Helios Technologies

Sources - 26

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1. S01primarycompany filing2026-03-03
   Helios fiscal 2025 Form 10-K (year ended 2026-01-03)
   the business and segment descriptions, the named competitor list, the switching-cost assertion, the customer-concentration statement, the acquisition and divestiture history, and the standardisation risk phrase
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2. S02primarycompany filing2026-08-11
   Helios Q2 2026 Form 10-Q (quarter ended 2026-07-04)
   the balance sheet including both debt lines, the income statement, the cash flow statement's depreciation and amortisation, the share counts and the geographic split
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3. S03primarycompany filing2026-08-10
   Helios Q2 2026 results release, Exhibit 99.1
   the GAAP-to-adjusted earnings reconciliation line by line, the raised full-year and third-quarter guidance, the segment commentary and the leverage and buyback figures
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4. S04primarytranscript2026-08-11
   Helios Q2 2026 earnings call transcript, held 2026-08-11
   the data centre pipeline, the backlog length, the capacity and capital-spending commentary and the acquisition philosophy from management; and, as a separate origin, the questions from four analysts pressing on second-half cadence, the data centre addressable market and capital allocation

   This represents our single largest opportunity across Helios today ... we now have samples out with about a dozen prospective customers that are sampling our products

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5. S05primarycompany filing2026-03-02
   Helios fiscal 2025 results release, Exhibit 99.1
   the fiscal 2025 reported and adjusted earnings, the pro forma sales base excluding the divested business, and the original 2026 guidance the August raise is measured against
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6. S06primarycompany filing2025-11-04
   Helios Q3 2025 Form 10-Q (quarter ended 2025-09-27)
   the $25.9M goodwill impairment, which reporting unit it belonged to and why, and the $18.8M gain on the Custom Fluidpower sale sitting below the operating line
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7. S07secondaryvendor data2026-09-06
   Research pack, frozen at content/HLIO/research-pack.json
   price, market value, returns, the volatility bucket, the analyst split, the Form 4 transcription, short interest and the filer's own XBRL segment split
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8. S08primarycompany release2026-03-20
   Helios investor day release - The CORE 2030 Strategy
   the 2030 financial targets and the 33% dividend increase

   Sales of $1.6 billion (including acquisitions), Adjusted EBITDA margin of 25%+ of sales, Adjusted Operating Income margin of 20% of sales, Return on Invested Capital in the low- to mid-teens

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9. S09primarycompany release2026-05-05
   Faster (Helios) release - entry into data centre thermal management
   the four launched coupling ranges and the standard they are built to, and the absence of any named customer, volume or term

   compliant with OCP (Open Compute Project) standards for liquid cooling in data centers

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10. S10primaryindustry data2026-09-06
    CEJN - Universal Quick Disconnect product documentation CEJN
    a competitor's own statement that the interface Helios is entering on is intermateable across suppliers

    As an open standard, any manufacturer's products are connectable by following the specifications of the UQD standard.

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11. S11primarycompany release2025-11-12
    Stäubli release - US manufacturing expansion for liquid cooling Stäubli
    that a competitor already holds the qualification Helios is still seeking, and has clean-room capacity in the United States for it

    remain approved by NVIDIA and are included in NVIDIA's Recommended Vendor List (RVL)

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12. S12primaryindustry data2026-09-06
    Lenovo product guide - NVIDIA GB300 NVL72 rack-scale system Lenovo
    the tray count per rack and the statement that the midplane routes water to each tray through quick connects

    18 GPU Compute trays, 9 Switch trays and either 6 or 8 Power Shelves all connected via a rear cable cartridge backplane ... The midplane in the chassis routes the water via QuickConnects to each of the Compute Tray, and each of the NVL Switch Trays

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13. S13primaryindustry data2026-01-08
    Dell'Oro Group - data centre liquid cooling market forecast Dell'Oro Group
    the only outside sizing of the market the data centre couplings sell into, and the absence of a component breakdown within it

    The Liquid Cooling market is expected to roughly double in 2025, reaching close to $3 billion in revenue, before continuing to scale toward approximately $7 billion by 2029

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14. S14primaryindustry data2026-09-06
    Bosch Rexroth - eLION mobile electric drives product pages Bosch Rexroth
    the attacker's own framing of electrification as sold alongside hydraulics rather than as replacing it

    Whether driving or working, hydraulic, hybrid or fully electric

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15. S15primarycompany filing2026-02-26
    Eaton fiscal 2025 Form 10-K ETN
    that Eaton no longer describes an industrial or mobile hydraulics business, which makes one name on Helios's own competitor list stale
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16. S16primarycompany filing2026-08-21
    Parker-Hannifin fiscal 2026 Form 10-K PH
    the confirmation that Parker sells hydraulic valves to the same buyers, the 67/33 split between its industrial and aerospace segments, and its own account of what competition in this market turns on
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17. S17primarycompany filing2026-05-11
    Helios Q1 2026 results release, Exhibit 99.1
    the middle step of the guidance path - sales raised to $840-870M and adjusted earnings to $2.75-3.00 in May - plus net debt of $284M and leverage of 1.6x at the first quarter
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18. S18secondaryanalyst2026-07-12
    BigGo Finance - GB Racks to Ship 80,000 Units Annually! Morgan Stanley Names Wistron Top AI Manufacturing Pick (report of a Morgan Stanley note) Morgan Stanley, reported by BigGo Finance
    a bank's count of NVIDIA GB200/GB300 NVL72 rack shipments, about 29,000 in 2025 and 70,000 to 80,000 forecast for 2026, with ODM-by-ODM monthly output; the note itself is paid, so this is a report of it, read through ir_fetch

    The firm estimates that full-year shipments of GB200 and GB300 NVL72 racks will reach 70,000 to 80,000 units this year, representing a multiple-fold increase from approximately 29,000 units last year.

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19. S19primaryindustry data2026-08-17
    TrendForce press release - Liquid Cooling Becomes Standard for High-End AI Infrastructure, with Penetration Expected to Reach 53% in 2026 TrendForce
    an independent research firm's liquid-cooling penetration among AI chips (about 33% in 2025, 53% in 2026, near 60% in 2027) and NVIDIA rack-scale shipments doubling in 2026 and growing more than 30% in 2027; read through ir_fetch

    TrendForce notes that accelerated AI investment by Tier 2 data center operators and growing demand from Chinese CSPs for overseas AI projects are expected to double shipments of NVIDIA’s GB/VR rack-scale solutions in 2026. Despite the possibility of delays to Kyber NVL144 in 2027, strong AI infrastructure investment is expected to sustain overall GPU rack demand, with shipments still projected to grow by more than 30% YoY.

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20. S20secondaryother2026-07
    Netonx Europe - How Many UQD Couplings per NVL72 Rack? GB200 vs GB300 (Per-Tray Math) Netonx Europe (Green MeOH GmbH), a UQD distributor
    the coupling count per NVL72 rack, about 126 pairs for GB200 and 250 for GB300, built tray by tray and labelled industry estimates by a distributor that sells a competing coupling; read through ir_fetch

    In short: Per NVIDIA NVL72 rack, a GB200 build uses about 126 UQD coupling pairs and a GB300 build about 250 pairs (industry estimates) - the jump comes from more cold-plate loops per GPU tray.

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21. S21secondarynews2025-09-07
    傅里叶的猫 (Tencent News) - GB200 GB300液冷价值量拆解 (liquid-cooling content teardown of GB200 and GB300 racks) 傅里叶的猫, a writer who says he distributes NVIDIA servers
    the only per-coupling price found: $45 a pair on GB200 and $55 on GB300, the quick-disconnect counts per rack, the cold-plate, hose and manifold content beside them, and the shift of GB300 coupling supply to NVUQD from Cooler Master, AVC and Fositek; read through ir_fetch

    GB200 和 GB300 的快接头需求因产品设计不同而有所差异。GB200 包含 126 个计算部分快接头和 18 个 Switch 部分快接头；GB300 的计算部分快接头数量翻倍至 252 个，Switch 部分仍为 18 个，总量明显高于 GB200。 在价格方面，GB200 的快接头价格为 45 美元/对，而 GB300 的价格略升至 55 美元/对。 GB300 的快插头方案升级为 NVUQD，供应商体系发生重大变化，欧美企业的份额大幅减少，Cooler Master、AVC、富士达等厂商成为主要供应商。由于产能限制，Cooler Master 还联合英维克参与快插头供应，以补充产能需求。

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22. S22primaryindustry data2024-10-17
    TrendForce - Liquid Cooling Set for a New Era in 2025, with Penetration Projected to Reach 24%, Favoring Taiwanese Supply Chain TrendForce
    who supplied quick disconnects for GB200 racks (CPC, Parker, Danfoss, Stäubli), that they were frequently out of stock, and that LOTES and Fositek were qualifying to join; read through ir_fetch

    On the other hand, quick disconnect (QD) components are critical for preventing leakage and have frequently been reported as out of stock. Taiwanese companies like LOTES and Fositek are reportedly in the validation phase, and by the first half of 2025, they are expected to join the list of QD suppliers, to compete with major companies such as CPC, Parker Hannifin, Denfoss, and Staubli.

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23. S23secondaryindustry data2025
    MarketsandMarkets - UQD Coupling Market, Global Forecast to 2030 (report summary page) MarketsandMarkets
    a paid market report's size for UQD couplings across all applications, $0.39B in 2025 to $0.75B in 2030, naming Stäubli, Danfoss, Parker, CPC and Gates as leaders; the free summary page, undated beyond its 2024 base year, read through ir_fetch

    According to Marketsandmarkets, the universal quick disconnect (UQD) market size is expected to grow from USD 0.39 billion in 2025 to USD 0.75 billion by 2030 , at a CAGR of 14.3% from 2025 to 2030. The market is driven by the rapid expansion of data centers and high-performance computing, which require advanced liquid cooling solutions to prevent overheating in dense environments. Increasing adoption in energy storage, electronics cooling, and industrial automation also demands efficient, tool-free connections for minimal downtime.

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24. S24primarytranscript2026-08-06
    Parker-Hannifin fiscal 2026 fourth-quarter earnings call transcript Parker-Hannifin
    the size of a leading coupling rival's whole data-centre line, about 1.5% of fiscal 2026 sales of $21.5B, and what it spans; read through transcript_fetch (FMP)

    It's about 1.5% of our sales, and we've been previously saying 1%. So it is growing, but it's not quite large enough yet to have its own market vertical. This is a great story for our interconnected technologies because you mentioned a few of our products, but it's hoses, couplings, manifolds, fittings -- engineered materials for thermal management.

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25. S25primarycompany filing2025-02-25
    Helios fiscal 2024 Form 10-K (year ended 2024-12-28)
    the fiscal 2022 segment table: Electronics net sales from external customers of $334.1M
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26. S26primarycompany filing2026-05-04
    Helios Technologies proxy statement (DEF 14A), filed May 4, 2026, for the June 15, 2026 meeting
    beneficial ownership as of April 20, 2026, the officers' biographies and start dates, the 2025 bonus metrics, goals and payouts, the long-term award design, and the zero payout of the 2023-2025 performance units
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