Aebi Schmidt reported 3Q26 revenue of $493.1M, up 4.6% y/y, while adjusted EBITDA increased 4.9% to $44.2M, with margins holding steady at 9.0% despite supply chain disruptions and higher material costs. Orders increased 2.0% y/y to $528M, and backlog reached a record $1.31B, supported by demand across airport, municipal, and walk-in van markets. Management reduced FY26 revenue guidance to $1.95B–$2.00B and adjusted EBITDA guidance to $170M–$180M, reflecting production constraints and inflationary pressures, while accelerated Shyft synergies helped offset some of the margin impact. Looking ahead, backlog conversion, manufacturing throughput, and the realization of price increases should support improving profitability, with management targeting gross margins above 20% by year-end 2027.