EX-99.2

Exhibit 99.2

Graham Corporation

Q4 FY 2024

Supplemental Information - Unaudited

($ in thousands)


SALES BY MARKET	FY 2023																									FY 2024																									Q4 24 vs Q4 23					Q4 24 vs Q3 24					FYTD24 vs FYTD23
	Q1		% of			Q2		% of			Q3		% of			Q4		% of					% of			Q1		% of			Q2		% of			Q3		% of			Q4		% of			YTD		% of
	2023		Total			2023		Total			2023		Total			2023		Total			2023		Total			2024		Total			2024		Total			2024		Total			2024		Total			2024		Total			Variance					Variance					Variance
Refining	$	7,875		22	%	$	7,568		20	%	$	6,497		16	%	$	5,330		12	%	$	27,270		17	%	$	6,867		14	%	$	7,289		16	%	$	7,638		17	%	$	7,293		15	%	$	29,087		16	%	$	1,963		37	%	$	(345	)	-5	%	$	1,817		7	%
Chemical/Petrochemical		5,875		16	%		5,804		15	%		3,927		10	%		6,344		15	%		21,950		14	%		6,041		13	%		4,365		10	%		4,130		9	%		6,357		13	%		20,893		11	%		13		0	%		2,227		54	%		(1,057	)	-5	%
Space		6,462		18	%		4,306		11	%		3,510		9	%		6,902		16	%		21,180		13	%		4,822		10	%		2,775		6	%		2,931		7	%		2,754		6	%		13,282		7	%		(4,148	)	-60	%		(177	)	-6	%		(7,898	)	-37	%
Defense		9,800		27	%		14,855		39	%		21,687		54	%		18,985		44	%		65,327		42	%		22,817		48	%		25,118		56	%		24,330		56	%		27,228		55	%		99,493		54	%		8,243		43	%		2,898		12	%		34,166		52	%
Other		6,063		17	%		5,610		15	%		4,252		11	%		5,466		13	%		21,391		14	%		7,022		15	%		5,529		12	%		4,789		11	%		5,438		11	%		22,778		12	%		(28	)	-1	%		649		14	%		1,387		6	%

	$	36,075		100	%	$	38,143		100	%	$	39,873		100	%	$	43,027		100	%	$	157,118		100	%	$	47,569		100	%	$	45,076		100	%	$	43,818		100	%	$	49,070		100	%	$	185,533		100	%	$	6,043		14	%	$	5,252		12	%	$	28,415		18	%

SALES BY REGION	FY 2023																									FY 2024																									Q4 24 vs Q4 23					Q4 24 vs Q3 24					FYTD24 vs FYTD23
	Q1		% of			Q2		% of			Q3		% of			Q4		% of					% of			Q1		% of			Q2		% of			Q3		% of			Q4		% of			YTD		% of
	2023		Total			2023		Total			2023		Total			2023		Total			2023		Total			2024		Total			2024		Total			2024		Total			2024		Total			2024		Total			Variance					Variance					Variance
United States	$	28,169		78	%	$	30,325		80	%	$	33,163		83	%	$	35,862		83	%	$	127,519		81	%	$	38,141		80	%	$	38,604		86	%	$	36,822		84	%	$	42,341		86	%	$	155,908		84	%	$	6,479		18	%	$	5,519		15	%	$	28,389		22	%
Middle East		459		1	%		686		2	%		621		2	%		1,148		3	%		2,914		2	%		1,049		2	%		669		1	%		501		1	%		348		1	%		2,567		1	%		(800	)	-70	%		(153	)	-31	%		(347	)	-12	%
Asia		4,248		12	%		4,255		11	%		4,226		11	%		3,311		8	%		16,040		10	%		5,902		12	%		2,979		7	%		4,017		9	%		2,245		5	%		15,143		8	%		(1,066	)	-32	%		(1,772	)	-44	%		(897	)	-6	%
Other		3,199		9	%		2,877		8	%		1,863		5	%		2,706		6	%		10,645		7	%		2,477		5	%		2,824		6	%		2,478		6	%		4,136		8	%		11,915		6	%		1,430		53	%		1,658		67	%		1,270		12	%

	$	36,075		100	%	$	38,143		100	%	$	39,873		100	%	$	43,027		100	%	$	157,118		100	%	$	47,569		100	%	$	45,076		100	%	$	43,818		100	%	$	49,070		100	%	$	185,533		100	%	$	6,043		14	%	$	5,252		12	%	$	28,415		18	%

ORDERS BY MARKET	FY 2023																									FY 2024																									Q4 24 vs Q4 23					Q4 24 vs Q3 24					FYTD24 vs FYTD23
	Q1		% of			Q2		% of			Q3		% of			Q4		% of					% of			Q1		% of			Q2		% of			Q3		% of			Q4		% of			YTD		% of
	2023		Total			2023		Total			2023		Total			2023		Total			2023		Total			2024		Total			2024		Total			2024		Total			2024		Total			2024		Total			Variance					Variance					Variance
Refining	$	11,491		29	%	$	8,723		10	%	$	3,764		19	%	$	5,298		10	%	$	29,276		14	%	$	14,321		21	%	$	4,086		11	%	$	5,372		4	%	$	9,466		23	%	$	33,245		12	%	$	4,168		79	%	$	4,094		76	%	$	3,969		14	%
Chemical/Petrochemical		5,543		14	%		4,608		5	%		2,313		12	%		2,842		6	%		15,306		8	%		10,863		16	%		4,242		12	%		5,803		5	%		2,841		7	%		23,749		9	%		(1	)	0	%		(2,962	)	-51	%		8,443		55	%
Space		7,274		18	%		3,742		4	%		1,631		8	%		2,513		5	%		15,160		7	%		4,606		7	%		3,049		8	%		6,086		5	%		3,084		8	%		16,825		6	%		571		23	%		(3,002	)	-49	%		1,665		11	%
Defense		11,317		28	%		69,598		76	%		7,788		39	%		28,011		55	%		116,714		58	%		32,958		49	%		20,844		57	%		103,233		84	%		20,375		50	%		177,410		66	%		(7,636	)	-27	%		(82,858	)	-80	%		60,696		52	%
Other		4,683		12	%		4,840		5	%		4,548		23	%		12,159		24	%		26,230		13	%		5,185		8	%		4,243		12	%		2,773		2	%		5,017		12	%		17,218		6	%		(7,142	)	-59	%		2,244		81	%		(9,012	)	-34	%

	$	40,308		100	%	$	91,511		100	%	$	20,044		100	%	$	50,823		100	%	$	202,686		100	%	$	67,933		100	%	$	36,464		100	%	$	123,267		100	%	$	40,783		100	%	$	268,447		100	%	$	(10,040	)	-20	%	$	(82,484	)	-67	%	$	65,761		32	%

BACKLOG BY MARKET	FY 2023																									FY 2024																									Q4 24 vs Q4 23					Q4 24 vs Q3 24
	Q1		% of			Q2		% of			Q3		% of			Q4		% of					% of			Q1		% of			Q2		% of			Q3		% of			Q4		% of			YTD		% of
	2023		Total			2023		Total			2023		Total			2023		Total			2023		Total			2024		Total			2024		Total			2024		Total			2024		Total			2024		Total			Variance					Variance
Refining	$	27,939		11	%	$	28,502		9	%	$	26,255		9	%	$	26,142		9	%	$	26,142		9	%	$	33,264		10	%	$	29,116		9	%	$	27,428		7	%	$	29,526		8	%	$	29,526		8	%	$	3,384		13	%	$	2,098		8	%
Chemical/Petrochemical		13,853		5	%		12,549		4	%		10,996		4	%		7,842		3	%		7,842		3	%		12,794		4	%		13,705		4	%		14,815		4	%		11,276		3	%		11,276		3	%		3,434		44	%		(3,539	)	-24	%
Space		15,143		6	%		13,210		4	%		12,492		4	%		8,242		3	%		8,242		3	%		8,675		3	%		7,263		2	%		11,059		3	%		10,651		3	%		10,651		3	%		2,409		29	%		(408	)	-4	%
Defense		193,195		74	%		248,672		79	%		234,485		80	%		243,628		81	%		243,628		81	%		253,358		79	%		250,732		80	%		334,455		84	%		328,389		84	%		328,389		84	%		84,761		35	%		(6,066	)	-2	%
Other		10,545		4	%		10,407		3	%		9,443		3	%		15,880		5	%		15,880		5	%		13,912		4.3	%		12,527		4	%		11,487		3	%		11,026		3	%		11,026		3	%		(4,854	)	-31	%		(461	)	-4	%

	$	260,675		100	%	$	313,340		100	%	$	293,671		100	%	$	301,734		100	%	$	301,734		100	%	$	322,003		100	%	$	313,343		100	%	$	399,244		100	%	$	390,868		100	%	$	390,868		100	%	$	89,134		30	%	$	(8,376	)	-2	%

BOOK TO BILL RATIO		1.1					2.4					0.5					1.2					1.3					1.4					0.8					2.8					0.8					1.4

Graham Corporation

Q4 FY 2024

Supplemental Information - Unaudited

($ in thousands)


ADJUSTED EBITDA	FY 2023															FY 2024
	Q1 2023			Q2 2023			Q3 2023			Q4 2023			YTD 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			YTD 2024
Net income (loss)	$	676		$	(196	)	$	368		$	(481	)	$	367		$	2,640		$	411		$	165		$	1,340		$	4,556
Acquisition & integration costs		54			—			—			—			54			—			—			274			158			432
ERC tax credit, net		—			—			—			—			—			—			—			—			(702	)		(702	)
Debt amendment costs		153			41			—			—			194			—			—			744			37			781
ERP Implementation costs		—			—			—			—			—			—			—			56			185			241
Net interest (income) expense		157			246			294			242			939			185			55			37			(29	)		248
Income tax expense (benefit)		215			(40	)		70			(51	)		194			766			243			(110	)		119			1,018
Equity-based compensation expense		114			198			270			224			806			293			332			377			277			1,279
Depreciation & amortization		1,475			1,487			1,506			1,519			5,987			1,239			1,201			1,422			1,570			5,432

Adjusted EBITDA ⁽¹⁾	$	2,844		$	1,736		$	2,508		$	1,453		$	8,541		$	5,123		$	2,242		$	2,965		$	2,955		$	13,285

Net sales	$	36,075		$	38,143		$	39,873		$	43,027		$	157,118		$	47,569		$	45,076		$	43,818		$	49,070		$	185,533
Net income (loss) margin		1.9	%		-0.5	%		0.9	%		-1.1	%		0.2	%		5.5	%		0.9	%		0.4	%		2.7	%		2.5	%
Adjusted EBITDA margin		7.9	%		4.6	%		6.3	%		3.4	%		5.4	%		10.8	%		5.0	%		6.8	%		6.0	%		7.2	%

⁽¹⁾

Beginning in the fourth quarter of fiscal 2024, Adjusted EBITDA no longer excludes the Barber-Nichols supplemental performance bonus, but now excludes the impact of non-cash equity-based compensation expense in order to be more consistent with market practice. Prior period results have been adjusted to reflect these changes on a comparable basis. The Barber-Nichols supplemental performance bonus expense was $0.8 million, $0.8 million, $1.3 million, $1.4 million and $4.3 million for the first, second, third and fourth quarters and full year of fiscal 2024, respectively, and $0 for the comparable periods of fiscal 2023 and will continue through fiscal year 2026.


ADJUSTED NET INCOME	FY 2023															FY 2024
	Q1 2023			Q2 2023			Q3 2023			Q4 2023			YTD 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			YTD 2024
Net income (loss)	$	676		$	(196	)	$	368		$	(481	)	$	367		$	2,640		$	411		$	165		$	1,340		$	4,556
Acquisition & integration costs		54			—			—			—			54			—			—			274			158			432
Amortization of intangible assets		619			619			619			619			2,476			446			445			596			670			2,157
ERC tax credit, net		—			—			—			—			—			—			—			—			(702	)		(702	)
Debt amendment costs		153			41			—			—			194			—			—			744			37			781
ERP Implementation costs		—			—			—			—			—			—			—			56			185			241
Normalized tax rate⁽¹⁾		(173	)		(139	)		(130	)		(130	)		(572	)		(103	)		(102	)		(384	)		(80	)		(669	)

Adjusted net income⁽²⁾	$	1,329		$	325		$	857		$	8		$	2,519		$	2,983		$	754		$	1,451		$	1,608		$	6,796

GAAP net income (loss) per diluted share	$	0.06		$	(0.02	)	$	0.03		$	(0.05	)	$	0.03		$	0.25		$	0.04		$	0.02		$	0.12		$	0.42
Adjusted net income per diluted share⁽²⁾	$	0.12		$	0.03		$	0.08		$	0.00		$	0.24		$	0.28		$	0.07		$	0.13		$	0.15		$	0.63
Diluted weighted average common shares outstanding		10,630			10,617			10,660			10,617			10,654			10,719			10,810			10,920			10,988			10,844

⁽¹⁾	Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the statutory tax rate.

⁽²⁾

Beginning in the fourth quarter of fiscal 2024 Adjusted Net Income no longer excludes the Barber-Nichols supplemental performance bonus. Prior period results have been adjusted to reflect this change on a comparable basis. The Barber-Nichols supplemental performance bonus expense, net-of-tax, was $0.6 million, $0.6 million, $1.0 million, $1.1 million and $3.3 million for the first, second, third and fourth quarters and full year of fiscal 2024, respectively, and $0 for the comparable periods of fiscal 2023 and will continue through fiscal year 2026.