Helios Technologies makes and sells hydraulic components and electronic controls to OEMs and distributors serving off-highway, industrial, agricultural, and wellness markets. The Hydraulics segment (~64% of revenue) produces cartridge valves, manifolds, and quick-release couplings under the Sun Hydraulics, Faster, and related brands. These components control fluid flow and pressure in construction machinery, agricultural equipment, and material handling equipment. The Electronics segment (~36% of revenue) produces customized displays, controllers, wire harnesses, and software. Enovation Controls makes ruggedized displays and controllers for off-highway vehicles, marine, and powersports OEMs. Balboa Water Group makes integrated electronic control systems — controls, displays, pumps, and water flow components — for spa and hot tub OEMs, where Helios claims to be the dominant full-stack supplier. In Hydraulics, roughly half of sales flow through distributors; in Electronics, roughly 78% of sales are direct to OEMs. Helios sells engineered components at a premium to commodity alternatives, competing on performance, reliability, and customization. In Electronics, products are co-developed with OEM customers, creating high switching costs and long product cycles. Profitability is heavily tied to volume, as a largely fixed manufacturing cost base means margins expand and contract sharply with revenue. Management is executing a turnaround focused on rebuilding its commercial organization, divesting non-core assets, reducing debt, and recovering margins toward the mid-twenties adjusted EBITDA range through volume recovery and operating leverage.