Core Viewpoint - NN, Inc. has received approval from the Chinese government to continue its Joint Venture with Weifu in Wuxi, China, extending a successful 20-year partnership that has significantly contributed to the automotive market [1][2]. Company Overview - NN, Inc. is a global diversified industrial company that specializes in engineering and manufacturing high-precision components and assemblies for various markets [6]. - The company has a strong presence in China, with over $200 million in profitable sales across its three businesses, making it the largest global automotive market for NN [2][4]. Joint Venture Details - The Joint Venture, known as Wuxi Weifu Autocam, has achieved consistent growth, currently generating approximately $130 million in annual sales [2][3]. - The JV supplies high-end automotive parts for both local consumption and key export markets, playing a crucial role in the largest auto market globally, which sees about 29 million passenger vehicles sold annually [2]. Operational Insights - The Joint Venture is currently expanding due to increased business, having outgrown its existing facilities, and employs over 550 people across three shifts [3]. - NN, Inc. holds a 49% stake in the Joint Venture, while Weifu owns 51%, with key executives from NN serving on the Board of Directors [4]. Market Position - The Joint Venture is a key supplier to major automotive OEMs in China, including BYD, highlighting its importance in the local automotive supply chain [2].

Summary of NN Incorporated's Conference Call Company Overview - **Company Name**: NN Incorporated - **Industry**: High-tech manufacturing, specializing in custom metal parts and assemblies - **Market Presence**: Engaged in multiple sectors including automotive, electric grid, defense, commercial vehicles, construction, industrial components, and medical equipment [3][4] Key Financial Metrics - **Sales**: $434 million on a Last Twelve Months (LTM) basis through Q2 [5] - **Adjusted EBITDA**: $47 million, approximately 11% margin [5] - **Employee Count**: 2,600 employees, with an additional 700 in a joint venture [5] - **Joint Venture**: $130 million JV with 49% ownership [5] Market Segmentation - **Automotive**: 40% of revenue, facing disruptions due to U.S. political changes [9] - **Electric Grid**: 20% of revenue, benefiting from growth in data centers and electric vehicles [9] - **Defense and Electronics**: 15% of revenue, growing due to increased defense spending [9] - **Commercial Vehicles**: Flat market outlook, primarily tied to diesel engine components [10] - **Medical Equipment**: Reentered market with steady progress [10] Strategic Initiatives - **Five-Year Plan**: Focus on organic growth, M&A, cost leadership, and improving free cash flow [11] - **New Business Wins**: $182 million in new business secured since Q2 2023, with a target of $200 million by year-end [15] - **Cost Reduction**: Targeting $15 million in cost savings through continuous improvement projects [19] Operational Improvements - **Margin Growth**: Adjusted gross margins improved from 16.3% to 18.2% from 2023 to H1 2025; adjusted EBITDA margins increased from 8.8% to 11.1% [13] - **Plant Closures**: Closed two underperforming plants to enhance operational efficiency [13][26] - **Quality and Delivery Targets**: Aiming for Six Sigma quality and 98% on-time delivery [19] M&A Strategy - **Focus Areas**: Exploring opportunities in consumer, defense, industrial, and aerospace sectors, while avoiding increased automotive exposure [32] - **Cultural Fit and Synergies**: Prioritizing acquisitions that align with company culture and offer operational synergies [25] Market Outlook - **Automotive Sector**: Engaged in both electric and internal combustion engine (ICE) markets, with a focus on high-efficiency components [30][31] - **China Operations**: Steady growth in the automotive sector, benefiting from government support for exports [17] Conclusion - **Investment Thesis**: NN Incorporated is repositioning for growth, with a strong pipeline of new business and a focus on operational efficiency. The company is well-positioned to capitalize on market recovery and is actively pursuing M&A opportunities to enhance its portfolio [21][25]

Financial Performance & Outlook - Sales reached $434 million, with an additional $130 million from a Joint Venture (JV)[7] - Adjusted EBITDA stands at $47 million, representing an 11% margin[7] - The company aims to grow organic sales to over $600 million and exceed $1 billion through Mergers and Acquisitions (M&A)[24] - The company is implementing a cost-out plan of approximately $15 million in 2025 through staff reduction, plant rationalization, and continuous improvement programs[24, 41] - The company's adjusted gross margin increased by 190 basis points from 163% in 2023 to 182% in 2025 YTD[27] - Adjusted EBITDA margin increased by 230 basis points from 88% in 2023 to 111% in 2025 YTD[29] Strategic Initiatives & Market Position - The company is launching 110 to 120 programs in 2025, with an estimated peak annual sales value of approximately $48 million[24] - The company's China JV with Weifu has sales of $130 million in 2025 and operates with a workforce of approximately 700 people[18] - The company is targeting a working capital level of 17% of net sales, with the 2025 Q2 YTD figure at 20% of TTM net sales[44] - The company's new business awards reached $182 million YTD in 2025[32]

Company Overview - NN, Inc. is a global diversified industrial company that specializes in engineering and manufacturing high-precision components and assemblies [3] - The company is headquartered in Charlotte, North Carolina, and has facilities across North America, Europe, South America, and Asia [3] Upcoming Events - Members of the executive management team will present at the iAccess Alpha Virtual Best Ideas Fall Investment Conference on September 16, 2025 [1] - The presentation will be led by Harold Bevis (President and CEO), Chris Bohnert (CFO), and Tim French (COO) at 9:00 AM ET [1] - Following the presentation, there will be 1x1 meetings with registered investors on September 17 [1] Investor Relations - A live webcast of the management's presentation will be available on the company's Investor Relations website [2] - A replay of the presentation will be accessible shortly after the event on the same website [2] - For inquiries, investors can contact Joe Caminiti or Stephen Poe via the provided email and phone number [4]

Core Viewpoint - NN, Inc. will participate in the Lake Street Capital Markets 9th Annual Best Ideas Growth (BIG8) Conference on September 11, 2025, with CFO Chris Bohnert attending [1]. Company Overview - NN, Inc. is a global diversified industrial company that specializes in engineering and manufacturing high-precision components and assemblies [3]. - The company combines advanced engineering and production capabilities with materials science expertise to serve various global markets [3]. - Headquartered in Charlotte, North Carolina, NN, Inc. operates facilities across North America, Europe, South America, and Asia [3]. Investor Engagement - The executive management of NN, Inc. will conduct one-on-one and group meetings with registered investors and analysts during the conference [2].

Core Insights - NN, Inc. has appointed Mohamad Farhat as the new Chief Technical Officer for its electrical, defense, and medical businesses, aiming to enhance innovation and customer solutions [1][2][3] Company Overview - NN, Inc. is a global diversified industrial company that specializes in engineering and manufacturing high-precision components and assemblies for various markets [4] Leadership and Strategy - The appointment of Mr. Farhat is part of NN's strategy to strengthen its technical capabilities and innovation focus, particularly in the electrical, defense, and medical sectors [2][3] - Tim French, COO, emphasized the importance of technology leadership in solving customer problems and expanding into new markets [3] Market Focus - NN has a distinct focus on electrical, defense, and medical products, with recent promotions within the company to enhance its Mobile Solutions segment, which targets automotive and industrial markets [2][3] Background of New CTO - Mohamad Farhat brings extensive experience in engineering leadership, having previously served as Vice President of Engineering for Commercial Vehicle Group, Inc., and held roles at Sumitomo, Rigaku, and Flex [3]

Financial Data and Key Metrics Changes - The company reported net sales of $107.9 million for Q2 2025, a decline of approximately $15.1 million compared to the previous year [29] - Adjusted EBITDA for the quarter was $13.2 million, with an adjusted EBITDA margin of 12.2%, reflecting an increase of 130 basis points year-over-year [29] - Adjusted operating income increased to $4.9 million, marking a strong increase of $2.8 million compared to the prior year [29] Business Line Data and Key Metrics Changes - In the Power Solutions segment, net sales were $44.6 million, down $5.5 million year-over-year, primarily due to the sale of the Lubbock operations [30] - The Mobile Solutions segment reported net sales of $63.4 million, a decrease from $72.9 million in the previous year, impacted by rationalized business and lower automotive volume [32] - Adjusted EBITDA in the Mobile Solutions segment was $8.6 million, reflecting a slight year-over-year growth due to cost control actions [33] Market Data and Key Metrics Changes - The automotive market accounted for 39% of the company's revenue, with overall light vehicle production remaining flat globally [12] - The U.S. GDP-linked businesses showed a rebound in the second quarter after a weak first half, although trade uncertainty continues to impact demand [14] - The medical equipment market is growing, with the company increasing its participation significantly above market growth [18] Company Strategy and Development Direction - The company aims to achieve approximately 20% gross margin as part of its long-term plan, with a focus on margin expansion and operational efficiency [22] - A commitment to increase personnel in specialized growth areas, including the hiring of a new Chief Commercial Officer, indicates a strategic focus on expanding into electrical and medical markets [38] - The company is actively pursuing M&A opportunities to enhance its growth strategy and improve its operational footprint [90] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth despite uncertainties in the automotive market, emphasizing the importance of new business launches [41] - The company is leaning towards the lower end of its revenue guidance due to macroeconomic uncertainties and customer feedback [41] - The outlook for the electrical market remains positive, with growth opportunities identified in power generation and distribution sectors [50] Other Important Information - The company plans to launch approximately 112 new programs in 2025, contributing an estimated $48 million in annual revenue at peak run rate [36] - The company is preparing for an Investor Day in December 2025 to provide further insights into its strategy and performance [42] Q&A Session Summary Question: Can you remind us about the incremental margin from new business wins? - New business wins are accretive by three to four points on the EBITDA line overall, with a focus on existing open capacity and strategic investments [46] Question: What are the growth opportunities in the electrical market? - The company is seeing growth in power generation, particularly with customers like Cummins, while residential distribution has been softer [50] Question: How does the company plan to achieve its revenue guidance? - The company expects to benefit from new business launches and a consistent performance from its base business, without relying on market rebounds [55] Question: What is the status of the Group of Five facilities? - All facilities are on track to be profitable this year, with expectations for run rate profitability by the end of the year [60] Question: Can you provide details on the M&A program? - The company is actively pursuing specific acquisitions that align with its strategy, focusing on synergies and operational improvements [90]

Financial Performance - Net sales for Q2 2025 were $107.9 million, a decrease compared to $123.0 million in Q2 2024[17] - Adjusted EBITDA for Q2 2025 was $13.2 million, representing 12.2% of sales, compared to $13.4 million in Q2 2024, which was 10.9% of sales[17] - Adjusted operating income for Q2 2025 was $4.9 million, or 4.6% of net sales, compared to $2.1 million in Q2 2024[17] - The company's adjusted gross margin improved to 19.5% in Q2 2025[8] Business Segment Highlights - Power Solutions business net sales were $44.6 million, up 2.3%, with adjusted EBITDA of $9.1 million, up 5.8%[22] - Mobile Solutions business net sales were $63.4 million, down 5.4%, but adjusted EBITDA increased by 6.2% to $8.6 million[27] Growth and Outlook - The company secured $32.7 million in new business wins year-to-date in Q2 2025[8] - The company is launching 112 programs in 2025, expected to generate $48 million in revenue at full run-rate[35] - The company is reiterating its 2025 outlook, with net sales expected to be in the range of $430 to $460 million and adjusted EBITDA in the range of $53 to $63 million[40, 41]

[Second Quarter 2025 Financial Highlights and Business Update](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights%20and%20Business%20Update) NN, Inc. reported a 2.4% pro forma decrease in net sales to $107.9 million for Q2 2025, but demonstrated improvements in operating income, adjusted operating income, and adjusted EBITDA [Overall Performance Summary](index=1&type=section&id=Overall%20Performance%20Summary) NN, Inc. reported a 2.4% pro forma decrease in net sales to $107.9 million for Q2 2025, but demonstrated improvements in operating income, adjusted operating income, and adjusted EBITDA Q2 2025 Key Performance Indicators | Metric | Value | Note | | :--- | :--- | :--- | | Net Sales | $107.9 million | Down 2.4% on a pro forma basis | | Gross Margin | 16.9% | Adjusted Gross Margin of 19.5% | | Operating Loss | ($1.5) million | Adjusted Operating Income of $4.9 million | | Adjusted EBITDA | $13.2 million | 12.2% margin | | New Business Wins (H1 2025) | $32.7 million | >100 programs launching in 2025 | | Future Sales from 2025 Launches | >$45 million | At full run-rate | - Management expressed satisfaction with the quarter's performance in gross margins, operating income, and adjusted EBITDA, despite a soft top-line primarily due to certain automotive customers[2](index=2&type=chunk) - The company is actively leveraging the market environment to increase business development activities and investments[2](index=2&type=chunk) [Strategic Initiatives and Management Commentary](index=1&type=section&id=Strategic%20Initiatives%20and%20Management%20Commentary) The company is accelerating its transformation by investing in growth capex, hiring key commercial personnel, and exploring organic entry into the electrical harness market - The company is increasing its investment in business development and new program launches, with plans to invest **$18 million to $20 million** in capital projects in 2025 to lower costs and drive growth[2](index=2&type=chunk) - Strategic growth initiatives include: investing in growth capex and hiring personnel for targeted areas like medical, stampings, and electrical products[4](index=4&type=chunk) - Evaluating an organic entry into the electrical harness market[4](index=4&type=chunk) - Activating an M&A program to seek strategic targets and address the refinancing of preferred stock[4](index=4&type=chunk) [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) Q2 2025 net sales were $107.9 million, a 12.3% decrease from Q2 2024, but profitability improved with adjusted operating income increasing to $4.9 million and adjusted EBITDA stable at $13.2 million Q2 2025 vs. Q2 2024 Consolidated Results | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $107.9M | $123.0M | -12.3% | | Pro Forma Net Sales | - | - | -2.4% | | Loss from Operations | ($1.5M) | ($2.1M) | +28.6% Improvement | | Adjusted Income from Operations | $4.9M | $2.1M | +133.3% | | Adjusted EBITDA | $13.2M | $13.4M | -1.5% | | Adjusted EBITDA Margin | 12.2% | 10.9% | +130 bps | | Adjusted Net Income (Loss) | $0.7M | ($0.7M) | N/A | | Adjusted EPS | $0.02 | ($0.02) | N/A | | Free Cash Flow | ($3.2M) | ($1.3M) | -$1.9M | [Segment Performance](index=2&type=section&id=Segment%20Performance) Power Solutions sales declined due to divestiture but improved operating income, while Mobile Solutions saw lower sales but a significant turnaround in profitability [Power Solutions](index=2&type=section&id=Power%20Solutions) Power Solutions net sales decreased to $44.6 million from $50.2 million, mainly due to a divestiture, but adjusted income from operations increased to $8.4 million Power Solutions Q2 2025 vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Sales | $44.6M | $50.2M | | Income from Operations | $5.8M | $5.3M | | Adjusted Income from Operations | $8.4M | $8.1M | [Mobile Solutions](index=2&type=section&id=Mobile%20Solutions) Mobile Solutions net sales fell to $63.4 million from $72.9 million due to rationalized business and lower automotive volume, but adjusted income from operations turned positive Mobile Solutions Q2 2025 vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Sales | $63.4M | $72.9M | | Loss from Operations | ($1.1M) | ($1.6M) | | Adjusted Income (Loss) from Operations | $2.3M | ($0.7M) | [2025 Full-Year Outlook](index=2&type=section&id=2025%20Outlook) NN, Inc. is maintaining its full-year 2025 outlook, with the CFO guiding expectations towards the lower end of ranges due to tariff and macroeconomic uncertainties [Guidance Reiteration and CFO Commentary](index=3&type=section&id=Guidance%20Reiteration%20and%20CFO%20Commentary) NN, Inc. is maintaining its full-year 2025 outlook, with the CFO guiding expectations towards the lower end of ranges due to tariff and macroeconomic uncertainties - The company is maintaining its full-year 2025 outlook[14](index=14&type=chunk) - The CFO directs expectations towards the lower end of guided ranges due to uncertainties from tariffs and potential shifts in trade policy and interest rates[15](index=15&type=chunk) [Key Guidance Metrics](index=4&type=section&id=Key%20Guidance%20Metrics) The company reiterated its full-year 2025 guidance ranges for net sales, adjusted EBITDA, free cash flow, and new business wins Full Year 2025 Guidance | Metric | Guidance Range | | :--- | :--- | | Net Sales | $430M - $460M | | Adjusted EBITDA | $53M - $63M | | Free Cash Flow | $14M - $16M | | New Business Wins | $60M - $70M | [Financial Statements](index=7&type=section&id=Financial%20Statements) The company reported a net loss of $8.1 million for Q2 2025, influenced by a loss on debt extinguishment, with total assets of $460.8 million and increased long-term debt [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net loss of $8.1 million for Q2 2025, an increase from the prior year, influenced by a $3.0 million loss on extinguishment of debt Statement of Operations Highlights (in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $107,921 | $122,992 | $213,609 | $244,190 | | Loss from Operations | $(1,464) | $(2,147) | $(6,253) | $(6,930) | | Net Loss | $(8,102) | $(2,203) | $(14,787) | $(14,740) | | Diluted Net Loss per Share | $(0.26) | $(0.12) | $(0.48) | $(0.46) | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $460.8 million, with cash decreasing to $9.5 million and long-term debt increasing to $154.0 million from year-end 2024 Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $9,542 | $18,128 | | Total current assets | $171,979 | $167,562 | | Total assets | $460,760 | $456,893 | | Total current liabilities | $89,153 | $83,912 | | Long-term debt, net | $154,047 | $143,591 | | Total liabilities | $298,702 | $288,874 | | Total stockholders' equity | $59,540 | $74,522 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For H1 2025, net cash used in operating activities was $4.0 million, with total cash decreasing by $8.6 million, primarily due to operating and investing activities Cash Flow Highlights - Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,041) | $(569) | | Net cash used in investing activities | $(7,179) | $(8,815) | | Net cash provided by financing activities | $1,563 | $1,569 | | Net change in cash and cash equivalents | $(8,586) | $(8,157) | [Reconciliation of GAAP to Non-GAAP Measures](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section reconciles GAAP figures to non-GAAP measures, showing improvements in adjusted gross profit, operating income, EBITDA, and a shift to adjusted net income for Q2 2025 [Gross Profit Reconciliation](index=10&type=section&id=Gross%20Profit%20Reconciliation) Q2 2025 GAAP gross profit of $18.2 million was adjusted to a non-GAAP **$21.1 million**, resulting in an improved adjusted gross margin of **19.5%** Gross Profit Reconciliation - Q2 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | GAAP gross profit | $18,222 | $21,735 | | Adjustments | $2,833 | $1,086 | | **Adjusted gross profit** | **$21,055** | **$22,821** | | **Adjusted gross margin** | **19.5%** | **18.6%** | [Income from Operations Reconciliation](index=11&type=section&id=Income%20from%20Operations%20Reconciliation) Q2 2025 GAAP loss from operations of $1.5 million was reconciled to a non-GAAP adjusted income of **$4.9 million**, a significant improvement from Q2 2024 Income from Operations Reconciliation - Q2 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | GAAP loss from operations | $(1,464) | $(2,147) | | Amortization of intangibles | $3,405 | $3,456 | | Personnel costs | $2,614 | $826 | | Other adjustments | $352 | $(63) | | **Adjusted income from operations** | **$4,907** | **$2,072** | | **Adjusted operating margin** | **4.6%** | **1.7%** | [Adjusted EBITDA Reconciliation](index=12&type=section&id=Adjusted%20EBITDA%20Reconciliation) Q2 2025 GAAP net loss of $8.1 million was reconciled to a non-GAAP adjusted EBITDA of **$13.2 million**, with an improved margin of **12.2%** Adjusted EBITDA Reconciliation - Q2 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | GAAP net loss | $(8,102) | $(2,203) | | Depreciation and amortization | $8,918 | $11,761 | | Interest expense | $5,657 | $5,873 | | Loss on extinguishment of debt | $3,007 | $— | | Other adjustments | $3,701 | $(1,621) | | **Adjusted EBITDA** | **$13,179** | **$13,405** | | **Adjusted EBITDA margin** | **12.2%** | **10.9%** | [Adjusted Net Income and EPS Reconciliation](index=13&type=section&id=Adjusted%20Net%20Income%20and%20EPS%20Reconciliation) Q2 2025 GAAP net loss of $8.1 million was reconciled to a non-GAAP adjusted net income of **$0.7 million**, or **$0.02** per share, a positive shift from the prior year Adjusted Net Income & EPS Reconciliation - Q2 | Metric | 2025 | 2024 | | :--- | :--- | :--- | | GAAP net loss (in thousands) | $(8,102) | $(2,203) | | **Adjusted net income (loss) (in thousands)** | **$746** | **$(738)** | | GAAP net loss per diluted share | $(0.26) | $(0.12) | | **Adjusted net income (loss) per diluted share** | **$0.02** | **$(0.02)** | [Free Cash Flow Reconciliation](index=14&type=section&id=Free%20Cash%20Flow%20Reconciliation) Q2 2025 net cash used in operating activities of $0.7 million was reconciled to a free cash flow use of **$3.2 million**, a greater use than the prior year Free Cash Flow Reconciliation - Q2 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(696) | $(1,281) | | Acquisition of property, plant, and equipment | $(3,723) | $(3,592) | | Proceeds from sale of property, plant, and equipment | $274 | $139 | | Proceeds from sale-leaseback of equipment | $946 | $3,415 | | **Free cash flow** | **$(3,199)** | **$(1,319)** |

Core Viewpoint - NN, Inc. reported a solid second quarter for 2025, maintaining its full-year guidance despite challenges in the automotive sector and a decrease in net sales [2][12][13]. Financial Performance - Net sales for Q2 2025 were $107.9 million, a decrease of 12.3% compared to $123.0 million in Q2 2024, primarily due to the rationalization of underperforming businesses and lower automotive volumes [3][5]. - Loss from operations was $1.5 million, an improvement of 28.6% from a loss of $2.1 million in Q2 2024 [3]. - Adjusted operating income was $4.9 million, an increase of $2.8 million from the same period in 2024 [5][6]. - Adjusted EBITDA was $13.2 million, with an adjusted EBITDA margin of 12.2%, compared to $13.4 million and 10.9% in Q2 2024 [6][7]. Business Development and Strategy - The company has launched 70 new business programs in the first half of 2025 and expects over 100 launches in total for the year, projected to add over $45 million in future sales at run-rate [2][5]. - NN plans to invest $18 to $20 million in capital projects in 2025 to drive growth while maintaining cost controls [2][5]. - The company is actively pursuing M&A opportunities that align with its strategy to refinance preferred stock [2][12]. Segment Performance - Power Solutions segment net sales were $44.6 million, down from $50.2 million in Q2 2024, but income from operations increased to $5.8 million from $5.3 million [8][9]. - Mobile Solutions segment net sales decreased to $63.4 million from $72.9 million in Q2 2024, with an operating loss of $1.1 million, improved from a loss of $1.6 million [10][11]. Outlook - The company is maintaining its full-year 2025 outlook, with net sales expected to range between $430 to $460 million and adjusted EBITDA between $53 to $63 million [12][15]. - Free cash flow is projected to be between $14 to $16 million, assuming receipt of a CARES Act refund in 2025 [15].