We account for our 40% interest in the AVAIL JV under the equity method of accounting and include our equity in earnings as part of the AZZ Infrastructure Solutions segment. We record our equity in earnings in the AVAIL JV on a one-month lag.

As of May 31, 2026, our investment in the AVAIL JV was $19.0 million. For the three months ended May 31, 2026, we recorded $0.5 million of equity in earnings.

The following tables summarize balance sheet and income statement information for the AVAIL JV (in thousands):


Summarized Balance Sheet
	As of
	May 31, 2026(1)		February 28, 2026(1)
Current assets	$	166,713	$	225,298
Long-term assets	17,218		19,330
Total assets	$	183,931	$	244,628

Current liabilities	$	45,504	$	59,724
Long-term liabilities	11,623		12,732
Total liabilities	57,127		72,456
Total partners' capital	126,804		172,172
Total liabilities and partners' capital	$	183,931	$	244,628


Summarized Operating Data
	Three Months Ended May 31,
	2026(1)		2025(1)
Sales	$	7,472	$	168,240
Gross profit	$	2,639	$	45,125
Income (loss) before income taxes	$	1,625	$	17,474
Net income (loss)	$	1,457	$	17,624