Adjusted EBITDA grew $5.1 million or 21.9% to $28.4 million, driven by revenue growth and $2.4 million in lower operating expenses.
Adjusted EBITDA margins increased from 27.1% in Q2 2024 to 32.1% in Q2 2025, driven by high incremental margin from Glo Fiber subscriber additions and synergies from Horizon Telecom acquisition.
Closed a small tuck-in fiber-to-the-home acquisition adding 1,500 passings and approximately 700 customers for $5 million, with an implied purchase price multiple of about 8x 2026 pro forma adjusted EBITDA.
Glo Fiber incremental margin was 71% in Q2 2025 compared to Q2 2024, highlighting strong operating leverage of the fiber network.
Glo Fiber revenue growth was partially offset by declines in incumbent broadband markets and commercial fiber revenue of $1.4 million and $1.2 million, respectively.
Liquidity was $266.7 million on June 30, including $29 million in cash, $143 million in revolver capacity, and $94.6 million in remaining government grant reimbursements.
Outstanding debt was $513 million with the first material maturity in July 2027.
Revenue grew 3.2% to $88.6 million, driven by strong Glo Fiber markets revenue growth of $5.7 million or 40.5%, driven by an increase in subscribers.
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