Middlesex system revenues rose $4.7 million on higher wholesale demand, customer consumption andBase Rateincreases effective February 23, 2026. Tidewater revenues rose $1.2 million on higher consumption, customer growth and rate increases, and non-regulated revenues rose $0.2 million.
Cost of goods sold climbed 8% to $425.7 million. Production margin fell 6% to $129.2 million from $137.0 million, or 23.3% of sales on a calculated basis versus 25.7%.
Volumes declined approximately 4% on an adjusted basis, which management tied mainly to soft market demand. Price and mix contributed approximately 4% to sales growth, aided by price increases taken in response to rising inflation, along with positive mix.
Reported operating income rose $1,014 million to $1,758 million. The reconciliation shows mark-to-market gains fromDerivativesof $543 million this year, versus losses of $348 million in the prior year quarter, a swing of $891 million.
Revenue was $1,202.4 million, up 22.6% from $980.6 million in the second quarter and 63.1% from $737.2 million in the third quarter of 2025. CEO Michael Hsing said the company sees accelerated growth.
Net income was $0.4 million, or $0.03 per diluted share, compared with $12.3 million, or $0.93, in the second quarter and $17.1 million, or $1.32, a year earlier.
Revenue reached $76.3 million, up 11% from $68.8 million in the third quarter of 2025. Rental and service revenue rose 12% to $49.6 million, and product sales increased 9% to $26.7 million. For the first nine months of 2026, revenue totaled $232.9 million against …
The company attributed the quarterly fall mainly to a net loss on investments of $0.89 per share and to its $0.17 quarterly distribution exceeding net investment income of $0.05 per share. The net decrease in netAssetsfrom operations was $11.5 million, or $0.86 per share, …
Net income was $14.4 million, or $0.13 per diluted share, against $42.8 million, or $0.37.Operating Incomecame in at $59.2 million versus $82.8 million, and net interest expense was $44.5 million compared with $45.2 million.
Total revenue increased $6.8 million, or 12%, to $63.9 million.Cybersecurityrevenue rose about 11% to $44.9 million, while Digital Agreements revenue climbed 14% to $19.0 million, helped by overage usage fees, customer expansions and new logos.