Cash, cash equivalents, and short-term investments totaled $900 million with no debt; $15 million spent on CapEx and $30 million on share repurchases in Q2.
GAAP net income was $7 million or $0.16 per diluted share; adjusted EPS was $0.30, above guidance range.
GAAP operating income was breakeven; adjusted EBITDA was $32 million, slightly above the top end of guidance.
Gross margin was 37.3%, flat year-over-year, with adjusted gross margin at 37.8%, at the top of guidance, driven by improved manufacturing cost absorption and lower inventory provisions.
Regional sales: North America up 31% sequentially but down 4% year-over-year; Europe stable sequentially but down 11% year-over-year excluding divestitures; Asia up 4% sequentially and 14% year-over-year.
Revenue from materials processing decreased 6% year-over-year due to divestitures and lower sales in cutting, welding, and additive manufacturing, partially offset by micromachining and cleanLASER acquisition.
Revenue from other applications increased 21%, driven by medical and advanced applications.
Second quarter revenue was $251 million, up 10% sequentially and down 3% year-over-year, excluding divestitures revenue increased 2% year-over-year, marking the first increase since 2022.
Tariff impact was 115 basis points, better than expected.
Dafinchi