Richardson Electronics is a global manufacturer and distributor of specialized electronic components and engineered solutions for industrial, energy, and defense applications. The company operates through three segments: Power and Microwave Technologies (PMT), Green Energy Solutions (GES), and Canvys. PMT, the largest segment at roughly two-thirds of revenue, sells and manufactures electron tubes, RF and microwave components, and sole-source engineered components for semiconductor wafer fabrication equipment — primarily for Lam Research. PMT also distributes third-party components from manufacturers like CPI, Thales, and Toshiba under exclusive agreements, often serving as the aftermarket MRO supplier for critical industrial equipment. GES designs and manufactures ultracapacitor-based pitch energy modules (branded ULTRA3000) that replace lead-acid batteries in wind turbine pitch control systems, as well as battery starter modules for locomotives. These products target the aftermarket replacement market — not new builds — creating a recurring replacement cycle. Richardson's ultracapacitor modules last 10–15 years versus 18-month lead-acid battery replacements, which is the core customer value proposition. Canvys designs custom display solutions for medical OEM and industrial customers. Richardson's business model combines lower-margin authorized distribution with higher-margin proprietary engineered solutions manufacturing at its LaFox, IL facility. About 56% of sales are international, and Richardson serves customers through distribution hubs in the U.S., Europe, and Asia. Growth priorities are GES expansion into new turbine platforms and geographies, and recovery of the semiconductor wafer fab business as the industry cycle improves.