Revenue Performance - Revenue for Q2 2025 was $18.2 million, a 39% increase compared to $13.1 million in Q2 2024[2] - Device revenue reached $15.0 million, reflecting a 49% growth year-over-year, while service revenue remained flat at $2.7 million[2] - Revenue growth in EMEA was 72%, while growth in the Americas was 20% compared to the prior year[2] - Revenue for the three months ended September 30, 2024, was $18,162,000, representing a 39.5% increase from $13,060,000 for the same period in 2023[11] - Revenue for the three months ended June 30, 2024, was restated to $16,960,000, an increase from the previously reported $16,187,000[17] Profitability and Margins - Gross margin improved to 52.6%, an 11% increase from the previous year[2] - Gross profit for the six months ended September 30, 2024, was $19,012,000, up from $10,805,000 in the prior year, indicating a 75.5% increase[11] - Operating income for the three months ended September 30, 2024, was $1,888,000, compared to a loss of $2,548,000 in the same period last year[11] - Operating loss for the three months ended June 30, 2024, was reduced to $(799,000) from $(1,654,000), indicating better operational efficiency[17] Expenses - Selling, general and administrative expenses decreased by 9.6% to $5.8 million compared to $6.4 million in Q2 2024[3] - Research and development costs increased by 20.6% to $1.9 million, primarily due to higher amortization expenses[3] - Research and development expenses for the three months ended September 30, 2024, increased to $1,911,000 from $1,584,000, reflecting a 20.6% rise[11] - Total operating expenses for the three months ended September 30, 2024, decreased to $7,669,000 from $7,956,000, a reduction of 3.6%[11] Net Income and Loss - Income before taxes was $0.1 million, an improvement of $2.5 million year-over-year[2] - Net loss for the three months ended September 30, 2024, was $234,000, a significant improvement from a net loss of $2,484,000 in the prior year[12] - For the six months ended September 30, 2024, the net loss was $544,000 compared to a net loss of $5,397,000 for the same period in 2023, indicating a significant improvement[15] - Net loss for the three months ended June 30, 2024, was $614,000, adjusted to a net loss of $310,000 after adjustments[18] Cash and Liquidity - Cash and cash equivalents as of September 30, 2024, totaled $1.8 million[4] - Cash and cash equivalents at the end of the period were $2,059,000, up from $1,136,000 at the end of September 30, 2023, reflecting a positive cash flow trend[15] - Total cash and cash equivalents at the end of the period amounted to $2,749,000[18] - Cash flows from operating activities showed a net cash used of $(1,534,000) for the six months ended September 30, 2024, compared to a net cash provided of $1,763,000 for the same period in 2023[15] - Cash flows from operating activities resulted in a net cash used of $2,010,000[18] - Cash flows from investing activities showed a net cash used of $235,000[18] Shareholder Information - The company reported a weighted average of 34,544,935 common shares outstanding as of September 30, 2024[13] - The weighted average common shares outstanding remained at 34,545,000 for the period, indicating no dilution in shares[17] Liabilities and Deficits - The accumulated deficit increased to $35,756,000 as of September 30, 2024, from $32,166,000 at the end of September 2023[14] - Total liabilities increased to $72,605,000 as restated, up from $72,204,000 previously reported, reflecting changes in accounting adjustments[16] Foreign Exchange and Other Adjustments - The company experienced a foreign currency translation adjustment loss of $454,000 for the three months ended September 30, 2024[12] - Foreign exchange loss amounted to $1,867,000[18] - The allowance for inventory obsolescence was $13,000[18] - Accounts receivable decreased by $1,262,000 during the period[18] Guidance and Projections - Adjusted revenue guidance for fiscal year 2025 is now projected to be between $60 million and $67 million[5] - Cash flows from operating activities showed a net cash used of $(1,534,000) for the six months ended September 30, 2024, compared to a net cash provided of $1,763,000 for the same period in 2023[15]
Aurora Technology Acquisition (ATAK) - 2024 Q3 - Quarterly Results