Winchester Bancorp Inc (WSBK) Q3 2023 Earnings Report

Revenue progression: Q1 2023 = $7.99m; Q2 2023 = $8.88m; Q3 2023 = $9.52m. QoQ growth: Q2 vs Q1 +11.1%; Q3 vs Q2 +7.2%. Gross margin: Q1 48.75%, Q2 43.68%, Q3 40.39% (declining trend due to rising cost of revenue relative to sales). Operating margin: Q1 3.21%, Q2 3.69%, Q3 1.82% (compression driven by higher operating leverage and costs). Net income margin: Q1 2.66%, Q2 3.07%, Q3 2.02%. Interest expense: Q1 $4.031m; Q2 $4.925m; Q3 $5.575m (significant funding costs underpinning profitability). EBITDA: Q3 $0.369m, margin ~3.87% of revenue; EPS: $0.0203 (diluted). Weighted average shares: 9.446m. Coverage highlights show a narrow margin framework with a heavy interest expense burden relative to operating earnings, suggesting a funding-cost sensitivity regime in a rising-rate environment.