Twin Disc reported QQ3 2025 revenue of $81.24 million, up 9.6% year over year but down 9.65% quarter over quarter, signaling demand variability within the marine and industrial machinery markets. Gross margin rose to approximately 26.7% (vs. prior year and prior quarter levels implied by the data), while operating income stood at about $1.95 million, yielding an operating margin near 2.40%. Net income was a loss of roughly $1.47 million, resulting in a negative earnings per share of $0.11 for the quarter. The combination of a modest operating footprint and a net loss amid non-cash or non-operational adjustments contributed to a negative net income and negative earnings signal for the period. On the balance sheet, the company held roughly $16.2 million in cash and equivalents against total debt of about $58.3 million, with a current ratio of 2.11 and a quick ratio of 0.86, indicating liquidity adequacy but a reliance on working capital to sustain operations. The trailing four-quarter revenue runs around $328.5 million, with a similar margin profile, underscoring ongoing sensitivity to marine and heavy-duty end-market demand. Management commentary is not available in the provided transcript dataset; as a result, specific call-out quotes and thematic guidance are not captured here. Going forward, investors should monitor order activity, backlog trends, commodity and freight costs, and the health of marine markets as key drivers of Twin Disc’s near-term performance.