PCB Technologies Q3 Sales Rise 8% as Orders Reach $62 Million

PCB Technologies reported third-quarter 2026 results on November 10, 2026, with sales of US$50.5 million, up 8% from the second quarter. New orders reached approximately $62 million, exceeding the quarter’s sales.

The company described sales, orders and its combined backlog and expected orders as records. The book-to-bill ratio was approximately 1.2. Its combined backlog and expected orders measure, which is broader than backlog alone, reached approximately $270 million, compared with $177 million reported with the second-quarter results.

Margins and Cash Generation Improve

Gross margin rose to 19.2% from 17.9% in the second quarter. Adjusted EBITDA, a company-defined earnings measure, increased 31% to $6.3 million, outpacing the quarterly sales growth, while net income climbed to $3.1 million from $1.1 million.

Operating cash flow totaled $5.3 million, up 23% from the third quarter of 2025. That year-over-year increase in cash generation accompanied the sequential improvements in sales, margins and earnings.

Gorilla Circuits Remains Outside the Reported Results

The release also supplied standalone figures for Gorilla Circuits, the U.S. manufacturer PCB Technologies agreed to acquire in a definitive agreement announced on October 8, 2026. The transaction covers 100% of Gorilla’s shares at an enterprise value of $120 million, subject to customary purchase-price adjustments.

Gorilla’s third-quarter revenue was approximately $30 million and its new orders were approximately $43 million. Its orders therefore also exceeded quarterly revenue, but neither figure is included in PCB Technologies’ results. They show the scale of the acquisition target while the transaction remains pending.

Gorilla has operated in San Jose, California, for more than 20 years, specializing in high-mix, low-volume production and short lead times. It serves more than 700 active customers across semiconductor testing, technology, and aerospace and defense. CEO Oved Shapira said in the acquisition announcement, “Our local presence is expected to open up opportunities that have previously been limited for us and enable us to offer Gorilla’s customers a broader range of solutions.”

PCB Technologies expects the acquisition to diversify its customer base, deepen its activity in the technology and semiconductor markets and expand its U.S. operations. Those anticipated benefits remain separate from the reported third-quarter performance.

The transaction will be executed through a wholly owned PCB Technologies subsidiary and financed through credit facilities from two Israeli banks. The October announcement said no immediate material capital investments were required because Gorilla’s facilities were fully equipped to support near-term growth, and that completion was expected within eight months. Completion remains subject to customary closing conditions, including regulatory approval from the Committee on Foreign Investment in the United States.

PCB Technologies’ quarter pairs higher orders and improved profitability with a pending acquisition that would add a substantial U.S. operation. Subsequent results will show whether the existing business sustains that momentum and whether Gorilla’s standalone revenue and orders are added after regulatory approval and satisfaction of the other closing conditions.