Here are 1-3 brief analogies to describe Park Aerospace (PKE):

• Like a specialized 3M or DuPont, but exclusively focused on high-performance composite materials for aircraft and aerospace applications.
• They're the 'Intel Inside' for advanced aircraft and rocket structures, supplying critical composite materials and parts.

• Advanced Composite Materials: Develops and manufactures solution and hot-melt composite materials, including film adhesives and lightning strike materials, for aerospace structures.
• Specialty Ablative Materials: Provides specialized materials used in rocket motors and nozzles.
• Radome Materials: Offers specially designed materials for radome applications.
• Composite Parts, Structures, and Assemblies: Designs and fabricates composite components for the aerospace industry.
• Low Volume Tooling: Designs and fabricates specialized tooling for the aerospace industry.

Park Aerospace Corp. (PKE) primarily sells its advanced composite materials and structures to other companies within the aerospace market.

According to its public filings, Park Aerospace Corp. does not publicly disclose the names of its major customers due to non-disclosure agreements. The company's sales are highly concentrated, with its largest customer accounting for approximately 72% to 74% of its consolidated net sales in recent fiscal years. While specific names are not disclosed, based on the products and applications described (composite structures for jet engines, transport aircraft, military aircraft, business jets, and rotary wing aircraft), its major customers are expected to be large aerospace prime contractors and their significant tier-one suppliers involved in the manufacturing of various aircraft and related aerospace components.

Brian E. Shore, Chairman & Chief Executive Officer

Brian E. Shore was appointed Chief Executive Officer in November 1996, and has served as Chairman of the Board since July 2004. He has been a director of the Company since 1983. His father, Jerry Shore, co-founded the company in 1954, and the Shore family has been instrumental in running the business since its inception.

Christopher J. Goldner, Vice President, Finance, Principal Financial Officer and Principal Accounting Officer

Christopher J. Goldner was appointed as the new principal accounting officer and principal financial officer for Park Aerospace Corp., effective November 1, 2024. Prior to this role, he served as Vice President-Finance. His promotion was part of an internal transition following the retirement of the previous CFO.

A. Mark Esquivel, President and Chief Operating Officer

Mark A. Esquivel holds the position of President and Chief Operating Officer.

Constantine Petropoulos, Senior Vice President, Chief Legal and Capital Markets Officer

Constantine “Gus” Petropoulos was elected Senior Vice President and Chief Legal and Capital Markets Officer on January 14, 2026. He previously served as Senior Vice President-Administration and General Counsel since February 2025. Before rejoining Park, he was a partner at Hughes, Hubbard & Reed from May 2021 to July 2024, and had previously served as Park's Senior VP and General Counsel from September 2014 to May 2021.

Cory Nickel, Senior Vice President and General Manager

Cory Nickel serves as the Senior Vice President and General Manager. He began his career at Park Aerospace as an entry-level production employee.

The key risks to Park Aerospace (PKE) include:

1. Customer Concentration: A significant portion of Park Aerospace's sales (37.7% in fiscal year 2024) is derived from affiliate and non-affiliate sub-tier suppliers of GE Aerospace. The potential loss of such a major customer or group of customers could have a material adverse effect on the company's business, consolidated results of operations, or financial position.

2. Overvaluation and Market Optimism: Park Aerospace's stock has traded at a high valuation (e.g., FWD EV/EBITDA of 25x-30x), which is about double the median for the aerospace and defense sector. This suggests that a significant amount of future growth and optimism is already incorporated into the current share price, posing a downside risk if the company's growth does not meet these elevated market expectations.

3. Supply Chain and Input Cost Volatility: The company faces ongoing challenges from rising input costs, inflationary pressures, and global supply chain constraints affecting materials, supplies, freight, and labor. These factors can constrain margins and disrupt order volumes, particularly given the company's reliance on long-term customer programs and a limited number of suppliers for certain critical materials. A disruption in the supply of these materials could materially increase operational costs and adversely affect the business.

The clear emerging threat for Park Aerospace (PKE) is the rapid advancement and increasing adoption of **additive manufacturing (3D printing) technologies** within the aerospace industry. As PKE specializes in traditional solution and hot-melt advanced composite materials, film adhesives, and the fabrication of composite structures through conventional methods, the rise of additive manufacturing presents a multi-faceted challenge:

• Additive manufacturing can produce complex aerospace components, sometimes with superior strength-to-weight ratios and design flexibility, using materials such as advanced metal alloys, high-performance thermoplastics, or even novel ceramic matrix composites. This could potentially reduce the demand for traditional thermoset composite materials and associated film adhesives, which constitute a significant part of PKE's product portfolio.
• As aerospace original equipment manufacturers (OEMs) and major suppliers increasingly invest in and utilize additive manufacturing for structural and non-structural parts, it could displace the need for PKE's services in designing and fabricating composite parts, structures, assemblies, and tooling through conventional composite manufacturing processes.
• While there are emerging additive manufacturing methods for composites, they often involve different material forms and processing techniques than PKE's current core competencies (e.g., prepregs and hot-melt systems), potentially requiring significant shifts in PKE's product development and manufacturing strategies to remain competitive.

Park Aerospace Corp. (PKE) operates in several addressable markets within the aerospace industry.

The global market for **advanced composite materials for aerospace** was valued at approximately USD 37.31 billion in 2024 and is projected to reach around USD 109.11 billion by 2034. Another estimate places the global advanced composite materials market at USD 45.39 billion in 2025, with a projection to reach USD 102.15 billion by 2035. North America held a dominant share of the aerospace composite market in 2024 and is expected to reach a value of over USD 37 billion by 2034. Specifically, the U.S. aerospace composites market is projected to reach USD 15.22 billion by 2026.

For their **specialty ablative materials for rocket motors and nozzles**, the global solid rocket motor market size was valued at USD 6.22 billion in 2025 and is estimated to grow to USD 12.75 billion by 2034. North America accounted for over 40% of the global solid rocket motor market in 2024. The U.S. solid rocket motor market was valued at USD 2.08 billion in 2024 and reached USD 2.26 billion in 2025. Additionally, the global ablative coatings market, which includes these materials, was valued at USD 295.1 million in 2024 and is expected to reach approximately USD 546.4 million by 2034. The U.S. ablative coatings market generated over USD 295.1 million in revenue in 2024.

The addressable market for **materials used in radome applications** (aerospace radomes) had a global size of USD 2.8 billion in 2023 and is expected to grow to USD 10.16 billion by 2032. Another projection estimates the global aerospace radome market to grow from USD 1.2 billion in 2025 to USD 2.6 billion by 2035. North America dominated the aerospace radome market with a valuation of USD 1.02 billion in 2025 and USD 1.06 billion in 2026. The U.S. market for aerospace radomes is projected to reach USD 0.9 billion by 2026.

Park Aerospace (PKE) is expected to benefit from several key drivers that should contribute to its future revenue growth over the next 2-3 years:

1. Surging Demand for Missile Defense Systems: Park Aerospace is a sole-source qualified supplier of specialty ablative materials for critical missile systems, including the PAC-3 Patriot. The company has received requests to materially increase its expected output to meet urgent, multi-year replenishment demand for missile systems, driven by recent global conflicts and Department of Defense actions.
2. Growth in Commercial Aerospace Programs: The company anticipates increased revenue from its involvement in major commercial aerospace programs. Specifically, Park Aerospace is positioned to benefit from higher production rates for GE/CFM LEAP engines and the Airbus A320neo family, with Airbus targeting a significant increase in its A320neo family delivery rate by 2027.
3. Expanded Manufacturing Capacity: Park Aerospace is actively investing in and expanding its manufacturing capabilities. The company has plans for a new approximately 120,000 square foot integrated composite materials plant, with an estimated capital budget of $50 million. This expansion is designed to roughly double its current composite materials capacity, with target completion in the second half of calendar year 2027 and initial operational production in the second half of calendar year 2028. This will enable Park Aerospace to meet increasing demand, particularly in the defense sector, and supports a long-term goal of approximately $200 million in composite materials sales by fiscal 2031.
4. New Product Introductions: The company has demonstrated a strategy of broadening its product portfolio with new offerings. An example of this is the launch of its first film adhesive product, AeroAdhere FAE350-1, which contributes to expanding its range of advanced composite materials.

Share Repurchases

• Park Aerospace repurchased $2.2 million of shares during the second quarter of fiscal year 2026, which ended August 31, 2025.
• As of the end of the second quarter of fiscal year 2026, the company was authorized to repurchase an additional 781,766 shares.
• Under a 1,500,000-share authorization, 718,000 shares had been repurchased at an average price of $12.94 per share as of the third quarter of fiscal year 2026 (ended November 30, 2025), with no purchases in the most recent quarters.

Share Issuance

• In January 2026, Park Aerospace announced plans for a $50 million public offering of common stock to fund the expansion of its manufacturing capacity.

Outbound Investments

• In January 2022, Park entered into a strategic agreement with ArianeGroup SAS, becoming its exclusive North American distributor for the RAYCARB C2B® NG proprietary product.
• Park advanced €4.6 million to ArianeGroup SAS for future purchases of C2B products between 2025 and 2027, as part of a multiyear financing agreement to help ArianeGroup expand its manufacturing capacity.
• As part of the same agreement, Park committed to purchasing €36 million of C2B products.

Capital Expenditures

• Park Aerospace announced plans in January 2026 to invest approximately $50 million in a new composite materials manufacturing plant in the Midwest to nearly double its current manufacturing capacity.
• The capital expenditure for this new plant is expected to be distributed with roughly 60% in fiscal year 2027, 30% in fiscal year 2028, and 10% in fiscal year 2029.
• Between 2018 and 2023, Park invested $20.5 million to expand its Newton, Kansas manufacturing facility, which doubled its production capacity at that time.