Mercury Systems Reports First Quarter Fiscal 2025 Results

Core Insights - Mercury Systems, Inc. reported Q1 FY25 bookings of $247.7 million, a 29% increase year-over-year, with a book-to-bill ratio of 1.21 [2][3] - Revenue for Q1 FY25 was $204.4 million, reflecting a 13% year-over-year growth [2][3] - The company recorded a GAAP net loss of $17.5 million, significantly improved from a loss of $36.7 million in the same quarter last year [4][17] - Adjusted EBITDA for the quarter was $21.5 million, a substantial increase from $2.0 million in Q1 FY24 [5][19] - The total backlog reached a record $1.34 billion, up 16% year-over-year, with $777.0 million expected to be recognized as revenue within the next 12 months [7] Financial Performance - Total revenues for Q1 FY25 were $204.4 million, compared to $181.0 million in Q1 FY24 [3] - The adjusted EBITDA margin for Q1 FY25 was 10.5%, indicating improved operational efficiency [2] - Cash flows used in operating activities were $14.7 million, a decrease from $39.1 million in Q1 FY24, while free cash flow was $(20.9) million compared to $(47.1) million in the prior year [6][36] Backlog and Future Outlook - The total backlog as of September 27, 2024, was $1.34 billion, an increase of $187.8 million from the previous year [7] - The company anticipates continued organic growth with expanding margins and robust free cash flow, as stated by the CEO [2]