Graham Corp (NYSE: GHM)

Graham Corporation is a global leader in the design and manufacture of mission critical fluid, power, heat transfer, and vacuum technologies for the Defense, Energy & Process, and Space industries. The company designs and produces custom-engineered vacuum systems, heat transfer equipment, cryogenic pumps, and turbomachinery solutions. These products are used in critical applications such as propulsion systems, thermal management, power generation, and life support across high-reliability sectors.

Graham Corporation generates revenue through the sale of highly engineered, custom-built equipment tailored to specific customer requirements in defense, energy, and space markets. Primary revenue streams come from ejectors, surface condensers, turbines, compressors, pumps, blowers, and specialized turbomachinery. The company serves a diverse customer base including government contractors, original equipment manufacturers, engineering firms, and industrial operators in refining, chemical processing, power generation, and aerospace sectors.

The company operates through the following segments: Graham Corporation core operations and Barber-Nichols, LLC.

• Graham Corporation core operations: This segment focuses on the design and manufacture of vacuum, heat transfer, and fluid transfer technologies for the Defense and Energy & Process markets. It produces surface condensers, ejectors, process condensers, liquid ring pumps, and heat exchangers used in naval propulsion, power plants, refineries, and chemical facilities. The segment includes trademarked innovations such as the NextGen™ steam ejector nozzle, which reduces steam consumption and increases system capacity in refining applications.

• Barber-Nichols, LLC: This wholly-owned subsidiary specializes in specialty turbomachinery products for the Defense, Space, Aerospace, Cryogenic, and New Energy markets. Barber-Nichols designs, develops, manufactures, and sells custom turbines, pumps, compressors, and blowers for applications including rocket propulsion, cryogenic fluid handling, and nuclear systems. The segment integrates technologies from the P3 acquisition, including the patented multi-channel diffuser (MCD) and self-contained actuating magnetic pump (SCAMP), which enhance pump efficiency and enable low-flow, high-pressure cryogenic pumping for hydrogen, oxygen, methane, and nitrogen.

Graham Corporation holds a strong position in niche engineered equipment markets where customization, reliability, and technical expertise are critical differentiators. The company competes with firms such as Curtiss-Wright, Honeywell, Xylem, GEA, and Koch Fertilizer in defense and energy sectors, and with specialized turbomachinery providers like Concepts NREC and Triumph Aerospace in space applications. Its competitive advantages stem from deep customer engagement, engineering expertise, tight-tolerance manufacturing capabilities, and a long-tenured skilled workforce capable of managing complex, high-mix, low-volume production.

Graham Corporation serves a diverse customer base including tier one and tier two suppliers to the defense and aerospace industries, major engineering and procurement contractors, original equipment manufacturers, and operators of industrial facilities. Specific customers named in the filing include NASA, Lockheed Martin, Boeing, General Dynamics, ExxonMobil, Chevron, Dow Chemical, DuPont, Air Liquide, Bechtel, Fluor Corporation, Jacobs Engineering, Koch Fertilizer, L3Harris, Northrop Grumman, Raytheon Technologies, Rolls-Royce North America, Siemens Energy, Oak Ridge National Laboratory, and United Launch Alliance. The company also supplies the U. S. Navy for submarine and aircraft carrier programs, and supports commercial space ventures such as Blue Origin, Sierra Space, and Axiom Space.