EBITDA for Q2 2025 was $8.1 million, a significant improvement from a loss of $1.2 million in Q2 2024.
For the first half of 2025, adjusted EBITDA increased 83.4% to $30.8 million from $16.8 million in the prior year period.
Gross profit increased 36.1% year-over-year to $85.9 million, with gross margin expanding by 270 basis points to 26.8%.
Net loss attributable to common shareholders narrowed to $17 million ($0.16 per diluted share) from $29.6 million ($0.28 per diluted share) in Q2 2024.
The Gaming Components and Systems segment grew revenue by 30% year-over-year, while the Gamer and Creator Peripherals segment grew 9%.
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.
Inseego delivered sequential growth in Q2 2025 with total revenue of $40.2 million, driven by strong FWA volumes, a large channel deal, and consistent services revenue of $12 million.
Non-GAAP gross margin was 41.2%, reflecting a favorable product mix and strong FWA results.
Q2 adjusted EBITDA was $4.7 million, up 29% sequentially, with an 11.7% margin, the second highest in a decade.
The company ended Q2 with $13.2 million in cash and a reduced total debt of $41 million, approximately 2x LTM adjusted EBITDA.
Adjusted EBITDA was $647 million, up 16% year-over-year, with a 170 basis point margin increase to 15.2%.
Closed Kudu Dynamics acquisition for $291 million net and completed $500 million accelerated share repurchase retiring 3.6 million shares.
Ended quarter with $5.1 billion debt (2.2x leverage) and $930 million cash.
Generated $486 million cash from operations and $457 million free cash flow, with 110% free cash flow conversion.
Leidos reported 4.8% year-to-date revenue growth and a record 15.2% EBITDA margin in Q2 2025, with operating cash flow up 28%.
Non-GAAP diluted EPS grew 22% to $3.21, surpassing the prior quarter's record of $2.97.
Q2 revenues were $4.25 billion, up 3% year-over-year and sequentially despite award delays and contract reviews.
Segment performance: National Security and Digital grew 3% with stable margins; Health and Civil grew 1% with 24.9% margin; Commercial International grew 1% with margin improvement of 780 basis points; Defense Systems grew 10% with margins down year-over-year but up sequentially.
Dafinchi