Cash balance at the end of Q2 2025 was $155 million, down $46 million from December 31, 2024, reflecting investments in growth initiatives and higher commodity costs.
Excluding the impairment charge, net loss was $9 million in Q2 2025 versus net income of $26 million in Q2 2024, driven largely by a $25 million decline in pension income due to KRIP strategy changes.
For the first half of 2025, revenue was $510 million, down 1% from $516 million in the prior year period, with gross profit percentage at 19% versus 21% prior year.
Gross profit percentage declined to 19% in Q2 2025 from 22% in Q2 2024, impacted by lower volumes and higher aluminum and manufacturing costs, partially offset by price increases.
Kodak reported Q2 2025 revenue of $263 million, roughly flat compared to $267 million in Q2 2024, with a 1% decline year-over-year and a 3% decline on a constant currency basis.
Net loss for the first half of 2025 was $33 million compared to net income of $58 million in the prior year period, including a $17 million impairment charge.
Operational EBITDA declined to $9 million in Q2 2025 from $12 million in Q2 2024, impacted by lower volumes, higher costs, partially offset by price increases and lower IT and organizational spend.
The company reported a net loss of $26 million in Q2 2025 compared to net income of $26 million in Q2 2024, including a $17 million noncash asset impairment charge.
Advanced Products revenue increased 1.2% sequentially to $60.6 million; Brick Products revenue increased 4% sequentially to $35.5 million.
Cash and cash equivalents increased to $338.5 million, with $17.5 million spent on share repurchases during the quarter.
Gross profit margin was 65.3%, a 1,810 basis point increase sequentially, primarily due to the patent litigation settlement.
Net income for Q2 was $41.2 million with GAAP diluted EPS of $0.91 based on 45.77 million shares.
Operating expenses increased 5% sequentially to $46.7 million, driven by $5.1 million in legal fees related to the patent litigation settlement.
Q2 book-to-bill ratio was below 1 and backlog decreased 9.6% sequentially to $155.2 million.
Vicor recorded Q2 product revenues, licensing income, and a patent litigation settlement totaling $141 million, up 50.1% sequentially and 64.3% year-over-year.
Adjusted operating income increased by 1% for the quarter and 12% for the first half of 2025.
Cash generated from operations was $262 million in the first half, with capital expenditures net of disposals at $193 million.
Food & Industrial Ingredients LATAM segment faced a 5% net sales decline and a 2% decrease in operating income, impacted by Argentina joint venture and macroeconomic headwinds.
Food & Industrial Ingredients U.S./Canada segment net sales fell 6% and operating income declined 18%, materially impacted by a mechanical fire at the Chicago plant causing a $10 million loss.
Gross margin expanded by 230 basis points to 26% in Q2, with gross profit dollars growing 7%.
Ingredion delivered adjusted operating income of $273 million in Q2 2025, the highest quarter 2 in company history, despite a 2% decline in net sales primarily due to pass-through of lower corn costs.
Reported and adjusted operating income for the first half were $547 million and $546 million, up 21% and 12%, respectively.
Texture & Healthful Solutions segment led performance with a 2% net sales increase and a 29% rise in operating income, supported by a 3% increase in net sales volume and 400 basis points margin expansion.
The company repurchased $55 million of common shares and paid $106 million in dividends in the first half.
Year-to-date net sales were approximately $3.6 billion, down 3%, with gross profit dollars up 9% and gross margin up 290 basis points to 25.9%.
Dafinchi