IEH Corp (OTC Pink: IEHC) is an electronic components company that designs and manufactures Hyperboloid connectors for high-reliability applications. Revenue comes from transactional product sales to original equipment manufacturers, sold directly and through 21 independent sales representatives and distributors as of the fiscal year ended March 31, 2025. IEH serves the defense, aerospace, medical, space, oil and gas, industrial, test equipment, and commercial electronics markets. The company is family-managed, with David Offerman, great-grandson of the founder, serving as President and CEO. Customer concentration is material: two customers accounted for 31.9% of net revenues in the fiscal year ended March 31, 2025, at 17.8% and 14.1% respectively. IEH trades on the OTC Pink Sheet Current Information tier, limiting market liquidity. Depreciation and amortization were $744,802 for the fiscal year ended March 31, 2025.

Revenue model

Transactional product sales of Hyperboloid connectors and interconnection devices to OEM customers, marketed directly and through independent sales representatives and distributors. Custom connector development services are also offered to customers requiring application-specific designs.

Products and services

Hyperboloid connectors and interconnection devices, including pin grid array (PGA) sockets, designed for defense, aerospace, medical, space, oil and gas, industrial, test equipment, and commercial electronics applications. Custom connector development for specific customer applications is also provided.

Customers and end markets

OEM customers in defense, aerospace, medical, space, oil and gas, industrial, test equipment, and commercial electronics markets. Two customers accounted for 31.9% of net revenues in the fiscal year ended March 31, 2025 (17.8% and 14.1% respectively). Two customers accounted for 29.9% of net revenues in the fiscal year ended March 31, 2024 (17.5% and 12.4% respectively).

Value-chain role

Component manufacturer supplying connectors as basic components of larger assemblies. IEH sits upstream of OEM assembly, providing connectors that are integrated into finished defense, aerospace, and industrial equipment.

Geographic exposure

United States primary market, with sales representatives and distributors also covering Canada, the European Union, Southeast Asia, Central Asia, and the Middle East, as disclosed in the 10-K filed June 12, 2025.

Source: SEC 10-K, filed 2025-06-12

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