“Falcon” is an independent, A2LA- and NADCAP-accredited materials testing laboratory operating in the Mid-Atlantic. They provide materials testing and classification, failure testing, R&D, machining, and prototyping services to aerospace, defense, and industrial OEMs and their supply chains.

Falcon’s accreditations require a lengthy, capital and time-intensive qualification process, creating a durable barrier to entry. Additionally, ±95% of revenue is generated from aerospace/defense end markets, with capabilities spanning mechanical testing, fracture toughness, high temperature tensile testing and related destructive/non-destructive test methods.

Highlights include:

• - Hard-to replicate accreditation - status takes 1-2 years to obtain and creates high switching costs once a customer qualifies the lab as an approved supplier.
• - Attractive end-market exposure – Approx 95% of revenue to A&D sectors with sustained OEM production ramps and defense spending tailwinds
• - Strong profitability profile
• - Established platform with an experienced technical staff.
• - Long-tenured relationships – three large accounts represent ±85% of revenue, reflecting deep technical integration into customers qualified-supplier programs.
• - Difficult to replace Falcon as Company developed several proprietary tests and owns the related IP.

Falcon’s revenue expanded from $4.3M in 2023 to $6.0M in 2025, while EBITDA grew from $1.6M to $2.3M during that same period. The Company is using about 40% of its equipment capacity and could feasibly double revenue without adding equipment. Growth is further supported by long-tenured customers seeking deeper integration with Falcon.