Executive Summary

Record quarter: revenue reached $43.3M (+12.7% YoY) with gross margin at 28%; sequential sales rose $5.9M from Q4 2024 to a new quarterly high, while EPS was $0.88 .
Mixed vs consensus: revenue beat by ~$2.2M (+5.4%), but EPS missed by $0.08; coverage is thin (1 estimate each) so surprises should be treated cautiously. Revenue Consensus: $41.1M*; EPS Consensus: $0.96* .
Operating income rose YoY to $4.9M (12% margin) and EBITDA As Defined ticked up to $6.8M; YoY margin mix was steady-to-slightly better at gross level but operating margin was flat-to-down vs Q4 .
Strategic tone unchanged: management emphasized continued M&A appetite and highlighted surpassing the prior quarterly sales record by >$3.8M; no formal guidance provided .

What Went Well and What Went Wrong

What Went Well
- Record sales: “we surpassed our prior record for quarterly sales by more than $3.8 million,” underscoring healthy demand and execution .
- Top-line growth: Q1 revenue $43.3M (+12.7% YoY) with gross margin at 28% (+100 bps YoY) and higher operating income YoY .
- EBITDA As Defined improved to $6.8M from $6.7M in Q1 2024; non-recurring acquisition costs signal ongoing portfolio expansion .
What Went Wrong
- EPS miss vs consensus: $0.88 vs $0.96*, despite the revenue beat; SG&A rose to 17% of sales (from 15% in Q1 2024), and “Other expense” was $0.35M vs $0.07M a year ago, pressuring EPS .
- Sequential EPS decline: EPS fell to $0.88 from $1.11 in Q4 2024, even as revenue rose, reflecting mix and opex/other items .
- Limited disclosure: no segment revenue/margin detail or formal guidance provided, reducing visibility into drivers and trajectory .

Summary metrics (oldest → newest)

Metric	Q3 2024	Q4 2024	Q1 2025
Sales ($)	$36,736,228	$37,386,329	$43,314,111
Gross Profit Margin %	29%	28%	28%
Operating Income ($)	$5,258,443	$4,742,665	$4,892,852
Operating Margin %	15%	13%	12%
Net Income ($)	$3,369,211	$3,948,415	$3,131,034
Diluted EPS ($)	$0.95	$1.11	$0.88
EBITDA As Defined ($)	$6,750,620	$6,420,561	$6,808,218

Q1 2025 actuals vs consensus

Metric	Actual (Q1 2025)	Consensus (Q1 2025)	Surprise
Revenue ($)	$43,314,111	$41,100,000*	+$2,214,111 (+5.4%)
EPS ($)	$0.88	$0.96*	-$0.08 (-8.3%)

Values with asterisks (*) retrieved from S&P Global.

Segment breakdown

The company operates two segments (Commercial Air Handling Equipment; Industrial & Transportation Products), but did not disclose segment-level revenue/margins in the Q1 press release .

KPIs and non-GAAP reconciliation highlights (Q1 2025 vs Q1 2024)

Item	Q1 2024	Q1 2025
EBITDA As Defined ($)	$6,687,207	$6,808,218
Non-cash stock-based comp ($)	$612,354	$(16,049)
Amortization of ROU assets ($)	$453,669	$600,816
Non-recurring acquisition-related expenses ($)	$89,063	$506,248

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025	N/A	Not provided in Q1 release	Maintained: no guidance disclosed
Margins	FY 2025	N/A	Not provided in Q1 release	Maintained: no guidance disclosed
EPS	FY 2025	N/A	Not provided in Q1 release	Maintained: no guidance disclosed
Other (tax rate, OpEx, OI&E)	FY 2025	N/A	Not provided in Q1 release	Maintained: no guidance disclosed

Note: No call transcript was furnished; themes below reflect disclosures in recent earnings releases.

Topic	Previous Mentions (Q3 2024, Q4 2024)	Current Period (Q1 2025)	Trend
M&A pipeline and portfolio strategy	Q3: Completed acquisition of Advanced Industrial Coatings; continuing to pursue opportunities . Q4: Completed two acquisitions in 2024 to strengthen aerospace/defense .	Continues to eye “additional acquisitions” as part of growth strategy .	Continued focus on bolt-ons to drive growth
Demand/revenue trajectory	Q3: Sales +9.2% YoY; YTD sales +2.5% . Q4: Sales +10.5% YoY in quarter; FY +4.4% .	Record quarterly sales; +12.7% YoY; +$5.9M sequential .	Strengthening top-line momentum into 2025
Leverage/liquidity posture	Q4: “ended the year with zero senior bank debt for the first time since 2017” .	Not discussed in Q1 release .	Healthy balance sheet context from Q4; no update in Q1 release
Macro/supply chain commentary	Standard risk factors cited (supply chain, inflation, tariffs, geopolitical) .	Similar forward-looking risk language reiterated .	No change; monitoring macro risks
Guidance practice	No formal guidance in Q3/Q4 releases .	No formal guidance in Q1 release .	Consistent “no guidance” stance

“We are pleased with the ongoing success of our business model and remain confident in our ability to achieve long-term strategic priorities. In the first quarter of 2025, we surpassed our prior record for quarterly sales by more than $3.8 million. Crawford United is well positioned to pursue opportunities for increased revenue and profitability, always with an eye towards additional acquisitions.” — Brian E. Powers, President & CEO .
Q4 context: “In 2024, we completed two acquisitions to strengthen our presence in the aerospace and defense market, yet we ended the year with zero senior bank debt for the first time since 2017.” — Brian E. Powers .

The company furnished a press release for Q1 2025 and did not include Q&A content in filings; no transcript-based Q&A highlights were available for review .

Coverage is limited (1 estimate each). Revenue beat consensus by ~$2.2M (+5.4%), while EPS missed by $0.08; this combination suggests positive volume/mix at the top line offset by higher SG&A (17% of sales) and other expense ($0.35M) compressing EPS .
With record sales and no formal guidance, near-term estimate revisions may focus on higher revenue run-rate, offset by scrutiny on operating leverage and below-the-line items observed in Q1 .
Values with asterisks (*) retrieved from S&P Global.

Top-line momentum accelerating: record $43.3M sales, +12.7% YoY, and +$5.9M sequential; revenue beat consensus by ~5% .
Mixed print: EPS of $0.88 missed consensus by $0.08 despite revenue upside; SG&A at 17% of sales and higher other expense weighed on earnings .
Margins stable at gross level (28%) but operating margin at 12%; watch operating leverage as volumes scale .
Ongoing M&A strategy intact; management continues to prioritize bolt-on acquisitions to drive growth .
No formal guidance; visibility remains reliant on quarterly disclosures and any future investor materials .
Balance sheet context from Q4 (zero senior bank debt) provides optionality for M&A and investment, though no Q1 update was provided .
For trading: revenue strength and record sales are positive catalysts; EPS variability from opex/other expense is the key swing factor into next prints .

Supporting detail (from primary documents)

Q1 2025 headline metrics: Sales $43.3M; Operating Income $4.9M; Net Income $3.1M; EPS $0.88; EBITDA As Defined $6.8M; gross margin 28%; SG&A 17% of sales; “Other expense” $0.35M .
Q4 2024: Sales $37.4M; EPS $1.11; EBITDA As Defined $6.4M; gross margin 28% .
Q3 2024: Sales $36.7M; EPS $0.95; EBITDA As Defined $6.75M; gross margin 29% .
Non-GAAP reconciliation items in Q1 2025 included $(16)K stock-based comp, $601K ROU amortization, and $506K acquisition-related expenses .

Values with asterisks (*) retrieved from S&P Global.