The Shyft (US:SHYF)2025-04-24 11:31Financial Performance - Sales for Q1 2025 were $204.6 million, an increase of $6.7 million or 3.4% from $197.9 million in Q1 2024[4] - Adjusted EBITDA for Q1 2025 was $12.3 million, representing 6.0% of sales, up from $6.1 million or 3.1% of sales in Q1 2024[4] - The net loss for Q1 2025 was $1.4 million, or ($0.04) per share, compared to a loss of $4.7 million, or ($0.14) per share in Q1 2024[4] - Adjusted net income for Q1 2025 was $2.4 million, or $0.07 per share, compared to a loss of $1.4 million, or ($0.04) per share in Q1 2024[4] - Gross profit increased to $40,302,000 in Q1 2025, up from $34,062,000 in Q1 2024, reflecting a gross margin improvement[17] - The net loss for Q1 2025 was $1,436,000, a significant reduction from a net loss of $4,669,000 in Q1 2024, indicating improved financial performance[17] - Basic loss per share improved to $(0.04) in Q1 2025 from $(0.14) in Q1 2024, reflecting better operational efficiency[17] Backlog and Future Sales - Consolidated backlog as of March 31, 2025, was $335.3 million, down $104.1 million or 23.7% from $439.4 million as of March 31, 2024[4] - The company reported a total backlog of $335,334,000 as of March 31, 2025, compared to $313,244,000 at the end of Q1 2024, indicating growth in future sales potential[25] - The company expects full-year 2025 sales to be between $870 million and $970 million, with adjusted EBITDA projected at $62 million to $72 million[5] Operational Efficiency and Investment - The company is focused on operational efficiency and commercial growth initiatives to capture market share[3] - The company incurred $3,887,000 in research and development expenses in Q1 2025, up from $3,719,000 in Q1 2024, highlighting ongoing investment in innovation[17] - Total operating expenses increased to $38,553,000 in Q1 2025 from $35,992,000 in Q1 2024, primarily driven by higher selling, general, and administrative costs[17] Cash Flow and Financing - Cash flows from operating activities resulted in a net cash used of $4,519,000 in Q1 2025, compared to $3,957,000 in Q1 2024[37] - The company generated $9,874,000 in net cash from financing activities in Q1 2025, down from $12,895,000 in Q1 2024, indicating a shift in financing strategy[19] Strategic Developments - The merger with Aebi Schmidt is on track to close by mid-2025, which is expected to enhance scale and product offerings[4] - Blue Arc sales in Q1 2025 were $26.3 million[4]