Short answer
RICHARDSON ELECTRONICS, LTD. (RELL) filed its fiscal 2026 10-K annual report with the SEC on Aug 3, 2026. It reported revenue of $229M (+9.4% year over year) and net income of $6M.
- Top risk flagged: Regulatory risk: fines up to 20M euros or 4% global revenue under EU GDPR for data privacy non-compliance
FY2026 key financial metrics · XBRL
- Revenue
- $229M
- +9.4% YoY
- Net income
- $6M
- +658.4% YoY
- Operating margin
- 2.8%
- +4.0 pp YoY
- Gross margin
- 31.2%
- +0.2 pp YoY
- ROE
- 3.9%
- +4.6 pp YoY
- Operating cash flow
- $762,000
- −92.8% YoY
Source: XBRL data from the RICHARDSON ELECTRONICS, LTD. (RELL) FY2026 10-K on SEC EDGAR. USD.
RICHARDSON ELECTRONICS, LTD. FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Global manufacturer of engineered solutions, power grid and microwave tubes, RF/microwave components, and customized display solutions
- New emphasis on Green Energy Solutions segment targeting energy storage, power management for wind, solar, EVs, and synthetic diamond manufacturing
- Strategic realignment from four to three operating segments, consolidating Healthcare into Power and Microwave Technologies (PMT) after asset sale to DirectMed Imaging in January 2025
- Fiscal 2026 net sales $228.6M, up 9.4% YoY; PMT sales grew 9.1%, GES up 7.3%, Canvys up 12.4%
- Noteworthy sale of substantial Healthcare assets in January 2025, with related loss of $4.2M cumulatively through FY2026, but ongoing exclusive 10-year repair supply agreement with DirectMed
Management Discussion & Analysis
- Revenue $228.6M, up 9.4% YoY from $208.9M in FY25; PMT $160.5M (+9.1%), GES $30.8M (+7.3%), Canvys $37.3M (+12.4%)
- Operating income $6.5M vs operating loss $(2.5)M in FY25; gross margin 31.2% vs 31.0%; SG&A 28.8% of sales vs 29.8%
- Best performing segment Canvys revenue +12.4% to $37.3M; worst margin decline in GES, margin down to 30.3% from 31.4%
- Operating cash flow $0.8M in FY26 vs $10.6M in FY25; capex $4.4M; dividends paid $3.4M; proceeds from Healthcare asset sale $1.3M in FY26
- Management cautious on tariffs/trade risks; no material FY26 impact but future tariffs may harm sales and margins; liquidity deemed sufficient for next 12 months
Risk Factors
- Regulatory risk: fines up to 20M euros or 4% global revenue under EU GDPR for data privacy non-compliance
- Geopolitical risk: supply chain disruptions from conflicts in Europe and Middle East including Iran cause delays and increased costs
- Supply chain risk: two suppliers each >10% total cost of sales in fiscal 2026, limiting vendor diversification
- Competitive risk: expanding Chinese vacuum tube manufacturing increases risk of technical obsolescence and price pressure
- Financial risk: one PMT segment customer accounted for 14% of consolidated net sales in 2026, concentration risk with potential material impact
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