RF Industries Ltd

rfindustries.com

What Do They Do?

Makes cables, connectors and integrated network solutions for telecommunications companies, equipment manufacturers and industrial customers.

How Do They Make Money?

Customers buy finished products, with the sale taking place when goods ship or arrive, depending on the shipping terms.

revenue

Segment	Share	How money arrives
Interconnect Sold outright	31%	Sold outright
Custom Cabling Sold outright	32%	Sold outright
Integrated Solutions Sold outright	37%	Sold outright
All Products or Services Sold outright	100%	Sold outright

Who Are Their Customers?

Customers include telecommunications and equipment companies, OEMs, and businesses in industrial and other markets. They buy through independent distributors or directly from RF Industries’ sales team, including large telecommunications equipment and solution providers.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: no customer at 10% or more of revenue

Do Revenues Turn Into Profits?

Yes. It kept less than a cent of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.

Operating income, FY2025

2% of revenue

▲ Now profitable vs FY2024 (−$2.8M, −4%)

Net income, FY2025

0% of revenue

▲ Now profitable vs FY2024 (−$6.6M, −10%)

Free cash flow, FY2025

5% of revenue

▲ +79% vs FY2024 ($2.4M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Jul 31, 2026

Revenue: ▲ +21%; vs $19.8M in Q3 FY2025
Net income: ▲ +268%; vs $392K in Q3 FY2025

All Products or Services share of revenue vs 100.0% in Q3 FY2025

Growing. Revenue grew 40% in 4 years, from $57.4M in FY2021 to $80.6M in FY2025, about 9% a year.

Revenue over time

Interconnect Custom Cabling Integrated Solutions All Products or Services

$100M$50M$0

FY2024 FY2025

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