LaFox, IL | May 15, 2023 –Richardson Electronics, Ltd. (NASDAQ: RELL), a global provider of engineered solutions for renewable energy, is pleased to announce the new patent pending ULTRAUPS3000™ Hybrid Ultracapacitor Uninterrupted Power Supply (UPS) for wind turbine control systems and other industrial applications where reliable low voltage ride through and safe shut down are safety critical. This is the latest patent pending product adding to the Company’s growing portfolio of engineered solutions.

The ULTRAUPS3000™ reflects the ingenuity and evolution of its market-leading solutions. The ULTRAUPS3000™ is designed for operation in harsh environments unlike other energy storage solutions such as lead acid or lithium-based UPS systems. With the wider operating temperature of Richardson Electronics hybrid ultracapacitor solution, the product will help solve issues related to the short life of other technologies.

Greg Peloquin, Executive Vice President, and General Manager of Power Microwave and Green Energy Solutions Group stated, “This is another major achievement from our team in our ever-increasing portfolio of power management products.  The potential of the ULTRAUPS3000™   meeting the needs of our customers in the wind turbine industry and many other industries is exponential. This patent reinforces our commitment to innovation and engineered solutions.”

The new ULTRAUPS3000™ will be on display in the Richardson Electronics’ booth (#813) at the CLEANPOWER Conference and Exhibition on May 22 – 25, at the Ernest N. Morial Convention Center in New Orleans, Louisiana. The Company’s patented ultracapacitor-based pitch energy module, the ULTRA3000^®, will also be on display.

About Richardson Electronics – Green Energy Solutions

Richardson Electronics Green Energy Solutions combines our key technology partners and engineered solutions capabilities to design and manufacture key products for the fast-growing energy storage market and power management applications. As a designer, manufacturer, technology partner and authorized distributor, GES’s strategy is to provide specialized technical expertise and engineered solutions using our core design engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair—all through our existing global infrastructure. GES’s focus is on products for numerous green energy applications such as wind, solar, hydrogen and electric vehicles, and other power management applications that support green solutions such as synthetic diamond manufacturing. For more information, visit our webpage.

About Richardson Electronics – Power & Microwave Technologies

For over 75 years, Richardson Electronics has been your industry-leading global provider of engineered solutions, RF & microwave, and power products. The Power & Microwave Technologies group continues this legacy and complements it with new products from the world’s most innovative technology partners. Richardson Electronics’ Power & Microwave Technologies group focuses on what we do best: identify and design disruptive technologies, introduce new products on a global basis, develop solutions for our customers, and provide exceptional worldwide support. As a global company, we provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. More information is available at www.rellpower.com.

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world.  All our partners manufacture to our strict specifications and per our supplier code of conduct.  We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

LaFox, IL, May 3, 2023– Richardson Electronics, Ltd. (NASDAQ: RELL) announces its new ULTRAPEM™ line, a series of ultracapacitor-based modules that replace lead acid batteries within various OEM wind turbine platforms utilizing electric pitch systems. These new products add to the Company’s portfolio of patented energy storage solutions and capitalize on growth opportunities within the Green Energy Solutions business segment.

The new ultracapacitor-based energy storage series consists of pitch energy modules that operate at greater voltage than 100 VDC. These plug-and-play modules are easy to install, increase uptime of wind turbines, and reduce labor costs. Features of the ULTRAPEM series include:

• Estimated lifetime of 15+ Years
• Drop-in replacement for batteries for pitch systems up to 500 VDC
• Wide operating temperature from -40°C to 65°C
• No hazardous chemicals

“The introduction of the ULTRAPEM series expands our wind turbine product range and customer base. It’s exciting to see our team continue to listen to our customers and deliver engineered solutions that have a major impact on applications within the power management and green energy solutions markets, ” said Greg Peloquin, Executive Vice President of Richardson Electronics’ Power & Microwave Technologies, and Green Energy Solutions group.

The new ULTRAPEM series will be on display in the Richardson Electronics’ booth (#813) at the CLEANPOWER Conference and Exhibition on May 22 – 25, at the Ernest N. Morial Convention Center in New Orleans, Louisiana. The company’s patented ultracapacitor-based pitch energy module, the ULTRA3000^®, will also be on display.

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world.  All our partners manufacture to our strict specifications and per our supplier code of conduct.  We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

About Richardson Electronics – Green Energy Solutions

Richardson Electronics Green Energy Solutions combines our key technology partners and engineered solutions capabilities to design and manufacture key products for the fast-growing energy storage market and power management applications. As a designer, manufacturer, technology partner and authorized distributor, GES’s strategy is to provide specialized technical expertise and engineered solutions using our core design engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair—all through our existing global infrastructure. GES’s focus is on products for numerous green energy applications such as wind, solar, hydrogen and electric vehicles, and other power management applications that support green solutions such as synthetic diamond manufacturing. For more information, visit our Green Energy Solutions page.

About Richardson Electronics – Power & Microwave Technologies

For over 75 years, Richardson Electronics has been your industry-leading global provider of engineered solutions, RF & microwave, and power products. With the launch of the Power & Microwave Technologies group, we continue this legacy and complement it with new products from the world’s most innovative technology partners. Richardson Electronics’ Power & Microwave Technologies group focuses on what we do best: identify and design disruptive technologies, introduce new products on a global basis, develop solutions for our customers, and provide exceptional worldwide support. As a global company, we provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. More information is available at www.rellpower.com.

Green Energy Solutions sales increase 103% over Q3 FY22; total net sales increase 27.2%

Third Quarter Highlights

• Net sales of $70.4 million were up 27.2% from last year’s third quarter driven by increases in Power and Microwave Technologies (“PMT”), Green Energy Solutions (“GES”) and Canvys business units.
• Backlog totaled $175.1 million in the third quarter versus $175.6 million at the end of the third quarter of last fiscal year.
• Gross margin was 31.8% of net sales for the third quarter of fiscal 2023, the same as in the prior year’s third quarter.
• Operating income was $7.6 million in the third quarter of fiscal 2023 compared to $3.6 million for the third quarter of fiscal 2022.
• Income tax expense was $1.7 million for the third quarter of fiscal 2023, or 20.7% versus $0.6 million in the prior year’s third quarter due to the use of federal NOLs in fiscal 2022.
• Earnings per common share (diluted) were $0.44 for the third quarter of fiscal 2023 compared to $0.21 per common share (diluted) in the third quarter of fiscal 2022.
• Cash and investments were $24.6 million as of February 25, 2023, compared to $40.5 million as of May 28, 2022. The use of cash was related to higher working capital to support sales growth.

LaFox, IL, APRIL 5, 2023:  Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its third quarter ended February 25, 2023.  The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend.

“We are extremely pleased with the strong financial performance resulting from capitalizing on new market opportunities and continued execution of our key growth initiatives. The third quarter of fiscal 2023 was the tenth consecutive quarter of year-over-year revenue growth and builds on our momentum for another strong financial performance in fiscal 2023. In addition, third quarter operating income increased 110% year-over-year, compared to sales growth of 27% as we benefit from significant operating leverage of fixed expenses,” said Edward J. Richardson, Chairman, Chief Executive Officer, and President. “Beginning in fiscal 2023, we started reporting a new segment, Green Energy Solutions (“GES”). With the number of opportunities in our pipeline addressing alternative energy, electric vehicles and green manufacturing, we are well positioned for significant long-term growth in this segment.”

Third Quarter Results

Net sales for the third quarter of fiscal 2023 increased 27.2% to $70.4 million compared to net sales of $55.3 million in the prior year’s third quarter due to higher net sales in PMT, GES and Canvys, partially offset by lower sales for Healthcare. PMT sales increased $8.5 million or 22% from last year’s third quarter. Sales of manufactured products for our semiconductor wafer fabrication equipment customers and distributed products for RF and Microwave applications increased from the third quarter of fiscal 2022. Net sales for GES increased $5.8 million or 103% from last year’s third quarter. GES combines our key technology partners and engineered solutions capabilities, to design and manufacture products for the fast-growing green energy market and power management applications. Canvys sales increased by $1.5 million or 19% primarily due to strong customer demand in North America. Richardson Healthcare sales decreased $0.7 million or 23.9% due to a decrease in parts sales as well as CT tubes sold in China, partially offset by an increase in equipment sales.

Gross margin was 31.8% of net sales during the third quarter of fiscal 2023, the same as during the third quarter of fiscal 2022. PMT margin increased to 32.9% from 31.8% primarily due to product mix.  Healthcare gross margin increased to 39.8% in the third quarter of fiscal 2023 compared to 25.1% in the prior year’s third quarter due to improved manufacturing absorption and decreased component scrap expense. GES margin decreased to 25.7% from 34.6% primarily due to product mix. Canvys margin as a percent of net sales decreased slightly to 32.0% from 32.2% because of product mix and foreign exchange effects.

Operating expenses were $14.8 million compared to $13.9 million in the third quarter of fiscal 2022. The increase in operating expenses resulted from higher employee compensation expenses, including incentive expense from significantly higher operating income, and higher travel expenses. Operating expenses as a percentage of net sales decreased to 21.0% during the third quarter of fiscal 2023 compared to 25.2% during the third quarter of fiscal 2022 as the Company benefited from higher sales and controlled operating expenses.

The Company reported operating income of $7.6 million for the third quarter of fiscal 2023 compared to operating income of $3.6 million in the prior year’s third quarter. Other income for the third quarter of fiscal 2023, including interest income and foreign exchange, was $0.4 million, compared to other expense of $0.1 million in the third quarter of fiscal 2022.

Income tax expense was $1.7 million for the third quarter of fiscal 2023 or 20.7% versus $0.6 million in the prior year’s third quarter due to the use of federal NOLs in fiscal 2022.

Net income for the third quarter of fiscal 2023 was $6.3 million compared to net income of $2.9 million in the third quarter of fiscal 2022. Earnings per common share (diluted) were $0.44 in the third quarter of fiscal 2023 compared to $0.21 per common share (diluted) in the third quarter of fiscal 2022.

Cash and investments at the end of the third quarter of fiscal 2023 were $24.6 million compared to $40.5 million at the end of fiscal 2022. The Company continues to use cash to support the working capital requirements associated with the significant sales growth over the past ten quarters. The Company invested $2.2 million during the quarter on capital expenditures primarily related to its manufacturing business, facilities, and Healthcare business, versus $0.6 million during the third quarter of fiscal 2022. Subsequent to the end of the third quarter of fiscal 2023, the Company entered into a three-year, $30 million revolving line of credit with PNC Bank for additional liquidity as necessary.

FINANCIAL SUMMARY – NINE MONTHS ENDED FEBRUARY 25, 2023

• Net sales for the first nine months of fiscal 2023 were $203.8 million, an increase of 25.1%, compared to net sales of $163.0 million during the first nine months of fiscal 2022. Sales increased by $17.1 million or 14.8% for PMT, $19.1 million or 145.7% for GES, $4.5 million or 17.3% for Canvys and $0.1 million or 1.6% for Richardson Healthcare.
• Gross profit increased to $67.3 million during the first nine months of fiscal 2023, compared to $51.5 million during the first nine months of fiscal 2022. As a percentage of net sales, gross margin increased to 33.0% of net sales during the first nine months of fiscal 2023, compared to 31.6% of net sales during the first nine months of fiscal 2022, primarily because of a favorable product mix in PMT and decreased component scrap expense and improved manufacturing absorption in Healthcare. These increases were partially offset by an unfavorable product mix and foreign currency effects in Canvys and unfavorable product mix for GES.
• Operating expenses increased to $43.7 million for the first nine months of fiscal 2023, compared to $40.6 million for the first nine months of fiscal 2022. The increase in operating expenses resulted from higher employee compensation and travel expenses.
• Operating income during the first nine months of fiscal 2023 was $23.6 million, compared to an operating income of $11.0 million during the first nine months of fiscal 2022.
• Other expense for the first nine months of fiscal 2023, including interest income and foreign exchange, was $0.1 million, as compared to other expense of less than $0.1 million in the first nine months of fiscal 2022.
• The income tax provision was $5.3 million during the first nine months of fiscal 2023 or 22.5% versus $1.3 million in the prior year’s first nine months due to the use of federal NOLs in fiscal 2022.
• Net income for the first nine months of fiscal 2023 was $18.2 million, versus $9.6 million during the first nine months of fiscal 2022. Earnings per common share (diluted) were $1.27 for the first nine months of fiscal 2023 compared to $0.71 per common share (diluted) for the first nine months of fiscal 2022.

CASH DIVIDEND DECLARED

The Board of Directors of Richardson Electronics declared a $0.06 quarterly cash dividend per share to holders of common stock and a $0.054 cash dividend per share to holders of Class B common stock. The dividend will be payable on May 24, 2023, to common stockholders of record as of May 5, 2023.

CONFERENCE CALL INFORMATION

On Thursday, April 6, 2023, at 9:00 a.m. Central Time, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s third quarter fiscal 2023 results.  A question-and-answer session will be included as part of the call’s agenda.

Participant Instructions

Participants may register for the call here.  While not required, it is recommended you join 10 minutes prior to the event start.  A replay of the call will be available beginning at 1:00 p.m. Central Time on April 6, 2023, for seven days. Registration instructions are also on our website at www.rell.com.

In addition, the webcast link is available here.

FORWARD-LOOKING STATEMENTS

This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission.  Statements in this press release regarding the Company’s business that are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K filed on August 1, 2022, and other reports we file with the Securities and Exchange Commission. The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events or otherwise.

ABOUT RICHARDSON ELECTRONICS, LTD.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world.  All our partners manufacture to our strict specifications and per our supplier code of conduct.  We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

Adding Increased Capabilities to their Power Management and Green Energy Solutions Portfolio of Products

LaFox, IL – March 30, 2023 – Richardson Electronics, Ltd. (NASDAQ: RELL) announced today a technology partnership agreement with VINATech. VINATech products enhance the Company’s current technology offerings and expand the product range, driving growth opportunities within the Power Management and Green Energy Solutions business segments.

Established in 1999, VINATech designs and manufactures energy storage ultracapacitors as well as hybrid lithium capacitors. These ultracapacitors are excellent for numerous applications including smart-grids, solar power, automatic meter reading (AMR), automotive, UPS, solid state drives, medical, automated guidance vehicles, and lighting. VINATech is UL, IATF 16949: 2016, and ISO-14001 certified.

VINATech has four types of ultracapacitors:

• Hy-Cap Neo Ultracapacitors Available in 2.7V and 3.0V, these capacitors are designed for extreme environments and are ideal for automotive vehicles, communication equipment, IoT, and industrial equipment.
• Hy-Cap Ultracapacitor Modules Highly customizable modules that can be optimized including capacitance, voltage, current, size, enclosure protection level, terminal type, and balancing circuits. Available as a PCB assembly.
• Hy-Cap Ultracapacitor 2 Series Modules Come in two rated voltages, 6.0V and 5.4V, and are ideal for smart meters or black box products.
• Hybrid Capacitors Available in a higher voltage and lower self-discharge. These capacitors are 3.8V with an ultra-low leakage current.

VINATech’s ultracapacitor products are a welcome addition to our Power Management and Green Energy Solutions portfolio,” said Greg Peloquin, Executive Vice President of Richardson Electronics’ Power & Microwave Technologies and Green Energy Solutions groups. “As a world leader in capacitor design, VINATech’s devices have low ESR and high current capabilities and are available in medium cell and radial cell types. We look to VINATech to be a key technology partner for our engineered solutions and component designs.”

“We are beyond thrilled for this partnership between VINATech and Richardson Electronics. Pairing our ultracapacitor and lithium capacitor technologies with their top tier sales and marketing capabilities will provide greater support to our customers worldwide,” said Do Kyung Sung, President & CEO of VINATech.

About Richardson Electronics – Green Energy Solutions

Richardson Electronics Green Energy Solutions combines our key technology partners and engineered solutions capabilities to design and manufacture key products for the fast-growing energy storage market and power management applications. As a designer, manufacturer, technology partner and authorized distributor, GES’s strategy is to provide specialized technical expertise and engineered solutions using our core design engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair—all through our existing global infrastructure. GES’s focus is on products for numerous green energy applications such as wind, solar, hydrogen and electric vehicles, and other power management applications that support green solutions such as synthetic diamond manufacturing. For more information, visit us at: www.rell.com/green-energy-solutions

About Richardson Electronics – Power & Microwave Technologies

For over 75 years, Richardson Electronics has been your industry-leading global provider of engineered solutions, RF & microwave, and power products. The Power & Microwave Technologies group continues this legacy and complements it with new products from the world’s most innovative technology partners. Richardson Electronics’ Power & Microwave Technologies group focuses on what we do best: identify and design disruptive technologies, introduce new products on a global basis, develop solutions for our customers, and provide exceptional worldwide support. As a global company, we provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. More information is available at www.rellpower.com.

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world.  All our partners manufacture to our strict specifications and per our supplier code of conduct. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

About VINATech

VINATech established in 1999 has developed and produced Ultracapacitor and Fuel Cell Membrane Electrode Assembly and is equipped with smart factory-based production facilities with the highest level of automation in order to ensure the highest quality level.

LAFOX, Ill., March 29, 2023 (GLOBE NEWSWIRE) — Richardson Electronics, Ltd. (NASDAQ: RELL) plans to release its financial results for its third quarter ended February 25, 2023 after the close of business on Wednesday, April 5, 2023. The release will be distributed by GlobeNewswire and will be available on the Company’s website at www.rell.com.

On Thursday, April 6, 2023, at 9:00 a.m. Central Time, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s third quarter fiscal year 2023 results. A question-and-answer session will be included as part of the call’s agenda.

Participant Instructions

Participants may register for the call here.  While not required, it is recommended you join 10 minutes prior to the event start.  A replay of the call will be available beginning at 1:00 p.m. Central Time on April 6, 2023, for seven days. Registration instructions are also on our website at www.rell.com.

In addition, the webcast link is available here.

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world.  All our partners manufacture to our strict specifications and per our supplier code of conduct.  We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

Newly Issued Patent to Support the Continued Replacement of Wind Turbine Batteries with Ultracapacitor Module Technology

LaFox, IL | March 22, 2023 –Richardson Electronics, Ltd. (NASDAQ: RELL), a global provider of engineered solutions for renewable energy, is pleased to announce the issuance of U.S. Patent No. 11,624,348 (the ’348 Patent). The ’348 Patent is the third patent covering the Company’s Pitch Energy module with additional U.S. and foreign patents still pending.

Richardson’s most recent patent reflects the ingenuity in its market-leading solution, the ULTRA3000^® Pitch Energy Module (PEM). The ULTRA3000^® is a drop-in replacement for lead acid batteries within electric pitch systems. With its true plug-and-play technology, owners can replace one battery at a time on an as needed basis or retrofit the entire pitch system. With over 35,000 PEMs installed, Richardson Electronics’ ULTRA3000^® has become the owner operators’ number one choice for ultracapacitor based pitch systems. With the increased reliability of ultracapacitors over lead acid batteries owners can reduce nuisance battery faults and increase wind turbine availability.

Greg Peloquin, Executive Vice President, and General Manager of Power Microwave and Green Energy Solutions Group, stated, “Richardson continues to innovate in the renewable energy market, devoting substantial engineering expertise and intellectual property in expanding its patent portfolio. RELL will continue to add technology partners, engineered solutions, and key customers to this fast-growing market.”

About Richardson Electronics – Green Energy Solutions

Richardson Electronics Green Energy Solutions combines our key technology partners and engineered solutions capabilities to design and manufacture key products for the fast-growing energy storage market and power management applications. As a designer, manufacturer, technology partner and authorized distributor, GES’s strategy is to provide specialized technical expertise and engineered solutions using our core design engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair—all through our existing global infrastructure. GES’s focus is on products for numerous green energy applications such as wind, solar, hydrogen and electric vehicles, and other power management applications that support green solutions such as synthetic diamond manufacturing. For more information, visit us at: www.rell.com/green-energy-solutions

About Richardson Electronics – Power & Microwave Technologies

For over 75 years, Richardson Electronics has been your industry-leading global provider of engineered solutions, RF & microwave, and power products. The Power & Microwave Technologies group continues this legacy and complements it with new products from the world’s most innovative technology partners. Richardson Electronics’ Power & Microwave Technologies group focuses on what we do best: identify and design disruptive technologies, introduce new products on a global basis, develop solutions for our customers, and provide exceptional worldwide support. As a global company, we provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. More information is available at www.rellpower.com.

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world.  All our partners manufacture to our strict specifications and per our supplier code of conduct.  We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

• Preliminary FY23 Q3 net sales estimated to exceed $70 million, an increase of 27% over the prior year third quarter, subject to final review
• Preliminary backlog is estimated to be $175.1 million
• Preliminary operating income is estimated to be $7.6 million subject to final review, or 10.8% of net sales, an increase of 110% over the prior year quarter

LaFox, IL, March 21, 2023:  Richardson Electronics, Ltd. (NASDAQ: RELL) today announced preliminary results for its third quarter ended February 25, 2023, in conjunction with the Company’s presentation at the Sidoti & Company Virtual Small-Cap Investor Conference on Thursday, March 23, 2023.  The Webinar link is https://sidoti.zoom.us/webinar/register/WN_8E3Af1CmRfu8G0EXT6A1kA and the presentation is available on the Company’s investor relations website at https://www.rell.com/investor-relations.

Preliminary fiscal year 2023 third-quarter net sales are expected to exceed $70 million, subject to final review, representing a 27% increase from the prior year’s third quarter. Revenue increased across the Company’s Green Energy Solutions, Power and Microwave Technologies, and Canvys business units from the same period a year ago due to strong end-market demand and successful growth initiatives.  Preliminary backlog is expected to be approximately $175.1 million, which is down from $192.6 million at the end of the second quarter, and stable from the third quarter a year ago.  Management expects operating income to increase 110% to $7.6 million subject to final review, or 10.8% of net sales, compared to $3.6 million, or 6.6% of net sales for the same period last year.

“Third quarter was another record sales quarter with high growth generated throughout most of our business units, which translated into robust operating income,” said Edward J. Richardson, Richardson Electronics’ Chief Executive Officer. “Sales to our semiconductor wafer fabrication equipment customers and our Green Energy Solutions group were particularly strong.  Backlog remains stable but was down from the second quarter primarily associated with lower orders from semiconductor customers.  Backlog in our Green Energy Solutions business increased 87.2% over the same period a year ago and was up 3.4% from second quarter levels.  We look forward to sharing our full financial results when we release third-quarter results on April 5, 2023.”

The above information is preliminary and subject to completion, including the completion of customary financial statement closing and review procedures for the quarter ended February 25, 2023. As a result, the preliminary results set forth above reflect the Company’s preliminary estimate with respect to such information, based on information currently available to management. The Company’s actual financial results for the quarter ended February 25, 2023, may differ materially from these preliminary financial results. Further, these preliminary estimates are not a comprehensive statement or estimate of the Company’s financial results for the quarter ended February 25, 2023. These preliminary estimates should not be viewed as a substitute for full interim financial statements prepared in accordance with GAAP and they are not necessarily indicative of the results to be achieved in any future period. Accordingly, you should not place undue reliance on these preliminary estimates.

These preliminary estimates were prepared by the Company’s management and are based upon a number of assumptions. Additional items that may require adjustments to these preliminary estimates may be identified and could result in material changes to these preliminary estimates. Preliminary estimates of results are inherently uncertain, and the Company undertakes no obligation to update this information.  The Company plans to issue financial results for the quarter ended February 25, 2023 on April 5, 2023.

ABOUT RICHARDSON ELECTRONICS, LTD.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All our partners manufacture to our strict specifications and per our supplier code of conduct. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets.  The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities.  The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics, Ltd. common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

FORWARD-LOOKING STATEMENTS

This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission.  Statements in this press release regarding the Company’s business that are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K filed on August 1, 2022, and other reports we file with the Securities and Exchange Commission.  The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events or otherwise.

LaFox, IL and Torrance, CA, March 15, 2023 – Richardson Electronics, Ltd. (Nasdaq: RELL) and Navitas Semiconductor (Nasdaq: NVTS) announced today a new distribution partnership for next-gen silicon carbide (SiC) power semiconductors for the Americas.

Richardson Electronics, Ltd. will focus on Navitas’ world-leading GeneSiC™ power MOSFETs and MPS™ diodes that are rated from 650 V – 6.5 kV. Patented trench-assisted planar-gate technology delivers the lowest R_DS(ON) at high temperature and the lowest energy losses at high speeds. This enables unprecedented, industry-leading levels of performance, robustness, and quality.

With a broad portfolio, these devices are ideal for a number of applications including but not limited to renewable energy and storage, motor drives, induction heating and welding, battery charging, automotive, and high voltage DC-DC conversion.

Features:

• G3R™ technology for +15 to 18V gate drives
• Superior Q_G x R_DS(ON) figure of merit
• Lowest R_DS(ON) variation with temperature
• Low gate charge and device capacitances
• Broad portfolio, with over 100 parts
• Easy to parallel for high-power applications

Benefits:

• Cooler, smaller, lighter circuits and systems
• Superior robustness, quality, and reliability
• Fast time-to-prototype, and fast time-to-market

“For years Richardson has developed an excellent portfolio of power management components and engineered solutions. Adding Navitas as a key technology partner is an excellent addition to supporting our customers’ needs,” said Greg Peloquin, Executive Vice President and General Manager Power Microwave and Green Energy Solutions Group. “Their products are world class and­­ provide disruptive technology to our customers looking for superb hard-switching components with excellent lead-times.”

“Navitas’ GeneSiC^TM product line-up of SiC MOSFETs and MPS rectifiers have proven themselves as the new industry benchmark in performance, robustness, and reliability the world over. Navitas recognizes Richardson’s long-term partnerships, technical knowledge and robust customer support to American customers who demand high end power semiconductor products” said Dr. Ranbir Singh, Executive Vice President at Navitas. “GeneSiC MOSFETs and MPS diodes are a perfect fit for Richardson’s market strongholds of renewable energy, industrial, medical, transportation, and energy storage.”

About Richardson Electronics – Power & Microwave Technologies

For over 75 years, Richardson Electronics has been your industry-leading global provider of engineered solutions, RF & microwave, and power products. The Power & Microwave Technologies group continues this legacy and complements it with new products from the world’s most innovative technology partners. Richardson Electronics’ Power & Microwave Technologies group focuses on what we do best: identify and design disruptive technologies, introduce new products on a global basis, develop solutions for our customers, and provide exceptional worldwide support. As a global company, we provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. More information is available at www.rellpower.com.

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world.  All our partners manufacture to our strict specifications and per our supplier code of conduct.  We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) is the only pure-play, next-generation power-semiconductor company, founded in 2014. GaNFast™ power ICs integrate gallium nitride (GaN) power and drive, with control, sensing, and protection to enable faster charging, higher power density, and greater energy savings. Complementary GeneSiC™ power devices are optimized high-power, high-voltage, and high-reliability silicon carbide (SiC) solutions. Focus markets include mobile, consumer, data center, EV, solar, wind, smart grid, and industrial. Over 185 Navitas patents are issued or pending. Over 70 million GaN units have been shipped, and Navitas introduced the industry’s first and only 20-year warranty. Navitas was the world’s first semiconductor company to be CarbonNeutral®-certified.

Navitas, GaNFast, GaNSense, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor and affiliates. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

LaFox, IL | March 13, 2023 – Richardson Electronics, Ltd. (NASDAQ: RELL), a global provider of engineered solutions for the green energy, power management, display and healthcare markets, announced today that it will be presenting and hosting one-on-one meetings at the Sidoti & Company Small-Cap Virtual Investor Conference on Wednesday, March 22 and Thursday, March 23. Edward J. Richardson, Chairman and CEO of Richardson Electronics, will be giving a formal presentation and answering questions from investors on Thursday, March 23 at 12:15 p.m. ET / 11:15 a.m. CT.

The Company will provide a business and financial overview including updates on its growth initiatives including its green energy products for wind and solar, as well as other power management solutions for electric locomotives and electric vehicles and magnetrons used in synthetic diamond and hydrogen manufacturing.

A replay of the formal presentation can be accessed here for 90 days: https://sidoti.zoom.us/webinar/register/WN_8E3Af1CmRfu8G0EXT6A1kA or at https://www.rell.com/investor-relations.

To register for the presentation or one-on-ones, visit www.sidoti.com/events. Registration is free and participants do not need to be a Sidoti client.

About Sidoti & Company

For over two decades, Sidoti & Company (https://www.sidoti.com)  has been a premier provider of independent securities research focused specifically on small and microcap companies and the institutions that invest in their securities, with most of its coverage in the $100 million-$5 billion market cap range. The firm’s approach affords companies and institutional clients a combination of high-quality research, a small- and microcap-focused nationwide sales effort, broad access to corporate management teams, and extensive trading support. Sidoti serves 500+ institutional clients in North America.

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All of our partners manufacture to our strict specifications and per our supplier code of conduct. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets.  The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities.  The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics, Ltd. common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

Forward-Looking Statements

This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission.  Statements in this press release regarding the Company’s business that are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K filed on August 1, 2022, and other reports we file with the Securities and Exchange Commission. The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events or otherwise.

Richardson Healthcare expands CT modality coverage with replacement CT Tube

LaFox, IL,  February 28, 2023: Richardson Healthcare, a Division of Richardson Electronics, Ltd. (NASDAQ: RELL), introduces the ALTA750G^® CT tube manufactured by Richardson Healthcare that is designed for use as a form-fit-function replacement tube for the Canon* Medical Systems CXB-750G* tube, also known as the Varex Imaging* MCS-7178A. The Richardson Healthcare team will showcase the ALTA750 CT Tube Series, including the ALTA750G and the ALTA750, which cover many Canon CT tube requirements, at the European Congress of Radiology (ECR) in Vienna, Austria, on March 1-5, 2023, EXPO Hall 4 Booth 439.

The ALTA750G is fully compatible with select types of OEM CT scanners. Each x-ray tube housing assembly has the large and small focal spot measured and meets the OEM specification. Each x-ray tube assembly is radiation leak checked and complies with FDA and IEC radiation leakage standards. The Canon* CT scanner models that use this tube are the Aquilion Prime S and Aquilion Prime SP. Richardson Healthcare sells its ALTA750G^® tube as part of an X-ray tube installation kit that includes a new high voltage cable and a cleaning/grease kit. The ALTA750G has a prorated 12-month or 200,000 slice count limited warranty, whichever comes first.

With the addition of the ALTA750G, Richardson Healthcare now offers CT replacement tubes for the following CT scanner models:

ALTA750G:

• Aquilion Prime S*
• Aquilion Prime SP*

ALTA750:

• Aquilion 4, Aquilion 8/16*
• Aquilion 32/64*
• Aquilion 16 Large Bore*
• Aquilion CXL*
• Aquilion RXL*
• Aquilion VeloCT*
• Aquilion Prime Gen 1*

“We are pleased to launch the second tube in our ALTA750 Series after extensive beta testing. This tube provides hospitals with an option to OEM service for Canon* CT scanners,” said Ed Richardson, Richardson Electronics President, and CEO.

The European Congress of Radiology (ECR) is one of the largest medical meetings in Europe and the second-largest radiological meeting in the world. ECR is the annual meeting of the European Society of Radiology (ESR), which represents more than 130,000 members from 186 countries worldwide. With hundreds of companies showcasing their products at its technical exhibition, it is also one of the largest medical exhibitions in Europe. The Richardson Healthcare team will be located at Expo Hall 4 Booth 439 – our team is excited to introduce our visitors to the ALTA750G.

*All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of the trademarks is solely for identification purposes and does not imply any affiliation with or endorsement by the trademark holders.

About Richardson Healthcare – A Division of Richardson Electronics

Richardson Electronics Healthcare provides high-value diagnostic imaging replacement parts, tubes, equipment, and technical support to hospitals, diagnostic imaging centers, medical institutions, independent service organizations, and more. We have a focused product selection of diagnostic imaging components and systems, as well as robust in-house manufacturing capabilities. In addition, we provide CT Service training, complete post-sale service, and support, including installation support, maintenance, troubleshooting, calibration, and conformance. For more information, visit us at www.rellhealthcare.com.

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables, flat panel solutions and replacement parts for diagnostic imaging equipment, and customized display solutions. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available online at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.