Richardson Electronics delivered a modest revenue uptick in Q3 fiscal year 2025, with consolidated net sales of $53.8 million, up 2.7% YoY, and a gross margin of 31.0% driven by stronger performance in PMT and Green Energy Solutions (GES). However, GAAP results show a quarterly net loss of $2.06 million, largely reflecting a one-time $4.9 million loss on the Healthcare asset sale. Excluding the sale-related charges, non-GAAP operating income rose to $2.2 million, underscoring improving operating leverage in the core businesses. Management emphasized a strategic pivot toward higher-growth power management platforms, notably in Green Energy Solutions and PMT, while consolidating Healthcare assets into PMT in Q4 FY25 and pursuing an M&A program later in FY26. The balance sheet remains exceptionally solid, with $36.7 million of cash and equivalents at quarter-end and no revolver debt outstanding, yielding ample firepower for growth investments and potential acquisitions. The company retained a strong backlog in GES and PMT (backlog combined around $95 million) and highlighted favorable dynamics in semiconductor wafer fab demand, energy storage opportunities, and Made-in-America supply opportunities amid tariff considerations. Investors should weigh the visibility provided by backlog against the near-term margin volatility and the execution risk associated with the Healthcare divestiture and the planned growth investments.