KMM Group Hosts Sold-Out Grinding Process Solutions Class
The upcoming Grinding Training Series, hosted at KMM Group Ltd. 's state-of-the-art Hatboro facility and presented by Hilliard Grinding Technology (HGT), has officially sold out. Taking place August 5–6, this two-day event will bring together industry professionals and skilled technicians seeking to deepen their expertise in grinding technology.
Led by Dr. George Petrosky, the course is designed and delivered by Grinding Process Solutions ®, a specialized company that empowers factories to optimize their grinding applications. Through the sale of grinding wheels, dressers and targeted training programs, the company provides a comprehensive but concise curriculum covering essential physics, machine tool fundamentals and process engineering. Attendees will leave with actionable insights that drive results on the factory floor.
'KMM Group is excited to welcome grinding professionals into our 100,000-square-foot Boutique CMO™ facility,' said JohnShegda, CEO of KMM Group. 'Hosting this event reflects our belief that innovation thrives through collaboration and continuous learning.'
With more than 30 grinding machines on site, KMM's facility will serve as a live demonstration hub for hands-on training, supported by HGT's leadership and a community of respected sponsors, including 3M, Blaser Swisslube, Kellenberger, GTI Spindle Technology (a Setco company), Continental Diamond Tool Corp. and Palmary America.
'HGT is proud to present this industry-leading class with support from some of the top machine tool builders in the world,' said Jeff Hilliard of HGT. 'The customer experience is always our top priority, and this collaboration is a testament to that commitment.'
Although the event is fully booked, those interested in future sessions are encouraged to contact [email protected] to join the notification list.
For precision machining and centerless grinding services, reach out directly to KMM Group at [email protected].
Grinding Process Solutions extends its sincere thanks to HGT, KMM, the sponsors and everyone who made time to attend this impactful event.
About KMM Group
KMM Group, Ltd., is a collaborative fusion of three world-class companies: KV Inc., M&S Centerless Grinding, Inc. and Meron Medical. It manufactures complex components for medical, aerospace, space exploration, high-tech and defense industries, drawing on its collective 100-year history of leading-edge ultra-precision machining and centerless grinding experience. For more information, visit kmmgrp.com.
Media Contact
Amy Rodgers
[email protected]
###
SOURCE: KMM Group
Copyright 2025 EZ Newswire
https://app.eznewswire.com/news/kmm-group-sold-out-grinding-process-solutions-class
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
3 hours ago
- Business Wire
Amplitude Announces Second Quarter 2025 Financial Results
SAN FRANCISCO--(BUSINESS WIRE)-- Amplitude, Inc. (Nasdaq: AMPL), the leading digital analytics platform, today announced financial results for its second quarter ended June 30, 2025. "Q2 was a strong quarter. We delivered the highest net-new ARR in nearly three years and saw record multi-product adoption," said Spenser Skates, CEO and co-founder of Amplitude. "This progress reflects our deliberate focus on the enterprise and platform expansion strategy. We're still early in the opportunity, and AI will be a key part of how we drive value going forward." Second Quarter 2025 Financial Highlights: (in millions, except per share and percentage amounts) Non-GAAP income (loss) from operations and non-GAAP net income (loss) per share exclude expenses related to stock-based compensation expense and related employer payroll taxes and amortization of acquired intangible assets. Stock-based compensation expense and the related employer payroll taxes were $25.3 million in the second quarter of 2025 compared to $23.3 million in the second quarter of 2024. Free cash flow is GAAP net cash provided by operating activities, less cash used for purchases of property and equipment and capitalized internal-use software costs. The section titled "Non-GAAP Financial Measures" below contains a description of the non-GAAP financial measures. Reconciliations of historical GAAP to non-GAAP information are presented in the accompanying tables. Second Quarter and Recent Business Highlights: Named a Leader and a Customer Favorite in The Forrester Wave™: Digital Analytics Solutions, Q3 2025 report. Amplitude received the highest 'Current Offering' category score of all vendors in the report, as well as the highest scores possible in 21 criteria. Ranked #1 in eight categories in G2's Summer 2025 report, including the top spot in Product Analytics for the 20th quarter in a row. Announced the beta launch of Amplitude AI Agents, which are designed to automate product management tasks like monitoring data, spotting patterns and changes, watching user sessions, forming hypotheses, running experiments, shipping changes, and monitoring impact. Released a suite of new marketing capabilities designed to allow teams to easily see what drives conversions and lifetime value (LTV), confidently measure return on ad spend, and more precisely target audiences with relevant messaging. Welcomed teams from Kraftful, Inari, and June to accelerate AI innovation. Annual Recurring Revenue was $335 million, an increase of 16% year-over-year and an increase of $15 million compared to the first quarter of 2025. GAAP Net Loss per share was $0.19, based on 131.4 million shares, compared to a loss of $0.19 per share, based on 122.6 million shares, in the second quarter of 2024. Non-GAAP Net Income (Loss) per share was $0.01, based on 140.2 million diluted shares, compared to $(0.00) per share, based on 122.6 million basic shares, in the second quarter of 2024. Cash Flow from Operations was $20.1 million, a $10.9 million increase year-over-year. Free Cash Flow was $18.2 million, a $11.4 million increase year-over-year. The number of customers with $100,000 or greater in ARR increased to 634, or 16% year-over-year growth. Financial Outlook: The third quarter and full year 2025 outlook information provided below is based on Amplitude's current estimates and is not a guarantee of future performance. These statements are forward-looking and actual results may differ materially. Refer to the 'Forward-Looking Statements' section below for information on the factors that could cause Amplitude's actual results to differ materially from these forward-looking statements. For the third quarter and full year 2025, the Company expects: An outlook for GAAP income (loss) from operations, GAAP net income (loss), GAAP net income (loss) per share and a reconciliation of expected non-GAAP income (loss) from operations to GAAP income (loss) from operations, expected non-GAAP net income (loss) to GAAP net income (loss), and expected non-GAAP net income (loss) per share to GAAP net income (loss) per share have not been provided as the quantification of certain items included in the calculation of GAAP income (loss) from operations, GAAP net income (loss) and GAAP net income (loss) per share cannot be reasonably calculated or predicted at this time without unreasonable efforts. For example, the non-GAAP adjustment for stock-based compensation expense requires additional inputs such as the number and value of awards granted that are not currently ascertainable, and the non-GAAP adjustment for amortization of acquired intangible assets depends on the timing and value of intangible assets acquired that cannot be accurately forecasted. Conference Call Information: Amplitude will host a live video webcast to discuss its financial results for its second quarter ended June 30, 2025, as well as the financial outlook for its third quarter and full year 2025 today at 2:00 PM Pacific Time / 5:00 PM Eastern Time. Interested parties may access the webcast, earnings press release, and investor presentation on the events section of Amplitude's investor relations website at A replay will be available in the same location a few hours after the conclusion of the live webcast. Forward-Looking Statements: This press release contains express and implied "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's financial outlook for the third quarter and full year 2025, the opportunity for the use of AI to drive value for the Company going forward, the Company's growth strategy and business aspirations and its market position and market opportunity. These statements are often, but not always, made through the use of words or phrases such as 'may,' 'should,' 'could,' 'predict,' 'potential,' 'believe,' 'expect,' 'continue,' 'will,' 'anticipate,' 'seek,' 'estimate,' 'intend,' 'plan,' 'projection,' 'would,' and 'outlook,' or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates, and projections about the Company's industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company's control. These statements are subject to numerous uncertainties and risks that could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the statements, including risks related to: the Company's limited operating history and rapid growth over the last several years, which makes it difficult to forecast the Company's future results of operations; the Company's history of losses; any decline in the Company's customer retention or expansion of its commercial relationships with existing customers or an inability to attract new customers; expected fluctuations in the Company's financial results, making it difficult to project future results; the Company's focus on sales to larger organizations and potentially increased dependency on those relationships, which may increase the variability of the Company's sales cycles and results of operations; downturns or upturns in new sales, which may not be immediately reflected in the Company's results of operations and may be difficult to discern; unfavorable conditions in the Company's industry or the global economy, including as a result of the imposition of tariffs or other trade protection measures, or reductions in information technology spending, which could limit the Company's ability to grow its business; the market for SaaS applications, which may develop more slowly than the Company expects or decline; the Company's intellectual property rights, which may not protect its business or provide the Company with a competitive advantage; and evolving privacy and other data-related laws; and the impact of sanctions related to Russia on the Company's ability to collect receivables. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are or will be included under the caption "Risk Factors" and elsewhere in the reports and other documents that the Company files with the Securities and Exchange Commission from time to time, including the Company's Quarterly Report on Form 10-Q being filed at or around the date hereof. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Non-GAAP Financial Measures: This press release includes financial information that has not been prepared in accordance with GAAP. The Company uses non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating the Company's ongoing operational performance. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial results with other companies in the industry, many of which present similar non-GAAP financial measures to investors. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in the Company's industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. In addition, free cash flow does not reflect the Company's future contractual commitments and the total increase or decrease of its cash balance for a given period. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures below. Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Income (Loss) from Operations, Non-GAAP Operating Margin, Non-GAAP Net Income (Loss), and Non-GAAP Net Income (Loss) per Share. The Company defines these non-GAAP financial measures as their respective GAAP measures, excluding expenses related to stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, and non-recurring costs such as restructuring and other related charges. The Company excludes stock-based compensation expense and related employer payroll taxes, which is a non-cash expense, from certain of its non-GAAP financial measures because it believes that excluding this item provides meaningful supplemental information regarding operational performance. The Company excludes amortization of intangible assets, which is a non-cash expense, related to business combinations from certain of its non-GAAP financial measures because such expenses are related to business combinations and have no direct correlation to the operation of the Company's business. Although the Company excludes these expenses from certain non-GAAP financial measures, the revenue from acquired companies subsequent to the date of acquisition is reflected in these measures and the acquired intangible assets contribute to the Company's revenue generation. The Company excludes non-recurring costs from certain of its non-GAAP financial measures because such expenses do not repeat period-over-period and are not reflective of the ongoing operation of the Company's business. The Company uses non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss), and non-GAAP net income (loss) per share in conjunction with its traditional GAAP measures to evaluate the Company's financial performance. The Company believes that these measures provide its management, board of directors, and investors consistency and comparability with its past financial performance and facilitate period-to-period comparisons of operations. Free Cash Flow and Free Cash Flow Margin. The Company defines free cash flow as net cash provided by (used in) operating activities, less cash used for purchases of property and equipment and capitalized internal-use software costs. Free cash flow margin is calculated as free cash flow divided by total revenue. The Company believes that free cash flow and free cash flow margin are useful indicators of liquidity that provide its management, board of directors, and investors with information about its future ability to generate or use cash to enhance the strength of its balance sheet and further invest in its business and pursue potential strategic initiatives. Definitions of Business Metrics: Annual Recurring Revenue The Company defines Annual Recurring Revenue ('ARR') as the annual recurring revenue of subscription agreements at a point in time based on the terms of customers' contracts, including certain premium services that are subject to contractual subscription terms and Plus customers that we expect to recur. ARR should be viewed independently of revenue, and does not represent the Company's GAAP revenue on an annualized basis, as it is an operating metric that can be impacted by contract start and end dates and renewal rates. ARR is also not intended to be a forecast of revenue. Dollar-Based Net Retention Rate The Company calculates dollar-based net retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 months prior to such period-end (the 'Prior Period ARR'). The Company then calculates the ARR from these same customers as of the current period-end (the 'Current Period ARR'). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months, but excludes ARR from new customers as well as any overage charges in the current period. The Company then divides the total Current Period ARR by the total Prior Period ARR to arrive at the dollar-based net retention rate ("NRR"). The Company then calculates the average of the trailing 12-month dollar-based net retention rates, to arrive at the dollar-based net retention rate ('NRR (TTM)'). About Amplitude: Amplitude is the leading digital analytics platform that helps companies unlock the power of their products. Over 4,300 customers, including Atlassian, NBCUniversal, Under Armour, Square, and Jersey Mike's, rely on Amplitude to gain self-service visibility into the entire customer journey. Amplitude guides companies every step of the way as they capture data they can trust, uncover clear insights about customer behavior, and take faster action. When teams understand how people are using their products, they can deliver better product experiences that drive growth. Amplitude is the best-in-class analytics solution for product, data, and marketing teams, ranked #1 in multiple categories in G2's Summer 2025 Report. Learn how to optimize your digital products and business at AMPLITUDE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 83,270 $ 73,300 $ 163,223 $ 145,924 Cost of revenue (1) 22,812 19,485 43,016 38,374 Gross profit 60,458 53,815 120,207 107,550 Operating expenses: Research and development (1) $ 24,094 $ 21,145 $ 47,627 $ 44,098 Sales and marketing (1) 46,955 44,144 91,101 84,961 General and administrative (1) 16,503 15,686 32,771 30,356 Total operating expenses 87,552 80,975 171,499 159,415 Loss from operations (27,094 ) (27,160 ) (51,292 ) (51,865 ) Other income (expense), net 2,980 3,950 5,725 7,621 Loss before provision for income taxes (24,114 ) (23,210 ) (45,567 ) (44,244 ) Provision for income taxes 554 205 1,332 631 Net loss $ (24,668 ) $ (23,415 ) $ (46,899 ) $ (44,875 ) Net loss per share Basic and diluted $ (0.19 ) $ (0.19 ) $ (0.36 ) $ (0.37 ) Weighted-average shares used in calculating net loss per share: Basic and diluted 131,364 122,633 130,534 121,730 (1) Amounts include stock-based compensation expense as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cost of revenue $ 1,469 $ 1,548 $ 2,736 $ 3,022 Research and development 8,657 8,197 16,163 17,111 Sales and marketing 9,740 8,647 17,559 15,518 General and administrative 4,639 4,346 8,644 8,151 Total stock-based compensation expense $ 24,505 $ 22,738 $ 45,102 $ 43,802 Expand AMPLITUDE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash flows from operating activities: Net loss $ (24,668 ) $ (23,415 ) $ (46,899 ) $ (44,875 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities Depreciation and amortization 2,374 1,312 4,659 2,762 Stock-based compensation expense 24,505 22,738 45,102 43,802 Other 351 (450 ) 605 (689 ) Non-cash operating lease costs 1,205 980 2,333 1,965 Changes in operating assets and liabilities: Accounts receivable 5,055 1,219 (10,325 ) (5,565 ) Prepaid expenses and other current assets (5,268 ) (2,857 ) (3,635 ) (5,065 ) Deferred commissions (4,018 ) 3 (4,725 ) 129 Other noncurrent assets (1,017 ) (2,042 ) (1,836 ) (4,951 ) Accounts payable (239 ) (12,056 ) 945 (709 ) Accrued expenses 3,643 3,290 1,770 2,783 Deferred revenue 19,655 21,664 26,988 21,865 Operating lease liabilities (1,524 ) (1,158 ) (2,950 ) (2,272 ) Net cash provided by (used in) operating activities 20,054 9,228 12,032 9,180 Cash flows provided by (used in) investing activities: Cash received from maturities of marketable securities 14,458 15,000 23,008 57,500 Purchase of marketable securities (30,778 ) — (64,513 ) (18,352 ) Purchase of property and equipment (538 ) (606 ) (977 ) (963 ) Capitalization of internal-use software costs (1,348 ) (1,781 ) (2,113 ) (2,514 ) Cash paid for acquisitions, net of cash acquired (400 ) — (400 ) — Net cash provided by (used in) investing activities (18,606 ) 12,613 (44,995 ) 35,671 Cash flows provided by (used in) financing activities: Proceeds from the exercise of stock options 591 1,463 2,120 3,257 Cash received for tax withholding obligations on equity award settlements 302 737 1,680 2,283 Cash paid for tax withholding obligations on equity award settlements (11,318 ) (7,404 ) (20,315 ) (16,537 ) Repurchase of common stock (2,537 ) — (2,537 ) — Net cash provided by (used in) financing activities (12,962 ) (5,204 ) (19,052 ) (10,997 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (11,514 ) 16,637 (52,015 ) 33,854 Cash, cash equivalents, and restricted cash at beginning of the period 132,058 266,577 172,559 249,360 Cash, cash equivalents, and restricted cash at end of the period $ 120,544 $ 283,214 $ 120,544 $ 283,214 Expand AMPLITUDE, INC. Reconciliation of GAAP to Non-GAAP Data (In thousands, except percentages and per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Reconciliation of gross profit and gross margin GAAP gross profit $ 60,458 $ 53,815 $ 120,207 $ 107,550 Plus: stock-based compensation expense and related employer payroll taxes 1,469 1,548 2,736 3,022 Plus: amortization of acquired intangible assets 187 62 369 332 Non-GAAP gross profit $ 62,114 $ 55,425 $ 123,312 $ 110,904 GAAP gross margin 72.6 % 73.4 % 73.6 % 73.7 % Non-GAAP adjustments 2.0 % 2.2 % 1.9 % 2.3 % Non-GAAP gross margin 74.6 % 75.6 % 75.5 % 76.0 % Reconciliation of operating expenses GAAP research and development $ 24,094 $ 21,145 $ 47,627 $ 44,098 Less: stock-based compensation expense and related employer payroll taxes (9,031 ) (8,482 ) (17,110 ) (18,014 ) Non-GAAP research and development $ 15,063 $ 12,663 $ 30,517 $ 26,084 GAAP research and development as percentage of revenue 28.9 % 28.8 % 29.2 % 30.2 % Non-GAAP research and development as percentage of revenue 18.1 % 17.3 % 18.7 % 17.9 % GAAP sales and marketing $ 46,955 $ 44,144 $ 91,101 $ 84,961 Less: stock-based compensation expense and related employer payroll taxes (10,018 ) (8,837 ) (18,176 ) (16,090 ) Less: amortization of acquired intangible assets (125 ) (44 ) (247 ) (87 ) Non-GAAP sales and marketing $ 36,812 $ 35,263 $ 72,678 $ 68,784 GAAP sales and marketing as percentage of revenue 56.4 % 60.2 % 55.8 % 58.2 % Non-GAAP sales and marketing as percentage of revenue 44.2 % 48.1 % 44.5 % 47.1 % GAAP general and administrative $ 16,503 $ 15,686 $ 32,771 $ 30,356 Less: stock-based compensation expense and related employer payroll taxes (4,789 ) (4,456 ) (9,062 ) (8,510 ) Non-GAAP general and administrative $ 11,714 $ 11,230 $ 23,709 $ 21,846 GAAP general and administrative as percentage of revenue 19.8 % 21.4 % 20.1 % 20.8 % Non-GAAP general and administrative as percentage of revenue 14.1 % 15.3 % 14.5 % 15.0 % Reconciliation of operating loss and operating margin GAAP loss from operations $ (27,094 ) $ (27,160 ) $ (51,292 ) $ (51,865 ) Plus: stock-based compensation expense and related employer payroll taxes 25,307 23,323 47,084 45,636 Plus: amortization of acquired intangible assets 312 106 616 419 Non-GAAP income (loss) from operations $ (1,475 ) $ (3,731 ) $ (3,592 ) $ (5,810 ) GAAP operating margin (32.5 %) (37.1 %) (31.4 %) (35.5 %) Non-GAAP adjustments 30.8 % 32.0 % 29.2 % 31.6 % Non-GAAP operating margin (1.8 %) (5.1 %) (2.2 %) (4.0 %) Reconciliation of net income (loss) GAAP net income (loss) $ (24,668 ) $ (23,415 ) $ (46,899 ) $ (44,875 ) Plus: stock-based compensation expense and related employer payroll taxes 25,307 23,323 47,084 45,636 Plus: amortization of acquired intangible assets 312 106 616 419 Less: income tax effect of non-GAAP adjustments — (16 ) — (158 ) Non-GAAP net income (loss) $ 951 $ (2 ) $ 801 $ 1,022 Reconciliation of net income (loss) per share GAAP net income (loss) per share, basic $ (0.19 ) $ (0.19 ) $ (0.36 ) $ (0.37 ) Non-GAAP adjustments to net income (loss) 0.20 0.19 0.37 0.38 Non-GAAP net income (loss) per share, basic $ 0.01 $ (0.00 ) $ 0.01 $ 0.01 Non-GAAP net income (loss) per share, diluted $ 0.01 $ (0.00 ) $ 0.01 $ 0.01 Weighted-average shares used in GAAP and non-GAAP per share calculation, basic 131,364 122,633 130,534 121,730 Weighted-average shares used in GAAP and non-GAAP per share calculation, diluted (1) 140,210 122,633 139,804 130,400 Note: Certain figures may not sum due to rounding (1) For the three and six months ended June 30, 2025 and for the six months ended June 30, 2024, the weighted average shares used in the GAAP per share calculation excludes 8.8 million shares, 9.3 million shares, and 8.7 million shares, respectively, as the effect is anti-dilutive in the period. Expand AMPLITUDE, INC. Historicals - Key Business Metrics (In millions, except percentages) (unaudited) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Annual Recurring Revenue (ARR) $ 285 $ 290 $ 298 $ 312 $ 320 $ 335 Dollar-based Net Retention Rate (NRR) 97% 96% 98% 100% 101% 104% Expand
Business Wire
3 hours ago
- Business Wire
Palladyne AI Corp Provides 2025 Mid-Year Business and Financial Update
SALT LAKE CITY--(BUSINESS WIRE)-- Palladyne AI Corp. (NASDAQ: PDYN and PDYNW) ('Palladyne AI'), a developer of artificial intelligence software for robotic platforms in the industrial and defense sectors, today announced key business and financial achievements to date for 2025 in conjunction with the filing of its 2025 second quarter Form 10-Q. First Half 2025 Financial and Product Development Objectives Met; Focus Shifts to Completion of Version 2 of Palladyne™ IQ, Demonstrating Enhanced Capabilities for Palladyne™ Pilot with Defense Community and Securing Customers Share Mid-2025 Highlights and Recent Developments Continued strengthening of the balance sheet, with $62.7 million in cash, cash equivalents, and marketable securities on hand as of June 30, 2025, working capital of $62.0 million, and no debt for borrowed money or other long-term financial obligations on the balance sheet other than the Company's long-term office lease. Raised $34.8 million, net of commissions and offering expenses, during the first half of 2025 through at-the-market offerings and the exercise of warrants. First half 2025 cash burn of $2.0 million per month, adjusted for net cash raised during the year, with approximately the same rate expected for the second half of 2025, at the upper end of the $1.6 - $2.0 million range previously communicated. Initial Commercial versions of Palladyne ™ IQ and Palladyne ™ Pilot products for sale. Version 2 of Palladyne IQ scheduled for release in second half 2025 to incorporate user experience and other improvements based on continued testing and customer feedback. CEO Commentary The intensifying tariff and foreign policy landscape, especially with ongoing U.S.-China tensions, is prompting a re-evaluation of local manufacturing and global supply chains. Manufacturing reinvention in 2025 is no longer speculative—it is federal policy. President Trump's reshoring agenda, matched with defense-driven stimulus and AI-centric automation, will fuel a new era of digitally enabled, domestically anchored industrial growth. American manufacturers are expected to accelerate reshoring efforts and investments in automation to remain competitive. This will lead to a significant increase in demand for AI-driven robotics that can offset labor costs, optimize throughput, and increase margins. Additionally, the Trump administration's 2025 policies—especially the Golden Dome missile defense initiative and expanded drone security measures—will drive a significant structural increase in defense spending, with implications across aerospace, autonomy, and AI ecosystems. We believe that in the medium and long term, reshoring of manufacturing creates a substantially larger market opportunity for our products. However, in the near term, market uncertainty has temporarily slowed sales momentum for Palladyne IQ. Systems integrators and potential customers of Palladyne IQ have indicated that recent changes in U.S. trade policy have caused some of them to re-evaluate their automation priorities. In several cases, this re-evaluation is leading to discussions about substantially larger potential engagements with prospective customers compared to the scope that was under discussion before the policy changes. Based on interaction with dozens of potential customers during the first half of 2025, we believe that the sales cycle for our products is likely to be between 12 and 18 months, or even longer. We expect that the second half of 2025 will bring greater clarity on our potential customers' automation priorities, planning, and initiatives. Fortunately, we believe we are well-positioned to capitalize on strong structural drivers that will accelerate over the coming years: Manufacturing Reinvention: The Trump administration's second term is doubling down on a 'Made in America' economic strategy, emphasizing domestic production, strategic autonomy, and AI-enabled automation to modernize U.S. manufacturing. We believe reshoring and labor shortages will trigger long-term investment in domestic smart factories, accelerating demand for AI-driven automation platforms. Public Safety Modernization: The private sector is stepping into roles traditionally held by public agencies. One of the most exciting near-term growth areas lies at the intersection of drones and public safety. Across the United States, municipalities and private security firms will invest in autonomous aerial surveillance, emergency response, and infrastructure inspection. Security firms, utilities, and logistics providers are adopting drone-based AI for surveillance, response, and monitoring. Government & Defense AI Spending: The FY2025 National Defense Authorization Act (NDAA) reflects an increase in total defense spending exceeding $950 billion, with a large share of new appropriations earmarked for missile defense and counter-drone systems (Golden Dome, THAAD upgrades, directed energy weapons), AI and autonomous systems in both tactical and ISR (intelligence, surveillance, reconnaissance) roles, and U.S.-made drone procurement and anti-drone technologies. Increased AI and autonomy prioritization within DoD budgets and homeland security initiatives create long-term federal procurement and grant opportunities. A change in administration or policy emphasis could alter funding distribution, but we expect the strategic importance of autonomy to national competitiveness and security to remain prominent and nonpartisan. We are at the forefront of the AI revolution in robotics—enabling autonomous decision-making and multi-agent collaboration across drones, industrial robots, and edge-deployed systems. We believe that the macroeconomic, political, and technological environment is creating significant tail winds for our business. As businesses confront supply chain volatility, labor constraints, and national security demands, our Palladyne IQ software is well positioned to be a critical enabler of operational resilience and intelligent automation. We also see opportunities to scale our Palladyne Pilot platform across new sectors, strengthen our commercial pipeline, and expand our partner ecosystem with drone manufacturers, integrators, and defense contractors. We continue to expect to begin generating revenues from our products in the second half of 2025 and for revenues to grow modestly throughout 2026. Looking Forward We will continue to manage our expenses closely while investing as we deem appropriate in marketing and sales opportunities to secure customers and continue our product development activities. Based on the expenses we can foresee today, we believe that we have funds on hand to operate the business for a minimum of two and a half years, assuming we generate no new revenues during that time beyond our current development contracts. Even if the sales cycle for our new products is substantially longer than we expect, we should have plenty of financial runway to give us ample time to generate momentum with product sales. Additionally, we are seeing a number of interesting and attractive possibilities to expand our business through strategic relationships, joint ventures, and potential acquisition opportunities. Although we believe we have sufficient capital to operate our core business as described above, we are filing a new 'at-the-market' equity offering ('ATM') prospectus supplement, related to our ATM program, with the Securities and Exchange Commission for up to $50 million, which may enable us to act quickly in the event we decide to pursue one or more of these opportunities. In connection with the filing of the new ATM prospectus supplement, we are filing a new shelf registration statement with the Securities and Exchange Commission to replace our existing shelf registration statement which expires in November 2025. We intend to de-register any remaining availability under our currently effective S-3 shelf registration statement once the new one is declared effective by the Securities and Exchange Commission. We will continue to balance the financial needs and condition of the company with the potential dilution additional equity sales would have on our stockholders as we consider whether to sell equity or other securities pursuant to the ATM or otherwise under the shelf registration statement. We intend to continue to refrain from holding earnings calls for the time being, though we will continue to issue press releases, post on our social media accounts, provide information on our website, and otherwise publish information about us and our business that we deem to be of importance or interesting to our investors and those interested in our company. For more information, please visit and connect with us on LinkedIn at This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, solicitation or sale will be made only by means of the prospectus supplement and the accompanying prospectus. About Palladyne AI Corp. Palladyne AI Corp. (NASDAQ: PDYN) has developed an advanced artificial intelligence (AI) and machine learning (ML) software platform poised to revolutionize the capabilities of robots, enabling them to observe, learn, reason, and act in a manner akin to human intelligence. Our AI and ML software platform empowers robots to perceive variations or changes in the real-world environment, enabling them to autonomously maneuver and manipulate objects accurately in response. The Palladyne AI software solution operates on the edge and dramatically reduces the significant effort required to program and deploy robots enabling industrial robots and collaborative robots (cobots) to quickly achieve autonomous capabilities even in dynamic and or complex environments. Designed to enable robotic systems to perceive their environment and quickly adapt to changing circumstances by generalizing (i.e., learning) from their past experience using dynamic real-time operations 'on the edge' (i.e., on the robotic system) without extensive programming and with minimal robot training. Palladyne AI believes its software has wide application, including in industries such as automotive, aviation, construction, defense, general manufacturing, infrastructure inspection, logistics and warehousing. Its applicability extends beyond traditional robotics to include Unmanned Aerial Vehicles (UAVs), Unmanned Ground Vehicles (UGVs), and Remotely Operated Vehicles (ROVs). Palladyne AI's approach is expected to elevate the return on investment associated with a diverse range of machines that are fixed, fly, float, or roll. By enabling autonomy, reducing programming complexity, and enhancing efficiency, we are paving the way for a future where machines can excel in tasks that were once considered beyond their reach. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future cash burn and expenses, timing and growth of future revenues, sufficiency of the Company's capital, business strategy, sales cycle, future capital raising activities and uses of any such capital, software product development, the capabilities or future capabilities of the Company's foundational technology and products, the benefits of the software foundational technology and products and the industries that could benefit from them, the applicability of the Company's foundational technology and products to different kinds of machines (such as UAVs, UGVs and ROVs), future macroeconomic, political and other structural influences or conditions and their impact on our business and prospects, and the potential success of Palladyne AI's strategy. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words 'believes,' 'estimates,' 'expects,' 'projects,' 'forecasts,' 'may,' 'will,' 'should,' 'seeks,' 'plans,' 'scheduled,' 'anticipates,' 'intends' or 'continue' or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Palladyne AI's management's current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Palladyne AI is not under any obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Palladyne AI has filed or will file from time to time with the Securities and Exchange Commission (the 'SEC'), in particular the risks and uncertainties set forth in the sections of those reports entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements,' for a description of risks facing Palladyne AI and that could cause actual events, results or performance to differ from those indicated in the forward-looking statements contained herein. The documents filed by Palladyne AI with the SEC may be obtained free of charge at the SEC's website at
Business Wire
3 hours ago
- Business Wire
STAAR Surgical Reports Second Quarter 2025 Results
LAKE FOREST, Calif.--(BUSINESS WIRE)--STAAR Surgical Company (NASDAQ: STAA), the global leader in phakic IOLs with the EVO family of Implantable Collamer® Lenses (EVO ICL™) for vision correction, today reported results for the second quarter ended June 27, 2025. Second Quarter 2025 Financial Overview Net sales of $44.3 million down 55% Y/Y due to planned reduction of channel inventory in China Net sales excluding China of $39.0 million up 10% Y/Y Gross margin at 74.0% vs. 79.2% year ago due to the decrease in sales volume, but up from 65.8% in Q1 of this year Net loss of $(16.8) million or $(0.34) per share, down from net income of $7.4 million or $0.15 per share year ago, but up from a net loss of $(54.2) million or $(1.10) per share in Q1 2025 Adjusted EBITDA 1 loss of $(14.9) million or $(0.30) per share, down from Adjusted EBITDA income of $22.5 million or $0.45 per share year ago, but up from an Adjusted EBITDA loss of $(26.4) million or $(0.53) per share in Q1 2025 Second Quarter 2025 Results Net sales were $44.3 million for the second quarter of 2025 compared to $99.0 million in the prior year quarter and $42.6 million in the first quarter of 2025. The year-over-year decrease was mainly driven by a notable decline in revenue from China, as the Company's distributors in the region made minimal purchases during the quarter, opting to utilize existing in-country inventory to meet procedural demand. This decline was partially offset by growth in other regions. Excluding China, net sales were $39.0 million, an increase of 10% as compared to the prior-year period. Gross profit margin for the second quarter of 2025 was 74.0% of total net sales compared to the prior year quarter of 79.2% of total net sales and 65.8% of total net sales in the first quarter of 2025. The decline in gross profit margin versus the same period last year was primarily attributable to a decrease in sales volume. Total operating expenses for the second quarter of 2025 were $62.8 million, compared to $66.5 million in the prior-year quarter. Excluding restructuring, impairment, and related charges, operating expenses for the second quarter of 2025 were $57.5 million down from $62.7 million in the first quarter of 2025. The year-over-year decrease in operating expenses was driven by ongoing cost optimization efforts that continued throughout the second quarter. General and administrative expenses were $21.0 million compared to $23.6 million in the prior-year quarter and $24.5 million in the first quarter of 2025. The year-over-year decrease was primarily due to decreased outside services expenses. Selling and marketing expenses were $26.3 million compared to $31.0 million in the prior-year quarter, and $26.9 million in the first quarter of 2025. The year-over-year decrease is due to lower marketing, promotional and advertising activities, partially offset by increased compensation-related charges. Research and development expenses were $10.3 million compared to $11.9 million in the prior-year quarter and $11.3 million in the first quarter of 2025. The year-over-year decrease is due primarily to lower salary-related expenses. During the second quarter, the Company incurred $5.2 million for restructuring, impairment and related charges, primarily for severance associated with the realignment of the Company's leadership structure and its cost control initiatives, and fixed asset and operating lease impairment. Including these charges, operating loss for the second quarter of 2025 was $(30.0) million compared to $11.9 million for the second quarter of 2024. Net loss for the second quarter of 2025 was $(16.8) million or $(0.34) per diluted share compared with net income of $7.4 million or $0.15 per diluted share for the prior-year quarter. The year-over-year decrease in net income was primarily attributable to lower net sales and restructuring charges, partially offset by reduced operating expenses. Cash, cash equivalents and investments available for sale at June 27, 2025, totaled $189.9 million, compared to $222.8 million at the end of the first quarter of 2025. The Company had no outstanding debt. During the second quarter of 2025, the Company repurchased approximately 261,000 shares of its common stock for a total cost of approximately $4.5 million under its $30 million share repurchase program announced in May 2025. The average purchase price per share was $17.17. As of June 27, 2025, approximately $25.5 million remained available under the current authorization. Through August 1, 2025, the Company has purchased 376,000 shares for a total of $6.5 million, with an average purchase price of $17.17. Due to the pending acquisition of the Company by Alcon Inc., the Company will not host a conference call to review its second quarter 2025 results. Use of Non-GAAP Financial Measures To supplement the Company's financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables include certain non-GAAP financial measures, including Adjusted EBITDA. Management uses these non-GAAP financial measures in its evaluation of Company operating performance and believes investors will find them useful in evaluating the Company's operating performance, including cash flow generation, and in analyzing period-to-period financial performance of core business operations and underlying business trends. Non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. EBITDA is a non-GAAP financial measure, which is calculated by adding interest income and expense, net; provision for income taxes; and depreciation and amortization to net income. In calculating Adjusted EBITDA and Adjusted EBITDA per diluted share, the Company further adjusts for stock-based compensation expense and for restructuring, impairment and related charges. As stock-based compensation is a non-cash expense that can vary significantly based on the timing, size and nature of awards granted, the Company believes that the exclusion of stock-based compensation expense can assist investors in comparisons of Company operating results with other peer companies because (i) the amount of such expense in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expense can vary significantly between periods as a result of the timing of grants of new stock-based awards, including inducement grants in connection with hiring. Additionally, the Company believes that excluding stock-based compensation from Adjusted EBITDA and Adjusted EBITDA per diluted share assists management and investors in making meaningful comparisons between the Company's operating performance and the operating performance of other companies that may use different forms of employee compensation or different valuation methodologies for their stock-based compensation. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods. Investors should also note that such expenses will recur in the future. The Company believes that restructuring, impairment and related charges are not indicative of the underlying operating expense profile for the Company. These charges, which include costs related to severance, reduction in force and consulting expenses, impairment expenses on leasehold improvements and machinery and equipment, impairment on real property right-of use assets, and impairment of internally developed software, are anticipated to be completed within a finite period of time and can vary significantly in any specific period. The Company believes that excluding restructuring, impairment and related charges from Adjusted EBITDA allows investors to more consistently analyze period-to-period financial performance of its core business operations and better assess the Company's current and future continuing operations. The Company also presents certain financial information on a constant currency basis, which is intended to exclude the effects of foreign currency fluctuations. The Company conducts a significant part of its activities outside the U.S. It receives sales revenue and pays expenses principally in U.S. dollars, Swiss francs, Japanese yen and euros. The exchange rates between dollars and non-U.S. currencies can fluctuate greatly and can have a significant effect on the Company's results when reported in U.S. dollars. In order to compare the Company's performance from period to period without the effect of currency, the Company will apply the same average exchange rate applicable in the prior period, or the 'constant currency' rate to sales or expenses in the current period as well. In the tables provided below, the Company has included a reconciliation of Adjusted EBITDA and Adjusted EBITDA per diluted share to net income (loss) and net income (loss) per diluted share, the most directly comparable GAAP financial measure, as well as supplemental financial information with net sales expressed in constant currency. About STAAR Surgical STAAR Surgical (NASDAQ: STAA) is the global leader in implantable phakic intraocular lenses, a vision correction solution that reduces or eliminates the need for glasses or contact lenses. Since 1982, STAAR has been dedicated solely to ophthalmic surgery, and for 30 years, STAAR has been designing, developing, manufacturing, and marketing advanced Implantable Collamer® Lenses (ICLs), using its proprietary biocompatible Collamer material. STAAR ICLs are clinically-proven to deliver safe long-term vision correction without removing corneal tissue or the eye's natural crystalline lens. Its EVO ICL™ product line provides visual freedom through a quick, minimally invasive procedure. STAAR has sold more than 3 million ICLs in over 75 countries. Headquartered in Lake Forest, California, the company operates research, development, manufacturing, and packaging facilities in California and Switzerland. For more information about ICL, visit To learn more about STAAR, visit We intend to use our website as a means of disclosing material non-public information about the Company and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website in the 'Investor Relations' sections at Accordingly, investors should monitor such portion of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the Email Alerts section at Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often contain words such as 'anticipate,' 'believe,' 'expect,' 'plan,' 'estimate,' 'project,' 'continue,' 'will,' 'should,' 'may,' and similar terms. All statements in this press release that are not statements of historical fact are forward-looking statements. These forward-looking statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from what is expressed or implied by the forward-looking statements, including, but not limited to: our ability to continue our growth and profitability trajectory; our reliance on independent distributors in international markets; a slowdown or disruption to the Chinese economy; global economic conditions; disruptions in our supply chain; fluctuations in foreign currency exchange rates; international trade disputes (including involving tariffs) and substantial dependence on demand from Asia; changes in effective tax rate or tax laws; any loss of use of our principal manufacturing facility; competition; potential losses due to product liability claims; our exposure to environmental liability; data corruption, cyber-based attacks or network security breaches and/or noncompliance with data protection and privacy regulations; acquisitions of new technologies; climate changes; the willingness of surgeons and patients to adopt a new or improved product and procedure; extensive clinical trials and resources devoted to research and development; compliance with government regulations; the discretion of regulatory agencies to approve or reject existing, new or improved products, or to require additional actions before or after approval, or to take enforcement action; laws pertaining to healthcare fraud and abuse; changes in FDA or international regulations related to product approval; product recalls or failures; the timing of, and completion of, or failure to complete, the pending acquisition of the Company by Alcon Inc.; risks related to disruption of management's attention from the Company's ongoing business operations due to the pending acquisition of the Company by Alcon Inc.; the effect of the announcement of the acquisition of the Company by Alcon Inc. on our ability to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business, or on its operating results and business generally; and other important factors set forth in the Company's Annual Report on Form 10-K for the year ended December 27, 2024 under the caption 'Risk Factors,' which is on file with the Securities and Exchange Commission (the 'SEC') and available in the 'Investor Information' section of the Company's website under the heading 'SEC Filings,' as any such factors may be updated from time to time in the Company's other filings with the SEC. Forward-looking statements speak only as of the date they are made and, except as may be required under applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Consolidated Balance Sheets (in 000's) Unaudited ASSETS December 27, 2024 Current assets: Cash and cash equivalents $ 167,131 $ 144,159 Investments available for sale 22,752 86,335 Accounts receivable trade, net 34,440 77,897 Inventories, net 53,107 43,305 Prepayments, deposits, and other current assets 15,362 16,244 Total current assets 292,792 367,940 Property, plant, and equipment, net 74,417 84,889 Finance lease right-of-use assets, net - 37 Operating lease right-of-use assets, net 33,027 36,850 Goodwill 1,786 1,786 Deferred income taxes 11,893 788 Other assets 23,866 17,234 Total assets $ 437,781 $ 509,524 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 12,345 $ 16,704 Obligations under finance leases - 42 Obligations under operating leases 5,103 3,894 Allowance for sales returns 4,726 6,579 Other current liabilities 37,054 43,087 Total current liabilities 59,228 70,306 Obligations under operating leases 35,417 34,807 Deferred income taxes - 297 Asset retirement obligations 45 42 Pension liability 6,518 6,737 Total liabilities 101,208 112,189 Stockholders' equity: Common stock 495 493 Additional paid-in capital 484,801 471,449 Treasury Stock (4,479 ) - Accumulated other comprehensive loss (5,645 ) (7,031 ) Accumulated deficit (138,599 ) (67,576 ) Total stockholders' equity 336,573 397,335 Total liabilities and stockholders' equity $ 437,781 $ 509,524 Expand Consolidated Statements of Operations (in 000's except for per share data) Unaudited Three Months Ended Year Ended % of Sales June 27, 2025 % of Sales June 28, 2024 Fav (Unfav) Amount % % of Sales June 27, 2025 % of Sales June 28, 2024 Fav (Unfav) Amount % Net sales 100.0% $ 44,320 100.0% $ 99,005 $ (54,685 ) (55.2)% 100.0% $ 86,909 100.0% $ 176,361 $ (89,452 ) (50.7)% Cost of sales 26.0% 11,521 20.8% 20,593 9,072 44.1% 30.0% 26,105 20.9% 36,914 10,809 29.3% Gross profit 74.0% 32,799 79.2% 78,412 (45,613 ) (58.2)% 70.0% 60,804 79.1% 139,447 (78,643 ) (56.4)% Selling, general and administrative expenses: General and administrative 47.3% 20,969 23.9% 23,641 2,672 11.3% 52.3% 45,427 26.6% 46,869 1,442 3.1% Selling and marketing 59.3% 26,283 31.3% 31,005 4,722 15.2% 61.2% 53,228 33.8% 59,663 6,435 10.8% Research and development 23.2% 10,263 12.0% 11,868 1,605 13.5% 24.9% 21,602 13.2% 23,298 1,696 7.3% Total selling, general, and administrative expenses 129.8% 57,515 67.2% 66,514 8,999 13.5% 138.4% 120,257 73.6% 129,830 9,573 7.4% Restructuring, impairment and related charges 11.8% 5,248 0.0% - (5,248 ) 0.0% 32.1% 27,912 0.0% - (27,912 ) 0.0% Total operating expenses 141.6% 62,763 67.2% 66,514 3,751 5.6% 170.5% 148,169 73.6% 129,830 (18,339 ) (14.1)% Operating income (loss) (67.6)% (29,964 ) 12.0% 11,898 (41,862 ) (351.8)% (100.5)% (87,365 ) 5.5% 9,617 (96,982 ) (1008.4)% Other income (expense): Interest income, net 3.0% 1,366 1.4% 1,422 (56 ) (3.9)% 3.1% 2,732 1.7% 2,951 (219 ) (7.4)% Gain (loss) on foreign currency transactions 5.8% 2,563 (3.1)% (3,049 ) 5,612 184.1% 4.6% 3,981 (3.0)% (5,346 ) 9,327 174.5% Royalty income 0.0% - 0.0% - - 0.0% 0.0% - 0.3% 508 (508 ) (100.0)% Other income, net 0.3% 120 0.1% 63 57 90.5% 0.3% 251 0.2% 393 (142 ) (36.1)% Total other income (expense), net 9.1% 4,049 (1.6)% (1,564 ) 5,613 358.9% 8.0% 6,964 (0.8)% (1,494 ) 8,458 566.1% Income (loss) before provision for income taxes (58.5)% (25,915 ) 10.4% 10,334 (36,249 ) (350.8)% (92.5)% (80,401 ) 4.7% 8,123 (88,524 ) (1089.8)% Provision (benefit) for income taxes (20.5)% (9,103 ) 3.0% 2,955 12,058 408.1% (10.8)% (9,378 ) 2.3% 4,083 13,461 329.7% Net income (loss) (38.0)% (16,812 ) 7.4% 7,379 (24,191 ) (327.8)% (81.7)% (71,023 ) 2.4% 4,040 (75,063 ) (1858.0)% Net loss per share - basic (0.34 ) 0.15 (1.44 ) 0.08 Net loss per share - diluted (0.34 ) 0.15 (1.44 ) 0.08 Weighted average shares outstanding - basic 49,520 49,127 49,432 49,018 Weighted average shares outstanding - diluted 49,520 49,811 49,432 49,529 Expand Consolidated Statements of Cash Flows (in 000's) Unaudited Three Months Ended Year Ended June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Cash flows from operating activities: Net income (loss) $ (16,812 ) $ 7,379 $ (71,023 ) $ 4,040 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation of property and equipment 1,975 1,522 4,312 2,759 Non-cash operating lease expense 838 783 1,866 1,599 Impairment of fixed assets and operating leases 1,377 - 14,593 - Accretion/Amortization of investments available for sale (10 ) (166 ) (139 ) (286 ) Deferred income taxes (9,595 ) (1 ) (10,624 ) 60 Change in net pension liability 2,455 (53 ) (2 ) (146 ) Stock-based compensation expense 7,802 9,042 13,817 15,381 Change in asset retirement obligation - 20 - 20 Loss on disposal of property and equipment - 26 - 26 Provision for sales returns and bad debts (908 ) 951 (1,818 ) 1,079 Inventory provision 468 378 2,499 1,024 Changes in working capital: Accounts receivable 5,689 (29,401 ) 43,859 436 Inventories (4,901 ) (869 ) (11,205 ) (4,871 ) Prepayments, deposits and other assets (4,455 ) (1,600 ) (6,264 ) (7,085 ) Accounts payable 537 2,099 (5,424 ) 3,618 Other current and long-term liabilities (11,709 ) (523 ) (7,430 ) (6,387 ) Net cash provided by (used in) operating activities (27,249 ) (10,413 ) (32,983 ) 11,267 Cash flows from investing activities: Acquisition of property and equipment (1,792 ) (6,236 ) (3,260 ) (11,438 ) Purchase of investments available for sale - (20,249 ) (14,691 ) (20,249 ) Proceeds from sale or maturity of investments available for sale 26,912 5,817 78,422 27,206 Net provided by (used in) investing activities 25,120 (20,668 ) 60,471 (4,481 ) Cash flows from financing activities: Repayment of finance lease obligations - (42 ) (42 ) (82 ) Repurchase of common stock (4,479 ) - (4,479 ) - Repurchase of employee common stock for taxes withheld (73 ) (167 ) (1,356 ) (1,396 ) Proceeds from vested restricted stock and exercise of stock options 12 372 389 5,697 Net cash provided by (used in) financing activities (4,540 ) 163 (5,488 ) 4,219 Effect of exchange rate changes on cash and cash equivalents 686 (330 ) 972 (1,267 ) Increase (decrease) in cash and cash equivalents (5,983 ) (31,248 ) 22,972 9,738 Cash and cash equivalents, at beginning of the period 173,114 224,024 144,159 183,038 Cash and cash equivalents, at end of the period $ 167,131 $ 192,776 $ 167,131 $ 192,776 Expand Reconciliation of Non-GAAP Financial Measure Net Income to Adjusted EBITDA (in 000's except for per share data) Unaudited 2022 Q1-23 Q2-23 Q3-23 Q4-23 2023 Q1-24 Q2-24 Q3-24 Q4-24 2024 Q1-25 Q2-25 Net income (loss) - (as reported) $ 39,665 $ 2,710 $ 6,064 $ 4,817 $ 7,756 $ 21,347 $ (3,339 ) $ 7,379 $ 9,980 $ (34,228 ) $ (20,208 ) $ (54,211 ) $ (16,812 ) Provision (benefit) for income taxes 5,887 2,009 2,428 1,929 5,983 12,349 1,128 2,955 3,179 3,894 11,156 (275 ) (9,103 ) Other (income) expense, net (1,750 ) (1,919 ) 105 (451 ) (3,334 ) (5,599 ) (70 ) 1,564 (7,477 ) 2,424 (3,559 ) (2,915 ) (4,049 ) Depreciation 4,481 1,113 1,285 1,345 1,368 5,111 1,237 1,522 1,757 2,375 6,891 2,337 1,975 (Gain) loss on disposal of property plant and equipment (2) 65 - 24 17 32 73 - 26 1,642 26 1,694 - - Restructuring, impairment and related charges (3) - - - - - - - - - - - 22,664 5,248 Amortization of intangible assets 28 7 10 (2 ) (2 ) 13 - - - - - - - Stock-based compensation 20,371 6,065 8,423 8,846 182 23,516 6,339 9,042 7,160 4,669 27,210 6,015 7,802 Adjusted EBITDA $ 68,747 $ 9,985 $ 18,339 $ 16,501 $ 11,985 $ 56,810 $ 5,295 $ 22,488 $ 16,241 $ (20,840 ) $ 23,184 $ (26,385 ) $ (14,939 ) Adjusted EBITDA as a % of Sales 24.2 % 13.6 % 19.9 % 20.6 % 15.7 % 17.6 % 6.8 % 22.7 % 18.3 % (42.6 )% 7.4 % (62.0 )% (33.7 )% Net income (loss) per share, diluted - (as reported) $ 0.80 $ 0.05 $ 0.12 $ 0.10 $ 0.16 $ 0.43 $ (0.07 ) $ 0.15 $ 0.20 $ (0.69 ) $ (0.41 ) $ (1.10 ) $ (0.34 ) Provision (benefit) for income taxes 0.12 0.04 0.05 0.04 0.12 0.25 0.02 0.06 0.06 0.08 0.22 (0.01 ) (0.18 ) Other (income) expense, net (0.04 ) (0.04 ) - (0.01 ) (0.07 ) (0.11 ) - 0.03 (0.15 ) 0.05 (0.07 ) (0.06 ) (0.08 ) Depreciation 0.09 0.02 0.03 0.03 0.03 0.10 0.03 0.03 0.04 0.05 0.14 0.05 0.04 (Gain) loss on disposal of property plant and equipment - - - - - - - - 0.03 - 0.03 - - Restructuring, impairment and related charges - - - - - - - - - - - 0.46 0.11 Amortization of intangible assets - - - - - - - - - - - - - Stock-based compensation 0.41 0.12 0.17 0.18 - 0.48 0.13 0.18 0.14 0.09 0.55 0.12 0.16 Adjusted EBITDA per share, diluted (1) $ 1.39 $ 0.20 $ 0.37 $ 0.33 $ 0.24 $ 1.15 $ 0.11 $ 0.45 $ 0.33 $ (0.42 ) $ 0.47 $ (0.53 ) $ (0.30 ) Weighted average shares outstanding - Diluted 49,380 49,500 49,516 49,370 49,242 49,427 48,907 49,811 49,731 49,266 49,597 49,344 49,520 Expand (in 000's) Unaudited Fiscal Year Three Months Ended Americas (2) $ 19,798 $ 22,315 $ 25,229 $ 6,656 $ 6,029 $ 6,387 $ 6,739 $ 7,307 EMEA (3) 40,832 40,063 43,511 10,316 9,614 12,286 13,110 11,436 APAC (4) 223,761 260,037 245,161 82,033 72,947 30,277 22,740 25,577 Global Sales $ 284,391 $ 322,415 $ 313,901 $ 99,005 $ 88,590 $ 48,950 $ 42,589 $ 44,320 Global Sales Growth 23% 13% (3)% 7% 10% (36)% (45)% (55)% Americas Sales Growth 33% 13% 13% 15% 10% 20% 9% 10% EMEA Sales Growth (2)% (2)% 9% 13% 12% 7% 16% 11% APAC Sales Growth 28% 16% (6)% 6% 10% (49)% (62)% (69)% Global ICL Unit Growth 33% 19% (6)% 3% 6% (39)% (48)% (63)% Fiscal Year Three Months Ended Sales by Country (5) 2022 2023 2024 June 28, 2024 September 27, 2024 December 27, 2024 March 28, 2025 June 27, 2025 China $ 148,199 $ 184,569 $ 162,287 $ 63,519 $ 52,468 $ 7,823 $ (877) $ 5,299 Growth 38% 25% (12)% 4% 10% (81)% (102)% (92)% Japan $ 43,096 $ 38,468 $ 41,841 $ 9,887 $ 10,534 $ 10,963 $ 11,395 $ 10,915 Growth 5% (11)% 9% 18% 15% 10% 9% 10% South Korea $ 17,936 $ 19,880 $ 21,636 $ 3,924 $ 5,096 $ 5,880 $ 7,522 $ 4,293 Growth 18% 11% 9% 19% 5% 17% 12% 9% United States $ 14,679 $ 17,221 $ 19,896 $ 5,399 $ 4,681 $ 4,881 $ 5,459 $ 5,635 Growth 46% 17% 16% 24% 12% 17% 11% 4% Global Sales Ex China $ 136,192 $ 137,846 $ 151,614 $ 35,486 $ 36,122 $ 41,127 $ 43,466 $ 39,021 (1) Certain adjustments have been reclassed from EMEA to APAC. Prior periods have changed to conform to the current presentation. (2) Americas includes the United States, Canada and Latin American countries (3) EMEA includes Spain, Germany, United Kingdom, European, Middle East and Africa Distributors Expand
