Adjusted EBITDA was $109.5 million, up 19.5% year-over-year, with margin at 23.5%, down 75 basis points due to acquisitions and Mid-Atlantic integration challenges.
Adjusted free cash flow was a record $70.8 million for the first six months, about 40% of full-year guidance.
Adjusted net income was $23 million or $0.36 per diluted share, slightly up in net income but down $0.01 per share.
Capital expenditures were $121.9 million, up $47 million year-over-year, including $40 million of upfront investment in acquisitions.
Debt stood at $1.16 billion with $218 million cash, net leverage ratio was 2.39x, and revolver remained undrawn.
Landfill business showed strong results with total tons up 9.5%, including over 12% growth in internalized volumes.
Net cash provided by operating activities was $139.6 million in the first half of 2025, up $59.9 million year-over-year.
Resource Solutions revenues rose 10.2% year-over-year despite a 16% decline in recycled commodity sales prices, with contract structures mitigating revenue impact to less than $1 million.
Revenues in Q2 2025 were $465.3 million, up 23.4% year-over-year, driven by $67.1 million from acquisitions and $21 million from organic growth (5.6%).
Solid waste revenues increased 27.1% year-over-year with pricing up 5% and volume down 0.8%.
Cash, cash equivalents, restricted cash, and marketable securities totaled $754 million at quarter end, boosted by a $303.8 million at-the-market equity offering.
GAAP gross margin was 32.1%, above guidance range of 30%-32%, and non-GAAP gross margin was 36.9%, above guidance of 34%-36%.
GAAP operating cash flow was negative $23.2 million, improved from negative $54.2 million in Q1, driven by increased cash receipts from SDA satellite program.
Launch Services segment revenue was $6.6 million, up 31.1% quarter-on-quarter.
Non-GAAP free cash flow was negative $55.3 million, improved from negative $82.9 million in Q1.
Operating expenses were higher than guidance, with GAAP operating expenses at $106 million and non-GAAP at $86.9 million, driven by increased R&D and headcount for Neutron development.
Rocket Lab reported record Q2 2025 revenue of $144.5 million, up 36% year-over-year and 17.9% sequentially, exceeding the high end of prior guidance.
Space Systems segment revenue was $97.9 million, up 12.5% sequentially, driven by satellite components businesses.
Total headcount increased 85% sequentially to 2,420 employees.
Dafinchi