0001193125-26-243043 | 10-Q | XBRL Viewer

Inventories - Schedule of inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw material	$ 123,171	$ 121,609
Work-in-progress	126,689	120,333
Finished goods	76,135	73,662
Inventories	$ 325,995	$ 315,604

Organization and Nature of Operations	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Note 1. Organization and Nature of Operations Organization and Description of Business Arcline Engineered Polymer Topco, L.P., Hawkeye TopCo, L.P., Connector TopCo, L.P., and Ovation TopCo, L.P. and certain of their respective wholly-owned subsidiaries (collectively, “Arxis,” the “Arxis Businesses” or “Company”) design, manufacture, and sell highly engineered electronic and mechanical components primarily used in mission-critical applications. Arcline Engineered Polymer Topco, L.P. and its wholly-owned subsidiaries operate as leading manufacturers of seals, gaskets, and metalized fabrics used primarily in aerospace and defense, medical device, and industrial products. Hawkeye TopCo, L.P., and its wholly-owned subsidiaries operate as leading manufacturers of electrical components used primarily in aerospace and defense, consumer electronics, and medical device products. Connector TopCo, L.P. and its wholly-owned subsidiaries operate as leading manufacturers of highly engineered electronic interconnect solutions used primarily in mission-critical applications in aerospace and defense, semiconductor, medical device, and commercial products. Ovation TopCo, L.P. and certain of its wholly-owned subsidiaries operate as leading manufacturers of mechanical components used primarily in aerospace and defense, medical and specialized industrial products. Collectively, the Company serves diverse end markets including defense and space, commercial aerospace, and industrial technology, and operates highly specialized manufacturing facilities globally, with a focus on domestic manufacturing. Arxis, Inc. was incorporated as a Delaware corporation on October 3, 2025, for the purposes of effecting the reorganization transactions on April 16, 2026 as described below (the “Reorganization”). Prior to the Reorganization, Arxis, Inc. did not conduct any activities other than those incidental to its formation and the planning and execution of the Reorganization. On April 16, 2026, the Company completed the Reorganization, pursuant to which wholly owned merger subsidiaries of Arxis, Inc. merged with and into the Arxis Businesses, with the Arxis Businesses surviving. As a result, the Arxis Businesses are wholly owned by the Company as of April 16, 2026. Prior to April 16, 2026, the Arxis Businesses operated under common control. Unless otherwise indicated or the context otherwise requires, references in these financial statements to “Arxis,” or the “Company,” refer to (i) Arxis, Inc. and its subsidiaries after the Reorganization on April 16, 2026, and (ii) the Arxis Businesses for periods prior to the Reorganization. See "Note 17. Subsequent Events" for further details regarding the Reorganization.

Organization and Nature of Operations

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Operations

Note 1. Organization and Nature of Operations

Organization and Description of Business

Arcline Engineered Polymer Topco, L.P., Hawkeye TopCo, L.P., Connector TopCo, L.P., and Ovation TopCo, L.P. and certain of their respective wholly-owned subsidiaries (collectively, “Arxis,” the “Arxis Businesses” or “Company”) design, manufacture, and sell highly engineered electronic and mechanical components primarily used in mission-critical applications.

Arcline Engineered Polymer Topco, L.P. and its wholly-owned subsidiaries operate as leading manufacturers of seals, gaskets, and metalized fabrics used primarily in aerospace and defense, medical device, and industrial products. Hawkeye TopCo, L.P., and its wholly-owned subsidiaries operate as leading manufacturers of electrical components used primarily in aerospace and defense, consumer electronics, and medical device products. Connector TopCo, L.P. and its wholly-owned subsidiaries operate as leading manufacturers of highly engineered electronic interconnect solutions used primarily in mission-critical applications in aerospace and defense, semiconductor, medical device, and commercial products. Ovation TopCo, L.P. and certain of its wholly-owned subsidiaries operate as leading manufacturers of mechanical components used primarily in aerospace and defense, medical and specialized industrial products. Collectively, the Company serves diverse end markets including defense and space, commercial aerospace, and industrial technology, and operates highly specialized manufacturing facilities globally, with a focus on domestic manufacturing.

Arxis, Inc. was incorporated as a Delaware corporation on October 3, 2025, for the purposes of effecting the reorganization transactions on April 16, 2026 as described below (the “Reorganization”). Prior to the Reorganization, Arxis, Inc. did not conduct any activities other than those incidental to its formation and the planning and execution of the Reorganization. On April 16, 2026, the Company completed the Reorganization, pursuant to which wholly owned merger subsidiaries of Arxis, Inc. merged with and into the Arxis Businesses, with the Arxis Businesses surviving. As a result, the Arxis Businesses are wholly owned by the Company as of April 16, 2026. Prior to April 16, 2026, the Arxis Businesses operated under common control. Unless otherwise indicated or the context otherwise requires, references in these financial statements to “Arxis,” or the “Company,” refer to (i) Arxis, Inc. and its subsidiaries after the Reorganization on April 16, 2026, and (ii) the Arxis Businesses for periods prior to the Reorganization. See "Note 17. Subsequent Events" for further details regarding the Reorganization.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Notional amount of outstanding notes receivable	$ 7,000,000		$ 28,500,000
Receivables due from affiliates	1,579,000		$ 4,622,000
Notes receivable with notional amount were repaid	21,500,000
Notes receivable with notional amount were repaid in cash	4,000,000
Notes receivable with notional amount were repaid in equity	17,500,000
Income recognized	0	$ 0
Affiliate of Arcline
Related Party Transaction [Line Items]
Advisory fees incurred	732,000	1,203,000
Advisory fees paid	613,000	$ 1,086,000
Note payable due to an affiliate	$ 5,500,000
Interest-bearing at SOFR	3.50%
Debt instrument maturity date	Apr. 19, 2030

Property, Plant and Equipment - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 541,383	$ 518,627
Less: accumulated depreciation	(133,049)	(120,698)
Property, plant and equipment, net	408,334	397,929
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	66,760	63,336
Building
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	124,163	109,479
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	34,867	38,658
Machinery, Equipment and Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	293,321	284,833
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 22,272	$ 22,321

Accounts Receivable

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Accounts Receivable

Note 6. Accounts Receivable

Accounts receivable, net consisted of the following:


	March 31, 2026			December 31, 2025
Trade receivables	$	247,180		$	219,870
Less: allowance for credit losses		(2,903	)		(2,934	)
Accounts receivable, net	$	244,277		$	216,936

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 17. Subsequent Events

The Company evaluated events occurring after the date of the condensed combined financial statements to consider whether the impact of such events needs to be reflected or disclosed in the condensed combined financial statements. Such evaluation was performed through May 28, 2026.

Reorganization

Immediately prior to the completion of the IPO, the Company effected the Reorganization, pursuant to which its wholly owned merger subsidiaries merged with and into the Arxis Businesses, with the Arxis Businesses surviving and wholly owned by the Company. As consideration for such mergers, the Company issued (i) 340,676,783 shares of Class B common stock, par value $0.01 (“Class B common stock”), and 23,082,950 shares of Class A common stock, par value $0.01 (“Class A common stock”), to the holders of Class A units and vested equity units of the Arxis Businesses and (ii) 10,563,406 restricted shares of, or restricted units with respect to, Class A common stock to holders of unvested equity units of the Arxis Businesses, which awards are subject to forfeiture conditions.

In addition, the Company modified its outstanding equity awards in connection with the Reorganization which resulted in the acceleration of compensation expense to be recognized in the second quarter of 2026 and is currently estimated at approximately $81,000.

Further, in connection with the IPO and Reorganization, the Company issued one share of convertible common stock, par value $0.01 (“convertible common stock”) to Arcline Arxis Advisory I, L.P., valued at approximately $129,680. The associated compensation expense will be recognized over a five-year requisite service period. Concurrently, the Company entered into the Convertible-Related Tax Receivable Agreement with Arcline Arxis Advisory I, L.P. The current estimate of the total liability under the Convertible-Related Tax Receivable Agreement is approximately $16,000, representing 85% of the anticipated cash tax savings to be paid to the holders of the convertible common stock.

Following the Reorganization and the IPO, as of April 16, 2026, the Company’s outstanding common stock consists of Class A common stock, Class B common stock and convertible common stock. As of April 17, 2026, there were 69,657,950 shares of Class A common stock outstanding, 340,676,783 shares of Class B common stock outstanding and one share of convertible common stock outstanding. The Company has authorized 3,500,000,000 shares of Class A common stock, 3,500,000,000 shares of Class B common stock, 500,000,000 shares of Class C common stock, par value $0.01 (“Class C common stock”) and one share of convertible common stock. There are no shares of Class C common stock outstanding.

Initial Public Offering

In April 2026, the Company consummated its IPO, in which the Company issued and sold 40,500,000 shares of its Class A common stock at a public offering price of $28.00 per share. In connection with the IPO, the underwriters exercised the overallotment option in full to purchase 6,075,000 additional shares of Class A common stock. The aggregate gross proceeds from the offering, including the overallotment, were $1,304,100. After deducting underwriting discounts and commissions of $61,945 and offering costs of $21,571, the Company received net proceeds of $1,220,584.

On April 17, 2026, the Company used the net proceeds from the IPO and the underwriters’ exercise of the overallotment option to repay $746,000 of the outstanding borrowings under the 2025 Term Loan. On April 24, 2026, the Company used additional net proceeds to repay $200,000 of the outstanding borrowings under the 2025 Term Loan. The remaining net proceeds were used, or are intended to be used, for working capital and other general corporate purposes.

Inventories (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	March 31, 2026		December 31, 2025
Raw material	$	123,171	$	121,609
Work-in-progress		126,689		120,333
Finished goods		76,135		73,662
Inventories	$	325,995	$	315,604

Segment Information - Schedule of reconciliation of Segment Adjusted EBITDA to Net income (loss) before income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Segment Adjusted EBITDA	$ 182,941	$ 134,125
Corporate costs	7,746
Interest expense, net	43,958	68,260
Depreciation and amortization	51,528	48,994
Acquisition and integration costs	722	18,749
Restructuring Costs	270	1,737
Transaction and other deal related expenses	7,225	881
Share-based compensation expense	2,480	2,330
Net income (loss) before income taxes	$ 69,012	$ (6,826)

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of estimated future payments for the undiscounted environmental investigation and remediation liability

The following represents estimated future payments for the undiscounted environmental investigation and remediation liability related to the Bloomfield campus as of March 31, 2026:


Year Ending December 31,	Amount
Remaining portion of 2026	$	249
2027		195
2028		288
2029		464
2030		75
Thereafter		3,794
Total	$	5,065

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue recognized from contract liabilities	$ 8,839	$ 8,886

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands	Jan. 05, 2026	Jun. 27, 2025	Jan. 08, 2025	Mar. 31, 2026	Dec. 31, 2025
Business Combination [Line Items]
Goodwill				$ 2,756,880	$ 2,745,351
Micro-Tronics
Business Combination [Line Items]
Business combination acquisition date	Jan. 05, 2026
Percentage of equity interest from acquisition	100.00%
Business combination consideration transferred	$ 71,609
Payment to acquire business	25,000
Total assets acquired	74,969
Intangible assets	26,400
Goodwill	17,775
Property, plant and equipment	16,288
Other current and non-current assets	14,506
Total liabilities assumed	$ 3,360
Oldham Seals Group Limited
Business Combination [Line Items]
Percentage of equity interest from acquisition		100.00%
Business combination consideration transferred		$ 115,099
Deferred consideration		331
Acquisition cost incurred		92,000
Total assets acquired		135,222
Intangible assets		54,532
Goodwill		58,586
Cash and cash equivalents		10,690
Property, plant and equipment		4,842
Other current and non-current assets		6,572
Total liabilities assumed		19,792
Deferred tax liabilities		$ 14,924
Spira
Business Combination [Line Items]
Business combination acquisition date			Jan. 08, 2025
Percentage of equity interest from acquisition			100.00%
Business combination consideration transferred			$ 49,916
Deferred consideration			551
Acquisition cost incurred			42,000
Total assets acquired			60,757
Intangible assets			21,700
Goodwill			27,933
Property, plant and equipment			2,635
Other current and non-current assets			8,489
Total liabilities assumed			10,290
Deferred tax liabilities			$ 5,658

Summary of Significant Accounting Policies (Additional Information) (Details)	3 Months Ended
	Mar. 31, 2026
Minimum
Summary of Significant Accounting Policies [Line Items]
Payment terms	30 Days
Finite-lived intangible assets, estimated useful life	5 years
Minimum \| Building
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	15 years
Minimum \| Machinery and Equipment
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	1 year
Minimum \| Furniture and Fixtures
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	1 year
Maximum
Summary of Significant Accounting Policies [Line Items]
Payment terms	60 days
Finite-lived intangible assets, estimated useful life	30 years
Maximum \| Building
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	40 years
Maximum \| Machinery and Equipment
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	20 years
Maximum \| Furniture and Fixtures
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives	15 years

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed combined financial statements should be read in conjunction with the Company's audited combined financial statements and the related notes thereto included in the Company's prospectus filed with the SEC on April 16, 2026 pursuant to Rule 424(b) of the Securities Act of 1933, as amended, in connection with the Company's initial public offering (“IPO”) (the "Prospectus"). See "Note 17. Subsequent Events" for further details regarding the IPO. The December 31, 2025 Condensed Combined Balance Sheet was derived from the Company's audited combined financial statements. The accompanying unaudited condensed combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. In the opinion of management, the unaudited condensed combined financial statements reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for a fair presentation of the Company's condensed combined financial position, results of operations, and cash flows for the interim periods presented. Quarterly results are not necessarily indicative of the results to be expected for the entire fiscal year. The financial statements as of March 31, 2026 and December 31, 2025, and for the three months ended March 31, 2026 and 2025 combine: (i) the consolidated financial statements of Arcline Engineered Polymer Topco, L.P., (ii) the consolidated financial statements of Hawkeye TopCo, L.P., (iii) the consolidated financial statements of Connector TopCo, L.P., and (iv) the financial statements of Ovation TopCo, L.P., which include only the operations and entities contributed to Arxis, Inc. and therefore do not represent the full consolidated results of Ovation TopCo, L.P. For each of the aforementioned consolidated financial statements, all significant intercompany accounts and transactions have been eliminated in consolidation. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies from those described in the audited combined financial statements and related notes included in the Prospectus. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported periods. Actual results may differ from these estimates. Significant estimates and assumptions include those related to the carrying amount of property, plant and equipment, goodwill and other intangible assets, fair value of assets acquired, the allowance for credit losses, the valuation of inventories, income taxes, including valuation allowances on deferred tax assets, share-based compensation, assets and obligations related to employee benefits, environmental liabilities and other contingencies, and accounting for over-time contracts with customers. Estimates are based on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Revenue Recognition The Company recognizes revenue using the five-step model prescribed in ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company generates revenue primarily from the design, manufacture, and sale of highly engineered electronic and mechanical components used in mission-critical, harsh-environment applications. Based on the Company’s production cycle, it is generally expected that goods related to the revenue will be manufactured, shipped and billed within twelve months of the customer purchase order. Revenue is recognized from the sale of products when obligations under the terms of the contract are satisfied, and control of promised goods has transferred to the customer. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods. Revenue is measured at the amount of consideration the Company expects to be paid in exchange for goods. A majority of the Company’s revenue is recognized at a point in time. The Company typically sells electronic and mechanical components based on a customer purchase order, which generally includes a fixed price per unit. The Company satisfies the performance obligation generally upon shipment of the goods to the customer or delivery, depending on contractual terms, as this is when control transfers to the customer. The Company also provides repair, overhaul, and other service activities which are not material. If a contract contains multiple performance obligations, the transaction price is allocated on a relative standalone selling price basis. Standalone selling price is determined using observable prices where available or estimated based on market conditions and internally approved pricing guidelines. For certain contracts, revenue is recognized over time because control transfers continuously to the customer, or the products have no alternative use and contractual termination clauses entitle the Company to payment plus a reasonable profit for performance completed to date. Progress toward completion is generally measured using the cost-to-cost method, which best depicts the transfer of control to the customer. We estimate the amount of revenue attributable to a contract earned at a given point based on certain costs plus the expected profit. Costs include direct labor, materials, subcontractor costs, and other allocable expenses. Estimates of total contract costs require judgment based on contract duration, availability of materials and labor, and technical risks. The Company performs reviews and reflects adjustments to revenue and margin in the period changes occur. These adjustments, as well as any provisions for anticipated losses, apply only to contracts recognized over time. Provisions for anticipated losses on contracts are recorded when identified. The Company does not currently expect changes in estimates and provisions for anticipated losses to materially affect revenue recognized, as the Company’s over time contracts are generally short in duration and cost-to-complete estimates are subject to a limited period of uncertainty. Certain contracts include variable amounts such as award fees, incentive fees, penalties, or other adjustments. Variable consideration is included in the estimated transaction price when there is a basis to reasonably estimate the amount, including whether the estimate should be constrained based on determination of whether it is probable a significant reversal of revenue in a future period could occur. These estimates require judgment and consider historical performance, contractual terms, and expected outcomes. Contract modifications are assessed to determine whether they create new, or change existing, enforceable rights and obligations. Modifications for goods or services that are not distinct are accounted for as part of the existing contract, with cumulative catch-up adjustments to revenue recorded as appropriate. Modifications for distinct goods or services are treated as separate contracts. In the normal course of business, the Company does not accept product returns unless the items are defective as manufactured. In addition, the Company does not typically provide customers with the right to a refund. The Company establishes provisions for estimated returns due to defective products and warranties as required. Some products are covered by a standard assurance warranty, which promises that delivered products conform to contract specifications. The warranty periods typically extend for a limited duration following transfer of control of the product. The Company does not sell extended warranties and does not provide warranties outside of fixing defects that existed at the time of sale. As such, warranties are accounted for under ASC 460, Guarantees and not as a separate performance obligation. Customers generally have payment terms between 30 and 60 days from the satisfaction of the performance obligations. The Company’s contracts with customers generally do not include significant financing components or non-cash consideration. The Company has elected the following practical expedients and policy elections allowable under ASC 606: • The Company elected to exclude from its transaction price any amounts collected from customers for all sales taxes. • The Company elected to account for shipping and handling activities as fulfillment costs rather than as a separate performance obligation. Shipping and handling costs incurred are included within Cost of revenue. Amounts billed to a customer related to shipping and handling are included within Revenue. • The Company elected to not disclose remaining performance obligations with an original expected duration of one year or less. • The Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset is one year or less. Research and Development Costs The Company expenses research and development costs as incurred. Research and development costs are recorded within Selling, general and administrative expenses and were not material for the three months ended March 31, 2026 and 2025. Cash and Cash Equivalents Cash and cash equivalents include cash and liquid investments with original maturities of three months or less. The carrying amounts approximate fair value due to the high liquidity and short maturity of these instruments. Accounts Receivable The Company’s accounts receivable primarily consist of trade accounts receivable from third party customers. The amounts due are stated net of an allowance for credit losses. The allowance for credit losses is based on historical losses, current economic conditions, geographic considerations, and in some cases, evaluating specific customer accounts for risk of loss. All provisions for allowances for credit losses are included in Selling, general and administrative expenses. Inventories Inventory is reported at the lower of cost (using the first-in, first-out and weighted-average methods) or net realizable value. Net realizable value adjustments for slow-moving and obsolete inventories are provided based on current assessments about future product demand and production requirements. Contract Assets and Contract Liabilities The timing of revenue recognition may differ from the timing of customer invoicing and payments received. The Company’s contract assets include unbilled amounts, reflecting revenue recognized for performance obligations satisfied in advance of customer billings which arise from sales under contracts accounted for over time when the cost-to-cost method of revenue recognition is applied. As the right to payment is not solely subject to the passage of time, these amounts are classified as contract assets and are generally presented as current, as they are expected to be billed and collected within 12 months. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. Contract assets do not exceed their net realizable value. The Company’s contract liabilities consist primarily of advance billings and payments received in excess of revenue recognized. We receive payments from customers based on the terms established in our contracts. Contract liabilities decrease as we recognize revenue from the satisfaction of the related performance obligation and are recorded as either current or long-term, depending upon when we expect to recognize such revenue. Property, Plant and Equipment Property, plant and equipment is recorded at cost. Depreciation is computed primarily on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are as follows: buildings from 15 to 40 years; leasehold improvements, the shorter of the lease term or the estimated useful life from one to 20 years; and machinery, equipment and furniture and fixtures from one to 15 years. At the time of retirement or disposal, the acquisition cost of the asset and related accumulated depreciation are eliminated, and any gain or loss is credited to or charged against operations. Maintenance and repairs are expensed as incurred; costs of major additions and betterments are capitalized. Leases The Company evaluates whether a contract contains a lease at the inception of such contract. Specifically, the Company considers whether it controls the underlying asset and has the right to obtain substantially all the economic benefits or outputs of the asset. At lease commencement, the Company records a lease liability and corresponding right-of-use (“ROU”) asset. Options to extend or terminate the lease are included as part of the ROU asset and lease liability when it is reasonably certain the Company will exercise the option. Lease liabilities are recognized at commencement based on the present value of the unpaid lease payments over the lease term. The initial measurement of the ROU asset is equal to the total of the initial measurement of the lease liability, incremental costs to obtain the lease and prepaid lease payments, less any lease incentives received. The Company uses the discount rate implicit in a lease contract, if available. As most of the Company’s leases do not provide an implicit rate, the present value of the lease liability is determined using the Company’s incremental borrowing rate at lease commencement based on information available, including relevant industry rates. Amortization of these ROU assets is included within either Cost of revenue or Selling, general and administrative expenses depending on the nature of the expense. Variable lease payments are recognized as lease expense in the period in which the obligation for those payments is incurred. The Company elected to combine lease and non-lease components for its real estate leases. Non-lease components are generally services that the lessor performs for the Company associated with the leased asset. For leases with an initial term of twelve months or less, an ROU asset and lease liability are not recognized and lease expense is recognized on a straight-line basis over the lease term. The Company tests ROU assets whenever events or changes in circumstance indicate that the asset may be impaired. Finite-Lived Intangible Assets Intangible assets primarily represent acquired intangible assets including customer relationships, developed technology, trademarks, and patents. The Company amortizes finite-lived intangible assets on a straight-line basis over their estimated useful life, ranging from 5 to 30 years. The Company routinely reviews the remaining estimated useful lives of finite-lived intangible assets. If there is a change to the estimated useful life assumption for any asset, the remaining unamortized balance is amortized prospectively over the revised estimated useful life. Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment and finite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset or asset group to the carrying value of the asset or asset group. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. There were no impairments of long-lived assets for the periods presented. Business Combinations The Company accounts for business combinations under ASC 805, Business Combinations, using the acquisition method of accounting to allocate costs of acquired businesses to the identifiable assets acquired (including intangible assets) and liabilities assumed based on their estimated fair values at the dates of acquisition. The total purchase consideration is generally measured as the fair value of the cash or non-cash assets transferred and equity instruments issued at the acquisition date. The Company recognizes goodwill if the fair value of the total purchase consideration is in excess of the fair value of the identifiable assets acquired net of liabilities assumed. The valuations of the assets acquired and liabilities assumed will impact future operating results. Determining the fair value of assets acquired and liabilities assumed requires judgment and often involves the use of estimates and assumptions which may be significant, including assumptions with respect to future cash inflows and outflows, revenue growth rates and EBITDA margins, discount rates, and market multiples, among other items. We determine the fair values of assets acquired and liabilities assumed generally in consultation with third-party valuation advisors. Fair value adjustments to the Company’s assets and liabilities are recognized and the results of operations of the acquired business are included in our financial statements from the effective date of the merger or acquisition. Costs incurred by the Company that are directly attributable to the acquisition are expensed within Selling, general and administrative expenses. Goodwill and Other Intangible Assets The Company does not amortize goodwill or intangible assets that are deemed to have indefinite useful lives. The Company reviews these assets at least annually for impairment, on the first day of the fourth quarter. Additionally, these assets are also reviewed for possible impairment whenever changes in circumstances indicate that the fair value of a reporting unit is more likely than not below its carrying value. The Company first assesses qualitative factors to determine whether events and circumstances indicate that it is necessary to perform a quantitative impairment test. In the quantitative impairment test, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. Fair value of the reporting unit is determined using an income or market approach based on estimates of cash flows for each reporting unit, with those cash flows discounted to present value using rates commensurate with the risks associated with those cash flows. No impairment charge was recorded for the periods presented. Debt Debt is classified as current or noncurrent based on the maturity of the Company’s financing arrangements. Long-term debt balances are reported net of debt issuance costs, which represent legal and other direct costs related to the Company’s debt. Debt issuance costs on the Company’s term loans are amortized to interest expense using the effective interest method through maturity date of the instrument. Debt issuance costs associated with the Company’s revolving credit facilities and delayed draw term loans are classified as an asset within Other assets, and are amortized to interest expense ratably over the contractual term of the underlying instrument. Fair Value Measurements and Financial Instruments The Company measures certain assets and liabilities at fair value in accordance with ASC 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value and a fair value hierarchy based on the observability of inputs. The fair value hierarchy is as follows: Level 1 – Quoted prices for identical assets or liabilities in active markets; Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be derived from or corroborated by observable market data or by correlation or other means; and Level 3 – Significant unobservable inputs that reflect the Company’s best estimate of fair value from the perspective of a market participant. The Company’s financial instruments that are not remeasured at fair value include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and debt. The carrying values of these financial instruments materially approximate their fair values. Interest Rate Hedges The Company uses interest rate hedging instruments (caps or collars) to limit exposure to variability in cash flows on certain floating-rate debt instruments should interest rates rise above a certain level. Interest rate hedges have been designated by the Company as an economic hedge rather than an accounting hedge. Interest rate hedges are recognized at fair value every reporting period and the current portion of the interest rate hedges is included within Prepaid expenses and other current assets or Accrued expenses and other current liabilities and the non-current portion of interest rate hedges is included within Other assets or Other long-term liabilities. The changes in the fair value of the interest rate hedges are reported as a component of Interest expense, net. Fair value of the interest rate hedges is calculated using Level 2 inputs. See “Note 11. Debt” for further information. Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivable. The carrying amounts of these items, as well as trade accounts payable, approximate fair value due to the short-term maturity of these instruments. The Company maintains its cash in bank accounts that, at times, exceeds federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk regarding cash. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers composing the Company’s customer base. As of March 31, 2026 and December 31, 2025, no individual customer accounted for more than 10% of accounts receivable. For the three months ended March 31, 2026 and 2025, no individual customer accounted for more than 10% of revenue. Income Taxes The Company prepared the combined tax provision for these condensed combined financial statements based on the individual tax attributes of Arcline Engineered Polymer Topco, L.P., Hawkeye TopCo, L.P., Connector TopCo, L.P., and Ovation TopCo, L.P. and certain of their respective wholly-owned subsidiaries. The Company’s tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter. The Company updates its estimated annual effective tax rate each quarter and records a year-to-date adjustment to the income tax provision. The estimated annual effective tax rate may change in subsequent periods. The Company accounts for income taxes in accordance with ASC 740, Income Taxes, using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as for operating loss, capital loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the realizability of deferred tax assets on a quarterly basis. A valuation allowance is recorded to reduce deferred tax assets when, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.The Company assesses all available positive and negative evidence, including historical income and losses, estimated future income and loss, reversal of existing temporary differences, and tax planning strategies. The valuation allowance assessment is based on the Company's best estimate of future results considering all available information. The Company records a benefit for uncertain tax positions in the financial statements only when it determines it is more likely than not that such a position will be sustained upon examination by taxing authorities based on the technical merits of the position. Unrecognized tax benefits represent the difference between the position taken in the tax return and the benefit reflected in the financial statements. It is the Company’s policy to record interest and penalties on unrecognized tax benefits as income taxes. Share-Based Compensation The Company accounts for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation (“ASC 718”), including certain receivables due from related parties, where recourse exists to the equity interests of the executive. Equity-classified awards are measured at grant date fair value and are not subsequently remeasured. Compensation cost for equity-classified awards is recognized over the requisite service period for time-based awards and when the applicable performance condition is considered probable of achievement for performance-based awards. Liability-classified awards are initially measured at fair value on the grant date and subsequently remeasured at fair value at each reporting date until settlement. Compensation cost for liability-classified performance-based awards is recognized when the applicable performance condition is considered probable of achievement, for awards that are probable to vest. When the performance condition is event based, the Company generally does not determine the performance condition is probable until such event occurs. Once vested, changes in fair value are recognized immediately in compensation expense until settlement. The fair value of each award is estimated on the date of grant using an Option Pricing Methodology, under a risk neutral framework. Liability-classified awards are remeasured at fair value at each reporting date using the same valuation methodology. A number of assumptions are used to determine the fair value of awards granted. These include expected term, dividend yield, volatility of the awards and the risk-free interest rate. The Company has classified share-based compensation within Selling, general and administrative expenses to correspond with the classification of employees that receive awards. Award forfeitures are accounted for as incurred at the time of the forfeiture. See “Note 14. Members’ Equity” for further information. Employee Benefit Plans The Company accounts for its defined benefit pension plan and supplemental retirement plan by recognizing the overfunded or underfunded status of the plan, calculated as the difference between the plan assets and the projected benefit obligation, as an asset or liability on the balance sheet, with changes in the funded status recognized in comprehensive income (loss) in the year in which they occur. Vested benefit obligations are determined based on the present value of vested benefits to which an employee is currently entitled based on his or her expected date of separation or retirement. Expenses and liabilities associated with the plan are determined based upon actuarial valuations. Integral to the actuarial valuations are a variety of assumptions including expected return on plan assets and discount rate. The Company regularly reviews these assumptions, which are updated as of the December 31 measurement date. Differences between actual results and assumptions are recognized in other comprehensive income (loss) and subsequently recognized in earnings over the future or remaining service period, as applicable, which impacts pension expense in future periods. Loss Contingencies The Company is subject to environmental regulation by federal, state, and local authorities in the United States and regulatory authorities with jurisdiction over its foreign operations. When the Company becomes aware of environmental risk, it performs a site study to ascertain the potential magnitude of contamination and the estimated cost of investigation and remediation. The Company is also subject to various legal proceedings that arise in the ordinary course of business, including product liability matters and commercial commitments primarily relating to the guarantee of future performance on certain contracts. Environmental costs, product liability matters, and commercial commitments are accrued when it is probable that a liability has been incurred, and the amount can be reasonably estimated. If there is any change in the cost and/or timing of investigation and the remediation, the accrual is adjusted accordingly. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings. See “Note 12. Commitments and Contingencies” for further information. Foreign Currency Translation The Company has certain operations outside the United States that prepare financial statements in currencies other than the U.S. dollar. For these operations, results of operations and cash flows are translated using the average exchange rate throughout the period. Assets and liabilities are generally translated using end of period rates. The gains and losses associated with these translation adjustments are included as a component of Members’ equity. Gains and losses resulting from foreign currency transactions are included within Other income, net. Recent Accounting Pronouncements Yet to be Adopted In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements." The amendments in this ASU clarify interim disclosure requirements and their applicability. This ASU results in a comprehensive list of interim disclosures that are required by GAAP. The ASU is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, “Income Statement (Topic 220): Disaggregation of Income Statement Expenses,” which requires additional disclosures of certain amounts included in the expense captions presented on a company’s income statement as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures.

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The change in the carrying amount of goodwill by reportable segment were as follows:


	Electronic Components			Mechanical Components			Total
Balance as of December 31, 2025	$		1,307,611	$		1,437,740	$		2,745,351
Additions		—			17,775			17,775
Foreign currency translation		(548)			(5,698)			(6,246)
Balance as of March 31, 2026	$	1,307,063		$	1,449,817		$	2,756,880

Intangible Assets

Intangible assets consisted of the following:


	March 31, 2026
	Weighted- Average Remaining Useful Lives (in years)	Gross Amount		Accumulated Amortization				Net Book Value
Amortized intangible assets:
Customer lists / relationships	20	$	2,120,784	$		(297,837	)	$	1,822,947
Patents and technology	16		401,275			(48,899	)		352,376
Trademarks / trade names	14		252,902			(49,938	)		202,964
Total amortized intangible assets			2,774,961			(396,674	)		2,378,287
Indefinite-lived intangible assets:
Trademarks / trade names			36,800		—				36,800
Total intangible assets		$	2,811,761	$		(396,674	)	$	2,415,087


	December 31, 2025
	Gross Amount		Accumulated Amortization			Net Book Value
Amortized intangible assets:
Customer lists / relationships	$	2,107,860	$	(273,349	)	$	1,834,511
Patents and technology		395,546		(42,416	)		353,130
Trademarks / trade names		250,873		(45,435	)		205,438
Total amortized intangible assets		2,754,279		(361,200	)		2,393,079
Indefinite-lived intangible assets:
Trademarks / trade names		36,800		—			36,800
Total intangible assets	$	2,791,079	$	(361,200	)	$	2,429,879

Estimated Amortization Expense for Amortized Intangible Assets

As of March 31, 2026, estimated amortization expense for amortized intangible assets for the next five years and thereafter was as follows:


Years Ending December 31:	Amount
Remaining portion of 2026	$	107,994
2027		143,665
2028		143,565
2029		143,454
2030		142,123
Thereafter		1,697,486
Total expected future amortization expense	$	2,378,287

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of reportable segments	2
Segment Reporting, Expense Information Used by CODM, Description	The CODM evaluates the performance of the segments and allocates resources to them based on segment adjusted earnings before interest, taxes, depreciation and amortization adjusted for other non-cash or non-recurring items (“Segment Adjusted EBITDA”) that management believes are not reflective of the Company’s ongoing core operations.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Accounts Receivable - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Receivables [Abstract]
Trade receivables	$ 247,180	$ 219,870
Less: allowance for credit losses	(2,903)	(2,934)
Accounts receivable, net	$ 244,277	$ 216,936

Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following:


	March 31, 2026			December 31, 2025
Trade receivables	$	247,180		$	219,870
Less: allowance for credit losses		(2,903	)		(2,934	)
Accounts receivable, net	$	244,277		$	216,936

Employee Retirement Plans - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Deferred Compensation Plans \| Other Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets investment	$ 32,643,000		$ 32,728,000
Deferred Compensation Plans \| Accrued Expenses and Other Current Liabilities
Defined Benefit Plan Disclosure [Line Items]
Liabilities under plan current	2,566,000		2,566,000
Deferred Compensation Plans \| Other Long-term Liabilities
Defined Benefit Plan Disclosure [Line Items]
Liabilities under plan noncurrent	14,785,000		$ 16,490,000
Defined Contribution Plans
Defined Benefit Plan Disclosure [Line Items]
Contributions made to plans	3,460	$ 3,783
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Contributions made to plans	0	$ 0
Contributions expected to be made during remainder of 2026	$ 0

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

Note 16. Related Party Transactions

Consulting and Advisory Agreement

The Company has an advisory and consulting services agreement with Arcline Arxis Advisory I, L.P., an affiliate of Arcline Investment Management, L.P. (“Arcline”). The Company pays advisory fees upon consummation of certain transactions. The agreements expire upon the mutual agreement of Arcline and the Company. For the three months ended March 31, 2026 and 2025, the Company incurred $732 and $1,203, respectively, and paid $613 and $1,086, respectively, for these services. The costs are included within Selling, general and administrative expenses in the Condensed Combined Statements of Operations.

Payables due to Related Parties

The Company has a note payable due to an affiliate of Arcline of $5,500, which is unsecured and due in April 2030 and is included in Other long-term liabilities for the periods presented. The notes are interest-bearing at SOFR plus 3.50% and mature on April 19, 2030 with outstanding principal and interest due at that time.

Receivables due from Related Parties

The Company has entered into notes receivable with certain executives of the Company. The notes are interest-bearing at the long-term applicable federal rate as of the date of issuance. The notes receivable mature in ten years from the date of issuance, or earlier under certain triggering events, with outstanding principal and interest due at that time. The notes are secured with recourse to the equity interests of the respective executive.

The notional amount of the outstanding notes receivable as of March 31, 2026 and December 31, 2025 was $7,000 and $28,500, respectively, and is recorded within Members’ equity on the Condensed Combined Balance Sheets. During the three months ended March 31, 2026, notes receivable with an aggregate notional amount of $21,500 were extinguished, of which $4,000 was settled in cash and $17,500 was settled through the surrender, transfer, and cancellation of certain equity interests held by the respective borrower.

Leases

The Company leases certain manufacturing facilities and transportation equipment under operating leases with affiliates of Arcline. Total related party lease payments were not material for the three months ended March 31, 2026 and 2025.

Transition Services Agreements

As of March 31, 2026 and December 31, 2025, the Company had $1,579 and $4,622, respectively, of receivables due from affiliates of Arcline recorded within Prepaid expenses and other current assets on the Condensed Combined Balance Sheets, for services provided under transition service agreements (“TSAs”). These amounts relate to technology, finance, human resources, and payroll support and are expected to be billed and collected within twelve months. The TSAs are valid until mutual agreement to terminate. During the three months ended March 31, 2026 and 2025, the Company did not recognize income related to these TSAs.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Revenue - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Contract assets, current	$ 78,786	$ 67,780
Contract liabilities, current	(23,876)	(30,027)
Contract liabilities, noncurrent	(1,414)	(1,414)
Total contract liabilities	(25,290)	(31,441)
Net contract assets	$ 53,496	$ 36,339

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended
	May 28, 2026	Apr. 24, 2026	Apr. 17, 2026	Apr. 16, 2026	Apr. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Class A Common Stock
Subsequent Event [Line Items]
Common stock, shares outstanding						270,898,752	270,876,675
Class B Common Stock
Subsequent Event [Line Items]
Common stock, shares authorized						30,082,753
Common stock, shares outstanding						21,633,187	23,726,763
Subsequent Event
Subsequent Event [Line Items]
Subsequent events evaluation through date	May 28, 2026
Accelerated recognition of compensation expense	$ 81,000
Subsequent Event \| Class A Common Stock
Subsequent Event [Line Items]
Common stock, par value			$ 0.01
Restricted stock issued				10,563,406
Common stock, shares authorized			3,500,000,000
Common stock, shares outstanding			69,657,950
Subsequent Event \| Class B Common Stock
Subsequent Event [Line Items]
Common stock, par value			$ 0.01
Common stock, shares authorized			3,500,000,000
Common stock, shares outstanding			340,676,783
Subsequent Event \| Class C Common Stock
Subsequent Event [Line Items]
Common stock, par value			$ 0.01
Common stock, shares authorized			500,000,000
Common stock, shares outstanding			0
Subsequent Event \| Convertible Common Stock
Subsequent Event [Line Items]
Common stock, shares authorized			1
Common stock, shares outstanding			1
Subsequent Event \| Affiliate of Arcline \| Convertible-Related Tax Receivable Agreement
Subsequent Event [Line Items]
Anticipated cash tax savings to be paid to holders of convertible common stock	$ 16,000
Anticipated cash tax savings percentage to be paid to holders of convertible common stock	85.00%
Subsequent Event \| IPO \| Class A Common Stock
Subsequent Event [Line Items]
Shares issued and sold					40,500,000
Offering price					$ 28
Underwriting discounts and commissions					$ 61,945
Offering costs					21,571
Gross proceeds					1,304,100
Net proceeds					$ 1,220,584
Overallotment option to purchase additional shares					6,075,000
Subsequent Event \| IPO \| 2025 Term Loan \| Class A Common Stock
Subsequent Event [Line Items]
Underwriters exercise overallotment option to repay		$ 200,000	$ 746,000
Subsequent Event \| IPO and Reorganization \| Affiliate of Arcline
Subsequent Event [Line Items]
Compensation expense will be recognized over requisite service period				5 years
Subsequent Event \| IPO and Reorganization \| Affiliate of Arcline \| Common Stock
Subsequent Event [Line Items]
Common stock, par value				$ 0.01
Convertible stock issued, shares				1
Convertible stock issued, value				$ 129,680
Subsequent Event \| Arxis Businesses \| Class A Common Stock
Subsequent Event [Line Items]
Common stock issued in consideration				23,082,950
Common stock, par value				$ 0.01
Subsequent Event \| Arxis Businesses \| Class B Common Stock
Subsequent Event [Line Items]
Common stock issued in consideration				340,676,783
Common stock, par value				$ 0.01

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 36,023	$ 34,080

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 9. Goodwill and Intangible Assets

Goodwill

The change in the carrying amount of goodwill by reportable segment were as follows:


	Electronic Components			Mechanical Components			Total
Balance as of December 31, 2025	$		1,307,611	$		1,437,740	$		2,745,351
Additions		—			17,775			17,775
Foreign currency translation		(548)			(5,698)			(6,246)
Balance as of March 31, 2026	$	1,307,063		$	1,449,817		$	2,756,880

Intangible Assets

Intangible assets consisted of the following:


	March 31, 2026
	Weighted- Average Remaining Useful Lives (in years)	Gross Amount		Accumulated Amortization				Net Book Value
Amortized intangible assets:
Customer lists / relationships	20	$	2,120,784	$		(297,837	)	$	1,822,947
Patents and technology	16		401,275			(48,899	)		352,376
Trademarks / trade names	14		252,902			(49,938	)		202,964
Total amortized intangible assets			2,774,961			(396,674	)		2,378,287
Indefinite-lived intangible assets:
Trademarks / trade names			36,800		—				36,800
Total intangible assets		$	2,811,761	$		(396,674	)	$	2,415,087


	December 31, 2025
	Gross Amount		Accumulated Amortization			Net Book Value
Amortized intangible assets:
Customer lists / relationships	$	2,107,860	$	(273,349	)	$	1,834,511
Patents and technology		395,546		(42,416	)		353,130
Trademarks / trade names		250,873		(45,435	)		205,438
Total amortized intangible assets		2,754,279		(361,200	)		2,393,079
Indefinite-lived intangible assets:
Trademarks / trade names		36,800		—			36,800
Total intangible assets	$	2,791,079	$	(361,200	)	$	2,429,879

Amortization expense for amortized intangible assets was $36,023 and $34,080 for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, estimated amortization expense for amortized intangible assets for the next five years and thereafter was as follows:


Years Ending December 31:	Amount
Remaining portion of 2026	$	107,994
2027		143,665
2028		143,565
2029		143,454
2030		142,123
Thereafter		1,697,486
Total expected future amortization expense	$	2,378,287

Segment Information - Schedule of total assets by reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Total assets	$ 6,639,729	$ 6,596,434
Electronic Components
Segment Reporting Information [Line Items]
Total assets	3,081,821	3,059,230
Mechanical Components
Segment Reporting Information [Line Items]
Total assets	$ 3,557,908	$ 3,537,204

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
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+ Details

Commitments and Contingencies - Schedule of estimated future payments for the undiscounted environmental investigation and remediation liability (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining portion of 2026	$ 249
2027	195
2028	288
2029	464
2030	75
Thereafter	3,794
Total	$ 5,065

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 22,231	$ 20,821
Other current assets	33,747	36,237
Prepaid expenses and other current assets	$ 55,978	$ 57,058

Debt - Additional Information (Details) - USD ($)		3 Months Ended
Debt - Additional Information (Details) - USD ($)	Feb. 26, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Apr. 30, 2025
Debt Instrument [Line Items]
Long term debt		$ 2,679,720,000
Loss on extinguishment of debt			$ (15,535,000)
Interest Rate Hedges
Debt Instrument [Line Items]
Cap interest rate					5.00%
Notional amount of interest rate collars		$ 1,788,000,000		$ 1,791,000,000
Interest rate collars termination period		2028-12
Interest Rate Hedges \| Interest Expense, Net
Debt Instrument [Line Items]
Change in fair value of interest rate collars		$ 725,000
Interest Rate Hedges \| Other Long-term Liabilities
Debt Instrument [Line Items]
Fair value of interest rate collars		1,749,000		2,474,000
Interest Rate Hedges \| Minimum
Debt Instrument [Line Items]
Floor interest rate					1.90%
Interest Rate Hedges \| Maximum
Debt Instrument [Line Items]
Floor interest rate					2.50%
2025 Credit Agreement \| Interest Expense, Net
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 15,535,000
2025 Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Letter of credit sublimit	$ 65,000,000
Debt issuance costs	38,907,000
Letter of credit swingline sublimit	100,000,000
2025 Credit Agreement \| 2025 DDTL
Debt Instrument [Line Items]
Credit facility borrowing capacity	$ 250,000,000
Debt instrument maturity date	Feb. 26, 2032
Debt instrument draw date	Feb. 26, 2027
Long term debt		49,000,000		24,000,000
2025 Credit Agreement \| 2025 Revolver
Debt Instrument [Line Items]
Credit facility borrowing capacity	$ 400,000,000
Debt instrument maturity date	Feb. 26, 2030
Letter of credit sublimit		3,716,000
Long term debt		0		$ 0
Letter of credit available borrowing capacity		$ 396,284,000
2025 Credit Agreement \| 2025 Term Loan
Debt Instrument [Line Items]
Debt instrument amount	$ 2,650,000,000
Debt instrument maturity date	Feb. 26, 2032

Goodwill and Intangible Assets - Summary of Intangible Assets with Definite and Indefinite Lives (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Intangible Asset, Acquired, Finite-Lived [Line Items]
Amortized intangible assets, Gross Amount	$ 2,774,961	$ 2,754,279
Amortized intangible assets, Accumulated Amortization	(396,674)	(361,200)
Amortized intangible assets, Net Book Value	2,378,287	2,393,079
Total intangible assets, Gross Amount	2,811,761	2,791,079
Total intangible assets, Net Book Value	2,415,087	2,429,879
Trademarks / trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Indefinite-lived intangible assets	$ 36,800	36,800
Customer lists / relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Weighted-Average Remaining Useful Lives (in years)	20 years
Amortized intangible assets, Gross Amount	$ 2,120,784	2,107,860
Amortized intangible assets, Accumulated Amortization	(297,837)	(273,349)
Amortized intangible assets, Net Book Value	$ 1,822,947	1,834,511
Patents And Technology [Member]
Intangible Asset, Acquired, Finite-Lived [Line Items]
Weighted-Average Remaining Useful Lives (in years)	16 years
Amortized intangible assets, Gross Amount	$ 401,275	395,546
Amortized intangible assets, Accumulated Amortization	(48,899)	(42,416)
Amortized intangible assets, Net Book Value	$ 352,376	353,130
Trademarks / trade names [Indefinite]
Intangible Asset, Acquired, Finite-Lived [Line Items]
Weighted-Average Remaining Useful Lives (in years)	14 years
Amortized intangible assets, Gross Amount	$ 252,902	250,873
Amortized intangible assets, Accumulated Amortization	(49,938)	(45,435)
Amortized intangible assets, Net Book Value	$ 202,964	$ 205,438

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 8. Property, Plant and Equipment

Property, plant and equipment, net consisted of the following:


	March 31, 2026			December 31, 2025
Land	$	66,760		$	63,336
Building		124,163			109,479
Leasehold improvements		34,867			38,658
Machinery, equipment and furniture and fixtures		293,321			284,833
Construction in progress		22,272			22,321
Property, plant and equipment, gross		541,383			518,627
Less: accumulated depreciation		(133,049	)		(120,698	)
Property, plant and equipment, net	$	408,334		$	397,929

Depreciation expense was $15,505 and $14,914 for the three months ended March 31, 2026 and 2025, respectively.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 01, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	ARXIS, INC.
Entity Central Index Key	0002093536
Entity File Number	001-43234
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-5113483
Entity Address, Address Line One	1332 Blue Hills Avenue
Entity Address, City or Town	Bloomfield
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06002
City Area Code	860
Local Phone Number	243-7100
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	ARXS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		69,657,950
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		340,676,783
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Convertible Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 15,505	$ 14,914

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Note 11. Debt

Debt consisted of the following:


	Maturities	Effective Interest Rates	March 31, 2026			December 31, 2025
Notes Payable	2031	8.0%	$	836		$	836
2025 Term Loan	2032	6.5%		2,630,126			2,636,755
2025 DDTL	2032	6.1%		48,758			23,880
Total debt				2,679,720			2,661,471
Less: Unamortized deferred financing costs				(27,225	)		(28,159	)
Less: Current maturities				(27,103	)		(26,853	)
Total Debt, noncurrent			$	2,625,392		$	2,606,459

The following table of future payments reflects the contractual annual amounts due on all outstanding debt:


Year Ending December 31,	Amount
Remaining portion of 2026	$	20,324
2027		27,119
2028		27,130
2029		27,141
2030		27,154
Thereafter		2,550,852
Total expected future payments	$	2,679,720

2025 Credit Agreement

On February 26, 2025, the Company entered into a credit agreement (the “2025 Credit Agreement”) with the Arxis Businesses as co-borrowers. The 2025 Credit Agreement includes a senior secured term loan of $2,650,000 with a maturity date of February 26, 2032 (the “2025 Term Loan”), a senior secured revolving credit facility with a borrowing capacity of $400,000 with a maturity date of February 26, 2030 (the “2025 Revolver”), and a delayed draw term loan with commitments of $250,000 with a maturity date of February 26, 2032 (the “2025 DDTL”). The 2025 Credit Agreement includes a $65,000 letter of credit sublimit and a $100,000 swingline sublimit. The Company capitalized debt issuance costs of $38,907 in connection with the issuance. The Company may draw on the 2025 DDTL until February 26, 2027.

The proceeds from the 2025 Term Loan were used to repay all outstanding instruments under the Company’s prior credit facilities. As a result of the extinguishment of such debt, the Company recorded a loss on extinguishment of $15,535, which is included within Interest expense, net in the Condensed Combined Statements of Operations for the three months ended March 31, 2025.

As of March 31, 2026, there was no outstanding balance on the 2025 Revolver and $3,716 letters of credit were utilized, resulting in an available borrowing capacity of $396,284 on the 2025 Revolver. As of March 31, 2026, the Company had borrowed $49,000 against the 2025 DDTL. As of December 31, 2025, there was no outstanding balance on the 2025 Revolver and the Company had borrowed $24,000 against the 2025 DDTL.

Commitment Fees

The Company is subject to commitment fees, payable quarterly in arrears, on the unused portion of its revolving credit commitments and the undrawn capacity on its delayed draw term loan. Commitment fees were not material for the three months ended March 31, 2026 and 2025, and are included within Interest expense, net in the Condensed Combined Statements of Operations.

Interest Rate Hedges

In April 2025, the Company entered into interest rate collar arrangements as an economic hedge to a portion of the Company’s outstanding debt. The collars have a cap rate of 5.0% and floor rates ranging from 1.9% to 2.5%. As of March 31, 2026 and December 31, 2025, the notional amount of the interest rate collars was $1,788,000 and $1,791,000, respectively. The interest rate collars terminate in December 2028.

The fair value as of March 31, 2026 and December 31, 2025 was $1,749 and $2,474, respectively, which is included within Other long-term liabilities on the Condensed Combined Balance Sheets. For the three months ended March 31, 2026, the Company recorded a gain of $725, due to the change in fair value of the interest rate collars, which is included within Interest expense, net in the Condensed Combined Statements of Operations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Goodwill and Intangible Assets (Details) $ in Thousands	3 Months Ended
Goodwill and Intangible Assets (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Goodwill [Line Items]
Balances at period start	$ 2,745,351
Additions	17,775
Foreign currency translation	(6,246)
Balances at period end	2,756,880
Electronic Components
Goodwill [Line Items]
Balances at period start	1,307,611
Foreign currency translation	(548)
Balances at period end	1,307,063
Mechanical Components
Goodwill [Line Items]
Balances at period start	1,437,740
Additions	17,775
Foreign currency translation	(5,698)
Balances at period end	$ 1,449,817

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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- Definition

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+ Details

Employee Retirement Plans

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Employee Retirement Plans

Note 15. Employee Retirement Plans

Pension Plans

The Company sponsors certain defined benefit pension plans. Certain of these defined benefit pension plans are non-contributory and frozen and therefore no additional service costs are incurred for those plans. Other defined benefit pension plans maintained by the Company’s operating subsidiaries continue to accrue benefits for eligible participants in accordance with the respective plan provisions. Net periodic pension (income) cost was not material for the three months ended March 31, 2026 and 2025.

There were no contributions made to the Company’s defined benefit pension plans during the three months ended March 31, 2026 and 2025 and there are no contributions expected to be made during the remainder of 2026.

Deferred Compensation Plans

The Company maintains a non-qualified deferred compensation plan for certain of its employees. Generally, participants have the ability to defer a certain amount of their compensation, as defined in the agreement. The deferred compensation liability will be paid out either upon retirement or as requested based upon certain terms in the agreements and in accordance with Internal Revenue Code Section 409A. The Company holds investments in company-owned life insurance policies which are recorded at cash surrender value (Level 2). The investments are included in Other assets on the Condensed Combined Balance Sheets and were $32,643 and $32,728, as of March 31, 2026 and December 31, 2025, respectively. The liabilities under this plan were $2,566 and $2,566, which are included in Accrued expenses and other current liabilities, and $14,785 and $16,490, which are included in Other long-term liabilities on the Condensed Combined Balance Sheets, as of March 31, 2026 and December 31, 2025, respectively.

Defined Contribution Plans

The Company sponsors defined contribution plans covering substantially all eligible employees. The plans permit participants to make elective deferrals, with the Company providing matching contributions. Company contributions vary depending on the date of hire, with the majority of employees eligible for employer matching on a portion of their contributions. Employer contributions to the defined contribution plans were approximately $3,460 and $3,783 for the three months ended March 31, 2026 and 2025, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Segment Information -Schedule of Segment Reporting Electronic and Mechanical Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenues	$ 458,858	$ 380,079
Segment cost of revenue	211,616	187,758
Segment selling, general and administrative expenses	67,145	59,426
Other segment items	(2,844)	(1,230)
Segment Adjusted EBITDA	182,941	134,125
Electronic Components
Segment Reporting Information [Line Items]
Revenues	201,269	169,829
Segment cost of revenue	91,957	79,058
Segment selling, general and administrative expenses	25,042	21,079
Other segment items	(1,873)	(90)
Segment Adjusted EBITDA	86,143	69,782
Mechanical Components
Segment Reporting Information [Line Items]
Revenues	257,589	210,250
Segment cost of revenue	119,659	108,700
Segment selling, general and administrative expenses	42,103	38,347
Other segment items	(971)	(1,140)
Segment Adjusted EBITDA	$ 96,798	$ 64,343

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Segment Information - Schedule of capital expenditures by reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total capital expenditures	$ 11,703	$ 8,795
Electronic Components
Segment Reporting Information [Line Items]
Total capital expenditures	3,950	2,094
Mechanical Components
Segment Reporting Information [Line Items]
Total capital expenditures	$ 7,753	$ 6,701

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 12. Commitments and Contingencies

Asset Retirement Obligations

The Company has asset retirement obligations (“AROs”) that are conditional upon certain events.

These AROs generally include the removal and disposition of non-friable asbestos. The facilities that contain non-friable asbestos are generally maintained in place, and under applicable environmental and workplace safety requirements, removal and disposal is generally required only if these materials are disturbed in connection with a major renovation, demolition, or other disposal activity, or if conditions otherwise require abatement under applicable law. The Company has not recorded a liability as of March 31, 2026, because the Company has no current plans for activities that would trigger disturbance and does not currently believe there is a reasonable basis for estimating a date or range of dates for major renovation or demolition of these facilities. In reaching this conclusion, the Company considered the historical performance of each facility and has taken into account factors such as planned maintenance, asset replacements, and upgrades, which, if conducted as in the past, can extend the physical lives of the facilities indefinitely. The Company also considered the possibility of changes in technology and risk of obsolescence in arriving at its conclusion. The Company will continue to evaluate these conditional obligations each reporting period and will record a liability when the fair value becomes reasonably estimable, including when the timing of settlement becomes reasonably estimable.

Additionally, the Company leases various properties under contracts that give the lessor the right to make the determination as to whether the lessee must return the premises to their original condition, except for normal wear and tear. The Company does not normally make substantial modifications to leased property, and many of the Company's leases either require lessor approval of planned improvements or transfer ownership of such improvements to the lessor at the termination of the lease. Historically the Company has not incurred significant costs to return leased premises to their original condition.

Environmental Costs

The Company has certain liabilities associated with potential obligations to perform environmental remediation. As of March 31, 2026 and December 31, 2025, the accruals related to these obligations were $51,336 and $51,291, respectively, and are included within Accrued expenses and other current liabilities and Other long-term liabilities on the Condensed Combined Balance Sheets.

Moosup

The Company has certain obligations related to a former manufacturing facility in Moosup, Connecticut, that was sold to TD Development, LLC ("TD") in 2014. At the time of sale, TD assumed contractual and statutory responsibility for the environmental investigation and remediation work required at this site (subject to a cost-sharing arrangement). In September 2021, TD’s principal filed for personal bankruptcy protection, and during the course of that bankruptcy proceeding, the Company has learned that neither TD nor its principal is expected to have the means to undertake the investigation, remediation and abatement of the site. The Company has filed an objection to the issuance of a discharge in the bankruptcy proceeding.

In 2024, a settlement agreement with TD and related parties was signed, which provided the Company access to its former facility to update the environmental condition assessment of the property and remaining remediation efforts required, formalize the Company's oversight of the investigation and remediation activities with the Connecticut Department of Energy and Environmental Protection (“CDEEP”) and enable such investigation and remediation to be performed to commercial/industrial standard rather than the more stringent residential standard. Under this settlement agreement, the Company will undertake the investigation, remediation and abatement of the site, with a modest contribution from TD’s principal. The Company engaged an environmental consultant to gather the appropriate data to calculate a range for the potential environmental obligation. The environmental consultant provided an estimate of the costs that are likely to be incurred in connection with these environmental investigation and remediation activities.

As of March 31, 2026 and December 31, 2025, $45,008 and $45,015, respectively, is accrued for these environmental investigation and remediation activities in Other long-term liabilities. The aggregate undiscounted amount has been accrued because it represents the Company’s best estimate of the cost, but the timing of payments is not considered to be fixed and reliably determinable. There can be no assurance that this matter would not have an adverse impact on our business, financial condition, results of operations and/or cash flows.

Bloomfield

The Company has the responsibility for environmental investigation and remediation at its Bloomfield campus as may be required under the Connecticut Transfer Act and other environmental laws and it continues the effort to define the scope of the remediation that will be required by the CDEEP. This investigation and remediation process will take many years to complete.

As of March 31, 2026 and December 31, 2025, the Company had $5,065 and $5,003, respectively, accrued for these environmental investigation and remediation activities, a portion of which is included in Accrued expenses and other current liabilities and the remaining balance is included in Other long-term liabilities. Although it is reasonably possible that additional costs will be paid in connection with the resolution of this matter, the Company is unable to estimate the amount of such additional costs, if any, at this time. The following represents estimated future payments for the undiscounted environmental investigation and remediation liability related to the Bloomfield campus as of March 31, 2026:


Year Ending December 31,	Amount
Remaining portion of 2026	$	249
2027		195
2028		288
2029		464
2030		75
Thereafter		3,794
Total	$	5,065

Other Matters

The Company is subject to commercial matters and legal proceedings and claims that arise in the normal course of business. While the outcome of these matters cannot be predicted with certainty, the Company does not have any knowledge of any such matters that would have a material adverse effect to the condensed combined financial statements, except as disclosed below.

Commercial Commitments

In November 2024, a manufacturing business in Jacksonville, Florida (the “Jacksonville Business”) that is not part of the Arxis Businesses, was divested to a third party. Following the divestiture, the Company remained a guarantor of certain performance obligations arising under a long-term customer contract to which the Jacksonville Business is a party, pursuant to a guarantee agreement between the Company and such customer that predates the divestiture. The term of the contract covered by the guarantee ends in December 2028 and the approximate value of the contract over the remaining term is $30,000. There is no limitation to the maximum potential future liabilities under this guarantee; however, the Company has a right to indemnification from the Jacksonville Business against such losses that may arise from any failure of the Jacksonville Business to perform under the contract. Such indemnification right includes a monetary cap of $10,000, subject to customary exceptions. The Company may also have other rights or claims, at law or in equity, in connection with any failure by the Jacksonville Business to perform under the contract.

The customer has notified the Company of concerns regarding performance of the contract by the Jacksonville Business and alleged that it has incurred damages related to non-performance of the contract to date. The customer has requested that the Company fulfill its obligations under the guarantee. The Company has accrued $9,000 as of March 31, 2026 and December 31, 2025.

As a response, in January 2026, the Company commenced litigation to seek to cause the Jacksonville Business to perform the contract. Should the customer and the Jacksonville Business not resolve their dispute regarding the contract directly or should the Company be unsuccessful in causing the Jacksonville Business to perform the contract, the Company may incur a loss in respect to this matter pursuant to the guarantee. For the three months ended March 31, 2026, there were no adjustments made to the condensed combined financial statements with respect to this matter.

The Company may incur an additional loss in excess of the amount accrued, but no such loss is estimable at this time due to, among other things, the fact that the dispute raises difficult legal and factual issues and is subject to many uncertainties and complexities. Separately, as discussed above, insofar as any such amounts are asserted against the Company pursuant to the terms of the guarantee, the Company intends to exercise all of its rights and remedies against the Jacksonville Business in respect thereof, including seeking indemnification and pursuing any potential remedies. Any proceeds received will not be recognized until realization and could be in a reporting period subsequent to the period in which any loss in respect of the guarantee is probable and estimable.

K-Max Legal Contingency

The Company has certain liabilities related to a helicopter crash where the helicopter utilized the Company’s K-Max blades. The Company is named in litigation seeking damages for loss of property and business interruption.

The Company has accrued $17,388 representing the Company’s estimate of probable loss associated with the loss of property and business interruption portion of the case, which was included within Other long-term liabilities as of March 31, 2026 and December 31, 2025. The Company, in coordination with insurance, estimates that a portion of the liability on the loss of property and business interruption portion of the case will fall within insurance coverage amounts. Accordingly, the Company recognized a receivable for the amount estimated to be recoverable through insurance related to the business interruption claims of $7,779, which was included within Other assets as of March 31, 2026 and December 31, 2025. As of March 31, 2026, the Company had not recorded any changes in the estimates associated with these claims.

The claims related to loss of property and business interruption proceeded to trial and there was a verdict awarding $22,000 to the plaintiff. Additional pre-judgment and post-judgment interest will apply. The jury found there was no design defect in the K-Max blades. The Company, along with the insurance carriers, has appealed the verdict. The Company estimates that resolution of this matter is not expected to occur within twelve months of March 31, 2026.

Other than the above matters, the Company is not involved in any pending, material legal proceedings other than routine legal proceedings occurring in the ordinary course of business.

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following:


	March 31, 2026			December 31, 2025
Land	$	66,760		$	63,336
Building		124,163			109,479
Leasehold improvements		34,867			38,658
Machinery, equipment and furniture and fixtures		293,321			284,833
Construction in progress		22,272			22,321
Property, plant and equipment, gross		541,383			518,627
Less: accumulated depreciation		(133,049	)		(120,698	)
Property, plant and equipment, net	$	408,334		$	397,929

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Note 4. Revenue

The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either at a point in time or over time. Additionally, the Company disaggregates revenue based on the end market where products and services are transferred to the customer. The Company’s principal operating segments and related revenue are discussed in “Note 5. Segment Information.”

Disaggregation of Revenue

Disaggregated revenue satisﬁed at a point in time and over time was as follows:


	Three Months Ended March 31,
	2026		2025
Electronic Components
Satisﬁed at a point in time	$	142,371	$	121,354
Satisﬁed over time		58,898		48,475
Mechanical Components
Satisﬁed at a point in time		218,461		176,945
Satisﬁed over time		39,128		33,305
Total revenue	$	458,858	$	380,079

Disaggregated revenue by end market was as follows:


	Three Months Ended March 31,
	2026		2025
Electronic Components
Defense and space	$	128,211	$	110,163
Commercial aerospace		4,269		3,309
Industrial technology		68,789		56,357
Mechanical Components
Defense and space		79,085		55,555
Commercial aerospace		101,200		86,238
Industrial technology		77,304		68,457
Total revenue	$	458,858	$	380,079

Contract Balances

Contract assets and contract liabilities were as follows:


	March 31, 2026			December 31, 2025
Contract assets, current	$	78,786		$	67,780
Contract liabilities, current		(23,876	)		(30,027	)
Contract liabilities, noncurrent		(1,414	)		(1,414	)
Total contract liabilities		(25,290	)		(31,441	)
Net contract assets	$	53,496		$	36,339

Contract assets increased primarily due to new contract awards and timing of work performed resulting in progress toward completion and revenue recognition. This increase was partially offset by progress and contractual billings that reduced previously recognized contract asset balances. Contract liabilities decreased primarily as a result of revenue recognized upon completion of performance obligations, including the achievement of contractual milestones and fulfillment of orders during the period. This decrease was partially offset by advance payments received on new and existing contracts. For the three months ended March 31, 2026 and 2025, revenue recognized from contract liabilities at the beginning of the period was $8,839 and $8,886, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets -Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining portion of 2026	$ 107,994
2027	143,665
2028	143,565
2029	143,454
2030	142,123
Thereafter	1,697,486
Amortized intangible assets, Net Book Value	$ 2,378,287	$ 2,393,079

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and benefits	$ 59,145	$ 79,488
Accrued tax liabilities	18,194	17,978
Accrued professional fees	16,027	12,285
Accrued interest	1,126	16,874
Other	40,966	36,605
Accrued expenses and other current liabilities	$ 135,458	$ 163,230

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt	$ 2,679,720	$ 2,661,471
Less: Unamortized deferred financing costs	(27,225)	(28,159)
Less: Current maturities	(27,103)	(26,853)
Total Debt, noncurrent	$ 2,625,392	2,606,459
Notes Payable
Debt Instrument [Line Items]
Maturities	2031
Effective Interest Rates	8.00%
Total debt	$ 836	836
2025 Term Loan
Debt Instrument [Line Items]
Maturities	2032
Effective Interest Rates	6.50%
Total debt	$ 2,630,126	2,636,755
2025 DDTL
Debt Instrument [Line Items]
Maturities	2032
Effective Interest Rates	6.10%
Total debt	$ 48,758	$ 23,880

Condensed Combined Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 238,918	$ 250,303
Accounts receivable, net	244,277	216,936
Contract assets	78,786	67,780
Inventories	325,995	315,604
Prepaid expenses and other current assets	55,978	57,058
Total current assets	943,954	907,681
Property, plant and equipment, net	408,334	397,929
Intangible assets, net	2,415,087	2,429,879
Goodwill	2,756,880	2,745,351
Operating lease right-of-use assets, net	64,840	64,651
Other assets	50,634	50,943
Total assets	6,639,729	6,596,434
Current liabilities:
Accounts payable	58,029	56,467
Contract liabilities, current	23,876	30,027
Operating lease liabilities, current	10,701	10,584
Debt, current	27,103	26,853
Accrued expenses and other current liabilities	135,458	163,230
Total current liabilities	255,167	287,161
Debt, noncurrent	2,625,392	2,606,459
Contract liabilities, noncurrent	1,414	1,414
Operating lease liabilities, noncurrent	54,121	53,798
Deferred tax liabilities	384,078	384,420
Other long-term liabilities	136,283	139,124
Total liabilities	3,456,455	3,472,376
Members' equity	3,183,274	3,124,058
Total liabilities and members' equity	$ 6,639,729	$ 6,596,434

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2024	Mar. 31, 2026	Dec. 31, 2025
Site Contingency [Line Items]
Contract over remaining term of guarantee amount	$ 30,000
Indemnification right includes a monetary cap	$ 10,000
Accruals related to obligations		$ 51,336	$ 51,291
Estimate of probable loss		17,388	17,388
Estimated to be recoverable through insurance related to business interruption claims		7,779	7,779
Awarding to plaintiff		22,000
Damages Related To NonPerformance Contract To Date
Site Contingency [Line Items]
Accrual for payments due to customer under agreement		9,000	9,000
Moosup
Site Contingency [Line Items]
Accrual for payments due to customer under agreement		45,008	45,015
Bloomfield
Site Contingency [Line Items]
Accrual for payments due to customer under agreement		$ 5,065	$ 5,003

Condensed Combined Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 53,309	$ (4,324)
Other comprehensive income (loss), net of tax:
Foreign currency translation (loss) gain	(15,038)	17,987
Actuarial gains related to defined benefit pension plans	5
Other comprehensive (loss) income	(15,033)	17,987
Total comprehensive income (loss), net of tax	$ 38,276	$ 13,663

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Inventories

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories

Note 7. Inventories

Inventories consisted of the following:


	March 31, 2026		December 31, 2025
Raw material	$	123,171	$	121,609
Work-in-progress		126,689		120,333
Finished goods		76,135		73,662
Inventories	$	325,995	$	315,604

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Note 5. Segment Information

The Company has two reportable segments, Electronic Components and Mechanical Components. The Company’s segment reporting structure is consistent with how the CODM reviews the business, makes investing and resource decisions, and assesses operating performance.

The Company’s CODM is its Chief Executive Officer. The CODM evaluates the performance of the segments and allocates resources to them based on segment adjusted earnings before interest, taxes, depreciation and amortization adjusted for other non-cash or non-recurring items (“Segment Adjusted EBITDA”) that management believes are not reflective of the Company’s ongoing core operations.

Information on the Company’s two reportable segments, Electronic Components and Mechanical Components, was as follows:


	Three Months Ended March 31, 2026
	Electronic Components			Mechanical Components			Total
Revenue	$	201,269		$	257,589		$	458,858
Segment cost of revenue(1)		91,957			119,659			211,616
Segment selling, general and administrative expenses(2)		25,042			42,103			67,145
Other segment items(3)		(1,873	)		(971	)		(2,844	)
Segment Adjusted EBITDA	$	86,143		$	96,798		$	182,941


	Three Months Ended March 31, 2025
	Electronic Components			Mechanical Components			Total
Revenue	$	169,829		$	210,250		$	380,079
Segment cost of revenue(1)		79,058			108,700			187,758
Segment selling, general and administrative expenses(2)		21,079			38,347			59,426
Other segment items(3)		(90	)		(1,140	)		(1,230	)
Segment Adjusted EBITDA	$	69,782		$	64,343		$	134,125

(1)

Represents cost of revenue adjusted to exclude depreciation and amortization.

(2)

Represents selling, general and administrative expenses adjusted to exclude depreciation, transaction and other deal related expenses, acquisition and integration costs, restructuring related costs and non-cash share-based compensation expense.

(3)

Represents other income and expense adjustments that are non-recurring, non-operational, or not reflective of core performance, such as loss on disposal of assets, foreign currency gains and losses and non-operational pension impacts.

The following table provides a reconciliation of Segment Adjusted EBITDA to Net income (loss) before income taxes for the periods presented:


	Three Months Ended March 31,
	2026		2025
Segment Adjusted EBITDA	$	182,941	$		134,125
Less:
Corporate costs		7,746		—
Interest expense, net		43,958			68,260
Depreciation and amortization		51,528			48,994
Acquisition and integration costs		722			18,749
Restructuring costs		270			1,737
Transaction and other deal related expenses		7,225			881
Share-based compensation expense		2,480			2,330
Net income (loss) before income taxes	$	69,012	$		(6,826	)

Total assets by reportable segment were as follows:


	March 31, 2026		December 31, 2025
Electronic Components	$	3,081,821	$	3,059,230
Mechanical Components		3,557,908		3,537,204
Total assets	$	6,639,729	$	6,596,434

Capital expenditures by reportable segment were as follows:


		Three Months Ended March 31,
	2026			2025
Electronic Components	$		3,950	$	2,094
Mechanical Components			7,753		6,701
Total capital expenditures	$		11,703	$	8,795

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Members' Equity

3 Months Ended

Mar. 31, 2026

Members' Equity [Abstract]

Members' Equity

Note 14. Members’ Equity

As of March 31, 2026 and December 31, 2025, the Company’s outstanding units consisted of Class A-1 Units and Class A-2 Units (collectively, “Class A Units”), Class B Units (incentive units), and Growth Participation Units and Value Creation Bonus Units (equivalent Class B Units) of Arcline Engineered Polymer Topco, L.P., Hawkeye TopCo, L.P., Connector TopCo, L.P., and Ovation TopCo, L.P. Class A Units are considered preferred units and have one vote per unit. In the event of distributions, liquidation, dissolution or winding up of the Company, the holders of Class A Units have preference to any distribution over the holders of any other units whereby the Class A Unit holders are entitled to receive an amount equal to their original investments.

As of March 31, 2026 and December 31, 2025, there were 270,898,752 and 270,876,675 Class A Units outstanding, respectively.

The Company has authorized 30,082,753 Class B Units for issuance under its share-based arrangements, as defined below. As of March 31, 2026 and December 31, 2025, 21,633,187 and 23,726,763 Class B Units, respectively, have been awarded under the Company’s share-based arrangements.

Share-Based Arrangements

Management Equity Plans

Arcline Engineered Polymer Topco, L.P., Hawkeye TopCo, L.P., Connector TopCo, L.P., and Ovation TopCo, L.P. established Management Equity Plans (the “ME Plans”) under which the Board of Directors of each entity’s plan had the authority to grant Management Incentive Units (“MIUs”). The ME Plans were established to provide the participants incentive compensation via an equity award of Class B Units. The awards are intended to be “profits interests” under IRS regulations.

As of March 31, 2026, there was approximately $22,623 of unrecognized compensation expense related to non-vested time-based vesting MIUs expected to vest, which is expected to be recognized over a weighted-average period of 2.8 years. As of March 31, 2026, there was approximately $36,114 of total unrecognized compensation expense related to non-vested performance-based vesting MIUs.

Growth Participation Plans

Arcline Engineered Polymer Topco, L.P., Hawkeye TopCo, L.P., Connector TopCo, L.P., and Ovation TopCo, L.P. established the Growth Participation Plans under which the Board of Directors of each entity had the authority to grant Growth Participation Units (“GPUs”) to employees. Compensation cost is only recognized when it is probable that the vesting conditions will be met. No compensation expense has been recognized for the three months ended March 31, 2026 and 2025.

The unrecognized compensation expense related to the GPUs as of March 31, 2026 was $138,808.

Value Creation Bonus Plan

Ovation TopCo, L.P. established the Value Creation Bonus (“VCB”) Plan under which the Board of Directors had the authority to grant VCB units to employees. Compensation cost is only recognized when it is probable that the vesting conditions will be met. No compensation expense has been recognized for the three months ended March 31, 2026 and 2025.

The unrecognized compensation expense related to the VCB units as of March 31, 2026 was $7,081.

- Definition

The entire disclosure for equity.

+ References

+ Details

Members' Equity - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units outstanding	270,898,752		270,876,675
Common Class B [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units authorized	30,082,753
Units outstanding	21,633,187		23,726,763
Non-vested Time Based Vesting
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Compensation Expense	$ 22,623,000
weighted-average period of years	2 years 9 months 18 days
Non-vested Performance Based Vesting
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Compensation Expense	$ 36,114,000
Growth Participation Plans [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation Expense	0	$ 0
Unrecognized compensation expense	138,808,000
Value Creation Bonus Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation Expense	0	$ 0
Unrecognized compensation expense	$ 7,081,000

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 458,858	$ 380,079
Electronic Components [Member] \| Point in Time
Disaggregation of Revenue [Line Items]
Revenue	142,371	121,354
Electronic Components [Member] \| Over Time
Disaggregation of Revenue [Line Items]
Revenue	58,898	48,475
Electronic Components [Member] \| Defense and Space [Member]
Disaggregation of Revenue [Line Items]
Revenue	128,211	110,163
Electronic Components [Member] \| Commercial Aerospace [Member]
Disaggregation of Revenue [Line Items]
Revenue	4,269	3,309
Electronic Components [Member] \| Industrial Technology [Member]
Disaggregation of Revenue [Line Items]
Revenue	68,789	56,357
Mechanical Components [Member] \| Point in Time
Disaggregation of Revenue [Line Items]
Revenue	218,461	176,945
Mechanical Components [Member] \| Over Time
Disaggregation of Revenue [Line Items]
Revenue	39,128	33,305
Mechanical Components [Member] \| Defense and Space [Member]
Disaggregation of Revenue [Line Items]
Revenue	79,085	55,555
Mechanical Components [Member] \| Commercial Aerospace [Member]
Disaggregation of Revenue [Line Items]
Revenue	101,200	86,238
Mechanical Components [Member] \| Industrial Technology [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 77,304	$ 68,457

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following:


	Maturities	Effective Interest Rates	March 31, 2026			December 31, 2025
Notes Payable	2031	8.0%	$	836		$	836
2025 Term Loan	2032	6.5%		2,630,126			2,636,755
2025 DDTL	2032	6.1%		48,758			23,880
Total debt				2,679,720			2,661,471
Less: Unamortized deferred financing costs				(27,225	)		(28,159	)
Less: Current maturities				(27,103	)		(26,853	)
Total Debt, noncurrent			$	2,625,392		$	2,606,459

Schedule of Future Payments of Contractual Annual Amounts Due on Outstanding Debt

The following table of future payments reflects the contractual annual amounts due on all outstanding debt:


Year Ending December 31,	Amount
Remaining portion of 2026	$	20,324
2027		27,119
2028		27,130
2029		27,141
2030		27,154
Thereafter		2,550,852
Total expected future payments	$	2,679,720

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Examination [Line Items]
Effective income tax rate	22.80%	36.70%
U.S. federal statutory rate	21.00%	21.00%

Business Combinations

3 Months Ended

Mar. 31, 2026

Business Combination [Line Items]

Business Combinations

Note 3. Business Combinations

Micro-Tronics

On January 5, 2026, the Company acquired 100% equity interest in Micro-Tronics, Inc. (“Micro-Tronics”), a leading provider of engineered, mission-critical elastomeric and metallic components for commercial aerospace and defense applications. The acquisition expands the Company's product line into adjacent and overlapping capabilities, including elastomeric diaphragm seals and assemblies to high-precision electrical discharge machined components. The total consideration of $71,609 is preliminary and subject to the resolution of customary closing adjustments which have not yet been finalized. The acquisition was funded by $25,000 of proceeds from a draw on the 2025 DDTL (as defined below in "Note 11. Debt") and cash on hand.

The preliminary purchase price allocation to the underlying assets acquired and liabilities assumed based on their fair values as of the acquisition date consisted of total assets acquired of $74,969, including intangible assets of $26,400, goodwill of $17,775, property, plant, and equipment of $16,288 and all other current and non-current assets of $14,506, with assumed total liabilities of $3,360. Goodwill was primarily attributable to synergies and economies of scale expected from combining the operations of the Company and Micro-Tronics. Substantially all of the goodwill is expected to be deductible for tax purposes, subject to finalization of the purchase price allocation.

Oldham Seals Group Limited

On June 27, 2025, the Company acquired 100% equity interest in Oldham Seals Group Limited (“Oldham”), a Chichester, England based company that designs and manufactures highly engineered elastomeric and polymer products for the naval and civilian shipping, oil and gas and traction industries. The total consideration consisted of $115,099 of cash and $331 of deferred consideration. The acquisition was funded by $92,000 of proceeds from the issuance of debt from the Company’s existing debt instruments and cash on hand.

The purchase price allocation to the underlying assets acquired and liabilities assumed based on their fair values as of the acquisition date consisted of total assets acquired of $135,222, including goodwill of $58,586, intangible assets of $54,532, cash and cash equivalents of $10,690, property, plant and equipment of $4,842, and all other current and non-current assets of $6,572, with assumed total liabilities of $19,792, which includes deferred tax liabilities of $14,924. Goodwill was primarily attributable to synergies and economies of scale expected from combining the operations of the Company and Oldham. Goodwill is not deductible for tax purposes.

Spira Manufacturing Corporation

On January 8, 2025, the Company acquired 100% equity interest in Spira Manufacturing Corporation (“Spira”), which specializes in custom manufacturing of electromagnetic interference and radio-frequency interference shielding gaskets and products. The total consideration consisted of $49,916 of cash and $551 of deferred consideration. The acquisition was funded by $42,000 of proceeds from the issuance of debt from the Company’s existing debt instruments and cash on hand. As of March 31, 2026, all deferred consideration was paid.

The purchase price allocation to the underlying assets acquired and liabilities assumed based on their fair values as of the acquisition date consisted of total assets acquired of $60,757, including goodwill of $27,933, intangible assets of $21,700, property, plant, and equipment of $2,635 and all other current and non-current assets of $8,489, with assumed total liabilities of $10,290 which includes deferred tax liabilities of $5,658. Goodwill was primarily attributable to synergies and economies of scale expected from combining the operations of the Company and Spira. Goodwill is not deductible for tax purposes.

Pro forma revenue and net income have not been presented for Micro-Tronics, Oldham, and Spira because the financial results are, individually and in the aggregate, not material to the condensed combined financial statements in any period presented.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 53,309	$ (4,324)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Combined Statements of Cash Flows - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Cash flow from operating activities:

Net income (loss)

$ 53,309

$ (4,324)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization

51,528

48,994

Amortization of deferred financing cost and accretion of paid-in-kind interest

1,338

1,908

Amortization of inventory fair value adjustment

722

18,177

Loss (gain) on sale and disposal of assets and businesses

194

316

Share-based compensation expense

2,480

2,330

Interest rate hedges change in fair value

(725)

Deferred income taxes

(4,217)

Loss on extinguishment of debt

15,535

Changes in operating assets and liabilities, net of business acquisitions:

Accounts receivable

(23,329)

(14,602)

Inventories

(5,528)

(15,831)

Prepaid expenses and other current assets

841

(29,566)

Accounts payable

2,057

(5,771)

Accrued expenses and other current liabilities

(27,526)

16,648

Contract assets and liabilities, net

(17,180)

(5,263)

All other assets and liabilities

(1,840)

(3,168)

Other operating activities, net

(492)

Net cash provided by (used in) operating activities

36,469

20,762

Cash flow from investing activities:

Capital expenditures

(11,703)

(8,795)

Proceeds from sale and disposal of assets and businesses, net of cash sold

Acquisition of businesses, net of cash acquired

(68,819)

(48,450)

Net cash used in investing activities

(80,501)

(57,245)

Cash flow from financing activities:

Proceeds from issuance of debt

25,000

2,692,000

Repayments of debt

(6,751)

(2,598,321)

Payments of debt financing fees

(38,907)

(3,000)

Settlement of related party notes receivable

^[1]

4,361

1,500

Repayments of related party payables

(7,000)

Distributions

(307)

(350,257)

Contributions

11,344

385,000

Other financing activities, net

(145)

(521)

Net cash provided by financing activities

33,502

80,494

Effect of exchange rate changes on cash and cash equivalents

(855)

(2,065)

Net increase (decrease) in cash and cash equivalents

(11,385)

41,946

Cash and cash equivalents, beginning of the period

250,303

110,838

Cash and cash equivalents, end of the period

238,918

152,784

Supplemental schedule of non-cash investing and financing activities:

Settlement of related party notes receivable in exchange for membership units

^[1]

18,748

Rollover equity issued in connection with acquisition

2,500

Operating lease assets obtained in exchange for operating lease liabilities

$ 2,309

$ 10,849

[1]	Refer to “Note 16. Related Party Transactions” for further information on related party arrangements.

Condensed Combined Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 458,858	$ 380,079
Cost of revenue	224,015	217,168
Gross profit	234,843	162,911
Selling, general and administrative expenses	88,317	68,626
Amortization of intangible assets	36,023	34,080
Operating income	110,503	60,205
Interest expense, net	43,958	68,260
Other income, net	(2,467)	(1,229)
Net income (loss) before income taxes	69,012	(6,826)
Income tax expense (benefit)	15,703	(2,502)
Net income (loss)	$ 53,309	$ (4,324)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule Of Segment Reporting Electronic and Mechanical Components

Information on the Company’s two reportable segments, Electronic Components and Mechanical Components, was as follows:


	Three Months Ended March 31, 2026
	Electronic Components			Mechanical Components			Total
Revenue	$	201,269		$	257,589		$	458,858
Segment cost of revenue(1)		91,957			119,659			211,616
Segment selling, general and administrative expenses(2)		25,042			42,103			67,145
Other segment items(3)		(1,873	)		(971	)		(2,844	)
Segment Adjusted EBITDA	$	86,143		$	96,798		$	182,941


	Three Months Ended March 31, 2025
	Electronic Components			Mechanical Components			Total
Revenue	$	169,829		$	210,250		$	380,079
Segment cost of revenue(1)		79,058			108,700			187,758
Segment selling, general and administrative expenses(2)		21,079			38,347			59,426
Other segment items(3)		(90	)		(1,140	)		(1,230	)
Segment Adjusted EBITDA	$	69,782		$	64,343		$	134,125

Schedule Of Reconciliation Of Segment Adjusted EBITDA To Net Income (Loss) Before Income

The following table provides a reconciliation of Segment Adjusted EBITDA to Net income (loss) before income taxes for the periods presented:


	Three Months Ended March 31,
	2026		2025
Segment Adjusted EBITDA	$	182,941	$		134,125
Less:
Corporate costs		7,746		—
Interest expense, net		43,958			68,260
Depreciation and amortization		51,528			48,994
Acquisition and integration costs		722			18,749
Restructuring costs		270			1,737
Transaction and other deal related expenses		7,225			881
Share-based compensation expense		2,480			2,330
Net income (loss) before income taxes	$	69,012	$		(6,826	)

Schedule Of Total Assets By Reportable Segment

Total assets by reportable segment were as follows:


	March 31, 2026		December 31, 2025
Electronic Components	$	3,081,821	$	3,059,230
Mechanical Components		3,557,908		3,537,204
Total assets	$	6,639,729	$	6,596,434

Schedule Of Capital Expenditures By Reportable Segment

Capital expenditures by reportable segment were as follows:


		Three Months Ended March 31,
	2026			2025
Electronic Components	$		3,950	$	2,094
Mechanical Components			7,753		6,701
Total capital expenditures	$		11,703	$	8,795

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed combined financial statements should be read in conjunction with the Company's audited combined financial statements and the related notes thereto included in the Company's prospectus filed with the SEC on April 16, 2026 pursuant to Rule 424(b) of the Securities Act of 1933, as amended, in connection with the Company's initial public offering (“IPO”) (the "Prospectus"). See "Note 17. Subsequent Events" for further details regarding the IPO. The December 31, 2025 Condensed Combined Balance Sheet was derived from the Company's audited combined financial statements. The accompanying unaudited condensed combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. In the opinion of management, the unaudited condensed combined financial statements reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for a fair presentation of the Company's condensed combined financial position, results of operations, and cash flows for the interim periods presented. Quarterly results are not necessarily indicative of the results to be expected for the entire fiscal year. The financial statements as of March 31, 2026 and December 31, 2025, and for the three months ended March 31, 2026 and 2025 combine: (i) the consolidated financial statements of Arcline Engineered Polymer Topco, L.P., (ii) the consolidated financial statements of Hawkeye TopCo, L.P., (iii) the consolidated financial statements of Connector TopCo, L.P., and (iv) the financial statements of Ovation TopCo, L.P., which include only the operations and entities contributed to Arxis, Inc. and therefore do not represent the full consolidated results of Ovation TopCo, L.P. For each of the aforementioned consolidated financial statements, all significant intercompany accounts and transactions have been eliminated in consolidation.
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies from those described in the audited combined financial statements and related notes included in the Prospectus.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported periods. Actual results may differ from these estimates. Significant estimates and assumptions include those related to the carrying amount of property, plant and equipment, goodwill and other intangible assets, fair value of assets acquired, the allowance for credit losses, the valuation of inventories, income taxes, including valuation allowances on deferred tax assets, share-based compensation, assets and obligations related to employee benefits, environmental liabilities and other contingencies, and accounting for over-time contracts with customers. Estimates are based on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances.
Revenue Recognition	Revenue Recognition The Company recognizes revenue using the five-step model prescribed in ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company generates revenue primarily from the design, manufacture, and sale of highly engineered electronic and mechanical components used in mission-critical, harsh-environment applications. Based on the Company’s production cycle, it is generally expected that goods related to the revenue will be manufactured, shipped and billed within twelve months of the customer purchase order. Revenue is recognized from the sale of products when obligations under the terms of the contract are satisfied, and control of promised goods has transferred to the customer. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods. Revenue is measured at the amount of consideration the Company expects to be paid in exchange for goods. A majority of the Company’s revenue is recognized at a point in time. The Company typically sells electronic and mechanical components based on a customer purchase order, which generally includes a fixed price per unit. The Company satisfies the performance obligation generally upon shipment of the goods to the customer or delivery, depending on contractual terms, as this is when control transfers to the customer. The Company also provides repair, overhaul, and other service activities which are not material. If a contract contains multiple performance obligations, the transaction price is allocated on a relative standalone selling price basis. Standalone selling price is determined using observable prices where available or estimated based on market conditions and internally approved pricing guidelines. For certain contracts, revenue is recognized over time because control transfers continuously to the customer, or the products have no alternative use and contractual termination clauses entitle the Company to payment plus a reasonable profit for performance completed to date. Progress toward completion is generally measured using the cost-to-cost method, which best depicts the transfer of control to the customer. We estimate the amount of revenue attributable to a contract earned at a given point based on certain costs plus the expected profit. Costs include direct labor, materials, subcontractor costs, and other allocable expenses. Estimates of total contract costs require judgment based on contract duration, availability of materials and labor, and technical risks. The Company performs reviews and reflects adjustments to revenue and margin in the period changes occur. These adjustments, as well as any provisions for anticipated losses, apply only to contracts recognized over time. Provisions for anticipated losses on contracts are recorded when identified. The Company does not currently expect changes in estimates and provisions for anticipated losses to materially affect revenue recognized, as the Company’s over time contracts are generally short in duration and cost-to-complete estimates are subject to a limited period of uncertainty. Certain contracts include variable amounts such as award fees, incentive fees, penalties, or other adjustments. Variable consideration is included in the estimated transaction price when there is a basis to reasonably estimate the amount, including whether the estimate should be constrained based on determination of whether it is probable a significant reversal of revenue in a future period could occur. These estimates require judgment and consider historical performance, contractual terms, and expected outcomes. Contract modifications are assessed to determine whether they create new, or change existing, enforceable rights and obligations. Modifications for goods or services that are not distinct are accounted for as part of the existing contract, with cumulative catch-up adjustments to revenue recorded as appropriate. Modifications for distinct goods or services are treated as separate contracts. In the normal course of business, the Company does not accept product returns unless the items are defective as manufactured. In addition, the Company does not typically provide customers with the right to a refund. The Company establishes provisions for estimated returns due to defective products and warranties as required. Some products are covered by a standard assurance warranty, which promises that delivered products conform to contract specifications. The warranty periods typically extend for a limited duration following transfer of control of the product. The Company does not sell extended warranties and does not provide warranties outside of fixing defects that existed at the time of sale. As such, warranties are accounted for under ASC 460, Guarantees and not as a separate performance obligation. Customers generally have payment terms between 30 and 60 days from the satisfaction of the performance obligations. The Company’s contracts with customers generally do not include significant financing components or non-cash consideration. The Company has elected the following practical expedients and policy elections allowable under ASC 606: • The Company elected to exclude from its transaction price any amounts collected from customers for all sales taxes. • The Company elected to account for shipping and handling activities as fulfillment costs rather than as a separate performance obligation. Shipping and handling costs incurred are included within Cost of revenue. Amounts billed to a customer related to shipping and handling are included within Revenue. • The Company elected to not disclose remaining performance obligations with an original expected duration of one year or less. • The Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset is one year or less.
Research and Development Costs	Research and Development Costs The Company expenses research and development costs as incurred. Research and development costs are recorded within Selling, general and administrative expenses and were not material for the three months ended March 31, 2026 and 2025.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and liquid investments with original maturities of three months or less. The carrying amounts approximate fair value due to the high liquidity and short maturity of these instruments.
Accounts Receivable	Accounts Receivable The Company’s accounts receivable primarily consist of trade accounts receivable from third party customers. The amounts due are stated net of an allowance for credit losses. The allowance for credit losses is based on historical losses, current economic conditions, geographic considerations, and in some cases, evaluating specific customer accounts for risk of loss. All provisions for allowances for credit losses are included in Selling, general and administrative expenses.
Inventories	Inventories Inventory is reported at the lower of cost (using the first-in, first-out and weighted-average methods) or net realizable value. Net realizable value adjustments for slow-moving and obsolete inventories are provided based on current assessments about future product demand and production requirements.
Contract Assets and Contract Liabilities	Contract Assets and Contract Liabilities The timing of revenue recognition may differ from the timing of customer invoicing and payments received. The Company’s contract assets include unbilled amounts, reflecting revenue recognized for performance obligations satisfied in advance of customer billings which arise from sales under contracts accounted for over time when the cost-to-cost method of revenue recognition is applied. As the right to payment is not solely subject to the passage of time, these amounts are classified as contract assets and are generally presented as current, as they are expected to be billed and collected within 12 months. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. Contract assets do not exceed their net realizable value. The Company’s contract liabilities consist primarily of advance billings and payments received in excess of revenue recognized. We receive payments from customers based on the terms established in our contracts. Contract liabilities decrease as we recognize revenue from the satisfaction of the related performance obligation and are recorded as either current or long-term, depending upon when we expect to recognize such revenue.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment is recorded at cost. Depreciation is computed primarily on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are as follows: buildings from 15 to 40 years; leasehold improvements, the shorter of the lease term or the estimated useful life from one to 20 years; and machinery, equipment and furniture and fixtures from one to 15 years. At the time of retirement or disposal, the acquisition cost of the asset and related accumulated depreciation are eliminated, and any gain or loss is credited to or charged against operations. Maintenance and repairs are expensed as incurred; costs of major additions and betterments are capitalized.
Leases	Leases The Company evaluates whether a contract contains a lease at the inception of such contract. Specifically, the Company considers whether it controls the underlying asset and has the right to obtain substantially all the economic benefits or outputs of the asset. At lease commencement, the Company records a lease liability and corresponding right-of-use (“ROU”) asset. Options to extend or terminate the lease are included as part of the ROU asset and lease liability when it is reasonably certain the Company will exercise the option. Lease liabilities are recognized at commencement based on the present value of the unpaid lease payments over the lease term. The initial measurement of the ROU asset is equal to the total of the initial measurement of the lease liability, incremental costs to obtain the lease and prepaid lease payments, less any lease incentives received. The Company uses the discount rate implicit in a lease contract, if available. As most of the Company’s leases do not provide an implicit rate, the present value of the lease liability is determined using the Company’s incremental borrowing rate at lease commencement based on information available, including relevant industry rates. Amortization of these ROU assets is included within either Cost of revenue or Selling, general and administrative expenses depending on the nature of the expense. Variable lease payments are recognized as lease expense in the period in which the obligation for those payments is incurred. The Company elected to combine lease and non-lease components for its real estate leases. Non-lease components are generally services that the lessor performs for the Company associated with the leased asset. For leases with an initial term of twelve months or less, an ROU asset and lease liability are not recognized and lease expense is recognized on a straight-line basis over the lease term. The Company tests ROU assets whenever events or changes in circumstance indicate that the asset may be impaired.
Finite-Lived Intangible Assets	Finite-Lived Intangible Assets Intangible assets primarily represent acquired intangible assets including customer relationships, developed technology, trademarks, and patents. The Company amortizes finite-lived intangible assets on a straight-line basis over their estimated useful life, ranging from 5 to 30 years. The Company routinely reviews the remaining estimated useful lives of finite-lived intangible assets. If there is a change to the estimated useful life assumption for any asset, the remaining unamortized balance is amortized prospectively over the revised estimated useful life.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment and finite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset or asset group to the carrying value of the asset or asset group. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. There were no impairments of long-lived assets for the periods presented.
Business Combinations	Business Combinations The Company accounts for business combinations under ASC 805, Business Combinations, using the acquisition method of accounting to allocate costs of acquired businesses to the identifiable assets acquired (including intangible assets) and liabilities assumed based on their estimated fair values at the dates of acquisition. The total purchase consideration is generally measured as the fair value of the cash or non-cash assets transferred and equity instruments issued at the acquisition date. The Company recognizes goodwill if the fair value of the total purchase consideration is in excess of the fair value of the identifiable assets acquired net of liabilities assumed. The valuations of the assets acquired and liabilities assumed will impact future operating results. Determining the fair value of assets acquired and liabilities assumed requires judgment and often involves the use of estimates and assumptions which may be significant, including assumptions with respect to future cash inflows and outflows, revenue growth rates and EBITDA margins, discount rates, and market multiples, among other items. We determine the fair values of assets acquired and liabilities assumed generally in consultation with third-party valuation advisors. Fair value adjustments to the Company’s assets and liabilities are recognized and the results of operations of the acquired business are included in our financial statements from the effective date of the merger or acquisition. Costs incurred by the Company that are directly attributable to the acquisition are expensed within Selling, general and administrative expenses.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The Company does not amortize goodwill or intangible assets that are deemed to have indefinite useful lives. The Company reviews these assets at least annually for impairment, on the first day of the fourth quarter. Additionally, these assets are also reviewed for possible impairment whenever changes in circumstances indicate that the fair value of a reporting unit is more likely than not below its carrying value. The Company first assesses qualitative factors to determine whether events and circumstances indicate that it is necessary to perform a quantitative impairment test. In the quantitative impairment test, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. Fair value of the reporting unit is determined using an income or market approach based on estimates of cash flows for each reporting unit, with those cash flows discounted to present value using rates commensurate with the risks associated with those cash flows. No impairment charge was recorded for the periods presented.
Debt	Debt Debt is classified as current or noncurrent based on the maturity of the Company’s financing arrangements. Long-term debt balances are reported net of debt issuance costs, which represent legal and other direct costs related to the Company’s debt. Debt issuance costs on the Company’s term loans are amortized to interest expense using the effective interest method through maturity date of the instrument. Debt issuance costs associated with the Company’s revolving credit facilities and delayed draw term loans are classified as an asset within Other assets, and are amortized to interest expense ratably over the contractual term of the underlying instrument.
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments The Company measures certain assets and liabilities at fair value in accordance with ASC 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value and a fair value hierarchy based on the observability of inputs. The fair value hierarchy is as follows: Level 1 – Quoted prices for identical assets or liabilities in active markets; Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be derived from or corroborated by observable market data or by correlation or other means; and Level 3 – Significant unobservable inputs that reflect the Company’s best estimate of fair value from the perspective of a market participant. The Company’s financial instruments that are not remeasured at fair value include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and debt. The carrying values of these financial instruments materially approximate their fair values. Interest Rate Hedges The Company uses interest rate hedging instruments (caps or collars) to limit exposure to variability in cash flows on certain floating-rate debt instruments should interest rates rise above a certain level. Interest rate hedges have been designated by the Company as an economic hedge rather than an accounting hedge. Interest rate hedges are recognized at fair value every reporting period and the current portion of the interest rate hedges is included within Prepaid expenses and other current assets or Accrued expenses and other current liabilities and the non-current portion of interest rate hedges is included within Other assets or Other long-term liabilities. The changes in the fair value of the interest rate hedges are reported as a component of Interest expense, net. Fair value of the interest rate hedges is calculated using Level 2 inputs. See “Note 11. Debt” for further information.
Concentrations of Risk	Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivable. The carrying amounts of these items, as well as trade accounts payable, approximate fair value due to the short-term maturity of these instruments. The Company maintains its cash in bank accounts that, at times, exceeds federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk regarding cash. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers composing the Company’s customer base. As of March 31, 2026 and December 31, 2025, no individual customer accounted for more than 10% of accounts receivable. For the three months ended March 31, 2026 and 2025, no individual customer accounted for more than 10% of revenue.
Income Taxes	Income Taxes The Company prepared the combined tax provision for these condensed combined financial statements based on the individual tax attributes of Arcline Engineered Polymer Topco, L.P., Hawkeye TopCo, L.P., Connector TopCo, L.P., and Ovation TopCo, L.P. and certain of their respective wholly-owned subsidiaries. The Company’s tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter. The Company updates its estimated annual effective tax rate each quarter and records a year-to-date adjustment to the income tax provision. The estimated annual effective tax rate may change in subsequent periods. The Company accounts for income taxes in accordance with ASC 740, Income Taxes, using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as for operating loss, capital loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the realizability of deferred tax assets on a quarterly basis. A valuation allowance is recorded to reduce deferred tax assets when, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.The Company assesses all available positive and negative evidence, including historical income and losses, estimated future income and loss, reversal of existing temporary differences, and tax planning strategies. The valuation allowance assessment is based on the Company's best estimate of future results considering all available information. The Company records a benefit for uncertain tax positions in the financial statements only when it determines it is more likely than not that such a position will be sustained upon examination by taxing authorities based on the technical merits of the position. Unrecognized tax benefits represent the difference between the position taken in the tax return and the benefit reflected in the financial statements. It is the Company’s policy to record interest and penalties on unrecognized tax benefits as income taxes.
Share-Based Compensation	Share-Based Compensation The Company accounts for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation (“ASC 718”), including certain receivables due from related parties, where recourse exists to the equity interests of the executive. Equity-classified awards are measured at grant date fair value and are not subsequently remeasured. Compensation cost for equity-classified awards is recognized over the requisite service period for time-based awards and when the applicable performance condition is considered probable of achievement for performance-based awards. Liability-classified awards are initially measured at fair value on the grant date and subsequently remeasured at fair value at each reporting date until settlement. Compensation cost for liability-classified performance-based awards is recognized when the applicable performance condition is considered probable of achievement, for awards that are probable to vest. When the performance condition is event based, the Company generally does not determine the performance condition is probable until such event occurs. Once vested, changes in fair value are recognized immediately in compensation expense until settlement. The fair value of each award is estimated on the date of grant using an Option Pricing Methodology, under a risk neutral framework. Liability-classified awards are remeasured at fair value at each reporting date using the same valuation methodology. A number of assumptions are used to determine the fair value of awards granted. These include expected term, dividend yield, volatility of the awards and the risk-free interest rate. The Company has classified share-based compensation within Selling, general and administrative expenses to correspond with the classification of employees that receive awards. Award forfeitures are accounted for as incurred at the time of the forfeiture. See “Note 14. Members’ Equity” for further information.
Employee Benefit Plans	Employee Benefit Plans The Company accounts for its defined benefit pension plan and supplemental retirement plan by recognizing the overfunded or underfunded status of the plan, calculated as the difference between the plan assets and the projected benefit obligation, as an asset or liability on the balance sheet, with changes in the funded status recognized in comprehensive income (loss) in the year in which they occur. Vested benefit obligations are determined based on the present value of vested benefits to which an employee is currently entitled based on his or her expected date of separation or retirement. Expenses and liabilities associated with the plan are determined based upon actuarial valuations. Integral to the actuarial valuations are a variety of assumptions including expected return on plan assets and discount rate. The Company regularly reviews these assumptions, which are updated as of the December 31 measurement date. Differences between actual results and assumptions are recognized in other comprehensive income (loss) and subsequently recognized in earnings over the future or remaining service period, as applicable, which impacts pension expense in future periods.
Loss Contingencies	Loss Contingencies The Company is subject to environmental regulation by federal, state, and local authorities in the United States and regulatory authorities with jurisdiction over its foreign operations. When the Company becomes aware of environmental risk, it performs a site study to ascertain the potential magnitude of contamination and the estimated cost of investigation and remediation. The Company is also subject to various legal proceedings that arise in the ordinary course of business, including product liability matters and commercial commitments primarily relating to the guarantee of future performance on certain contracts. Environmental costs, product liability matters, and commercial commitments are accrued when it is probable that a liability has been incurred, and the amount can be reasonably estimated. If there is any change in the cost and/or timing of investigation and the remediation, the accrual is adjusted accordingly. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings. See “Note 12. Commitments and Contingencies” for further information.
Foreign Currency Translation	Foreign Currency Translation The Company has certain operations outside the United States that prepare financial statements in currencies other than the U.S. dollar. For these operations, results of operations and cash flows are translated using the average exchange rate throughout the period. Assets and liabilities are generally translated using end of period rates. The gains and losses associated with these translation adjustments are included as a component of Members’ equity. Gains and losses resulting from foreign currency transactions are included within Other income, net.
Recent Accounting Pronouncements Yet to be Adopted	Recent Accounting Pronouncements Yet to be Adopted In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements." The amendments in this ASU clarify interim disclosure requirements and their applicability. This ASU results in a comprehensive list of interim disclosures that are required by GAAP. The ASU is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, “Income Statement (Topic 220): Disaggregation of Income Statement Expenses,” which requires additional disclosures of certain amounts included in the expense captions presented on a company’s income statement as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures.

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 10. Balance Sheet Components

Prepaid expenses and other current assets consisted of the following:


	March 31, 2026		December 31, 2025
Prepaid expenses	$	22,231	$	20,821
Other current assets		33,747		36,237
Prepaid expenses and other current assets	$	55,978	$	57,058

Accrued expenses and other current liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Accrued compensation and benefits	$	59,145	$	79,488
Accrued tax liabilities		18,194		17,978
Accrued professional fees		16,027		12,285
Accrued interest		1,126		16,874
Other		40,966		36,605
Accrued expenses and other current liabilities	$	135,458	$	163,230

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Disaggregation of Revenue

Disaggregated revenue satisﬁed at a point in time and over time was as follows:


	Three Months Ended March 31,
	2026		2025
Electronic Components
Satisﬁed at a point in time	$	142,371	$	121,354
Satisﬁed over time		58,898		48,475
Mechanical Components
Satisﬁed at a point in time		218,461		176,945
Satisﬁed over time		39,128		33,305
Total revenue	$	458,858	$	380,079

Disaggregated revenue by end market was as follows:


	Three Months Ended March 31,
	2026		2025
Electronic Components
Defense and space	$	128,211	$	110,163
Commercial aerospace		4,269		3,309
Industrial technology		68,789		56,357
Mechanical Components
Defense and space		79,085		55,555
Commercial aerospace		101,200		86,238
Industrial technology		77,304		68,457
Total revenue	$	458,858	$	380,079

Schedule of Contract Balances

Contract Balances

Contract assets and contract liabilities were as follows:


	March 31, 2026			December 31, 2025
Contract assets, current	$	78,786		$	67,780
Contract liabilities, current		(23,876	)		(30,027	)
Contract liabilities, noncurrent		(1,414	)		(1,414	)
Total contract liabilities		(25,290	)		(31,441	)
Net contract assets	$	53,496		$	36,339

Condensed Combined Statements of Members' Equity (unaudited)
$ in Thousands

USD ($)

Beginning balance at Dec. 31, 2024

$ 2,977,127

Net income (loss)

(4,324)

Other comprehensive income (loss)

17,987

Issuance of notes receivable

(3,000)

Contributions

385,000

Distributions

(350,257)

Share-based compensation expense

2,330

Ending balance at Mar. 31, 2025

3,024,863

Beginning balance at Dec. 31, 2025

3,124,058

Net income (loss)

53,309

Other comprehensive income (loss)

(15,033)

Issuance of members' units

2,500

Settlement of notes receivable

4,361

^[1]

Contributions

11,344

Distributions

(307)

Share-based compensation expense

3,042

Ending balance at Mar. 31, 2026

$ 3,183,274

[1]	Refer to “Note 16. Related Party Transactions” for further information on related party arrangements.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	March 31, 2026		December 31, 2025
Prepaid expenses	$	22,231	$	20,821
Other current assets		33,747		36,237
Prepaid expenses and other current assets	$	55,978	$	57,058

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Accrued compensation and benefits	$	59,145	$	79,488
Accrued tax liabilities		18,194		17,978
Accrued professional fees		16,027		12,285
Accrued interest		1,126		16,874
Other		40,966		36,605
Accrued expenses and other current liabilities	$	135,458	$	163,230

Debt - Schedule of Future Payments of Contractual Annual Amounts Due on Outstanding Debt (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Debt Instrument [Line Items]
Remaining portion of 2026	$ 20,324
2027	27,119
2028	27,130
2029	27,141
2030	27,154
Thereafter	2,550,852
Total expected future payments	$ 2,679,720

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

The Company's effective income tax rate was 22.8% for the three months ended March 31, 2026, compared to 36.7% for the three months ended March 31, 2025. The change in the effective tax rate was primarily driven by significantly higher pre-tax book income and changes in the mix of earnings and losses across jurisdictions in 2026.

The effective tax rates for the three months ended March 31, 2026 and 2025 differed from the U.S. federal statutory tax rate of 21% primarily due to the mix of earnings and losses across jurisdictions subject to different tax rates, nontaxable income from flow-through entities, and the impact of valuation allowances on deferred tax assets.

Given current earnings and the Reorganization, it is reasonably possible that within the next twelve months sufficient sources of income may become available to support the release of a portion of the valuation allowance. A release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded.

- Definition

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