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Looking back on specialized technology stocks’ Q3 earnings, we examine this quarter’s best and worst performers, including PAR Technology and its peers.

Companies in this sector, especially if they invest wisely, could see demand tailwinds as the world moves towards more IoT (Internet of Things), automation, and analytics. Enterprises across most industries will balk at taking these journeys solo and will enlist companies with expertise and scale in these areas. However, headwinds could include rising competition from larger technology firms, as digitization lowers barriers to entry in the space. Additionally, companies in the space will likely face evolving regulatory scrutiny over data privacy, particularly for surveillance and security technologies. This could make companies have to continually pivot and invest.

The 8 specialized technology stocks we track reported a very strong Q3. As a group, revenues beat analysts’ consensus estimates by 3.2% while next quarter’s revenue guidance was in line.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 8.5% since the latest earnings results.

PAR Technology

Originally founded in 1968 as a defense contractor for the U.S. government, PAR Technology provides cloud-based software, payment processing, and hardware solutions that help restaurants manage everything from point-of-sale to customer loyalty programs.

PAR Technology reported revenues of $119.2 million, up 23.2% year on year. This print exceeded analysts’ expectations by 5.8%. Overall, it was a very strong quarter for the company with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

PAR Technology CEO, Savneet Singh, commented on the quarter, “PAR continues to scale our business as ARR approaches $300M and revenues in the quarter increased by 23% from Q3 last year. We continue to feel confident in our ability to grow our revenue base well above our market, while making progress on large tier 1 deals, all while maintaining strong financial discipline. In Q3 we launched PAR AI, a new intelligence layer embedded directly into the PAR product Suite. PAR AI delivers real-time intelligence across the restaurant tech stack without the need for extra apps or training. We expect our ability to utilize AI along with our “Better Together" multi-product strategy will drive better outcomes for enterprise customers and allow us to win new market share and increase ARPU with existing customers.

PAR Technology scored the biggest analyst estimates beat and fastest revenue growth of the whole group. Unsurprisingly, the stock is up 1.8% since reporting and currently trades at $33.77.

Read why we think that PAR Technology is one of the best specialized technology stocks, our full report is free.

Best Q3: Napco

Protecting everything from schools to government facilities since 1969, Napco Security Technologies manufactures electronic security devices, access control systems, and communication services for intrusion and fire alarm systems.

Napco reported revenues of $49.17 million, up 11.7% year on year, outperforming analysts’ expectations by 4.8%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 9.6% since reporting. It currently trades at $39.91.

Is now the time to buy Napco? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: Cognex

Founded in 1981 when computer vision was in its infancy, Cognex develops machine vision systems and software that help manufacturers and logistics companies automate quality inspection and tracking of products.

Cognex reported revenues of $276.9 million, up 18% year on year, exceeding analysts’ expectations by 5.2%. It was a satisfactory quarter as it also posted a solid beat of analysts’ revenue estimates but a significant miss of analysts’ full-year EPS guidance estimates.

As expected, the stock is down 18.8% since the results and currently trades at $38.50.

Read our full analysis of Cognex’s results here.

Crane NXT

Born from a corporate transformation completed in 2023, Crane NXT provides specialized technology solutions for payment processing, banknote security, and authentication systems for financial institutions and businesses.

Crane NXT reported revenues of $445.1 million, up 10.3% year on year. This print surpassed analysts’ expectations by 3.6%. Overall, it was a strong quarter as it also recorded an impressive beat of analysts’ organic revenue estimates and a solid beat of analysts’ revenue estimates.

The stock is down 12.8% since reporting and currently trades at $56.01.

Read our full, actionable report on Crane NXT here, it’s free for active Edge members.

Mirion

With its technology protecting workers in over 130 countries and equipment used in 80% of cancer centers worldwide, Mirion Technologies provides radiation detection, measurement, and monitoring solutions for medical, nuclear energy, defense, and scientific research applications.

Mirion reported revenues of $223.1 million, up 7.9% year on year. This number was in line with analysts’ expectations. It was an exceptional quarter as it also logged a beat of analysts’ EPS estimates and a solid beat of analysts’ full-year EPS guidance estimates.

The stock is down 1.5% since reporting and currently trades at $24.82.

Read our full, actionable report on Mirion here, it’s free for active Edge members.

What Happened?

A number of stocks fell in the afternoon session after investors continued to question how much more the superstar stocks can add to their already spectacular gains. 

The main story? Investors are cashing in on a good run and feeling a bit cautious.After a fantastic run, many of those high-flying AI and technology stocks saw investors take profits: selling shares to lock in their gains. This is often called a "market rotation." Money is moving out of the red-hot tech sector (which some worry has become too expensive) and into other parts of the market that investors may currently deem more stable or reasonably-priced. 

There's a secondary reason for the cautious mood: The long government shutdown came to an end. Though it's typically interpreted as good news, it also means a flood of delayed economic reports will be released. For weeks, investors were "flying blind" without key updates on the economy's health, like inflation data and the jobs report. In typical "sell the news" fashion, investors may also be taking profits and selling in anticipation that the new data would potentially give the Federal Reserve reasons to slow or even pause future rate cuts.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Electronic Components & Manufacturing company TTM Technologies fell 10%. Is now the time to buy TTM Technologies? Access our full analysis report here, it’s free for active Edge members.
• Industrial & Environmental Services company CECO Environmental fell 3.1%. Is now the time to buy CECO Environmental? Access our full analysis report here, it’s free for active Edge members.
• Specialized Technology company OSI Systems fell 3.5%. Is now the time to buy OSI Systems? Access our full analysis report here, it’s free for active Edge members.
• Hardware & Infrastructure company Dell fell 3.7%. Is now the time to buy Dell? Access our full analysis report here, it’s free for active Edge members.
• Specialized Technology company Napco fell 3.3%. Is now the time to buy Napco? Access our full analysis report here, it’s free for active Edge members.

Zooming In On TTM Technologies (TTMI)

TTM Technologies’s shares are very volatile and have had 27 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was about 23 hours ago when the stock gained 3% on the news that investors continued to pile into value-oriented names amid growing valuation concerns. This shift reflected growing caution over high valuations within the technology and artificial intelligence (AI) spheres. As market participants reassessed risk, they reallocated capital from growth-heavy indices, like the Nasdaq, to companies in areas like industrials and financials, perceived to be more reasonably priced.Contributing to the positive momentum, markets remained hopeful that a prolonged 40-day government shutdown would be over.The U.S. Senate approved a compromise funding package, which was pending a vote in the House. The potential end to the shutdown brought a sense of relief to markets.

TTM Technologies is up 156% since the beginning of the year, but at $62.90 per share, it is still trading 10.8% below its 52-week high of $70.50 from November 2025. Investors who bought $1,000 worth of TTM Technologies’s shares 5 years ago would now be looking at an investment worth $4,926.

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