Revenue: Q2 2025 consolidated revenue of $138.1 million, slightly higher than Q2 2024 (CFO).
Product revenue: $94.8 million vs. $93.6 million in Q2 2024; system revenue $30.6 million (up from $29.0 million), consumables $64.2 million (vs. $64.6 million, up 2.6% sequentially) (CFO).
Service revenue: $43.3 million vs. $44.4 million in Q2 2024; customer support revenue $30.1 million (vs. $30.5 million) (CFO).
Gross margin: GAAP 43.1% (vs. 43.8% in Q2 2024); non-GAAP 47.7% (vs. 49.0%) — decline due to product mix and higher absorption from reduced inventory (CFO).
Operating expenses: GAAP $76.1 million (55.1% of revenue) vs. $86.5 million (62.7%) in Q2 2024; non-GAAP $64.7 million (46.9% of revenue) vs. $70.9 million (51.3%) — improvement from cost-saving initiatives (CFO).
Operating income/loss: GAAP operating loss $16.6 million (vs. loss of $26.0 million); non-GAAP operating income $1.1 million (vs. loss of $3.2 million) (CFO).
Net income/loss: GAAP net loss $16.7 million ($0.20 per diluted share) vs. loss of $25.7 million ($0.36); non-GAAP net income $2.2 million ($0.03 per diluted share) vs. loss of $3.0 million ($0.04) (CFO).
Adjusted EBITDA: $6.1 million vs. $2.3 million in Q2 2024 (CFO).
Cash flow: Operating cash flow used $1.1 million (vs. use of $2.4 million in Q2 2024); expects positive operating cash flow for full year 2025 (CFO).
Cash position: $254.6 million at quarter end (CFO).
Inventory reduction: Decreased by over $30 million from June 2024 to June 2025 (CFO).
RPO/Backlog: Not explicitly stated.
Official Guidance (CFO)
Full year 2025 revenue: $550 million to $560 million.
Non-GAAP gross margin: 46.7% to 47.0%.
Non-GAAP operating margin: 1.5% to 2.0%.
Adjusted EPS: $0.13 to $0.16 per diluted share.
Adjusted EBITDA: $30 million to $32 million; Q4 2025 adjusted EBITDA expected to be 8% or higher.
Sequential revenue: Q3 2025 expected slightly lower to slightly higher than Q2; Q4 higher sequentially.
Operating cash flow: Positive for full year 2025.
Mgmt Quotes
"Customer engagement for our solution remains strong despite a global operating environment marked by ongoing uncertainty around challenged macroeconomic conditions and tariff policies." (CEO)
"Tariff policies can actually accelerate adoption of our technologies, and we anticipate increased customer engagement as we continue to highlight these strategic advantages." (CEO)
"Our customer spending has remained challenged for longer than expected, impacting our near-term view of the business, but our long-term outlook for our company and industry remains intact." (CEO)
"The return to normalized capital spending has been pushed out further than we anticipated when we issued our guidance for 2025." (CFO)
"We believe the depth and quality of these anticipated awards, combined with the use case momentum we are seeing across a number of our end-use segments positions us well for 2026 and beyond." (CFO)