en el cliente, AAON ha tallado un nicho distintivo en el panorama comercial de HVAC. Su enfoque va más allá de la fabricación tradicional, uniendo capacidades tecnológicas avanzadas, asociaciones estratégicas y un compromiso implacable con la eficiencia energética que redefine cómo las empresas piensan sobre la calefacción, el enfriamiento y el desempeño ambiental.

AAON, Inc. (AAON) - Modelo de negocios: asociaciones clave

Distribuidores y contratistas de equipos de HVAC

AAON mantiene asociaciones estratégicas con distribuidores de HVAC nacionales y regionales:

Distribuidor	Detalles de la asociación	Cobertura geográfica
Ferguson HVAC	Red de distribución primaria	50 estados
Watsco, Inc.	Distribución de equipos comerciales a nivel nacional	47 estados

Construcción de edificios e empresas de ingeniería

AAON colabora con empresas de ingeniería especializadas en proyectos comerciales e industriales:

• Skanska USA
• Turner Construction Company
• Aecom

Proveedores de componentes para sistemas HVAC

Categoría de componentes	Proveedores clave	Valor de adquisición anual
Compresores	Copeland/Emerson	$ 42.3 millones
Componentes eléctricos	Schneider Electric	$ 27.6 millones

Organizaciones de consultoría de eficiencia energética

AAON se asocia con organizaciones de eficiencia energética:

• Departamento de Energía de los Estados Unidos
• Estrella de energía
• Consejo de Construcción Verde

Instituciones de investigación para el desarrollo de la tecnología

Institución	Enfoque de investigación	Presupuesto de colaboración anual
Universidad Estatal de Oklahoma	Innovación del sistema HVAC	$ 1.2 millones
Universidad de Oklahoma	Tecnologías de enfriamiento avanzadas	$875,000

AAON, Inc. (AAON) - Modelo de negocio: actividades clave

Diseñar y fabricar sistemas comerciales de HVAC

AAON reportó $ 669.4 millones en ingresos totales para el año fiscal 2022, con sistemas comerciales de HVAC que representan una parte significativa de su cartera de productos.

Categoría de productos	Volumen de producción anual	Contribución de ingresos
Sistemas comerciales de HVAC	15,000 unidades	$ 412.5 millones

Ingeniería personalizada de soluciones de calefacción y enfriamiento

AAON invirtió $ 32.1 millones en investigación y desarrollo en 2022, centrándose en capacidades de ingeniería personalizadas.

• Tamaño del equipo de ingeniería: 187 ingenieros especializados
• Tiempo de desarrollo de soluciones personalizadas: 4-6 semanas
• Tasa de éxito de la solución personalizada: 92%

Investigación e innovación de productos continuos

AAON mantiene 116 patentes activas a partir de 2022, lo que demuestra el compromiso con la innovación tecnológica.

Métrica de innovación	Datos 2022
Gasto de I + D	$ 32.1 millones
Patentes activas	116

Fabricación y ensamblaje de equipos HVAC

AAON opera múltiples instalaciones de fabricación con una capacidad de producción total de 20,000 unidades anuales.

• Ubicaciones de fabricación: Oklahoma, Texas
• Capacidad de producción anual: 20,000 unidades
• Fuerza laboral de fabricación: 2.300 empleados

Proporcionar tecnologías de control climático de eficiencia energética

Los productos de eficiencia energética de AAON lograron una calificación de eficiencia promedio de 18 SEER en 2022.

Métrica de eficiencia energética	Rendimiento 2022
Calificación promedio de SEER	18 vidente
Potencial de ahorro de energía	Hasta el 40% en comparación con los sistemas estándar

AAON, Inc. (AAON) - Modelo de negocios: recursos clave

Instalaciones de fabricación avanzada en Oklahoma

AAON opera múltiples instalaciones de fabricación ubicadas en Tulsa, Oklahoma, con un espacio de fabricación total de aproximadamente 1.9 millones de pies cuadrados a partir de 2023.

Ubicación	Tipo de instalación	Pies cuadrados
Tulsa, Oklahoma	Instalación de fabricación primaria	1,900,000 pies cuadrados

Capacidades de ingeniería y diseño patentada

Aaon mantiene Capacidades 100% de diseño y fabricación para equipos y componentes HVAC.

• Sistemas HVAC de ingeniería personalizada
• Sistemas de control patentados
• Tecnologías avanzadas de ingeniería térmica

Ingeniería especializada y fuerza laboral técnica

Categoría de fuerza laboral	Número de empleados
Total de empleados	2,657 (al 31 de diciembre de 2022)
Personal de ingeniería	Aproximadamente el 15% de la fuerza laboral total

Cartera de propiedades intelectuales

AAON posee múltiples patentes relacionadas con la tecnología HVAC y las innovaciones de diseño.

• Patentes activas: 28 a partir de 2022
• Aplicaciones de patentes pendientes: 12

Infraestructura de investigación y desarrollo

Aaon invirtió $ 55.4 millones en gastos de investigación y desarrollo en 2022.

I + D Métrica	Valor 2022
Gastos de I + D	$ 55.4 millones
I + D como porcentaje de ingresos	4.2%

AAON, Inc. (AAON) - Modelo de negocio: propuestas de valor

Sistemas HVAC de alta eficiencia y ambientalmente sostenibles

Los sistemas HVAC de AAON logran hasta un 40% de mayor eficiencia energética en comparación con los modelos de la industria estándar. El informe anual de 2023 de la compañía indica clasificaciones de eficiencia energética que van desde 16 SEER hasta 25 SEER para sus líneas de productos.

Línea de productos	Calificación de eficiencia energética	Ahorro anual de energía
Sistemas comerciales de HVAC	18-22 vidente	$ 3,200- $ 4,800 por unidad
Sistemas industriales de HVAC	20-25 vidente	$ 4,500- $ 6,200 por unidad

Soluciones personalizables para requisitos de construcción complejos

Aaon ofrece Soluciones HVAC 100% diseñadas a medida con capacidades de diseño modular.

• Las opciones de personalización cubren el 97% de los tipos de edificios comerciales
• Tiempo de entrega promedio para soluciones personalizadas: 6-8 semanas
• Flexibilidad de diseño para edificios que van desde 5,000 a 500,000 pies cuadrados

Rendimiento energético superior y costos operativos reducidos

Los sistemas AAON demuestran Reducción de costos operativos del 35-45% en comparación con los sistemas HVAC tradicionales.

Tipo de edificio	Ahorro anual de costos de energía	Período de ROI
Edificios de oficinas	$12,500-$18,700	3-4 años
Instalaciones de atención médica	$22,000-$35,000	2.5-3.5 años

Innovación tecnológica avanzada en control climático

Aaon invirtió $ 42.3 millones en I + D durante 2023, representando el 4.7% de los ingresos totales.

• 15 Aplicaciones de patentes activas en tecnología de control climático
• Ciclo promedio de desarrollo de productos: 18-24 meses
• Integración de IoT en el 92% de las nuevas líneas de productos

Garantía integral y soporte técnico

Aaon proporciona cobertura de garantía líder en la industria.

Categoría de productos	Duración de la garantía	Detalles de cobertura
Sistemas comerciales de HVAC	10 años	Piezas y trabajo
Sistemas industriales de HVAC	12 años	Cobertura integral del sistema

AAON, Inc. (AAON) - Modelo de negocios: relaciones con los clientes

Soporte de ventas directo para grandes clientes comerciales

El equipo de ventas directas de AAON sirvió a 1.247 clientes comerciales en 2023, con un enfoque en soluciones complejas de HVAC. La fuerza de ventas de la compañía generó $ 589.3 millones en ingresos del segmento comercial.

Segmento de clientes	Número de clientes	Contribución de ingresos
Grandes clientes comerciales	1,247	$ 589.3 millones

Servicios de consulta técnica e ingeniería

AAON ofrece soporte de ingeniería especializado con 87 profesionales de consulta técnica dedicada. La compañía invirtió $ 42.1 millones en investigación y desarrollo en 2023.

• 87 Ingenieros de consulta técnica
• Inversión de I + D: $ 42.1 millones
• Soluciones de ingeniería personalizada para el 76% de los clientes comerciales

Acuerdos de mantenimiento y soporte a largo plazo

La compañía mantiene 532 contratos de servicio a largo plazo activos con un valor de contrato promedio de $ 215,000. Los ingresos del acuerdo de mantenimiento total alcanzaron los $ 114.38 millones en 2023.

Métrica de contrato de mantenimiento	Valor
Contratos de servicio activos	532
Valor de contrato promedio	$215,000
Ingresos de mantenimiento total	$ 114.38 millones

Atención al cliente en línea y recursos digitales

La plataforma de soporte digital de AAON manejó 24,763 interacciones con los clientes en 2023, con una tasa de resolución de primer contacto del 92.4%. La compañía mantiene 3 canales de soporte en línea dedicados.

• Interacciones totales de clientes digitales: 24,763
• Tasa de resolución de primer contacto: 92.4%
• Canales de soporte en línea: 3

Enfoque de desarrollo de productos colaborativos

AAON se dedicó a 143 clientes clave en iniciativas de desarrollo de productos colaborativos, lo que resultó en 17 nuevos diseños de soluciones HVAC personalizados en 2023.

Métrica de desarrollo colaborativo	Valor
Clientes involucrados en el desarrollo conjunto	143
Nuevos diseños personalizados de HVAC	17

AAON, Inc. (AAON) - Modelo de negocios: canales

Equipo de ventas directas

AAON mantiene un equipo de ventas directo de 185 profesionales de ventas a partir del cuarto trimestre de 2023, que cubre múltiples regiones en los Estados Unidos.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	185
Cobertura promedio de territorio de ventas	3-4 estados por representante
Generación de ingresos del equipo de ventas anual	$ 537.4 millones (2023 año fiscal)

Catálogo de productos en línea y sitio web

La plataforma digital de AAON www.aaon.com recibe aproximadamente 72,000 visitantes mensuales únicos.

• El sitio web presenta herramientas interactivas de selección de productos
• Capacidades de configuración en línea para sistemas HVAC
• Descargas de especificaciones de productos digitales

Ferias y conferencias comerciales de la industria de HVAC

AAON participa en 12-15 conferencias principales de la industria anualmente.

Tipo de conferencia	Participación anual
Conferencias nacionales de HVAC	8
Ferias comerciales regionales de HVAC	4-7
Generación de leads promedio por evento	127 contactos potenciales de clientes

Red de distribuidores autorizados

AAON mantiene las relaciones con 87 distribuidores autorizados en América del Norte.

• Cobertura del distribuidor en 48 estados
• 5 provincias canadienses
• Volumen promedio de ventas del distribuidor: $ 4.2 millones anuales

Plataformas de marketing digital y comunicación técnica

AAON utiliza múltiples canales de comunicación digital para la participación técnica.

Plataforma digital	Compromiso mensual
Seguidores de LinkedIn	24,700
Videos técnicos de YouTube	47 Videos de demostración de productos
Asistencia técnica para seminarios web	1.236 participantes anuales

AAON, Inc. (AAON) - Modelo de negocios: segmentos de clientes

Desarrolladores de edificios comerciales

AAON sirve a desarrolladores de edificios comerciales con soluciones de HVAC en segmentos de mercado múltiples.

Segmento de mercado	Tamaño estimado del mercado anual	Penetración del mercado de Aaon
Edificios de oficinas	$ 12.4 mil millones	7.3%
Complejos minoristas	$ 8.7 mil millones	5.9%
Desarrollos de uso mixto	$ 6.2 mil millones	4.5%

Gestión de instalaciones institucionales

AAON ofrece soluciones de HVAC especializadas para la gestión de las instalaciones institucionales.

• Valor de mercado institucional total: $ 24.6 mil millones
• Gasto anual de equipos de HVAC: $ ​​3.8 mil millones
• Cuota de mercado de AAON: 6.2%

Complejos industriales y de fabricación

AAON ofrece sistemas HVAC personalizados para entornos industriales.

Sector industrial	Inversión anual de HVAC	Tasa de implementación de AAON
Fabricación	$ 5.6 mil millones	8.1%
Almacenamiento	$ 3.2 mil millones	5.7%
Procesamiento químico	$ 2.9 mil millones	6.5%

Instituciones de atención médica e educativa

AAON se especializa en soluciones de HVAC de precisión para entornos sensibles.

• Mercado de HVAC de atención médica: $ 14.3 mil millones
• Instalaciones educativas HVAC Market: $ 9.7 mil millones
• Penetración del mercado de AAON en atención médica: 5.6%
• Penetración del mercado de AAON en educación: 4.9%

Proyectos de infraestructura gubernamental y municipal

AAON ofrece soluciones especializadas de HVAC para infraestructura pública.

Sector gubernamental	Gasto anual de HVAC	Tasa de contrato de AAON
Edificios federales	$ 2.7 mil millones	4.3%
Infraestructura estatal	$ 3.5 mil millones	5.2%
Instalaciones municipales	$ 1.9 mil millones	3.8%

AAON, Inc. (AAON) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2022, AAON invirtió $ 40.2 millones en gastos de investigación y desarrollo, lo que representa el 4.3% de los ingresos totales.

Año fiscal	Inversión de I + D	Porcentaje de ingresos
2022	$ 40.2 millones	4.3%
2021	$ 36.5 millones	4.1%

Equipos de fabricación y mantenimiento de las instalaciones

Los gastos de capital para AAON en 2022 totalizaron $ 98.3 millones, principalmente dedicados a actualizaciones de instalaciones de fabricación e inversiones en equipos.

Adquisición de materia prima

Los costos de materia prima de AAON para 2022 fueron de aproximadamente $ 362.5 millones, lo que representa el 38.7% de los ingresos totales.

• Las materias primas primarias incluyen acero, cobre, aluminio y componentes electrónicos
• La estrategia de integración vertical ayuda a controlar los costos de adquisición

Gastos de la fuerza laboral laboral y técnica

Los gastos laborales totales para AAON en 2022 fueron de $ 274.6 millones, que cubren aproximadamente 3,200 empleados.

Categoría de empleado	Número de empleados	Costo de mano de obra promedio
Trabajadores manufactureros	2,100	$155,000
Ingeniería/personal técnico	650	$185,000
Personal administrativo	450	$95,000

Infraestructura de marketing y ventas

Los gastos de marketing y ventas para AAON en 2022 ascendieron a $ 52.4 millones, lo que representa el 5.6% de los ingresos totales.

• Gastos directos del equipo de ventas
• Participación en la feria y eventos de la industria
• Marketing digital y actividades promocionales

AAON, Inc. (AAON) - Modelo de negocios: flujos de ingresos

Ventas de equipos HVAC personalizados

AAON reportó ingresos totales de $ 638.7 millones para el año fiscal 2022. Las ventas de equipos de HVAC personalizados constituyeron la fuente de ingresos principal.

Categoría de productos	Contribución de ingresos	Porcentaje
Unidades de la azotea	$ 287.6 millones	45%
Unidades de manejo de aire	$ 198.3 millones	31%
Sistemas HVAC personalizados	$ 152.8 millones	24%

Contratos de mantenimiento y servicio recurrentes

Los ingresos por contratos de servicio para 2022 alcanzaron los $ 42.5 millones, lo que representa el 6.7% de los ingresos totales de la compañía.

Piezas de repuesto y componentes

Las ventas de piezas de reemplazo generaron $ 53.2 millones en 2022, con un margen bruto de 38.6%.

Categoría parcial	Venta anual
Componentes de reemplazo de HVAC	$ 31.7 millones
Sistemas de control especializados	$ 21.5 millones

Servicios de consulta de ingeniería

Los servicios de consulta generaron $ 22.6 millones en 2022, con una tarifa promedio por hora de $ 275.

Licencias de tecnología y propiedad intelectual

La licencia de propiedad intelectual de Aaon generó $ 4.3 millones en ingresos por regalías para 2022.

• Portafolio de patentes: 87 patentes activas
• Crecimiento de ingresos de licencia: 12.4% año tras año

AAON, Inc. (AAON) - Canvas Business Model: Value Propositions

The value proposition for AAON, Inc. (AAON) centers on delivering engineered performance that translates into lower long-term costs and superior operational capability for critical environments.

Custom-engineered, right-sized HVAC solutions.

AAON, Inc. (AAON) provides highly configurable and custom-made equipment designed to meet exact needs. This focus on customization drives strong order momentum in key channels.

• Bookings for AAON-branded equipment increased 44.9% year-over-year in the first quarter of 2025.
• National account bookings increased 96% in the third quarter of 2025.
• National account orders were up 163% in the second quarter of 2025.

Industry-leading energy efficiency for decarbonization.

The commitment to energy efficiency is evident in the development of heat pump technology addressing decarbonization mandates. The Alpha Class air-source heat pump rooftop units are a prime example of this focus.

• Alpha Class air-source heat pump rooftop units are certified operable down to zero degrees Fahrenheit.
• AAON planned to introduce heat pump solutions operable down to negative 20 degrees Fahrenheit in 2025.
• Sales of Alpha Class units in 2024 exceeded $100 million, growing year-over-year by approximately 40%.
• Bookings for the Alpha Class lineup increased 61% in the second quarter of 2025.

High-performance liquid and air-side cooling for data centers (BASX).

The BASX brand is the primary growth engine, focused on high-performance cooling solutions for data centers, especially those supporting high-density computing like AI infrastructure. The demand has resulted in record backlog figures.

Metric	Q3 2025 Value	Year-over-Year Change
BASX-branded Sales	$124.8 million	Up 95.8%
BASX-branded Sales (Q1 2025)	N/A	Up 374.8%
BASX-branded Sales (Q2 2025)	$68.0 million	Up 20.4%
BASX-branded Backlog	$896.8 million	Up 119.5%
Total Company Backlog	$1.32 billion	Up 103.8%

The customized solutions include a free cooling chiller system designed for Applied Digital's Polaris Forge 1 site, which operates in three optimized modes. In the Full Free Cooling mode, the system rejects 100% of the IT load using only pumps and fans.

Superior quality equipment for longer life and lower total ownership cost.

AAON, Inc. (AAON) equipment is historically designed for a competitive total cost of ownership over the equipment's life span. Operational improvements are making the initial cost more competitive.

• Historically, AAON equipment was sold at a higher average price compared to most of the competition.
• Operational efficiency improvements have made the cost of semi-custom equipment more comparable to the standard equipment market.

Finance: review Q4 2025 operational efficiency metrics against the Q3 2025 Gross Profit Margin of 27.8% by end of January 2026.

AAON, Inc. (AAON) - Canvas Business Model: Customer Relationships

You're looking at how AAON, Inc. builds and maintains its connection with the market, which is clearly leaning heavily on high-value, complex project sales as of late 2025. This isn't just about selling units; it's about deep, consultative partnerships, especially as they chase massive data center demand.

The Dedicated National Account strategy is showing real traction. This focus on large, recurring customers is paying off significantly, which is critical given the softness in the broader nonresidential construction market. National account bookings jumped an impressive 96% in the third quarter of 2025 alone. Furthermore, year-to-date, these bookings are up 92%, representing 35% of total bookings for the year. This concentration in national accounts is a deliberate move to secure high-volume, long-term revenue streams, which helped push Q3 2025 net sales up 17.4% year-over-year to $384.2 million.

Here's a quick look at how key customer-facing metrics stacked up in Q3 2025:

Metric	Value/Percentage	Context
Q3 2025 Net Sales	$384.2 million	Year-over-year increase of 17.4%
Total Company Backlog (End of Q3 2025)	$1.32 billion	Up 103.8% year-over-year
National Account Bookings (Q3 2025)	Up 96%	Reflecting market share gains
BASX-branded Sales (Q3 2025)	$124.8 million	Up 95.8% year-over-year, data center focus
BASX Backlog (End of Q3 2025)	Almost $897.0 million	Up 119.5% year-over-year

AAON, Inc. prioritizes direct engagement with engineers and building owners through a solutions-based sales channel model. Sales representatives use AAON equipment alongside products from 20-30 complimentary OEMs to customize the ideal overall solution for the end customer. Honestly, building owners prefer this integrated approach over dealing with multiple sub-contractors. This strategy is particularly effective with the Alpha Class heat pump, which serves as a huge conversation starter for national account customers focused on decarbonization across their facility portfolios. The company's own engineers are central to this, working at the world-class innovation center and testing lab in Tulsa, Oklahoma, to push boundaries.

The nature of the equipment-highly configurable and custom-made-necessitates long-term, consultative relationships for complex projects. This is especially true for the BASX segment, which is driving much of the growth, with its backlog nearly reaching $897.0 million. Management is guiding full-year 2025 sales growth to the mid-teens, signaling confidence that these complex, custom projects will continue to convert from the record backlog. The focus is on delivering a premier ownership experience through superior engineering and customization, which builds that necessary long-term trust.

Finally, the commitment to the installed base is evident in the stated strategy to focus on parts and service. Supporting the sales channel in building a world-class services operation is described as key to their solutions-based offering. This focus helps ensure customer satisfaction long after installation, which is vital for repeat business and maintaining the premium brand perception. The company is actively leveraging its marketing function, which has seen its budget increase 10x since its creation in 2022, to strengthen market penetration and brand recognition, which supports both new sales and service attachment.

• Solutions-based sales channel preferred by building owners.
• Alpha Class product drives conversations on decarbonization.
• BASX segment backlog grew 119.5% year-over-year.
• Focus on parts and service supports long-term relationships.
• Management expects gross margin to reach 28% to 28.5% for full-year 2025.

Finance: draft 13-week cash view by Friday.

AAON, Inc. (AAON) - Canvas Business Model: Channels

You're looking at how AAON, Inc. gets its high-performance HVAC solutions into the hands of customers; it's a mix of established partnerships and direct engagement for specialized, high-growth areas like data centers.

Network of independent sales representatives and dealers

AAON, Inc. primarily uses a network of independent manufacturers' representatives to sell its products to property owners and contractors. This go-to-market strategy is distinct because most larger competitors maintain control over their own sales channels. AAON values this independent channel, believing the entrepreneurial nature attracts top talent and offers greater financial incentives for salespeople. The company held its National Sales Meeting, 'Boundless,' in 2025 to connect with and equip these sales reps for the evolving market. The company recognized its most impactful rep firms for 2024 performance in April 2025.

The performance of this channel is reflected in the segment sales data, though the independent nature means sales are often aggregated. For instance, the AAON Oklahoma segment, which relies on this channel for semi-custom and custom systems, saw net sales decline 23.0% year-over-year in the first quarter of 2025, partly due to refrigerant transitions and supply chain issues affecting production rates. However, bookings for AAON-branded equipment rebounded strongly in Q1 2025, with the backlog increasing 44.9% year-over-year.

Select Channel Performance Metrics (2024-2025)

Metric	Value	Period/Context
AAON-branded Bookings Increase (YoY)	44.9%	Q1 2025
AAON Oklahoma Segment Net Sales Decrease (YoY)	23.0%	Q1 2025
Alpha Class Unit Sales (2024)	Exceeded $100 million	Fiscal Year 2024
Alpha Class Unit Sales Growth (YoY)	Approximately 40%	Fiscal Year 2024

Direct sales channel for large BASX data center projects

The BASX brand is the direct sales focus for the rapidly growing data center market, often involving custom-designed thermal management systems. AAON, Inc. secured significant orders from a single data center customer in October 2024 totaling approximately $174.5 million, with most production and delivery expected in the first half of 2025. The company's executive leadership structure was realigned effective January 1, 2025, with a dedicated Executive VP & General Manager for BASX products to support this growth.

The success in this direct channel is evident in segment results:

• BASX-branded sales rose 95.8% to $124.8 million in Q3 2025.
• BASX-branded sales were up 374.8% year-over-year in Q1 2025.
• BASX-branded data center sales were up 127% in Q2 2025.
• National account bookings increased 96% in Q3 2025.

The total company backlog reflected this strength, reaching a record $1.32 billion in Q3 2025, up 103.8% year-over-year. The annualized run rate of data center equipment production at the end of 2024 was over $187 million.

Corporate website and trade shows for product information

Product information dissemination relies on the corporate website and industry events. The AAON.com site features a 'FIND YOUR REP' tool, accessible by entering a postal code, to connect users with local assistance for product selection and technical guidance. The general contact email is marketing@aaon.com, and the main phone number is 918-583-2266. The company showcases innovation, such as the new Alpha Class™ heat pump tiers (ECO, PRO, and EXTREME Series), which address decarbonization demands.

New manufacturing footprint providing geographic diversification

AAON, Inc. is actively expanding its manufacturing base to support demand and diversify operations. The company purchased a 787,000 square foot facility in Memphis, Tennessee, announced in November 2024, which is primarily for growing data center market demand under the BASX brand. This facility is projected to create 828 skilled jobs over five years and was expected to have limited production in early 2025, becoming fully operational in approximately 12 months from the announcement. This move adds geographic diversification, mitigating operational risks.

The total manufacturing footprint as of mid-2025 stands at 4 million square feet across five locations. This includes adding approximately one million square feet of space across the Longview, Texas (237,500 sq. ft.) and Memphis facilities. Capital expenditures for 2025 are outlined at approximately $220 million, following $213.2 million spent in 2024 to support these capacity expansions.

Manufacturing Footprint Expansion Data

Location	Square Footage Added/Total	Context/Timeline
Memphis, Tennessee Facility	787,000 square feet	Purchased late 2024; limited production early 2025
Longview, Texas Facility Addition	237,500 square feet	Added for BASX products
Total Manufacturing Footprint	4 million square feet	Across five locations as of June 2025
Capital Expenditure Program	Approximately $220 million	Budgeted for Fiscal Year 2025

AAON, Inc. (AAON) - Canvas Business Model: Customer Segments

You're looking at the core customer groups AAON, Inc. (AAON) serves as of late 2025, where the focus has clearly shifted toward high-density computing needs.

Hyperscale and colocation Data Center operators (BASX brand).

This group is driving the most significant growth, evidenced by the performance of the BASX segment. The total addressable market for data center cooling is projected to hit $25.8 billion by 2025. The urgency here is clear; cooling demand signals rising digital infrastructure expansion.

• BASX-branded sales rose 95.8% year-over-year in the third quarter of 2025, reaching $124.8 million in that period.
• The BASX-branded backlog stood at $896.8 million at the end of the third quarter of 2025, up 119.5% from a year ago.
• Liquid cooling equipment sales, a key BASX offering, contributed $46.5 million to AAON-branded sales in Q3 2025, a category not in production the prior year.

Non-residential commercial buildings (e.g., retail, education, healthcare).

This segment is primarily served by the traditional AAON-branded equipment, which saw a year-over-year sales decrease in the third quarter of 2025, though it showed sequential improvement.

• AAON-branded sales in Q3 2025 were $259.5 million, a year-over-year decrease of 1.5%.
• The AAON Oklahoma segment, which handles semi-custom and custom systems for these markets, saw sales decline 4.4% in the first quarter of 2025 due to refrigerant transitions and weakened construction demand.
• The global heat pump market, relevant to energy-efficient commercial solutions, was valued at $88.9 billion in 2025.

Mission-critical industrial and cleanroom environments.

The BASX brand also serves these environments, which require high-performance, precision cooling similar to data centers. The company is leveraging its technical pedigree from this niche across its specialized offerings.

Large National Accounts seeking standardized, high-efficiency fleets.

This group is a key focus for the AAON-branded equipment, showing strong order momentum despite overall AAON-branded sales softness.

• National account bookings increased 96% in the third quarter of 2025 compared to the prior year.
• In the second quarter of 2025, national accounts represented approximately 35% of total AAON branded orders, up from about 20% the year prior.

Here's a quick look at the financial context surrounding these segments as of late 2025:

Metric	Value as of Late 2025 Data Point	Context/Period
Projected FY2025 Revenue	$1.35 billion	Fiscal Year 2025 Projection
Total Backlog	$1.32 billion	End of Q3 2025
Q3 2025 Total Net Sales	$384.2 million	Quarterly Result
AAON-branded Sales (Q3 2025)	$259.5 million	Year-over-year comparison
BASX-branded Sales (Q3 2025)	$124.8 million	Year-over-year comparison
AAON-branded Backlog Growth (YoY)	77.1% increase	End of Q3 2025

The company's market capitalization was reported at $8.16 billion in the third quarter of 2025.

AAON, Inc. (AAON) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive AAON, Inc.'s expenses as of late 2025. This structure shows where the money is going, especially with the recent operational hurdles.

High Capital Expenditures (CapEx) projected between $180 million and $220 million for 2025. The company continued its heavy investment cycle, with capital expenditures expected to reach approximately $220 million for the full year 2025. Year-to-date through the first half of 2025, capital expenditures totaled $89.6 million.

The overall cost structure is heavily influenced by manufacturing throughput, as seen in the Cost of Goods Sold (COGS) performance, which is reflected in the gross margin figures. For the second quarter of 2025, the consolidated gross profit margin was 26.6%.

Manufacturing labor and overhead costs have been directly impacted by the Enterprise Resource Planning (ERP) system inefficiencies. This is clear when looking at segment performance:

• The AAON Coil Products segment saw its gross margin contract year-over-year to 22.0%.
• The AAON Oklahoma segment's gross margin contracted to 27.5% from 37.2% in the comparable quarter of 2024, driven by lower production rates causing sub optimal overhead absorption.
• Gross margin was impacted by approximately $20 million due to ERP implementation issues in the second quarter.
• The new Memphis facility contributed $3.0 million in cost of sales in the second quarter with minimal offsetting net sales.

Selling, General, and Administrative (SG&A) expenses have risen as the company invests in capacity and technology to support growth, even while managing the ERP rollout. For the second quarter of 2025, SG&A expenses were $59.1 million, representing 19.0% of sales. The full-year 2025 outlook projected adjusted SG&A as a percentage of sales to be between 16.5% and 17%. Research and Development (R&D) costs are bundled with CapEx in some reporting periods; trailing twelve months data as of June 30, 2025, showed CapEx and R&D as a percent of sales at 22.5%.

Here's a quick look at the key 2025 financial metrics and projections:

Metric	Reported/Projected Value (2025)	Period/Context
Projected Full-Year CapEx	$220 million	Full Year 2025 Outlook
Year-to-Date CapEx	$89.6 million	Through First Half 2025
Projected Full-Year Gross Margin	28% to 29%	Full Year 2025 Outlook
Reported Gross Margin	26.6%	Second Quarter 2025
Reported SG&A Expense	$59.1 million	Second Quarter 2025
Projected SG&A as % of Sales	16.5% to 17%	Full Year 2025 Outlook
Debt Balance	$317.3 million	As of June 30, 2025

The cost structure is currently burdened by temporary operational drag, but the company is spending heavily to build future capacity. Finance: review the impact of the $3.4 million in one-time incentive fees related to the Memphis facility incurred in Q2 on the H2 cost forecast by Monday.

AAON, Inc. (AAON) - Canvas Business Model: Revenue Streams

You're looking at how AAON, Inc. makes its money, which is heavily weighted toward selling specialized, high-performance heating, ventilation, and air conditioning (HVAC) equipment. The revenue streams are clearly segmented by product brand and application focus as of late 2025.

The overall financial target for the full year 2025 is a significant milestone, with the projection set to reach $1.35 billion.

The core revenue generation comes from two distinct product lines, which are detailed below, alongside the latest quarterly figures available:

Revenue Stream Component	Latest Quarterly Revenue (Q3 2025)	Year-over-Year Change (Q3)
Sales of AAON-branded semi-custom HVAC equipment	$259.5 million	-1.5%
Sales of BASX-branded custom data center cooling solutions	$124.8 million	+95.8%
Total Net Sales (Q3 2025)	$384.2 million	+17.4%

Sales of AAON-branded semi-custom HVAC equipment represent the traditional backbone of the business, though this stream saw a slight year-over-year decrease in the third quarter of 2025. For the third quarter ending September 30, 2025, AAON-branded sales were $259.5 million, a decline of 1.5% compared to the prior year period.

The high-growth area is definitely the Sales of BASX-branded custom data center cooling solutions. This segment is capitalizing on the massive demand for AI and high-density computing infrastructure. In Q3 2025, BASX-branded sales reached $124.8 million, marking an increase of 95.8% year-over-year. This growth trajectory has been explosive; for instance, BASX-branded product sales were up 374.8% year-over-year in the first quarter of 2025.

The AAON Oklahoma segment, which houses the traditional semi-custom/custom HVAC business and aftermarket revenue, had net sales of $161.8 million in the first quarter of 2025, which was a year-over-year decline of 23.0%. This segment is where the Aftermarket parts and service revenue is generated, alongside controls solutions and standard HVAC systems.

The company's overall revenue performance for the trailing twelve months ending September 30, 2025, stood at $1.32 billion. This is built upon the quarterly performance, which shows a clear shift in the revenue mix:

• Sales of AAON-branded equipment were $189.5 million in Q1 2025.
• BASX-branded equipment sales surged to $132.6 million in Q1 2025.
• The total backlog, which signals future revenue visibility, hit a record $1.32 billion as of Q3 2025.