Accuray(ARAY) - 2025 Q3 - Quarterly Results

Financial Performance - Total net revenue for Q3 fiscal 2025 was $113.2 million, a 12% increase from$ 101.1 million in Q3 fiscal 2024[4] - Product revenue in Q3 fiscal 2025 rose to $57.3 million, up 16% from$ 49.6 million in the same quarter last year[4] - Service revenue in Q3 fiscal 2025 increased to $55.9 million, a 9% rise from$ 51.5 million in Q3 fiscal 2024[4] - Total gross profit for Q3 fiscal 2025 was $31.6 million, representing 27.9% of total net revenue, compared to 28.7% in Q3 fiscal 2024[5] - Net loss for Q3 fiscal 2025 was$ 1.3 million, or $0.01 per share, significantly improved from a net loss of$ 6.3 million, or $0.06 per share, in Q3 fiscal 2024[6] - Adjusted EBITDA for Q3 fiscal 2025 was$ 6.0 million, compared to $1.1 million in Q3 fiscal 2024[6] - Total net revenue for the first nine months of fiscal 2025 was$ 331.0 million, a 6% increase from $312.3 million in the prior fiscal year period[9] Orders and Backlog - Gross product orders in Q3 fiscal 2025 decreased to$ 71.2 million from $89.1 million in Q3 fiscal 2024, with a book to bill ratio of 1.2[7] - Gross orders for the three months ended March 31, 2025, were$ 71,167 thousand, down 20.1% from $89,086 thousand for the same period in 2024[32] - Net orders decreased to$ 46,656 thousand for the three months ended March 31, 2025, compared to $60,795 thousand in the prior year, representing a decline of 23.2%[32] - The order backlog stood at$ 452,392 thousand as of March 31, 2025, down from $503,220 thousand a year earlier, indicating a decrease of 10.1%[32] - The book to bill ratio for the three months ended March 31, 2025, was 1.2, down from 1.8 in the same period of 2024[32] Cash and Assets - Cash, cash equivalents, and short-term restricted cash were$ 78.8 million as of March 31, 2025, an increase of $14.8 million from December 31, 2024[8] - Total assets increased to$ 484,291 thousand as of March 31, 2025, compared to $468,627 thousand as of June 30, 2024, reflecting a growth of 3.5%[30] - Cash and cash equivalents rose to$ 77,824 thousand as of March 31, 2025, up from $68,570 thousand as of June 30, 2024, indicating an increase of 13.3%[30] - Total current liabilities increased to$ 203,429 thousand as of March 31, 2025, compared to $195,267 thousand as of June 30, 2024, reflecting a rise of 4.4%[30] Future Projections - The company is adjusting its total revenue guidance for fiscal year 2025 to a range of$ 452 million to $460 million due to recent tariff impacts[14] - Projected GAAP net loss for the twelve months ending June 30, 2025, is estimated to be between$ 4,000 thousand and $1,500 thousand[37] - Projected adjusted EBITDA for the same period is expected to range from$ 28,500 thousand to $31,000 thousand[37] Growth Metrics - Adjusted EBITDA for the three months ended March 31, 2025, was$ 6,048 thousand, significantly up from $1,087 thousand in the same period of 2024, marking a growth of 457.0%[34]