LSI Industries (LYTS) Q1 FY2027 earnings: revenue $226 million, up 43.6% on the year

LSI Industries Inc. (LYTS) reported revenue of $226 million for Q1 FY2027, the quarter ended 30 September 2026, up 43.6% on the same quarter a year earlier. Net income was $7 million, down 1.9% on the year, and diluted earnings per share $0.19. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$226 million

+43.6% on the year · -3.7% on the quarter

Q2 FY2025Q1 FY2027

Operating margin

6.3%

7.0% a year earlier

Q2 FY2025Q1 FY2027

Net income

$7 million

-1.9% on the year · +3.7% on the quarter

Q2 FY2025Q1 FY2027

Diluted EPS

$0.19

-17.4% on the year · +5.6% on the quarter

Q2 FY2025Q1 FY2027

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new, 2 kept.

Net sales up 44% with Royston: Net sales were $225.9 million, including Royston, which was acquired in March 2026. The prior-year quarter reported $157.2 million.
Adjusted EBITDA up 41%: Adjusted EBITDA was $22.2 million, a 9.8% margin of net sales, compared with a 10.0% margin a year earlier.
Display sales up 83%: Display Solutions sales were $161.0 million, up 83% with Royston included. Excluding Royston, Display sales rose 1% on an organic basis.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Revenue	226	235	157	-3.7%	+43.6%
Cost of revenue	174	177	117	-2.0%	+48.4%
Gross profit	52.2	57.4	40.3	-9.0%	+29.7%
Gross margin	23.1%	24.5%	25.6%
Selling, general and administrative	38.1	42.9	29.3	-11.3%	+29.9%
Operating income	14.2	14.5	11.0	-2.3%	+29.1%
Operating margin	6.3%	6.2%	7.0%
Interest expense	3.9	4.1	0.7	-6.6%	+416.7%
Pre-tax income	10.2	10.0	9.7	+1.6%	+5.1%
Income tax	3.1	3.1	2.4	-2.9%	+25.8%
Effective tax rate	30.0%	31.4%	25.1%
Net income	7.1	6.9	7.3	+3.7%	-1.9%
Net margin	3.2%	2.9%	4.6%
Diluted EPS	$0.19	$0.18	$0.23	+5.6%	-17.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Operating cash flow	15.2	11.6	0.7	+31.8%	+2,153.1%
Capital expenditure	1.4	1.8	1.0	-19.1%	+49.3%
Free cash flow	13.8	9.8	-0.3	+41.0%
Free cash flow margin	6.1%	4.2%	-0.2%
Cash from investing	0.6	-1.8	-0.7
Cash from financing	-17.2	-5.8	3.9
Depreciation and amortisation	6.5	6.7	3.2	-3.1%	+104.4%
Share-based compensation	1.0	1.1	1.1	-6.3%	-5.4%
Dividends paid	1.9	1.8	1.5	+1.7%	+22.1%
Dividend per share	$0.20	n/a	$0.20		0.0%
Diluted shares, weighted	38m	n/a	31m		+20.7%
Shares outstanding at period end	37m	37m	31m	+0.9%	+20.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Shareholders' equity	368	361	241	+2.0%	+52.5%
Debt	240	256	50.7	-6.1%	+374.0%
Operating lease liabilities	38.2	38.5	11.7	-0.7%	+226.7%
Other liabilities	167	175	101	-4.6%	+64.8%
Total liabilities and equity	813	830	405	-2.0%	+100.8%
Goodwill	170	172	64.1	-1.2%	+165.4%
Intangible assets	245	249	76.5	-1.5%	+220.8%
Cash and equivalents	12.8	14.2	7.1	-10.1%	+79.3%
Receivables	n/a	151	n/a
Inventory	114	112	78.9	+1.9%	+45.0%
Other assets	270	131	178	+106.8%	+51.7%
Total assets	813	830	405	-2.0%	+100.8%

Questions

What was LSI Industries' revenue in Q1 FY2027?

LSI Industries (LYTS) reported revenue of $226 million for Q1 FY2027, the quarter ended 30 September 2026, up 43.6% on the same quarter a year earlier.

How much did LSI Industries earn in Q1 FY2027?

Net income for Q1 FY2027 was $7 million, down 1.9% on the year, and diluted earnings per share $0.19.

When did LSI Industries report Q1 FY2027 results?

LSI Industries filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 6 November 2026.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026	Q1 FY2027
Revenue	111	110	127	127	129	117	124	123	109	108	129	138	148	132	155	157	147	151	235	226
Cost of revenue	85.7	83.3	95.0	92.3	94.6	85.3	87.8	86.9	77.4	76.8	95.2	104	113	99.6	114	117	110	112	177	174
Gross profit	25.4	26.8	32.5	34.7	34.1	32.2	35.9	36.6	31.5	31.2	33.8	33.6	34.9	32.8	40.4	40.3	37.4	38.2	57.4	52.2
Gross margin	23%	24%	25%	27%	27%	27%	29%	30%	29%	29%	26%	24%	24%	25%	26%	26%	25%	25%	24%	23%
SG&A	21.0	21.6	25.3	24.7	25.1	24.5	25.6	25.6	23.7	23.5	24.8	24.5	26.4	26.6	28.4	29.3	28.6	34.2	42.9	38.1
Operating income	4.4	5.2	7.2	10.0	9.0	7.7	10.2	11.0	7.8	7.7	9.0	9.1	8.5	6.2	11.9	11.0	8.9	4.1	14.5	14.2
Operating margin	4%	5%	6%	8%	7%	7%	8%	9%	7%	7%	7%	7%	6%	5%	8%	7%	6%	3%	6%	6%
Interest expense	0.5	0.5	0.7	0.8	1.3	0.9	0.8	0.6	0.5	0.1	1.0	0.9	0.7	0.7	0.9	0.7	0.6	0.5	4.1	3.9
Pre-tax income	3.9	4.7	6.4	9.0	7.8	6.9	9.5	10.4	7.4	7.5	7.9	8.3	7.3	5.6	11.8	9.7	8.4	3.4	10.0	10.2
Tax rate	20%	23%	19%	31%	18%	33%	12%	23%	20%	28%	28%	20%	23%	31%	31%	25%	24%	38%	31%	30%
Net income	3.1	3.6	5.2	6.3	6.4	4.7	8.4	8.0	5.9	5.4	5.7	6.7	5.6	3.9	8.2	7.3	6.3	2.1	6.9	7.1
Net margin	3%	3%	4%	5%	5%	4%	7%	7%	5%	5%	4%	5%	4%	3%	5%	5%	4%	1%	3%	3%
Diluted EPS	$0.11	$0.13	$0.18	$0.22	$0.22	$0.16	$0.28	$0.27	$0.20	$0.18	$0.19	$0.22	$0.18	$0.13	$0.26	$0.23	$0.20	$0.06	$0.18	$0.19
Operating cash flow	-8.7	3.9	8.8	10.6	9.5	12.5	17.0	10.6	9.3	12.4	11.1	11.8	9.9	6.9	9.5	0.7	25.0	6.9	11.6	15.2
Capital expenditure	0.4	0.5	0.8	0.4	0.6	0.8	1.5	1.4	2.0	1.3	0.8	0.8	1.1	0.7	0.9	1.0	1.7	0.7	1.8	1.4
Free cash flow	-9.1	3.3	8.0	10.1	8.9	11.7	15.6	9.2	7.3	11.2	10.3	11.1	8.8	6.2	8.5	-0.3	23.3	6.2	9.8	13.8
Dividends paid	1.3	1.3	n/a	1.4	1.3	1.4	1.4	1.4	1.4	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.6	1.6	1.8	1.9
Shares outstanding	27m	27m	27m	28m	28m	28m	28m	29m	29m	29m	29m	30m	30m	30m	30m	31m	31m	37m	37m	37m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 6 November 2026: the filing.