ATS is a custom automation systems integrator and equipment manufacturer. The company designs, builds, and services automated manufacturing systems for large multinational customers in life sciences, food and beverage, energy, consumer products, and transportation. ATS sells custom-engineered automation systems that assemble, test, and package products at scale. Life sciences is the company's largest market, where ATS provides automation for medical devices, drug vial filling, and auto-injector assembly. In the energy sector, ATS focuses on nuclear reactor refurbishment and fuel handling. The business model relies on three revenue streams: large, fixed-price custom projects recognized on a percentage-of-completion basis; standardized equipment platforms; and recurring aftermarket services like maintenance and spare parts. ATS's growth strategy focuses on expanding within regulated industries where technical complexity and quality requirements are high. To drive growth, ATS acquires niche automation businesses and integrates them using its continuous improvement framework, the ATS Business Model. ATS is expanding its recurring service and consumables revenue to reduce the cyclicality of project-based work. Profitability depends on managing project execution risks and the balance between higher-margin repeat systems and first-time programs.