Cash and equivalents totaled $92 million at quarter end, down $17 million from Q1 due to working capital investments and $7 million in capital expenditures.
Charges of $5.7 million were recorded between Q1 and Q2 for exit costs related to personnel, fixed assets, and facilities as part of global operations consolidation.
Net interest expense was $1.6 million, aligned with expectations.
Non-GAAP net income tax expense was $3.2 million, higher than forecast due to acceleration of the Pillar Two tax into Q2, impacting EPS by $0.07.
Operating expenses were roughly flat to Q1 at $23.8 million, resulting in operating income of $6.1 million for Q2.
Q2 gross margin was 12.5%, a slight increase of 10 basis points from Q1 but at the low end of expectations due to hiring challenges limiting machine component output.
Reported EPS for Q2 was $0.03 per share.
Second quarter revenues were $240.3 million, at the upper end of guidance, up 18% year-over-year but 2% lower than Q1.
Total debt was $126 million with a net debt coverage ratio of 1.5x, well below covenant thresholds.
Dafinchi