Benchmark Electronics, Inc. (BHE): Business Model Canvas [Dec-2025 Updated]

You're looking for a clear map of Benchmark Electronics, Inc.'s (BHE) current operating model, and honestly, the Q3 2025 numbers give us a solid picture of their focus on high-complexity, high-margin work. It's a defintely a shift from the old high-volume EMS game. After two decades analyzing these shifts, I can tell you this move toward mission-critical areas-like the 26% YoY growth in Aerospace and Defense-is what's driving their consistent non-GAAP gross margin performance above 10%. We've broken down exactly how Benchmark Electronics, Inc. is structuring itself to win in this new environment, from their key partnerships in AI supercomputing to their customer base leaning heavily on Advanced Computing. Dive into the full Canvas below to see the nine building blocks defining their strategy right now.

Benchmark Electronics, Inc. (BHE) - Canvas Business Model: Key Partnerships

You're looking at the relationships that power Benchmark Electronics, Inc.'s (BHE) ability to execute complex product realization for its top-tier customers. This isn't just about suppliers; it's about deep, strategic alignment with Original Equipment Manufacturers (OEMs) across demanding sectors.

Strategic alliances with Original Equipment Manufacturers (OEMs)

Benchmark Electronics, Inc. positions itself as the defintely trusted partner for leading OEMs, focusing on complex, mission-critical products rather than simple, high-volume consumer goods. This strategy is evident in the sectors they prioritize, which often require high engineering expertise and stringent quality controls. For instance, in the third quarter of 2025, the Aerospace & Defense (A&D) segment saw revenue grow 26% year-over-year, and the Medical segment grew 18% year-over-year, showing the strength of these key OEM relationships.

Here's a look at the key markets where these OEM partnerships are concentrated:

Market Segment	Strategic Focus	Q3 2025 Revenue Performance (YoY Growth)
Aerospace & Defense (A&D)	Complex product execution, mission-critical systems	26% growth
Medical	Healthcare technology, regulatory-driven innovation	18% growth
Advanced Computing & Communications (AC&C)	Enterprise AI opportunities, high-performance computing	Up 18% quarter-over-quarter
Industrial	Automation, energy transition projects	Up 1% year-over-year
Semiconductor Capital Equipment (Semi-Cap)	Advanced manufacturing support	Down 1% year-over-year

Key partner in Intel's Aurora Exascale supercomputer deployment

A prime example of a high-profile partnership is the collaboration with Intel on the Aurora exascale supercomputer for the U.S. Department of Energy's Argonne National Laboratory. Benchmark completed its role in the manufacturing and testing of this system, which is capable of performing one quintillion calculations per second. All of Benchmark's specialized work, which included high-performance, liquid-cooled computing subsystems and test development, was completed within the United States.

Global network of component and materials suppliers

To support its global OEM base, Benchmark Electronics, Inc. relies on an optimized global supply chain. The company maintains manufacturing operations in multiple regions to ensure proximity and resilience for its partners. As of late 2025, Benchmark's global operations include facilities in seven countries. This network supports 21 global manufacturing sites and 8 design centers. The company also requires its business partners to adhere to the Responsible Business Alliance (RBA) Code of Conduct or its equivalent.

Joint design and development partnerships with customers like CoMind

The commitment to innovation is cemented through joint development efforts. For example, on October 22, 2025, it was announced that CoMind partnered with Benchmark to develop a groundbreaking non-invasive brain monitoring device. This type of partnership leverages Benchmark's design engineering and product realization services early in the customer's lifecycle.

Master supply agreements for long-term outsourcing

The strength of these relationships is often formalized through long-term agreements, which provide revenue visibility. The company's bookings momentum in the third quarter of 2025 reinforced the strength seen all year, positioning them well for continued growth into 2026. This momentum supports the guidance for fourth quarter 2025 revenue to be between $670 million and $720 million. Furthermore, the company has consistently delivered a non-GAAP gross margin of 10% or more for eight consecutive quarters, as of Q3 2025.

• The company generated $37 million in operating cash flow in Q3 2025.
• The cash balance at the end of Q3 2025 stood at $286 million.
• The Q3 2025 non-GAAP diluted earnings per share guidance was $0.62 to $0.68.

Benchmark Electronics, Inc. (BHE) - Canvas Business Model: Key Activities

You're looking at the core engine of Benchmark Electronics, Inc. (BHE), the activities that actually bring in the money and keep the lights on. As of late 2025, this is all about executing complex engineering and manufacturing contracts across demanding sectors.

High-complexity electronic manufacturing services (EMS)

This is the bread and butter, moving product from concept to volume production. Benchmark Electronics, Inc. reported revenue of $681 million for the third quarter ending September 30, 2025. The company has been consistent here, achieving a non-GAAP gross margin between 10.1% and 10.3% for Q4 2025 guidance, with the Q3 actual landing at 10.1%. Honestly, maintaining a gross margin above 10% for eight consecutive quarters shows defintely solid operational discipline in a tough environment.

Advanced design and engineering services globally

Benchmark Electronics, Inc. provides solutions across the entire product lifecycle, leading with innovative technology and engineering design services. Revenue from design, development, and engineering services is recognized over time as those services are performed. The momentum in design and engineering is clear from sector performance; for instance, Advanced Computing & Communications (AC&C) revenue grew 18% quarter-over-quarter in Q3 2025, and Medical grew 15% sequentially. They are clearly winning complex design wins, including what was described as the quarter's second-largest booking in enterprise AI.

Global supply chain optimization and management

Leveraging an optimized global supply chain is a stated key activity. You see the results of this focus in their working capital management. In Q3 2025, the company generated $25 million in free cash flow, contributing to over $74 million generated in the last twelve months. They hit a multi-year record cash cycle quarter at 77 days, driven by better inventory management, which saw inventory days drop 8 sequentially, resulting in inventory turns of 4.8. Benchmark Electronics, Inc. supports this global footprint with operations in eight countries.

Precision machining and cleanroom manufacturing

The company continues to expand its capabilities in precision machining and cleanroom manufacturing to support key sectors. These capabilities are crucial for serving demanding markets like Semi-Cap, Medical, and A&D. This involves building high-speed, large-format boards and integrating precision metalwork for complete system assemblies.

Developing liquid-cooling infrastructure for AI/HPC

A major strategic push involves the U.S.-based liquid-cooling infrastructure, specifically positioned to support AI opportunities within the AC&C sector. The complexity of modern AI and HPC systems means air cooling is no longer enough, making liquid cooling foundational. Benchmark Electronics, Inc. has decades of experience building HPC systems, including some of the fastest supercomputers on the Top500 list, and they execute complete system integration in secure, certified U.S. facilities.

Here's a quick look at the hard numbers from the latest report:

Metric	Value (Q3 2025)	Context/Period
Revenue	$681 million	Quarter Ended September 30, 2025
TTM Revenue	$2.61 Billion USD	Trailing Twelve Months as of Q3 2025
Non-GAAP Gross Margin	10.1%	Actual Q3 2025
Non-GAAP Operating Margin	4.8%	Actual Q3 2025
Free Cash Flow	$25 million	Q3 2025
Inventory Turns	4.8	Q3 2025
Cash Balance	$286 million	As of September 30, 2025

The company serves several key markets, and their sequential revenue performance in Q3 2025 highlights where the current demand is strongest:

• AC&C revenue: up 18% quarter-over-quarter
• Medical revenue: up 15% quarter-over-quarter
• Industrial revenue: up 8% quarter-over-quarter
• A&D revenue: up 2% quarter-over-quarter
• Semi-Cap revenue: decreased 3% quarter-over-quarter

If onboarding takes 14+ days, churn risk rises, but their cash conversion cycle is at a multi-year record of 77 days.

Finance: draft 13-week cash view by Friday.

Benchmark Electronics, Inc. (BHE) - Canvas Business Model: Key Resources

You're looking at the core assets Benchmark Electronics, Inc. (BHE) relies on to execute its strategy. These aren't just line items; they are the engines of their service delivery, especially when dealing with complex, regulated industries.

The physical infrastructure is definitely a key component. Benchmark Electronics, Inc. maintains a globally diversified manufacturing footprint spanning seven countries as of early 2025 filings. This geographic spread helps them manage supply chain risks and align capacity with customer demand across regions. Here's a quick look at where they operate manufacturing and design functions:

Geographic Region	Manufacturing Presence Confirmed	Design Centers Confirmed
The Americas	United States, Mexico	Yes
Asia	China, Malaysia, Thailand	Yes
Europe	Netherlands, Romania	Yes

Financially, the balance sheet provides a solid foundation. As of the end of the third quarter of 2025, September 30th, Benchmark Electronics, Inc. reported a cash balance of $286 million. This was an increase of $21 million from the prior quarter, Q2 2025. The company also generated $25 million in free cash flow during that same quarter.

The firm's intellectual capital is centered around specialized technology building blocks. These capabilities allow Benchmark Electronics, Inc. to move beyond simple assembly into higher-value engineering services. You see this expertise manifest in areas like:

• High frequency RF solutions.
• Microelectronics and miniaturization techniques.
• Complex precision mechanical components and assemblies.
• RF tuning and test capabilities.

Handling complex, high-stakes products requires deep regulatory know-how. Benchmark Electronics, Inc. possesses expertise in highly-regulated industry compliance, which is critical for serving their key markets. For instance, their facilities hold certifications such as ISO 9001:2015 and AS9100:2016. This compliance backbone supports their work in the Medical technologies sector and the Aerospace & Defense (A&D) sector, both of which saw year-over-year revenue growth in Q3 2025.

Supporting the design and engineering services are dedicated innovation hubs. Benchmark Electronics, Inc. operates design centers strategically located across the Americas, Asia, and Europe. The company has a total of 8 Design Centers across its global footprint. The Tempe, Arizona location, for example, houses the Tempe Design Center of Innovation, which supports engineering for the industrial and advanced computing and communications sectors.

Finance: draft 13-week cash view by Friday.

Benchmark Electronics, Inc. (BHE) - Canvas Business Model: Value Propositions

You're looking at what Benchmark Electronics, Inc. (BHE) promises to deliver to its customers-the core reasons they choose this partner over others in the complex electronics manufacturing services space.

The primary offering is full product lifecycle solutions from design to aftermarket support. This means BHE engages with a customer's product from the initial concept and engineering design phase all the way through global delivery, manufacturing, and subsequent aftermarket support services. This start-to-finish model allows customers to leverage BHE's engineering, manufacturing, and test expertise to aim for being first to market with high-quality products.

A key differentiator is handling manufacturing complexity for mission-critical products. This isn't just about assembling boards; it involves supporting complex platforms, including decades of experience supporting government programs and building some of the world's fastest supercomputers.

BHE is actively positioning itself for next-generation needs, specifically highlighting expertise in next-generation technologies like water-cooling for AI. They possess proven experience and have fully operational liquid cooling test and manufacturing infrastructure in the United States, which is crucial for accelerating the deployment of High Performance Computers (HPCs) like AI clusters.

The value proposition includes flexibility through a global manufacturing and supply chain. BHE emphasizes its optimized global supply chain and has manufacturing facilities across multiple countries, with a significant footprint in the U.S. to help customers navigate tariffs and regulations.

The proof of operational excellence supporting these complex services is seen in the consistent non-GAAP gross margin performance above 10%. This demonstrates disciplined cost management and execution across dynamic market conditions.

Here's a quick look at how the financial performance has supported these value propositions through the first three quarters of 2025:

Metric	Q1 2025 (Mar 31)	Q2 2025 (Jun 30)	Q3 2025 (Sep 30)
Revenue (Millions USD)	$632	$642	$681
Non-GAAP Gross Margin (%)	10.1%	10.2%	10.1%
Non-GAAP Operating Margin (%)	4.6%	4.7%	4.8%
Non-GAAP EPS	$0.52	$0.55	$0.62

The commitment to the full lifecycle is further detailed by the specific capabilities they bring to the table:

• Engineering design services.
• Test development and assembly.
• Product design and launch.
• Aftermarket support.

The focus on advanced technology is also reflected in their specific expertise areas:

• Liquid cooled computing.
• Fluid purge testing.
• High-density interconnect (HDI) design.

For you, this means Benchmark Electronics, Inc. is selling certainty in execution for technically demanding products, backed by recent financial discipline. Finance: draft 13-week cash view by Friday.

Benchmark Electronics, Inc. (BHE) - Canvas Business Model: Customer Relationships

Benchmark Electronics, Inc. is a trusted partner to its European and US based national and multi-national original equipment manufacturers (OEMs). The Company supports customers throughout their product lifecycle starting from initial product concept through volume production, including the ability to manage direct order fulfillment and provide aftermarket services.

The collaborative approach is evidenced by offering specialized and tailored advanced design solutions, including technology building blocks and engineering services. This supports the execution of complex product requirements from concept through design to global delivery.

The focus on being a trusted partner is demonstrated by consistent operational execution across key customer segments. The Company highlighted its eighth consecutive quarter maintaining gross margins above 10% as of Q3 2025, with the Q3 2025 Non-GAAP Gross Margin at 10.1%. Furthermore, a multi-year record in new bookings was achieved during the second quarter of 2025.

The Americas manufacturing footprint remains a key differentiator, representing approximately 50% of total capacity, which supports customers looking to increase their exposure to U.S. manufacturing production.

The customer base is segmented across several key markets, with performance in Q3 2025 showing the following dynamics:

Sector	Q3 2025 Revenue Contribution	QoQ Growth	YoY Growth
Semi-Cap	27% of Revenue	-3%	-1%
Medical	Not specified	15%	18%
Aerospace & Defense (A&D)	Not specified	2%	26%
Advanced Computing & Communications (AC&C)	Not specified	18%	Down year-over-year
Industrial	Not specified	8%	1%

The relationship is geared toward providing value through efficiency, as seen by the Q3 2025 cash conversion cycle improving to 77 days. The total revenue for Q3 2025 was $681 million, with Non-GAAP EPS of $0.62.

Key attributes supporting the partner relationship include:

• Support across the entire product lifecycle.
• Offering specialized design and engineering services.
• Maintaining gross margins above 10% for eight consecutive quarters.
• Achieving a multi-year record in new bookings in Q2 2025.
• Generating $25 million in free cash flow in Q3 2025.

The company anticipates continued year-over-year growth in the Medical sector and double-digit year-over-year growth in A&D for the fourth quarter of 2025.

Benchmark Electronics, Inc. (BHE) - Canvas Business Model: Channels

You're looking at how Benchmark Electronics, Inc. (BHE) gets its complex manufacturing and design services to its Original Equipment Manufacturer (OEM) clients. The channel strategy is built around direct engagement and a globally distributed physical footprint to ensure regional support.

Direct sales and engineering teams engaging OEMs

Benchmark Electronics, Inc. uses its direct sales and engineering teams to engage multinational OEMs across its served markets, which include Aerospace and Defense (A&D), Medical technologies, Industrial, Semiconductor Capital Equipment (Semi-cap), and Advanced Computing and Communication (AC&C). This direct approach is crucial for managing the entire product lifecycle, from initial concept through volume production and aftermarket support.

The effectiveness of this channel is reflected in recent financial performance. For the third quarter ending September 30, 2025, Benchmark Electronics, Inc. reported revenue of $681 million, which represented a 3.5% year-over-year growth. The company is guiding for its fourth quarter 2025 revenue to be between $670 million and $720 million, with a midpoint of $695 million. The company's last twelve months (TTM) revenue as of late 2025 stood at $2.61 Billion USD.

The sales channel success varies by sector, showing where direct engagement is currently strongest:

• A&D revenue was up 26% year-over-year in Q3 2025.
• Medical revenue increased 18% year-over-year in Q3 2025.
• Industrial revenue saw a 1% year-over-year increase in Q3 2025.

Global manufacturing facilities for regional delivery

The physical channel for delivery is a network of manufacturing facilities strategically placed to support regional customer needs. Benchmark Electronics, Inc. operates manufacturing facilities in seven countries. This global presence helps mitigate geopolitical risks by diversifying the manufacturing base.

The company's operational scale and financial health support this infrastructure. As of the end of Q1 2025, the cash balance was $355 million. Furthermore, the company reported a net-debt-to-EBITDA ratio of 0.2x over the last 12 months as of the most recent quarter, indicating a safe debt level.

Here is a breakdown of the manufacturing footprint:

Region	Countries Mentioned	Specific Locations Mentioned
The Americas	2 (USA, Mexico)	Alabama, Arizona, California, Minnesota, Texas (USA); Guadalajara, Tijuana (Mexico)
Asia	3 (China, Malaysia, Thailand)	Penang (Malaysia), Bangkok (Thailand), Suzhou (China)
Europe	2 (Netherlands, Romania)	Almelo (Netherlands), Brasov (Romania)

The company is actively investing in this channel, with approximately $11 million in capital expenditures during Q3 2025, primarily to enhance capabilities at its Americas and Asia facilities.

Design centers in key geographic regions (Americas, Asia, Europe)

Engineering and design are integrated into the channel strategy, with design centers positioned to lead customer engagements and develop solutions close to the customer base. Benchmark Electronics, Inc. maintains design centers in the three primary geographic areas of operation: the Americas, Asia, and Europe. This proximity helps transition designs to manufacturing protocols efficiently.

The company's commitment to engineering capability is evident in its investment figures. While R&D investment for 2023 was $127 million, the focus remains on advanced engineering teams. The Q4 2025 non-GAAP operating margin guidance is set between 5% and 5.2%, showing the operational efficiency derived from these integrated design and manufacturing channels.

Investor Relations website for financial communication

The Investor Relations website serves as a critical, non-sales channel for communicating the company's financial health and strategic direction to the investment community. Financial results and forward guidance are disseminated through this platform. For example, the third quarter 2025 earnings release and presentation were made available on the Investor Relations section of bench.com.

Key financial data points communicated through this channel for late 2025 include:

• Q3 2025 GAAP Operating Income: $24 million.
• Q3 2025 Non-GAAP EPS: $0.62.
• Remaining share repurchase authorization at the end of Q3 2025: approximately $124 million.

The company continues to return value via this channel, having distributed cash dividends of $6 million and repurchased $10 million in stock during Q3 2025.

Benchmark Electronics, Inc. (BHE) - Canvas Business Model: Customer Segments

You're looking at the core markets Benchmark Electronics, Inc. (BHE) serves as of late 2025, based on their Q3 2025 performance. The business model clearly leans on high-reliability, complex end-markets, which is where their engineering and manufacturing expertise really shines.

The total revenue for the third quarter of 2025 came in at $681 million. You can see how the different segments contributed to that top line and the momentum they carried into the final quarter of the year.

Here's a breakdown of the key customer segments and their reported growth dynamics from the Q3 2025 results:

Customer Segment	Q3 2025 YoY Growth	Q3 2025 Sequential Change (QoQ)	Noteworthy Metric
Aerospace and Defense (A&D)	26%	2%	Led year-over-year growth alongside Medical.
Medical Technologies (MedTech)	18%	15%	Showed particularly strong momentum quarter-over-quarter.
Advanced Computing & Communications (AC&C)	(Down YoY)	18%	Led sequential growth along with Medical.
Semiconductor Capital Equipment (Semi-Cap)	-1%	-3%	Largest portion of revenue at 27%.
Industrial sector	1%	8%	Includes automation and energy transition focus areas.

It's important to note that four out of the five reported sectors saw sequential growth in Q3 2025. The Semiconductor Capital Equipment (Semi-Cap) segment, despite being the largest at 27% of revenue, was the only one to post a sequential decline at -3%.

The focus on high-growth areas is clear when you look at the leaders:

• Medical posted an 18% year-over-year revenue increase.
• A&D delivered a massive 26% year-over-year jump.
• AC&C, which includes Enterprise AI opportunities, saw an 18% sequential revenue increase.

Overall operational performance supported this revenue mix, with Benchmark Electronics, Inc. achieving a non-GAAP gross margin of 10.1% in the quarter and generating $25 million in free cash flow.

If onboarding takes 14+ days, churn risk rises, but for BHE, the risk seems tied more to the cyclical nature of the Semi-Cap segment than customer retention in the high-growth areas.

Finance: draft 13-week cash view by Friday.

Benchmark Electronics, Inc. (BHE) - Canvas Business Model: Cost Structure

You're looking at the cost side of Benchmark Electronics, Inc. (BHE), which is heavily weighted toward the physical execution of its services. For a company deeply embedded in manufacturing, the costs of making things dominate the structure.

Cost of goods sold (COGS) as the largest component

The Cost of Goods Sold is defintely the single largest cost driver, as is typical for a large-scale electronics manufacturer. This cost encompasses raw materials, direct labor, and manufacturing overhead. While the exact COGS figure isn't stated directly, we can see its impact through the gross margin guidance for the fourth quarter of 2025. With projected Q4 2025 revenue between $670 million and $720 million and an expected non-GAAP gross margin range of 10.1% to 10.3%, the implied COGS consumes roughly 89.7% to 89.9% of revenue.

Significant investment in manufacturing and precision technologies

Benchmark Electronics, Inc. must continually invest in its global network of facilities to maintain its capability to deliver world-class manufacturing services. This investment shows up in capital expenditures (CapEx). For instance, in the third quarter of 2025, the company invested approximately $11 million in capital expenditures, primarily aimed at enhancing capabilities and infrastructure across its Americas and Asia facilities to support future growth and operational efficiency. This spending is crucial for supporting high-growth areas like enterprise AI and high-performance computing builds.

Operating expenses including R&D and SG&A

Beyond COGS, operating expenses cover the costs of running the business, which includes Research and Development (R&D) and Selling, General, and Administrative (SG&A) costs. These are captured within the non-GAAP operating margin guidance. For Q4 2025, the expected non-GAAP operating margin is between 5.0% and 5.2% of revenue. To give you a concrete example of the SG&A component, the guidance for the preceding quarter (Q4 2024) placed Non-GAAP SG&A expenses in a range of $34 million to $36 million. R&D is embedded within the total operating spend, supporting the company's engineering design services.

The structure of these operating costs can be seen by looking at the relationship between revenue and the expected operating profit for Q4 2025:

Metric	Low End Estimate (Q4 2025)	High End Estimate (Q4 2025)
Revenue (Millions USD)	$670	$720
Non-GAAP Operating Margin	5.0%	5.2%
Implied Non-GAAP Operating Income (Millions USD)	$33.5	$37.44

Non-operating expenses and Stock-based compensation expense

The GAAP cost structure also includes specific non-cash and non-recurring charges that management often excludes when presenting non-GAAP results. For the fourth quarter of 2025 guidance, these are clearly itemized:

• Non-operating expenses are guided to be between $4.9 million and $5.3 million.
• This non-operating bucket includes items like restructuring charges, amortization of intangibles, and other expenses.
• Stock-based compensation expense is expected to be approximately $2.3 million.

These figures are important because they bridge the gap between the GAAP and Non-GAAP earnings per share outlook for the quarter.

Here's a quick look at the GAAP expense items provided for Q4 2025 guidance:

Expense Item (GAAP Basis)	Estimated Amount (Q4 2025 Guidance)
Stock-based Compensation Expense	Approx. $2.3 million
Non-operating Expenses (Total Range)	$4.9 million to $5.3 million

Finance: draft 13-week cash view by Friday.

Benchmark Electronics, Inc. (BHE) - Canvas Business Model: Revenue Streams

The revenue streams for Benchmark Electronics, Inc. are fundamentally tied to its comprehensive service offerings across the product lifecycle, which centers on high-value engineering and advanced manufacturing.

Revenue from manufacturing services and product assembly forms the core of the top line. Benchmark Electronics delivers world-class manufacturing services, which include electronic manufacturing services (EMS) and precision technology (PT) services, supporting customers from volume production through distribution. This segment benefits from the company's global supply chain and manufacturing footprint, which includes operations in the Americas, Asia, and Europe.

Revenue from design and engineering services is the other principal component. This includes leading with innovative technology and engineering design services, such as design for manufacturability, design optimization for factory processes and supply chain, concurrent and sustaining engineering, and turnkey product design. The company supports customers throughout the initial product concept phase.

The concentration of revenue from a few key partners is a notable characteristic of the revenue stream structure. Sales to the ten largest customers represented $\mathbf{50\%}$ of total sales in $\mathbf{2024}$.

Here is a look at the most recent and near-term financial figures related to Benchmark Electronics, Inc.'s revenue performance:

Metric	Value	Period/Context
Revenue	$681 million	Q3 2025 (ended September 30, 2025)
Revenue Guidance Midpoint	$695 million	Q4 2025 Guidance (Range: $670M - $720M)
Sales to Ten Largest Customers	50%	Fiscal Year 2024
Non-GAAP Gross Margin	10.1%	Q3 2025
Non-GAAP Operating Margin	4.8%	Q3 2025
Non-GAAP Operating Margin Guidance	5% to 5.2%	Q4 2025 Guidance

The company has demonstrated consistency in its gross margin performance, achieving gross margins above $\mathbf{10\%}$ for eight consecutive quarters as of Q3 2025. Furthermore, the revenue mix is influenced by the end-markets served, which include:

• Aerospace and Defense (A&D)
• Medical technologies
• Complex industrials
• Semiconductor capital equipment (Semi-Cap)
• Next-generation communications and advanced computing (AC&C)

The company's Q3 2025 results showed year-over-year revenue growth of $\mathbf{3.5\%}$ over Q3 2024's $\mathbf{\$658}$ million revenue figure. Finance: draft the Q4 2025 revenue actual vs. guidance variance analysis by next Tuesday.