Friday, October 31, 2025
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
3Q25. NN reported 3Q25 results that were below expectations, although there were some y-o-y improvements. Revenue of $103.9 million was down 8.5% y-o-y on a reported basis and down 4.4% on a pro forma basis. We had projected $115 million, and the consensus was $112 million. Gross margin rose to 16.8% and 18.8% on an adjusted basis, up from 14.5% and 16.8%, respectively, in 3Q24. Adjusted EBITDA grew to $12.4 million, or an 11.9% margin, up from $11.6 million and 10.2% last year. We had forecast $13.6 million. Adjusted net loss was $0.01/sh. We and consensus were at EPS of $0.01.
New Business. NN reported third quarter new business wins of $11.3 million, led by strategic wins in North America auto, fire protection, and aerospace and defense products. YTD, the Company has won $44.4 million of new business. Management’s goal remains to win $60-$70 million annually.
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