• The Bilstein or KYB of aerospace, defense, and seismic shock absorbers.
• A specialized Parker Hannifin focused on high-performance shock and vibration control.

• Fluidic Dampers: Devices that absorb and dissipate kinetic energy, used in industrial, aerospace, and defense applications.
• Seismic Dampers: Specialized fluidic dampers designed to protect buildings and structures from earthquake forces.
• Liquid Springs: Compact, high-force energy storage devices utilizing compressible liquid, often found in heavy vehicles and industrial machinery.
• Vibration Isolation Systems: Engineered solutions to protect sensitive equipment from harmful vibrations, crucial for precision manufacturing and research.

Taylor Devices (TAYD) primarily sells its specialized fluidic energy absorption devices to other companies and government entities, operating in a business-to-business (B2B) model.

Due to the nature of their business as a supplier of highly specialized components, Taylor Devices typically does not publicly disclose the specific names of its major customers unless a single customer represents a significant portion of its total revenue (e.g., 10% or more). As of their most recent financial reports (fiscal year ended May 31, 2023), no single customer accounted for more than 10% of total consolidated sales.

However, based on their reported market segments and customer profiles, their major customers are typically found within the following categories:

• Large Aerospace and Defense Prime Contractors: These companies integrate Taylor Devices' shock absorbers and dampers into military aircraft, missiles, space launch vehicles, and commercial aerospace applications. They often serve as Tier 1 or Tier 2 suppliers to these major players.
  • Examples of public companies that would fit this customer profile include:
    • Lockheed Martin Corporation (Symbol: LMT)
    • The Boeing Company (Symbol: BA)
    • Northrop Grumman Corporation (Symbol: NOC)
    • RTX Corporation (Symbol: RTX)
• Industrial and Construction Companies: For applications requiring heavy-duty shock absorption in machinery, equipment, and seismic protection systems for buildings, bridges, and critical infrastructure. This category includes companies involved in heavy machinery manufacturing, power generation facilities (including nuclear), and large-scale construction projects.
• Government Entities: Direct sales to military branches, space agencies, or other government bodies for defense and strategic applications.

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Timothy J. Sopko, Chief Executive Officer

Timothy J. Sopko has served as the Chief Executive Officer of Taylor Devices, Inc. since April 2019 and was appointed to the board of directors in 2020. With over 30 years of experience in the aerospace, industrial, and commercial sectors, Mr. Sopko previously held several leadership roles at Carleton Technologies Inc. (d.b.a. Cobham Mission Systems). His positions at Carleton Technologies included Vice President, General Manager, and various engineering and business development capacities, where his leadership was instrumental in significantly growing annual sales. He holds a degree in Mechanical Engineering from The State University of New York at Buffalo.

Paul Heary, Chief Financial Officer

Paul Heary was named Chief Financial Officer of Taylor Devices, Inc. following the retirement of Mark McDonough, as announced in January 2023. Prior to this role, he was listed as Chief Financial Officer in other records.

Alan R. Klembczyk, President

Alan R. Klembczyk was appointed President of Taylor Devices, Inc. effective June 1, 2018. He has dedicated over 30 years to the company, primarily managing the engineering department and focusing on the design and development of shock and vibration mitigating products for a diverse customer base. His previous roles at Taylor Devices include Design Engineer, Assistant Chief Engineer, Chief Engineer, and Vice President of Sales & Engineering. Mr. Klembczyk is scheduled to retire as President effective June 1, 2025.

John Burgess, Independent Chairman of the Board

John Burgess serves as the Independent Chairman of the Board for Taylor Devices, Inc.

F. Eric Armenat, Secretary and Director

F. Eric Armenat, also known as Fritz Armenat, holds the positions of Secretary and Director at Taylor Devices, Inc. He also serves as a Board Member and has been involved in the Audit, Executive, Nominating, and Compensation Committees.

The key risks to Taylor Devices (TAYD) involve its significant reliance on cyclical markets, competitive pressures, and increasing operational expenses.

1. Reliance on Cyclical Markets, Especially Aerospace/Defense: Taylor Devices is heavily dependent on the aerospace/defense sector, which constituted 61% of its sales for the nine months ending February 29, 2024. This concentration makes the company vulnerable to downturns specific to this sector. Additionally, the industries Taylor Devices serves, including structural and industrial applications, are cyclical, which can lead to volatility in revenue growth. While the aerospace/defense segment has shown some resilience, the overall business remains susceptible to economic fluctuations.

2. Competition: Taylor Devices operates in a competitive landscape with both domestic and international firms. The potential for new entrants to gain market share is a noted risk, and while the company has niche expertise, it faces direct competitors in areas such as structural damping devices.

3. Rising Selling, General, and Administrative (SG&A) Expenses: The company has experienced an increase in its selling, general, and administrative expenses, which rose by 18% for the nine months ending February 29, 2024. If these expenses are not managed effectively, they could negatively impact future growth and profitability.

Taylor Devices, Inc. (TAYD) operates in several addressable markets for its shock absorption, rate control, and energy storage devices. The company's main product lines include seismic dampers, fluidicshoks, crane and industrial buffers, self-adjusting shock absorbers, liquid die springs, and vibration dampers. These products serve industries such as industrial, steel mills, buildings, bridges, aerospace, defense, and automotive.

The addressable markets for Taylor Devices' main products and services are sized as follows:

• Industrial Shock Absorbers: The global industrial shock absorber market was valued at approximately USD 2.4 billion in 2024 and is projected to reach USD 3.77 billion by 2032, growing at a CAGR of 5.8%. A more specific segment, the global industrial adjustable shock absorber market, was valued at approximately USD 1.8 billion in 2023 and is projected to reach around USD 3.5 billion by 2032. The global industrial hydraulic shock absorber market was valued at USD 326.65 million in 2024 and is anticipated to grow to USD 436.75 million by 2033. Another estimate places the global industrial shock absorber market at USD 12.35 billion in 2025.
• Seismic Dampers / Seismic Protection Devices: The global seismic dampers market was valued at USD 1,525.4 million (approximately USD 1.53 billion) in 2023 and is projected to reach USD 2,052.8 million (approximately USD 2.05 billion) by 2031. The global earthquake damper market is estimated at USD 2.5 billion in 2025 and is projected to expand to approximately USD 4.5 billion by 2033. The broader global seismic protection device market is projected to grow from USD 3.3 billion in 2025 to USD 4.8 billion by 2035. Another report estimates the global seismic protection device market at USD 3,161 million (approximately USD 3.16 billion) in 2024, poised to reach USD 4,635.2 million (approximately USD 4.64 billion) by 2034.
• Aerospace and Defense: The global aerospace and defense market was valued at USD 820.61 billion in 2024 and is expected to reach around USD 1,250.28 billion by 2034, with a compound annual growth rate (CAGR) of 6.5% during this period. Taylor Devices' aerospace and defense segment accounted for 60% of their FY2024 sales.

Taylor Devices (TAYD) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Continued Growth in the Aerospace & Defense Sector: Taylor Devices' Fluidicshoks and custom aerospace components represent its largest revenue stream, with global defense budgets expanding, particularly in the U.S. and Asia. The company's backlog in this segment is at a multi-year high, indicating robust demand for its shock absorption technology in military vehicles and aircraft.
2. Increasing Demand in Infrastructure and Seismic Resilience Projects: The company's seismic dampers, which are utilized in buildings and infrastructure, are identified as a significant growth catalyst. This suggests ongoing demand for their products within construction and civil engineering applications aimed at enhancing structural integrity and safety.
3. Expansion of Production Capacity through Capital Expenditures: Taylor Devices is actively evaluating additional capital expenditures to expand its manufacturing capacity. This strategic investment indicates an anticipation of increased future demand, requiring greater production capabilities to meet orders and subsequently drive higher revenue.
4. Conversion of Record Order Backlog: The company has reported a record-high firm order backlog, with the majority expected to be recognized as revenue in the current fiscal year. This substantial backlog provides a strong pipeline of existing orders that are poised to convert into recognized revenue, underpinning future sales growth.

Share Repurchases

• On January 10, 2024, Taylor Devices completed an equity buyback of 459,015 shares for $9.14 million at a price of $19.92 per share, representing 13% of its issued and outstanding shares, from the Ira Sochet Trust and Roth IRA.
• For the nine months ended February 28, 2025 (Q3 FY2025), share buybacks amounted to $140,000.
• As of August 31, 2025, treasury stock at cost was $(13,176,688), reflecting cumulative past repurchases.

Share Issuance

• Taylor Devices registered 290,000 shares of common stock for issuance under its 2025 Stock Option Plan on October 27, 2025.
• As of May 31, 2025, 215,838 shares were reserved for future issuance.
• For the nine months ended February 28, 2025 (Q3 FY2025), equity issuance was negligible, totaling $240,000.

Capital Expenditures

• Capital expenditures for the fiscal year ended May 31, 2025, were $2,602,000, a notable increase from $1,149,000 in the prior fiscal year.
• These expenditures in FY2025 were primarily focused on new manufacturing machinery, testing equipment, upgrades to technology equipment, and improvements to assembly and test facilities.
• As of May 31, 2025, the company had commitments for approximately $1,853,000 in future capital expenditures, mainly for new manufacturing and testing equipment.