Dafinchi AI

KELYA

Industrial

Adjusted EBITDA was $37 million, down 9% year-over-year, with margin declining 40 basis points to 3.4%.
Education segment revenue grew 5.6% year-over-year (5.3% organically), driven by strong fill rates in K-12 staffing.
ETM segment revenue declined 3.9% reported and 5.1% organically, impacted by large customer demand reductions and federal contractor declines.
Gross profit was $225.5 million with a 20.5% gross profit rate, improving 30 basis points year-over-year, aided by MRP acquisition but offset by organic declines.
Operating cash flow was strong, enabling a $130 million net debt paydown, ending the quarter with $74 million total borrowing and 0.6 adjusted EBITDA leverage ratio.
Reported EPS was $0.52 versus $0.12 in Q2 2024; adjusted EPS was $0.54 versus $0.71 prior year, reflecting lower earnings from operations and higher interest expense.
Revenue for Q2 2025 was $1.1 billion, up 4.2% year-over-year on a reported basis but down 3.3% organically due to macroeconomic pressures and reduced demand from federal contractors and large customers.
SET segment revenue increased 19% reported, driven by MRP acquisition, but organic revenue declined 8.5%, with a 3.2% decline excluding federal contractor impacts.

SPCE

Industrial

Adjusted EBITDA improved 34% year-over-year to negative $52 million and improved 28% sequentially.
Capital expenditures increased to $58 million from $34 million year-over-year and $46 million sequentially.
Cash, cash equivalents, and marketable securities totaled $508 million at quarter-end.
Company reduced contract engineering workforce by 85% year-over-year and overall headcount by approximately 7%.
Free cash flow was negative $114 million, a 7% improvement from Q1's negative $122 million.
Property, plant, and equipment grew nearly 50% year-over-year to $306 million.
Q2 2025 revenue was approximately $400,000 from future astronaut access fees.
Total operating expenses decreased 34% year-over-year to $70 million and declined $19 million sequentially from Q1.

Industrial

Adjusted operating earnings per share was $0.20 in Q2 compared to $0.23 in Q1, impacted by nonrecurring items and maintenance outages.
Depreciation and amortization were favorable due to non-repeat of accelerated depreciation from mill closures, partially offset by DS Smith integration costs.
DS Smith legacy operations contributed positively with a full quarter of earnings but faced softness in demand and higher fiber costs.
Free cash flow for Q2 was $54 million, with full-year guidance of $100 million to $300 million.
Operations and costs were unfavorable sequentially due to nonrecurring costs, natural gas curtailment, and maintenance outages.
Packaging Solutions EMEA experienced softer demand and a spike in fiber costs, partially offset by favorable energy costs.
Packaging Solutions North America saw improved on-time delivery from 92% to 97% and reduced volume gap to market by 200 basis points.
Second quarter revenue was at expectation, driven by a full quarter of DS Smith and strong price realization.
Volume was seasonally higher in North America but softer in EMEA, with lower volume in Global Cellulose Fibers (GCF) due to outages.

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