AAON Q1 net sales up 22.9% to $322.1M; EPS falls 23.9% to $0.35; backlog record $1.0B

AAON, INC.

2025-Q1 EPS reported $0.35 revenue$322,054,000

Net sales $322.1M (+22.9% YoY); BASX-branded sales surged 374.8% to $132.6M.
GAAP EPS $0.35 vs $0.46 YoY; adjusted EPS $0.37; net income down 24.9% to $29.3M.
Gross margin contracted to 26.8% from 35.2% due to AAON Oklahoma segment supply chain issues with R454B refrigerant components.
Total backlog reached a record $1.0B, up 83.9% YoY, driven by data center demand for BASX air-side and liquid cooling equipment.
AAON-branded equipment bookings rebounded strongly; backlog highest since Q1 2023, up 44.9% YoY.

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