Cash and marketable securities ended at $108 million, with total liquidity access over $500 million including credit lines and financing programs.
Free cash flow improved to roughly $53 million, better than Q1 but below the prior year, driven by working capital investments and equity financing proceeds.
Gross loss was $12.4 million GAAP and $10.8 million non-GAAP, below guidance due to a $3 million noncash warranty adjustment and $1 million tariff charges.
Operating expenses were $27 million GAAP and $47 million non-GAAP, including noncash and nonrecurring charges, partially offset by cost-cutting actions.
Q2 revenue was $15.6 million, down 17% sequentially and 5% year-over-year, primarily due to lower sensor shipments and wind down of non-data contracts.
Adjusted EBITDA in the quarter was $668 million, down 5% year-over-year, reflecting a healthy margin of 31%.
Free cash flow rose 27% to $402 million, driven by timing of payments, lower capital expenditures and elimination of Liberty level overhead in prior year.
G&A was $124 million, up 23%, reflecting higher legal expenses against a positive insurance recovery in prior year.
Net debt to adjusted EBITDA ratio was 3.8x at quarter end.
Pandora and off-platform segment revenue was $524 million, down 3%, with subscriber revenue down 6% and advertising revenue down 2%.
Podcast advertising revenue increased nearly 50% year-over-year, partially offsetting declines in other ad revenue.
Product and technology costs fell by 20% to $48 million, driven by optimization of vendor contracts and cloud infrastructure.
Returned $137 million to shareholders via $92 million dividends and $45 million share buybacks.
Revenue for the quarter totaled $2.14 billion, down 2% compared to the second quarter last year with similar results across our subscription and advertising revenue streams.
Sales and marketing expense declined 20% year-over-year benefiting from a more efficient campaign mix and timing of planned brand and in-car initiatives.
Segment gross profit for Pandora and off-platform was $154 million with a 29% margin.
Self-pay net sub additions were negative 68,000 in Q2, an improvement of 32,000 compared to prior year, with churn at 1.5%.
SiriusXM segment revenue was $1.61 billion, down 2%, with ARPU flat at $15.22 and segment gross profit of $966 million (60% margin).
Subscriber acquisition costs were $107 million, up 16% year-over-year, reflecting investment in high-quality acquisition channels including contractual changes with automakers.
Dafinchi