Graham designs and manufactures custom-built equipment for the defense, energy, and space industries. Graham serves as a major supplier for the U.S. Navy, providing turbines, pumps, blowers, and thermal management systems for submarines and aircraft carriers. In the energy sector, Graham produces vacuum and heat transfer systems used in refineries, chemical plants, and hydrogen applications. The company also supplies turbopumps and life support equipment to commercial space launch providers and government space programs. Graham operates three primary business units: its core manufacturing facility in New York, Barber-Nichols for high-speed turbomachinery, and FlackTek for advanced mixing systems. Graham's business model uses an engineered-to-order approach where products are built under fixed-price contracts tailored to specific applications. For defense work, Graham uses long-cycle contracts with milestone billing and receives customer deposits that support cash flow. The company earns recurring revenue by selling spare parts, maintenance services, and mixing consumables to its global installed base. Graham's strategy focuses on expanding its defense business and investing in specialized manufacturing and testing facilities to support long-term naval and space programs.