Chart Industries, Inc. (GTLS): Business Model Canvas [Dec-2025 Updated]

You're digging into Chart Industries, Inc. (GTLS) right as it navigates the Baker Hughes acquisition, and frankly, the underlying business model is a masterclass in industrial transition. Forget the noise; the engine here is the nexus of cryogenic tech supporting LNG, hydrogen, and carbon capture, all underpinned by a resilient aftermarket service arm expected to grow up to 10% in 2025. With a backlog already sitting at $5.14 billion as of Q1 2025, this canvas shows you the exact resources and activities driving their $4.65 billion to $4.85 billion sales guidance for the year. See below how they structure value capture across their global footprint.

Chart Industries, Inc. (GTLS) - Canvas Business Model: Key Partnerships

You're looking at the structure that lets Chart Industries, Inc. (GTLS) deliver its complex cryogenic and gas handling solutions. These aren't just casual vendor relationships; they are deep integrations that unlock massive projects, so let's break down the key alliances and customer anchors as of late 2025.

Strategic alliance with Bloom Energy for carbon capture solutions

The partnership with Bloom Energy targets the growing need for reliable, low-emission power, especially for data centers and manufacturers. Chart Industries brings its expertise to process the high-purity carbon dioxide (CO2) stream produced by Bloom's solid oxide fuel cells.

• Bloom's fuel cells generate electricity without combustion, producing a CO2 stream with ten times the CO2 concentration compared to traditional gas turbines, which significantly lowers the cost and complexity of capture.
• This collaboration is positioned to capitalize on a market where Morgan Stanley estimates over 500 million tonnes per annum (MTPA) of carbon storage capacity is expected to be operational within the next five years.
• Chart is already working on projects where the captured CO2 will be utilized in the food and beverage industry.

Key customers like Woodside for large-scale LNG projects

Securing major engineering, procurement, and construction (EPC) contracts anchors a significant portion of the Specialty Products segment's revenue. The work with Woodside Energy Group Ltd is a prime example of this.

Chart Industries won a December 2024 order from Bechtel to supply its Integrated Pre-Cooled Single Mixed Refrigerant (IPSMR®) liquefaction technology and cold boxes for Phase 1 of Woodside's Louisiana LNG project. This deal validates the technical superiority of the IPSMR® process, which offers energy efficiency improvements of 8-12% over traditional cascade processes.

Collaboration with Volvo-Eicher for HLNG vehicle tanks

The partnership with Volvo-Eicher on Heavy-duty Liquid Natural Gas (HLNG) vehicle tanks marks a key step in commercializing alternative fuels for heavy transport. This signals Chart Industries' capability to serve the rapidly expanding hydrogen mobility sector.

• The serial run order with Volvo-Eicher helps Chart capitalize on the $32 billion hydrogen mobility market.
• This market is projected to grow at a 14% annual clip through 2030.
• Chart's related onboard liquid hydrogen (HLH2) fuel system has a global manufacturing capacity for more than 25,000 units per year.

Technology licensing and co-development partners for clean energy

Beyond direct equipment sales, Chart embeds its technology through agreements with major industrial players. For instance, the company executed a framework agreement with Linde for air coolers used in air separation plants. This is part of a broader trend showing strong demand across clean energy sectors.

The overall demand strength is reflected in the order book:

• Q2 2025 Orders: $1.50 billion, a 28.6% increase year-over-year.
• Backlog as of March 31, 2025: A record $5.1436 billion.
• Commercial pipeline not yet in backlog (as of July 2025): Exceeds $24 billion.

Global network of suppliers for raw materials and components

Managing a global supply chain requires active risk mitigation, especially given geopolitical factors impacting input costs. Chart Industries is actively managing these external pressures to protect its margins.

For fiscal year 2025, Chart estimated a potential $50 million tariff impact, mainly on U.S. industrial gas exports. The strategy to counter this involves locking in material costs and diversifying supply chains, which supports the company's financial targets, such as the anticipated FY 2025 sales range of $4.65 billion to $4.85 billion.

Chart Industries, Inc. (GTLS) - Canvas Business Model: Key Activities

You're looking at the core engine of Chart Industries, Inc. (GTLS) right now, focusing on what they actually do to generate that impressive backlog and revenue. It's all about engineering, building, servicing, and innovating around cryogenic and gas handling equipment. Here's the quick math on those key activities based on late 2025 figures.

Design and manufacturing of cryogenic equipment and heat exchangers.

This is the bread and butter of Chart Industries, Inc. The company designs, engineers, and manufactures the specialized hardware for handling gas and liquid molecules across various energy and industrial sectors. The manufacturing output is directly reflected in the sales figures and the massive order intake seen throughout 2025.

For example, in the third quarter of 2025, Chart Industries, Inc. reported total sales of $1.10 billion, which was a 3.6% increase year-over-year. The Heat Transfer Systems (HTS) segment, which includes key heat exchangers, saw orders surge 79.1% year-over-year to $760.8 million in Q3 2025, driven by LNG and data center demand.

Integration of acquired technologies, like Howden's rotating equipment.

The operational efficiency you see in the margins is partly due to integrating past acquisitions, like Howden. This activity involves making sure those newly integrated technologies are producing results. We saw evidence of this in the first quarter of 2025, where the 190-basis point expansion in adjusted operating income margin reflected the cost synergies from the Howden acquisition dropping through to operating income.

The key activities here are about turning that integrated capability into profitable output, which is why gross profit margin hit a record 34.1% in Q3 2025.

Aftermarket service, repair, and long-term service agreement (LTSA) execution.

This segment provides resilience, which is important when large, lumpy orders fluctuate. The Repair, Service & Leasing (RSL) segment is a consistent revenue driver. In Q1 2025, RSL orders were $454.6 million, a 36.1% jump year-over-year. Furthermore, new long-term service and framework agreements increased by 10.7% as of March 31, 2025, compared to December 31, 2024. By Q3 2025, service agreements were up 42% year-to-date. To be fair, RSL sales growth was only 1.3% in Q1 2025, but the segment still accounted for approximately one-third of revenue in 2025.

Research and development for hydrogen and carbon capture technologies.

Chart Industries, Inc. is actively developing and capturing orders in the clean energy transition markets. This R&D focus translates directly into order intake within the Specialty Products (SPC) segment. For instance, Q2 2025 Specialty Products orders grew 56.5%, with meaningful increases specifically in the hydrogen/helium market. In Q3 2025, orders for Specialty Products grew 84.4% to $438.5 million, which included significant increases in carbon capture applications.

These R&D efforts are converting into sales, as Q1 2025 Specialty Products sales growth was driven primarily by backlog conversion in hydrogen, water treatment, and power generation.

Backlog conversion, which was $5.14 billion as of Q1 2025.

Managing the conversion of the order book into recognized revenue is a critical activity. Chart Industries, Inc. achieved a record backlog of $5.1436 billion as of March 31, 2025. By the third quarter of 2025, that backlog had grown further to $6.05 billion. This backlog provides strong visibility against the reiterated full-year 2025 sales guidance, which was set in the range of $4.65 billion to $4.85 billion.

Here's a snapshot of the order book strength driving this activity:

The company's ability to convert this pipeline is key to hitting its full-year 2025 adjusted EBITDA forecast between $1.175 billion and $1.225 billion.

• Q1 2025 Orders increased 17.3% year-over-year.
• Q3 2025 Orders increased 43.9% year-over-year.
• Q1 2025 Sales grew 6.6% organically.
• The company expects full-year 2025 free cash flow in excess of $550 million to support deleveraging.

Finance: draft 13-week cash view by Friday.

Chart Industries, Inc. (GTLS) - Canvas Business Model: Key Resources

You're looking at the core assets Chart Industries, Inc. (GTLS) relies on to execute its business strategy as of late 2025. These aren't just line items; they are the tangible and intangible engines driving revenue and competitive advantage.

Proprietary process technologies, including IPSMR for LNG.

Chart Industries, Inc. deploys its proprietary IPSMR® (Integrated Pre-cooled Single Mixed Refrigerant) process technology, which is cited as setting the industry standard for efficiency and performance in liquefaction. This technology allows for tailoring liquefaction systems to specific site conditions. For instance, the IPSMR® process technology can be configured to match available gas turbine power with single cold box capacity up to >4 MMTPA.

A recent example of this resource in action is the selection by LNG Alliance for its Amigo LNG export facility, which has an export capacity of 7.8 MTPA and will leverage Chart's mid-scale modular solution incorporating IPSMR®.

Global manufacturing footprint of 64 locations and 50+ service centers.

The physical scale of Chart Industries, Inc.'s operations provides critical reach for manufacturing, service, and support across global energy and industrial gas markets. This footprint includes:

• 64 global manufacturing locations
• Over 50 service centers
• Geographic coverage spanning the United States, Asia, Australia, India, Europe, and South America

Large installed base of equipment driving aftermarket revenue.

The installed base, significantly bolstered by the Howden acquisition, is a major driver of recurring revenue through service and leasing. The Repair, Service & Leasing (RSL) segment represented approximately one-third ($\sim 1/3$) of the business as of Q1 2025.

Recent financial performance highlights the importance of this resource:

The mission-critical nature of the installed Howden equipment means maintenance continues even in downturns, as the ramifications of failure outweigh maintenance costs.

Doubled engineering team post-Howden acquisition.

The acquisition of Howden resulted in a significant increase in technical human capital. Chart Industries, Inc. added approximately 750 Howden engineers, effectively doubling the global engineering team to more than 1,500 people. The cash purchase price for the Howden acquisition was approximately $4.4 billion.

Strong balance sheet with a target net leverage ratio of sub 2.5 in 2025.

Financial discipline is a stated key resource, focused on deleveraging following major capital deployment. The company is actively managing its debt load to meet its stated goal.

The company has explicitly stated it will not pursue material cash acquisitions or share repurchases until the target net leverage ratio of 2.0 to 2.5 is achieved.

Finance: draft 13-week cash view by Friday.

Chart Industries, Inc. (GTLS) - Canvas Business Model: Value Propositions

Nexus of Clean solutions for LNG, hydrogen, and carbon capture.

Chart Industries, Inc. is positioned across the infrastructure for multiple clean energy vectors. The company's portfolio covers solutions for natural gas, hydrogen, biogas, and CO2 capture, among others, as part of its Nexus of Clean strategy. This strategy encompasses over 40 product and technology solutions. The Heat Transfer Systems segment booked orders of $760.8 million in the third quarter of 2025, showing a 79.1% year-over-year increase, driven by demand from LNG and data center markets. Specialty Products orders grew 24.6% year-over-year in the first quarter of 2025, fueled by hydrogen infrastructure projects. The company is actively engaged in carbon capture, for instance, through a partnership to process Bloom Energy's concentrated CO2 exhaust stream. The total order book reached a record $1.68 billion in the third quarter of 2025, a 43.9% increase compared to the third quarter of 2024. Remaining performance obligations stood at $6,049.5 million as of the third quarter of 2025, with 53% expected to be recognized over the next 12 months.

Single-point provider for integrated thermal and flow technologies.

The company offers a full lifecycle capability, from process design through aftermarket support. This integrated approach is supported by 170+ years of industry expertise. The company's strategy aims to be in every phase of the liquid gas supply chain. The third quarter of 2025 saw management emphasize strength in customers utilizing the company's full solutions and process technologies. The Repair, Service and Leasing (RSL) segment saw service agreements increase by 42% year-to-date in the third quarter of 2025. The company's portfolio spans multiple technologies, including:

• Cryogenic trailers, ISO containers, and bulk storage tanks.
• Heat exchangers for LNG liquefaction and regasification.
• Equipment for hydrogen distribution and liquefaction.

Mission-critical equipment for extreme temperature and pressure applications.

Chart Industries, Inc. engineers and manufactures solutions for molecule production, storage, transportation, and end use, often involving extreme conditions. The company's equipment is used in applications like hydrogen liquefaction and space exploration systems. The third quarter 2025 sales reached $1.10 billion. The gross profit as a percent of sales for the third quarter of 2025 was a record 34.1%. The adjusted operating income margin for the third quarter of 2025 hit a record 22.9%.

High-margin, resilient aftermarket service and digital uptime monitoring.

The aftermarket business is a key component of resilience. Prior to the terminated Flowserve merger announcement, the combined entity projected approximately $3.7 billion in aftermarket services revenue, representing about 42% of combined revenue on an LTM basis as of Q1 2025. In the third quarter of 2025, the RSL segment booked orders of $365.0 million, despite a 3.4% year-over-year decrease due to a non-repeating large aftermarket equipment order in the prior year period. The company is increasing digital capabilities, with service agreements increasing 42% year-to-date in Q3 2025, and the highest number of new service adds recorded in the third quarter of 2025.

Scalable, modular solutions for small- and mid-scale projects.

The value proposition includes flexible solutions beyond just large-scale infrastructure. The company offers modular, small- and mid-scale CO2 cryogenic capture systems deployable today. This flexibility supports LNG applications extending reach in underserved regions. The Cryo Tank Solutions (CTS) segment, which includes tanks and ISO containers, is central to this offering. The third quarter 2025 adjusted operating income margin for CTS was 11.1%.

Here are the key financial and order metrics from the third quarter of 2025:

The Repair, Service and Leasing (RSL) segment's gross profit margin was 44.7% in the first quarter of 2025, though it declined 200 bps year-over-year due to sales mix. The Specialty Products segment achieved a gross profit margin of 30.3% in the first quarter of 2025, an increase of 540 bps versus the first quarter of 2024.

Chart Industries, Inc. (GTLS) - Canvas Business Model: Customer Relationships

Chart Industries, Inc. structures its customer relationships around long-term value capture, particularly through its aftermarket and service offerings, which represented approximately one-third of revenue in fiscal year 2024. The commercial pipeline, representing potential future relationships not yet in backlog, expanded to greater than $24 billion as of July 2025, underscoring the volume of consultative engagement ongoing.

Dedicated sales and engineering teams manage the execution of major capital projects. For instance, the third quarter of 2025 saw Chart Industries receive an order from Bechtel Energy Inc. to supply equipment for Sempra Infrastructure's Port Arthur LNG Phase 2 development project. The company's total order backlog reached a record $5.14 billion as of March 31, 2025.

Long-term service and framework agreements are a key relationship anchor. As of June 30, 2025, new long-term service and framework agreements increased by 8.1% compared to December 31, 2024, with the dollar scope of these agreements expanding. In the third quarter of 2025 alone, the company signed a multi-year agreement to service a utility customer's rotary blowers in South Africa. Furthermore, new long-term service and framework agreements had increased by 10.7% as of March 31, 2025, compared to the end of 2024.

The digital channel supports customer engagement for parts and service. In the first quarter of 2025, Chart Industries booked orders on its e-commerce Chart Parts website with 58 customers who had not previously used the platform for ordering. The Repair, Service and Leasing (RSL) segment, which includes aftermarket activities, contributed approximately half of the company's adjusted operating income in the full year 2024 before corporate expenses.

The consultative approach is evident in the growth of system sales. Second quarter 2025 orders showed strength in orders for full systems and solutions in hydrogen and LNG. This high-touch engagement supports complex system integration across various end markets, including data centers, which secured an order for a heat rejection system in Q3 2025.

Localized support is delivered through the RSL segment, which saw record service orders in the second quarter of 2025. The third quarter of 2025 saw the addition of 20 new service agreements, which was the highest quarterly performance year-to-date for 2025.

Key metrics for the Repair, Service and Leasing (RSL) customer relationship segment as of late 2025:

The focus on recurring revenue through service is clear:

• New long-term service and framework agreements increased by 10.7% as of March 31, 2025, versus year-end 2024.
• RSL orders in Q2 2025 grew 30% when compared to Q2 2024.
• RSL orders in Q1 2025 grew 36.1% when compared to Q1 2024.
• The company executed a five-year framework agreement with a South African utility in July 2025.
• The company executed a framework agreement with Linde for air coolers in July 2025.

Chart Industries, Inc. (GTLS) - Canvas Business Model: Channels

You're looking at how Chart Industries, Inc. gets its complex equipment and services into the hands of its global customer base. It's a multi-pronged approach, balancing massive, direct-sold capital projects with a recurring aftermarket revenue stream.

Direct sales force for large capital projects (e.g., LNG, hydrogen liquefaction).

For the biggest deals, like the massive liquefied natural gas (LNG) facilities, Chart Industries relies on its direct engagement. This is where you see the relationship with major Engineering, Procurement, and Construction (EPC) contractors come into play. For instance, Chart Industries secured an award from Bechtel Energy Inc. in the third quarter of 2025 to supply air-cooled heat exchangers, brazed aluminum heat exchangers, and cold boxes for Sempra Infrastructure's Port Arthur LNG Phase 2 development project in Texas. This continues their involvement after supplying equipment for Phase 1. These direct, project-based sales are critical; the company reaffirmed its 2025 sales guidance range of $4.65 billion and $4.85 billion, supported by a strong backlog.

Global network of 50+ service centers for RSL.

The Repair, Service, and Leasing (RSL) segment is a major channel, making up about a third of the business. Chart Industries maintains an extensive physical footprint to support this, operating over 50 service centers globally, spanning from the United States to Asia, Australia, India, Europe, and South America. This network supports the installed base of assets, which, on a standalone basis before the Flowserve merger, was around 450,000 assets. The focus on this channel is clear from the order intake:

• RSL orders in the first quarter of 2025 reached $454.6 million, a 36.1% year-over-year growth.
• RSL sales in the second quarter of 2025 were $338.2 million.
• For the fourth quarter of 2024, RSL sales were $350.7 million.
• New long-term service and framework agreements increased by 10.7% from the end of 2024 to March 31, 2025.

E-commerce platform for spare parts and smaller equipment orders.

The digital channel is growing within the RSL segment. Chart Parts, the e-commerce website, is actively driving new customer acquisition within the aftermarket space. In the first quarter of 2025, the company booked orders on this platform from 58 customers who had never used e-commerce before. This shows a deliberate effort to digitize smaller, more frequent transactions.

Regional distributors and agents for Cryo Tank Solutions (CTS).

For the Cryo Tank Solutions (CTS) business, which includes industrial gas equipment, the channel mix likely involves a blend of direct sales and regional agents/distributors, though specific distributor counts aren't public. The performance of the segment itself gives you a sense of the channel activity:

What this estimate hides... CTS orders did show a sequential increase of over 10% from Q4 2024 to Q1 2025, marking the first sequential backlog increase in a year.

Strategic partners like Bechtel for project delivery.

Strategic partnerships are the primary channel for large-scale engineering and construction projects. The relationship with Bechtel Energy Inc. is a prime example of this channel in action, securing major equipment supply contracts for the Port Arthur LNG project in Q3 2025. This partnership model allows Chart Industries to embed its technology directly into massive infrastructure builds where Bechtel acts as the EPC contractor.

• Chart Industries operates out of 65 global manufacturing locations.
• The company's commercial pipeline stood at approximately $24 billion on a standalone basis as of mid-2025.
• The backlog was $5.14 billion as of March 31, 2025, the first time it exceeded $5 billion.

Finance: draft the Q3 2025 revenue contribution breakdown by segment for the next strategic review by Wednesday.

Chart Industries, Inc. (GTLS) - Canvas Business Model: Customer Segments

Chart Industries, Inc. serves a diverse set of customers across the energy, industrial, and specialty sectors, which is reflected in the performance of its operating segments as of late 2025.

Major energy companies and industrial gas producers remain a core base. For instance, in the third quarter of 2025, the Heat Transfer Systems ("HTS") segment received an order from Bechtel Energy Inc. to supply equipment for Sempra Infrastructure's Port Arthur LNG Phase 2 development project. LNG sales within the HTS segment grew 37.6% in the second quarter of 2025 when compared to the second quarter of 2024. Furthermore, industrial gas producers rely on Chart's equipment for gas production and storage, though Cryo Tank Solutions ("CTS") sales in Q3 2025 declined 7.0% year-over-year, driven by lower sales in industrial gas.

The emerging clean energy markets are showing significant momentum. Hydrogen sales specifically increased 29.3% in the second quarter of 2025 compared to the second quarter of 2024. Orders in September year-to-date for carbon capture and nuclear end markets have already surpassed the total orders for the entire fiscal year 2024 for each of those markets. Chart Industries has built expertise in cryogenic carbon capture technology capable of achieving capture rates between 90% and 99%.

Infrastructure and transportation customers drive demand in several areas. The Specialty Products segment saw record orders in the first quarter of 2025 for HLNG vehicle tanks. Marine end markets also contributed to strong Specialty Products orders in Q1 2025. The HTS segment's sales growth in Q2 2025 was partly due to converting data center backlog to sales. In Q3 2025, HTS orders increased 79.1% compared to Q3 2024, driven by data center and LNG end markets.

Specialty end markets are a high-growth area. Space exploration sales saw a 60.7% increase in the second quarter of 2025 over the prior year. The Specialty Products segment, which includes these niche markets, had sales of $269.9 million in the third quarter of 2025. Food & beverage applications were noted as being in line with original expectations coming into 2025.

Aftermarket customers are increasingly important, evidenced by the Repair, Service, and Leasing ("RSL") segment. The CEO noted an increasing aftermarket, service, and repair attachment with customers utilizing process technologies in Q2 2025. Full year 2024 RSL sales grew 19.2% compared to 2023. For the third quarter of 2025, RSL sales were $330.2 million.

Here's a look at the segment sales that reflect these customer groups for the third quarter of 2025:

The company's total consolidated sales for the third quarter of 2025 were $1,100.6 million.

You should track the growth rates in the Specialty Products segment, as it directly reflects the adoption of clean energy and specialty applications:

• Space exploration sales increased 60.7% in Q2 2025.
• Hydrogen sales increased 29.3% in Q2 2025.
• Specialty Products orders in Q1 2025 grew 24.6% compared to Q1 2024.

Finance: draft 13-week cash view by Friday.

Chart Industries, Inc. (GTLS) - Canvas Business Model: Cost Structure

You're looking at the major expenditures that drive Chart Industries, Inc.'s operations as of late 2025. The cost base is heavily influenced by its global footprint and the lingering financial effects of its large-scale acquisitions.

The physical infrastructure required to support a global operation represents a significant portion of the fixed costs. Chart Industries maintains a substantial manufacturing and service network worldwide. This includes 64 global manufacturing locations and over 50 service centers spanning from the United States to Asia, Australia, Europe, and South America.

Debt servicing remains a notable cost component, though the leverage ratio is trending down. For the fiscal quarter ending June 30, 2025, the reported Interest expense, net was $78.3 million. This compares to $84.3 million for the same period in 2024. Furthermore, the net leverage ratio stood at 2.85 as of June 30, 2025, with a reiterated target of 2.0 to 2.5 by the end of 2025. Separately, the interest expense on debt for the fiscal quarter ending September of 2025 was reported as $77.1M.

The integration following the Howden acquisition continues to generate specific, non-recurring costs. Deal related & integration costs are a line item that reflects the ongoing effort to combine operations post the approximately $4.4 billion cash purchase price paid in 2023. For the second quarter of 2025, these deal related & integration costs totaled $8.0 million. This is up from $4.8 million in the second quarter of 2024. Also impacting reported costs are non-cash charges like step-up amortization related to the Howden acquisition; this was $40.4 million in Q2 2025.

Raw material and supply chain costs are subject to external policy pressures, such as tariffs. When reporting on earlier 2025 performance, Chart Industries management indicated they had anticipated only a $50 million cost impact from tariffs, which was before any mitigation efforts or price increases were factored in. The company's backlog as of March 31, 2025, stood at $5.14 billion, which suggests significant material commitments are in place.

Investment in future technologies, particularly clean technologies, is another key expenditure area. Chart Industries incurred Research and Development costs of $38.3 million for the full year ended December 31, 2024. This investment supports their focus on end markets like hydrogen and carbon capture.

Here's a quick look at some of the key cost and related metrics from recent periods:

The cost structure also involves specific non-recurring items that you need to track:

• Deal related & integration costs for Q2 2025 were $8.0 million.
• Restructuring & other reorganization related costs for Q2 2025 were $3.9 million.
• The initial Howden acquisition purchase price was approximately $4.4 billion in cash.
• Capital expenditures projected for 2025 were approximately $110.0 million.

Finance: draft 13-week cash view by Friday.

Chart Industries, Inc. (GTLS) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Chart Industries, Inc.'s revenue engine as of late 2025. This isn't about potential; it's about what's actually flowing in from their core operations and growth areas.

The overall expectation for the top line remains firm, with Chart Industries, Inc. reaffirming its full-year 2025 anticipated sales guidance to be in the range of $4.65 billion to $4.85 billion. This guidance was reiterated despite external uncertainties like tariffs, which management estimated to have a gross annual impact of approximately ~$50 million before mitigation actions.

Equipment sales form the backbone, split across major segments. For instance, in the first quarter of 2025, the company reported segment sales that give you a clear picture of the equipment flow:

The Repair, Service, and Leasing (RSL) revenue stream is a key component, known for its higher margins. While the full-year growth target you mentioned isn't explicitly confirmed in the latest reports, Q1 2025 RSL sales grew 1.3% compared to the first quarter of 2024. Orders in this segment showed significant strength, growing 36.1% in Q1 2025 year-over-year, reaching $454.6 million. The RSL segment contributed $304.9 million in sales in Q1 2025.

Specialty Products sales are capturing momentum in clean energy and industrial applications. For Q1 2025, Specialty Products sales reached $276.1 million, marking a 16.7% increase year-over-year, driven by backlog conversion in specific areas. By the third quarter of 2025, orders in this area were surging, with year-to-date orders for several key markets surpassing their total fiscal year 2024 order levels.

The revenue streams are clearly diversified across these areas:

• Equipment sales from Heat Transfer Systems (HTS) and Cryo Tank Solutions (CTS).
• High-margin Repair, Service, and Leasing (RSL) revenue, with Q1 2025 sales at $304.9 million.
• Specialty Products sales, which saw Q1 2025 revenue of $276.1 million.
• Revenue tied to proprietary process technology, such as the IPSMR process technology used in the Woodside Louisiana LNG project.

To give you a snapshot of the Q1 2025 revenue composition, which is the most recent detailed segment data available:

The Specialty Products segment saw record orders in areas like nuclear, space exploration, and HLNG vehicle tanks in Q1 2025. Also, the company noted its best-ever order year for hydrogen in Europe during that period.

Finance: draft 13-week cash view by Friday.