Twin Disc reported a resilient QQ4 2024, delivering quarterly revenue of $84.4 million, up 0.6% year over year, as demand remained solid across core end markets. For fiscal 2024, revenue rose 6.6% to $295.1 million, with pro forma growth of 9.5% excluding the DCS divestiture. Gross margin expanded to 29.7% (vs. 29.5% prior year), and EBITDA rose 2.9% to $26.5 million, contributing to a free cash flow of $25.0 million and a positive net leverage profile. The company also completed the acquisition of Katsa Oy, which contributed meaningfully to backlog expansion (Katsa backlog addition of $12.6 million). Management highlighted disciplined working capital management, a favorable mix supporting margin expansion, and robust cash generation, underscoring balance-sheet strength (cash at year-end of ~$20.1 million and net debt reported around $28.1 million, though management has described net debt as roughly $5.7 million in commentary). In 2025, Twin Disc guides to flat revenue versus 2024 on a like-for-like basis, with Katsa expected to lift top-line growth, and it remains positioned to pursue bolt-on M&A as part of a broader medium-term strategy aiming at substantial long-term growth through hybrid/marine electrification initiatives. The 2030 targets—approximately $500 million in revenue, 30% gross margin, and at least 60% free cash flow conversion—frame a bold, but contingent, path anchored in product expansion, OEM collaborations, and geographic diversification.