Cash flow from operations was $26 million, or 17% of revenue, and free cash flow was $10.9 million, a significant improvement from negative $18.5 million in Q2 2024.
Fastly reported Q2 2025 revenue of $148.7 million, a 12% year-over-year increase, exceeding the high end of guidance.
Gross margin improved to 59%, up 170 basis points quarter-over-quarter due to margin leverage and network efficiencies.
Operating loss was $4.6 million, better than the guided midpoint of $6 million loss, with operating expenses up only 2% year-over-year.
Security revenue reached a record $29.3 million, representing 20% of total revenue and growing 15% year-over-year.
Top 10 customers accounted for 31% of revenue, down from 33% in Q1, with revenue outside the top 10 growing 17% year-over-year.
GAAP net income was $68 million or $1.47 per diluted share, compared to $51 million or $1.10 per share in the prior year.
Gross margin reached an all-time quarterly record of 36.9%, up 230 basis points year-over-year due to favorable mix.
Itron reported second quarter revenue of $607 million, adjusted EBITDA of $90 million, non-GAAP earnings per share of $1.62, and free cash flow of $91 million.
Margins improved across all segments with Device Solutions gross margin up 350 basis points, Networked Solutions gross margin up 160 basis points, and Outcomes gross margin up 370 basis points year-over-year.
Non-GAAP operating income was a record $82 million, up 19% year-over-year, and adjusted EBITDA margin was 14.8%, a new record increasing 16% year-over-year.
Segment revenue trends included an 8% decrease in Device Solutions revenue on a constant currency basis, a 1% decrease in Networked Solutions revenue, and a 9% increase in Outcomes revenue year-over-year.
Total debt was $1.265 billion with net debt of $41 million, net leverage at 0.1x, and cash and equivalents of $1.2 billion at quarter end.
Dafinchi