Aspen Aerogels reported Q2 2025 revenue of $78 million, a 34% year-over-year decline but flat quarter-over-quarter, with an annual run rate of approximately $312 million.
Debt was reduced by $6.5 million, ending the quarter with $168 million in cash and equivalents and $308.8 million in shareholders' equity.
Energy Industrial segment revenue declined 38% year-over-year to $22.8 million due to distributor inventory rebalancing and project delays, especially in the Subsea market.
EV Thermal Barrier segment revenue was $55.2 million, down 32% year-over-year but up 14% quarter-over-quarter, driven by stabilized and increased GM production volumes.
Gross profit margin was 32% with gross profit of $25.3 million, down 51% year-over-year; Energy Industrial margins held at 36%, and EV Thermal Barrier margins improved to 31%, up 8 points quarter-over-quarter.
Net loss was $9.1 million or $0.11 per diluted share, with adjusted EBITDA of $9.7 million, exceeding guidance by 38% and nearly doubling quarter-over-quarter despite slightly lower revenues.
Operating cash flow was $3.9 million positive, with $12.9 million in CapEx, including $3.6 million for Plant 2 obligations, which are largely completed.
Capital expenditures were $9 million, primarily for plant modernizations and capacity expansions.
Cash from operating activities was $55.5 million; cash and restricted cash decreased by $6.9 million to $368.4 million.
Factory-Built Housing segment revenue was $535.7 million, up 17% year-over-year, driven by a 14.7% increase in homes sold and a 1.9% increase in average revenue per home.
Financial Services segment revenue was $21.2 million, up 8.2% year-over-year, driven by higher insurance premium rates and improved underwriting.
Gross margin improved to 23.3% from 21.7% year-over-year, with Financial Services gross margin increasing significantly from negative 0.6% to 40.9%.
Net income was $51.6 million, up from $34.4 million last year, with diluted EPS of $6.42 versus $4.11 in the prior year quarter.
Operating profit increased about 50% compared to both last quarter and a year ago.
Revenue for Q1 fiscal 2026 was $556.9 million, up 16.6% year-over-year and 9.5% compared to the prior year quarter.
Selling, general and administrative expenses increased to $69.1 million or 12.4% of net revenue, mainly due to higher bonuses and commissions.
Stock repurchases totaled $50 million this quarter, with 16.6% of shares repurchased since fiscal 2021.
Container volume increased 2.6% in Hawaii, decreased 14.6% in China, decreased 2.2% in Guam, and increased 0.9% in Alaska year-over-year in the second quarter.
Logistics operating income decreased primarily due to a lower contribution from transportation brokerage.
Net income decreased 16.3% year-over-year to $94.7 million and diluted earnings per share decreased 11.8% to $2.92 per share, noting a $10.2 million one-time interest income in the prior year quarter.
Ocean Transportation operating income was lower year-over-year primarily due to lower volume in China service, partially offset by higher freight rates and timing of fuel-related surcharge collections.
Second quarter consolidated operating income decreased $11.6 million year-over-year to $113 million, driven by lower contributions from Ocean Transportation and Logistics of $10.4 million and $1.2 million respectively.
SSAT terminal joint venture contributed $7.3 million in Q2, a $6.1 million increase year-over-year due to higher lift volume.
Adjusted EPS grew 10% year-over-year, or 16% excluding the Wolverine divestiture, reflecting profitable growth and operational improvements.
Free cash flow increased to $214 million year-to-date, with a free cash flow margin of 14% in Q2, and $500 million of shares repurchased year-to-date.
In Q2 2025, ITT delivered $1 billion in orders, up 16% total and 13% organic, driven by all businesses including acquisitions kSARIA and Svanehøj.
Margins expanded across segments: IP margin grew 100 basis points to nearly 22%, MT margin grew 140 basis points despite 100 basis points FX headwind, and CCT margin grew 270 basis points excluding M&A dilution.
Operating income grew more than twice the organic sales growth rate, with operating margin expanding over 100 basis points excluding M&A impacts.
Operating margin increased 30 basis points to 18.4%, driven by higher volumes, pricing actions, and operational improvements, offsetting FX and temporary acquisition amortization costs.
Revenue reached a record quarterly level of over $970 million, up 7% total and 4% organic, with contributions from all segments.
Segment highlights include Industrial Process growing 5% organically, Svanehøj growing 43%, Connect & Control (CCT) growing 4% organically, and Motion Technologies (MT) friction OE growing 7% organically.
Dafinchi