Under the Radar

91% of revenue from AI processors (71%) and silicon photonics (20%). Record $80.6M backlog driven by a $41M hyperscaler burn-in order. FY2027 guided $130-150M, nearly 3x FY2026.

Aehr Test Systems provides semiconductor test, burn-in, and stabilization systems and consumables used on wafer-level, singulated-die, and package-part devices. Its FOX-XP full-wafer systems can test up to nine 300mm wafers in parallel, and the WaferPak contactor is a proprietary consumable; Sonoma systems handle ultra-high-powered packaged-part burn-in at up to 2,000W or more per device. The products screen for early-life failures in AI processors, silicon photonics, memory, power semiconductors, and related devices.

Building a 1.2 GW power plant for Applied Digital under a documented LNTP agreement. Bookings surged 1,900% to $2.5B with a pipeline exceeding $14B dominated by AI data center power.

Babcock & Wilcox Enterprises is a nearly 160-year-old energy technologies provider making steam generation equipment, aftermarket parts, package boilers, waste heat boilers, and providing construction and field services. Its installed base is described as a major asset—aftermarket parts, construction, maintenance, and field services. The company supports facilities using coal, natural gas, hydrogen, waste, and biomass, and offers environmental solutions and carbon capture systems. After Q4 2025, it reports one segment, B&W.

Precision gearing and sub-assemblies for natural gas turbines powering data centers. Orders up 66% with backlog at record levels, customers sold out through 2030. GE Vernova is a disclosed top customer.

Broadwind is a precision manufacturer of structures, equipment, and components for power generation, critical infrastructure, and other specialized applications. It supplies high-speed reduction gearing and precision-machined components for natural gas turbines, plus gearboxes and large fabricated structures. The company is exiting the wind tower business and refocusing on Gearing and Industrial Solutions, with pressure reducing systems retained but no longer a reportable segment.

North America's largest metal fabricator, pivoting into data center electrical infrastructure. DC segment grew 71% organic with $50M in new awards in Q1 alone, approaching 25% of revenue by Q4.

Mayville Engineering Company is a U.S.-based, vertically integrated, value-added manufacturing partner founded in 1945 and headquartered in Milwaukee, Wisconsin. It operates as one operating segment and makes metal components, fabrication, performance structures, tube, and tank products. Its disclosed end markets include heavy- and medium-duty commercial vehicles, construction and access, powersports, data center and critical power, agriculture, military, and other. For AI infrastructure, the relevant role is indirect: it supplies fabricated metal components, enclosures, frames, chassis, weldments, and production services for power distribution units, static transfer switches, and switchgear.

Provides modular workforce housing for data center and power plant construction crews. Over $2B in contract awards since Feb 2025, including a $750M AI infrastructure community. Pipeline of over 20,000 beds.

Target Hospitality is one of North America's largest vertically integrated specialty rental and hospitality services companies, operating 16,991 beds across 29 communities. It provides turnkey accommodations, culinary services, hospitality, and related services to natural resource development, critical minerals, data center infrastructure, power generation, and U.S. government customers. FY2025 revenue was approximately $321M.

Behind-the-meter power infrastructure for AI data centers. Documented 25 MW Powered Shell agreement with Crusoe for AI/HPC workloads. $1.35B backlog, over 80% owned assets.

Energy Vault describes itself as an integrated energy and power infrastructure platform. Its products include B-VAULT electrochemical battery storage, G-VAULT gravity storage, H-VAULT hydrogen or hybrid storage, VaultOS energy management software, Vault-Bidder AI-based dispatch and revenue optimization, and Vault-Manager asset performance software. The company is moving from build-and-transfer project delivery and licensing toward selectively developing, owning, and operating storage assets. For AI data centers, it packages Powered Land, Powered Shell, and integrated storage plus gas generation plus UPS behind the meter, because power availability is the gating factor for expansion.

One of the world's two largest merchant photomask manufacturers. High-end IC masks hit record $71M (+19%) in Q1, with AI demand cited as the driver. $330M in U.S. and Korea fab expansions.

Photronics is one of the world's leading manufacturers of photomasks — high-precision quartz or glass plates carrying microscopic images of electronic circuits, used to transfer circuit designs onto wafers during the fabrication of integrated circuits and flat panel displays. A photomask is required for essentially every new chip design; without a mask set, a new design cannot be taped out and printed. The company reports as one operating and reportable segment, but two businesses sit inside it: IC photomasks and FPD photomasks. Within IC, high-end masks cover advanced logic at 8nm and below, advanced DRAM patterns below 20nm, masks for AI-driven advanced chip packaging, and masks for high-NA EUV development projects. Within FPD, high-end masks are AMOLED, including G8.6 large-size masks with higher-ASP layers.

27% of Q1 bookings came from data centers, up from under 5% recently. Won a $30M+ hyperscaler fabricated-package project. Building a dedicated national data center vertical team in H1 2026.

Limbach Holdings designs, delivers, and maintains MEPC systems for owners and operators of mission-critical facilities across healthcare, industrial, data centers, life sciences, higher education, and cultural and entertainment markets. In the AI buildout, its data-center work includes fabricated steel structures and piping, retrofits that support new server installation, and, after the August 2026 CYMCOR acquisition, early-lifecycle program management, commissioning oversight, and strategic consulting.

Concrete segment builds structural foundations for hyperscale data centers at roughly 40% of segment revenue. Concrete segment grew 73%, with active project count rising from 40 to over 50 in six months.

Orion Group Holdings is a specialty construction company focused on large-scale, mission-critical capital projects in marine and infrastructure. Its Concrete segment builds data centers, industrial, warehouse, multi-family, and public projects, while Marine provides engineering, construction, dredging, and specialty services including ports, bridges, pipelines, environmental restoration, and dredging. The 10-K describes Orion as a leading specialty construction company.

Supply Technologies segment approaching $150M annually from AI data center customers, primarily switchgear manufacturers. This was near zero two years ago. Operates under sole-source contracts.

Park-Ohio is a diversified international company employing about 6,300 people as of December 31, 2025. It runs three segments: Supply Technologies manages supply of production parts and materials through its Total Supply Management model; Assembly Components makes fuel-system and fluid-handling products; Engineered Products builds induction heating and melting systems, forging presses, pipe threading systems, generators, and transformers. The AI-infrastructure link is indirect: switchgear makers, data-center power-management equipment, and cooling-system components draw on Park-Ohio's supply-chain services and engineered products.

Leading carrier-neutral data center operator in China transitioning to hyperscale AI. Wholesale revenue surpassed retail for the first time, growing 58%. New wholesale orders of 519 MW YTD 2026.

VNET Group is a carrier-neutral and cloud-neutral data centre services provider in mainland China. It builds and operates large-footprint wholesale data centre campuses for internet giants and hyperscale cloud providers, and provides retail colocation cabinets, cages, interconnectivity, and value-added services. Through its Non-IDC segment, it is the exclusive mainland China operating partner for Microsoft Azure, Microsoft 365, Dynamics 365, and Power Platform. Management describes wholesale demand as almost entirely AI-driven, and the company is branding large campuses as AIDC for GPU clusters and AI training and inference.

D-VAR power quality systems protect fabs from voltage transients ($2-10M per fab). Made its first direct data center delivery in Dec 2025. Revenue $299M (+34%), fifth consecutive quarter of GAAP profitability.

American Superconductor designs and deploys power-control and power-quality equipment for megawatt-scale power flows, including D-VAR voltage-regulation systems, transformers, DC rectifiers, power supplies, and power-factor correction. Its Grid segment supplied 84% of revenue in the year ended March 31, 2026, and its Wind segment supplied 16%. The AI-infrastructure link is indirect: its grid-side equipment helps keep semiconductor fabs and data centers running reliably, but the company does not make AI hardware or software.

High-horsepower diesel engines for data center backup generators through the MTU Yuchai JV. Generator volumes surged from roughly 750 in 2024 to over 2,000 in 2025. Higher margin than company average.

China Yuchai International Limited is a Bermuda holding company that owns a controlling interest in Guangxi Yuchai Machinery Company Limited. The 20-F describes Yuchai as one of China's largest powertrain solution manufacturers, designing, manufacturing, assembling, and selling light-, medium-, and heavy-duty engines for trucks, buses, construction and agricultural equipment, marine, and power generation. It also produces power generator sets, engine components, and new-energy products including hybrid systems, flywheel range extenders, pure electric drives, and fuel cell systems. The power-generation engines are the link to AI infrastructure because they supply backup and standby generator sets for data centers.

Precision motion components and power quality solutions including harmonic filters for data center infrastructure. Record bookings of $158M in Q1 (+15%) with book-to-bill of 1.14x and $251M backlog.

Allient Inc. designs, manufactures, and sells precision and specialty controlled motion components and systems across Industrial, Vehicle, Medical, and Aerospace & Defense markets. The product scope spans servo motors, motion controllers, encoders, integrated motor-drives, gear motors, nano precision positioning systems, and power-quality equipment such as active and passive harmonic filters, line reactors, and communications gateways. Its stated strategic direction is to move from component-only supply toward higher-value engineered systems and platforms.

Optical networking platform developing the LiteWave800, an 800G coherent pluggable designed for intra-data-center AI compute with over 90% power reduction. Optical segment grew 24%.

ADTRAN designs and sells networking and communications equipment across metro optical transport, data center interconnect, and broadband access. It reports two formal segments — Network Solutions and Services & Support — and speaks to investors through three solution categories: Access & Aggregation Solutions, Subscriber Solutions, and Optical Networking Solutions. The customer base spans service providers, cable/MSOs, enterprises, cloud/hyperscaler customers, and government agencies. In the AI buildout, its Optical Networking Solutions and fast-growing cloud/hyperscaler bucket are the primary link to AI infrastructure.

Engineering services for hyperscale data center site development. Data center revenue has more than doubled to over 6% of total. Backlog $653M (+56%, entirely organic). Three recent acquisitions targeting DC power engineering.

Bowman Consulting Group provides integrated engineering, technical consulting, and program management services across the built environment — planning, design, construction management, commissioning, environmental consulting, geospatial imaging, surveying, land procurement, and digital advisory services. The firm operates as a single business segment. Its work now includes data centers, which have more than doubled to over 6% of revenue, and power, utilities, and energy, which is 28% of gross revenue and growing 37% year over year.