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.
Net debt increased to $596.8 million due to share repurchases and acquisition payments; leverage ratio was 2.5x adjusted EBITDA.
Net income was $19.4 million or $1.09 per diluted share, down from $37.5 million or $2.03 per diluted share in Q2 2024, impacted by an $8.2 million noncash impairment charge.
Operating income margins improved in Healthcare (30.2% vs 29.1%) and Commercial (16.6% vs 15.3%), Education margin stable at 25%.
Operating income margins improved in Healthcare (30.2% vs 29.1%) and Commercial (16.6% vs 15.3%), stable in Education (25% vs 25.1%).
Revenues before reimbursable expenses (RBR) grew 8% over Q2 2024, reaching a record high.
Adjusted EBITDA margin was 18.6%, above expectations despite unfavorable product mix and tariff impacts.
Cash from operations was near-record at $37 million, with debt reduced by $67 million year-over-year, lowering net debt to adjusted EBITDA leverage to 2.6x.
Diluted EPS was $0.34, down 17% year-over-year, while non-GAAP diluted EPS was $0.59, down 8% but up 34% sequentially from Q1.
Electronics segment sales declined 4%, with gross profit and margin down significantly due to higher freight, duties, and product mix.
Helios Technologies reported Q2 2025 sales of $212 million, exceeding the outlook of $206 million, driven by stronger Hydraulics segment sales and favorable foreign exchange.
Hydraulics segment sales declined 3% year-over-year but gross profit and margin improved due to cost reductions and favorable foreign exchange.
Operating income declined by $4.1 million year-over-year due to lower volume and increased SEA expenses.
Backlog totaled just under $11.5 billion, up $100 million sequentially, with MSA backlog increasing by over $600 million.
Energy segment gross profit increased 9.4% to $134.2 million, but margins declined to 10.8% from 12.6% due to fewer project closeouts and weather impacts on renewables.
Gross profit increased 24.1% to $231.7 million with gross margins improving to 12.3% from 11.9% the prior year.
Net income increased approximately 70% to $84.3 million or $1.54 per diluted share; adjusted EPS rose over 60% to $1.68; adjusted EBITDA grew over 30% to $154.8 million.
Net interest expense decreased by $9.6 million to $7.6 million due to lower debt and interest rates.
Operating cash flow for Q2 was a record $78 million, with year-to-date cash flow nearly $145 million, a $157 million improvement over prior year.
Primoris reported record Q2 2025 results with revenue just under $1.9 billion, up 20.9% year-over-year, driven by double-digit growth in both Energy and Utilities segments.
SG&A expenses rose modestly by $4.4 million to $104.5 million, representing 5.5% of revenue, showing improved operating leverage.
Strong liquidity position with $690 million available, including $390 million cash and $300 million revolver capacity; net debt-to-EBITDA ratio improved to 0.5x.
Utilities segment gross profit rose 52.3% to $97.5 million with margins expanding to 14.1% from 10.3%, led by power delivery improvements.
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.
Dafinchi