Q: How dependent is hps product sales on AI infrastructure related buildout?
5i Research Answer:
Data centres are important for the company's growth, certainly. No direct percentage exposure has been commented on by the company, but in its last quarter it reported $218 million in revenue, driven partly by accelerating data center activity. Management noted substantial post-quarter orders for data centers, equaling 53% of the Q3 backlog, set for 2026 shipment from new Mexico facilities. Backlog rose 27.7% year-to-date, reflecting broader electrification trends including renewables.