Accuray(ARAY) - 2025 Q1 - Quarterly Results

Financial Performance - Total net revenue for Q1 fiscal 2025 was $101.5 million, a decrease of 2.3% from $103.9 million in Q1 fiscal 2024[3] - Product revenue in Q1 fiscal 2025 was $48.4 million, down 9.3% from $53.4 million in the same period last year[3] - Service revenue increased to $53.2 million, up 5.3% from $50.5 million in Q1 fiscal 2024[3] - Gross profit for Q1 fiscal 2025 was $34.5 million, representing 33.9% of total net revenue, compared to 38.0% in Q1 fiscal 2024[4] - Net loss for Q1 fiscal 2025 was $4.0 million, or $0.04 per share, compared to a net loss of $3.0 million, or $0.03 per share, in Q1 fiscal 2024[5] - Adjusted EBITDA for Q1 fiscal 2025 was $3.1 million, down from $6.5 million in the prior fiscal year[5] Orders and Backlog - Gross product orders totaled $55.4 million, a decline from $63.7 million in Q1 fiscal 2024, with a book to bill ratio of 1.1[6] - Order backlog as of September 30, 2024, was $468.6 million, approximately 4% lower than the previous fiscal year[6] - Gross orders for the three months ended September 30, 2024, were $55,365,000, down from $63,734,000 in the same period last year, representing a decrease of 13%[21] - Net orders decreased to $29,656,000 from $31,740,000, a decline of 7%[21] - Order backlog as of September 30, 2024, was $468,607,000, compared to $489,031,000, reflecting a decrease of 4%[21] Guidance and Projections - The company raised its fiscal 2025 total revenue guidance to a range of $462 million to $472 million[8] - Adjusted EBITDA guidance for fiscal 2025 is now expected to be in the range of $28 million to $30 million[9] - Projected GAAP net loss for the twelve months ending June 30, 2025, is expected to range from $(4,500,000) to $(2,500,000)[23] - Projected adjusted EBITDA for the twelve months ending June 30, 2025, is anticipated to be between $28,000,000 and $30,000,000[23] Assets and Liabilities - Total current assets increased to $329,543,000 from $323,236,000, a growth of 1%[20] - Total liabilities increased to $427,855,000 from $423,543,000, a rise of 1%[20] - Total equity increased slightly to $45,223,000 from $45,084,000, reflecting a growth of 0.3%[20] Losses - GAAP net loss for the three months ended September 30, 2024, was $(3,954,000), compared to $(2,969,000) for the same period last year[22] - Adjusted EBITDA for the three months ended September 30, 2024, was $3,141,000, down from $6,504,000 year-over-year[22]