Core Insights - Vishay Intertechnology has launched a new AEC-Q200 qualified DC-Link metallized polypropylene film capacitor, the MKP1848e, designed for automotive, energy, and industrial applications, capable of operating at high temperatures up to +125 °C [1][2] Group 1: Product Features - The MKP1848e capacitor offers a rated capacitance range from 1 µF to 140 µF and low equivalent series resistance (ESR) down to 1.0 mΩ, with rated voltages from 500 VDC to 1300 VDC [3] - It provides 25% higher ripple current density compared to previous-generation solutions of the same volume, and its compact design allows for volume reductions of up to 40% and 15% at 500 VDC and 900 VDC, respectively [3] - The capacitor can withstand operating voltages from 250 VDC to 800 VDC at +125 °C for a limited time and has high thermal shock capabilities, enduring 1000 temperature cycles from -40 °C to +125 °C [4] Group 2: Applications - The MKP1848e is suitable for automotive power conversion applications, including on-board chargers, power trains, HVAC systems, e-compressors, and DC/DC converters [2] - It also meets the stringent requirements for energy and industrial power conversion applications such as fast chargers, solar inverters, rectifiers for hydrogen electrolyzers, battery storage systems, motor drives, and uninterruptible power supplies (UPS) [2] Group 3: Availability - Samples and production quantities of the MKP1848e are currently available, with lead times of 10 weeks [5]

Core Insights - Vishay Intertechnology has introduced two new series of Automotive Grade ESD protection diodes, the VGSOTxx and VGSOTxxC, which feature enhanced current and power ratings in a SOT-23 package [1][5]. Product Features - The new diodes support a voltage range of 3.3 V to 36 V and offer peak pulse power ratings up to 540 W and current ratings up to 44 A at an 8/20 µs pulse [1]. - The VGSOTxx series serves as unidirectional ESD protection devices, while the VGSOTxxC series can function as bidirectional devices due to their dual, common anode configuration [3]. - The devices are RoHS-compliant, halogen-free, and meet ESD immunity standards according to IEC 61000-4-2 and ISO 10605, with a discharge capability of ± 30 kV [4]. Applications - These ESD protection diodes are suitable for a wide range of applications, including automotive electronics, fuel cells, smart systems, industrial automation, consumer appliances, and medical instrumentation [2]. Market Position - Vishay Intertechnology is recognized as a leading manufacturer of discrete semiconductors and passive electronic components, serving various markets such as automotive, industrial, and telecommunications [6].

Core Insights - Vishay Intertechnology, Inc. has launched a new series of industrial-grade, multi-turn, surface-mount cermet trimmers, the TSM41 series, designed for space-constrained applications in harsh environments [1][2] Product Features - The TSM41 series features a compact 4 mm x 4 mm footprint, which is 42% smaller than previous-generation devices, allowing for optimized package density and board space savings [2] - The devices operate within a wide temperature range of -55 °C to +140 °C and are IP67 sealed, ensuring reliability in various applications [1][3] - The trimmers offer a resistance range of 10 Ω to 1 MΩ and a power rating of 0.25 W at +85 °C, with both top and side adjustment styles available for design flexibility [2] Production and Availability - Samples and production quantities of the TSM41 series are currently available, with lead times of 15 weeks [4] - The design allows for direct mounting to PCBs, facilitating automated assembly processes and enhancing production efficiency [3] Company Overview - Vishay Intertechnology is a major manufacturer of discrete semiconductors and passive electronic components, serving various markets including automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical [5]

Core Insights - Vishay Intertechnology, Inc. (VSH) reported a second-quarter 2025 loss of 7 cents per share, missing the Zacks Consensus Estimate of earnings of 2 cents and down from earnings of 17 cents in the same quarter last year [1][7] - Revenues for the second quarter were $762.3 million, exceeding the Zacks Consensus Estimate by 0.3% and reflecting a year-over-year increase of 2.9% [1][7] Financial Performance - The company's weak second-quarter performance led to a 14.05% decline in share price, with a year-to-date drop of 17.8%, underperforming the Zacks Computer and Technology sector's growth of 10.9% [2] - VSH has a mixed earnings surprise history, missing the Zacks Consensus Estimate in three of the last four quarters, with an average negative surprise of 149.2% [2] Revenue Breakdown - Revenues from MOSFETs (19.5% of total revenues) were $148.6 million, down 4.19% year over year, with a book-to-bill ratio of 1.00 [3] - Diodes (19.4% of total revenues) generated $147.9 million, up 1.1% year over year, with a book-to-bill ratio of 0.93 [3] - Optoelectronics (7.1% of total revenues) revenues were $54.1 million, up 2.1% year over year, with a book-to-bill ratio of 1.05 [4] - Resistors (25.6% of total revenues) brought in $194.8 million, up 8.5% year over year, with a book-to-bill ratio of 0.91 [4] - Inductors (12.6% of total revenues) revenues were $95.7 million, up 1.7% year over year, with a book-to-bill ratio of 0.91 [4] - Capacitors (15.9% of total revenues) generated $121.1 million, up 6.8% year over year, with a book-to-bill ratio of 1.40 [5] Profitability Metrics - Adjusted EBITDA for the second quarter was $63.5 million, down 28.2% year over year, with an adjusted EBITDA margin of 8.3%, a contraction of 360 basis points [5][7] - The operating margin was reported at 2.9%, down from 5.1% in the year-ago quarter [5][7] Balance Sheet and Cash Flow - As of June 28, 2025, VSH's cash and cash equivalents were $473.9 million, down from $609.4 million as of March 29, 2025 [6] - Long-term debt decreased to $914.5 million from $988.2 million as of March 29 [6] - The company reported net cash used in operating activities of $8.8 million and a negative free cash flow of $73.2 million for the quarter [6] Guidance - For the third quarter, Vishay Intertechnology expects revenues of $775 million (plus or minus $20 million), with the Zacks Consensus Estimate for revenues at $752.4 million, indicating a year-over-year increase of 2.3% [8] - The anticipated gross profit margin is 19.7% (plus or minus 50 basis points), while the Zacks Consensus Estimate for earnings is 3 cents per share, reflecting a year-over-year decline of 62.5% [8]

Core Insights - Vishay Intertechnology, Inc. has introduced two new automotive-grade edge-wound, through-hole inductors, IHDM-1107BBEV-2A and IHDM-1107BBEV-3A, featuring powdered iron alloy core technology and soft saturation current up to 422 A [1][2] Product Features - The inductors provide low DCR down to 0.22 mΩ, enhancing efficiency by minimizing power losses [2] - Compared to ferrite-based solutions, these inductors offer 30% higher rated current and saturation current levels at +125 °C [2] - They have a high isolation voltage rating of up to 350 V, making them suitable for high current and high temperature power applications [3] Applications - The inductors are ideal for use in DC/DC converters, inverters, on-board chargers, domain control units, and filters for motor and switching noise suppression in internal combustion, hybrid, and full-electric vehicles [3] Customization and Compliance - Vishay offers customization options for inductance, DCR, rated current, and voltage rating, along with various mounting options [4] - The devices are RoHS-compliant, halogen-free, and adhere to Vishay Green standards [4] Technical Specifications - IHDM-1107BBEV-2A: Inductance ranges from 0.47 to 7.5 µH, with a typical DCR of 0.22 to 2.11 mΩ and saturation current from 96 to 343 A [5] - IHDM-1107BBEV-3A: Inductance ranges from 0.68 to 12.0 µH, with a typical DCR of 0.22 to 2.11 mΩ and saturation current from 49 to 202 A [5] Availability - Samples and production quantities of the new inductors are available now, with lead times of 14 weeks [7]

Financial Data and Key Metrics Changes - Revenue for the second quarter increased by 7% sequentially to $762 million, aligning with guidance, driven by growth in both semiconductors and passive components [7][22] - Gross profit was $149 million, resulting in a gross margin of 19.5%, at the high end of guidance, primarily due to increased volume [24] - Book to bill ratio was positive at 1.02, marking the third consecutive quarter above one, with a backlog of $1.2 billion [23][24] Business Line Data and Key Metrics Changes - Automotive revenue rose by 4% due to improved demand from tier one customers and new ADAS programs [11] - Industrial segment revenue increased by 9%, driven by normalization of inventories and demand for smart grid infrastructure [12] - Aerospace defense revenue grew by 5%, while medical end markets saw a 4% increase, reflecting stronger demand [15][16] Market Data and Key Metrics Changes - Revenue in Asia grew by 12%, driven by AI power requirements and smart grid projects, while The Americas saw a 7% increase due to improved automotive and industrial demand [20] - Distribution revenue grew by 11%, contributing significantly to total revenue growth, while OEM revenue remained flat [18][19] Company Strategy and Development Direction - The company is focused on capacity expansion under the Vishay 3.0 initiative, with approximately $775 million invested over the past two and a half years [9][10] - Strategic initiatives include strengthening customer relationships, expanding product portfolios, and advancing silicon carbide technology [10][41] - The company plans to invest between $300 million to $350 million in 2025, with a significant portion allocated to high-growth product lines [37] Management's Comments on Operating Environment and Future Outlook - Management noted that the inventory correction cycle is largely behind, with normalized inventory levels for passives and some excess in semiconductors [7] - Positive demand momentum is expected to continue, particularly in smart grid infrastructure and AI applications, with a stronger second half of the year anticipated [45][46] - The company is preparing for a market upturn, with increased backlog and capacity readiness to meet customer demand [45][46] Other Important Information - The company reported a negative free cash flow of $73 million for the quarter, attributed to capacity expansion investments and tax payments [31][32] - The effective tax rate is not meaningful at low levels of pre-tax income, with expectations for normalization as profitability returns [27][35] Q&A Session Summary Question: Impact of Newport fab on gross margin - The Newport fab had a lower than expected impact on gross margin in Q2, with guidance for Q3 indicating a range of 160 to 185 basis points [49][50] Question: MOSFET gross margins decline - MOSFET gross margins declined due to manufacturing inefficiencies, which are expected to improve in Q3 with increased IC sales [51][52] Question: US tariff impact - Less than 4% of products are manufactured in China and returned to the US, indicating a minimal impact from tariffs on overall revenue [55] Question: Inorganic growth and M&A opportunities - The company is actively looking for M&A opportunities, particularly in the semiconductor sector, to enhance customer presence and fill portfolio gaps [56][58] Question: Visibility and backlog for Q3 - The company is seeing a faster building of backlog and anticipates a stronger second half of the year compared to the first half [64][65] Question: Customer demand and inventory management - Customers are still cautious in planning demand, with a significant portion of orders for quick delivery, indicating a transition from an inventory-heavy market [67][68] Question: AI customer expansion and revenue metrics - The customer count for AI applications is growing, with a focus on expanding the part count and customer diversity [72][73] Question: Slipping customer programs - Adjustments in customer programs were due to design changes, impacting planned orders [76][77]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 grew sequentially by 7% to $762 million, in line with guidance, driven by growth in both semiconductors and passive components [7][22] - Gross profit was $149 million, resulting in a gross margin of 19.5%, at the high end of guidance, primarily due to increased volume [24] - Book to bill ratio was positive at 1.02, marking the third consecutive quarter above one, with a backlog of $1.2 billion [23][24] Business Line Data and Key Metrics Changes - Automotive revenue increased by 4% due to improved demand from tier one customers and new ADAS programs [11] - Industrial segment revenue rose by 9%, driven by normalization of inventories and demand for smart grid infrastructure [12] - Aerospace defense revenue increased by 5%, while medical end markets saw a 4% growth, reflecting stronger demand in implantables [15][16] Market Data and Key Metrics Changes - Revenue in Asia grew by 12%, driven by AI power requirements and smart grid projects [20] - The Americas saw a 7% increase in revenue, supported by improved automotive and industrial demand [20] - Europe remained flat due to fewer workdays and inventory corrections [20] Company Strategy and Development Direction - The company is executing a five-year strategic plan, Vishay 3.0, focusing on capacity expansion and innovation in high-growth product lines [6][37] - Significant investments of approximately $775 million have been made to add capacity for high-growth, higher-profit products [8] - The company aims to enhance its presence in emerging markets such as e-mobility and sustainability [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the inventory correction cycle is largely behind, with normalized inventory levels for passives and some excess in semiconductors [7] - Positive demand momentum is expected to continue, particularly in smart grid infrastructure and AI applications [8][46] - The company anticipates a stronger second half of the year compared to the first half, with backlog building at a faster rate [44][46] Other Important Information - The company reported a negative free cash flow of $73 million for the quarter, attributed to capacity expansion investments and tax payments [31] - The effective tax rate is not meaningful at low levels of pre-tax income, but a normalized rate is expected as profitability returns [27][35] - The company plans to maintain its dividend and opportunistically repurchase shares based on available liquidity [35][32] Q&A Session Summary Question: Impact of Newport fab on gross margin - The Newport fab had a lower than expected negative impact of 160 basis points on gross margin in Q2, with guidance for Q3 set at 160 to 185 basis points [50][51] Question: MOSFET gross margins decline - MOSFET gross margins declined due to manufacturing inefficiencies, which are expected to improve in Q3 with increased IC sales [53][54] Question: US tariff impact - Less than 4% of products are manufactured in China and returned to the US, indicating a minimal impact from tariffs [56][57] Question: Inorganic growth and M&A opportunities - The company is actively looking for M&A opportunities, particularly in the semiconductor sector, to enhance customer presence [58][60] Question: Visibility on Q3 and backlog growth - The company is seeing a faster backlog build and anticipates a stronger second half of the year, with Q4 expected to outperform Q3 [64][66] Question: Customer demand and inventory management - Customers are still cautious in planning demand, with a significant portion of orders for quick delivery, indicating a transition from an inventory-heavy market [68][70] Question: AI customer expansion - The company has seen significant growth in AI customer count and is expanding applications beyond MOSFETs to include a broader portfolio [73][74] Question: Changes in customer programs - Adjustments in customer programs were noted due to design changes, impacting planned orders [76][78]

Core Insights - Vishay Intertechnology reported a quarterly loss of $0.07 per share, missing the Zacks Consensus Estimate of $0.02, and down from earnings of $0.17 per share a year ago, representing an earnings surprise of -450.00% [1] - The company posted revenues of $762.25 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 0.30%, and up from $741.24 million year-over-year [2] - Vishay shares have declined approximately 5.5% year-to-date, contrasting with the S&P 500's gain of 7.1% [3] Revenue and Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.03 on revenues of $752.4 million, and for the current fiscal year, it is $0.10 on revenues of $2.95 billion [7] - The estimate revisions trend for Vishay was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Semiconductor - Discretes industry, to which Vishay belongs, is currently ranked in the top 41% of over 250 Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8] - Another company in the same industry, Wolfspeed, is expected to report a quarterly loss of $0.72 per share, with revenues projected at $189.25 million, down 5.7% year-over-year [9]

Financial Performance - 2Q 2025 revenues reached $762.3 million[26], compared to $715.2 million in 1Q 2025 and $741.2 million in 2Q 2024[27, 65] - Gross margin was 19.5%[26], including a negative impact of approximately 160 basis points related to Newport[26] - Adjusted EPS was ($0.07)[26], while GAAP EPS was $0.01[26] - Free cash flow was negative $73.2 million[68] Segment Results (2Q 2025) - MOSFETs revenues were $148.6 million with a gross margin of 6.3%[31] - Diodes revenues were $147.9 million with a gross margin of 20.0%[31] - Resistors revenues were $194.8 million with a gross margin of 22.8%[32] - Capacitors revenues were $121.1 million with a gross margin of 21.5%[32] Revenue Mix and Growth - Industrial end market increased by 9% QoQ and 2% YoY[16] - Automotive end market increased by 4% QoQ and remained flat YoY[16] - Distribution channel increased by 11% QoQ and 5% YoY, accounting for 56% of revenue[18, 19] - Asia region increased by 12% QoQ and 12% YoY, accounting for 42% of revenue[22, 23] Guidance - 3Q 2025 revenue is expected to be $775 million, +/- $20 million[46] - 3Q 2025 gross margin is guided at 19.7%, +/- 50 bps, with Newport impacting negatively by 160-185 bps[46]

[Q2 2025 Earnings Overview](index=1&type=section&id=Q2_2025_Earnings_Overview) Vishay Intertechnology reported a 7% sequential revenue increase in Q2 2025, with management highlighting growth across all segments and strategic capacity investments for future market upturns [Highlights and Management Commentary](index=1&type=section&id=Highlights_and_Management_Commentary) Vishay Intertechnology reported a 7% sequential revenue increase in Q2 2025 to $762.3 million, driven by growth across all end markets and regions, achieving a book-to-bill ratio of 1.02 despite a low GAAP EPS of $0.01 and an adjusted loss per share of $(0.07) - CEO Joel Smejkal highlighted a **7% sequential revenue increase** in Q2, with growth observed in semiconductors and passives across all end markets, regions, and customer types (distributors and EMS)[3](index=3&type=chunk) - The company is investing in capacity expansion to be prepared for a market upturn, as market indicators remain directionally positive[3](index=3&type=chunk) Q2 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Revenues | $762.3 million | | Gross Margin | 19.5% | | EPS | $0.01 | | Adjusted Loss Per Share | $(0.07) | | Book-to-Bill Ratio | 1.02 | | Backlog | 4.6 months | - The Q2 gross margin of **19.5%** was negatively impacted by approximately **160 basis points** due to the addition of Newport[7](index=7&type=chunk) [Q3 2025 Outlook](index=1&type=section&id=Q3_2025_Outlook) For the third quarter of 2025, Vishay anticipates revenues to be in the range of $775 million, plus or minus $20 million, with a gross profit margin expected at 19.7%, plus or minus 50 basis points, including a negative impact from the Newport addition Q3 2025 Guidance | Metric | Guidance Range | | :--- | :--- | | Revenues | $775 million +/- $20 million | | Gross Profit Margin | 19.7% +/- 50 basis points | - The Q3 2025 gross margin guidance includes an anticipated negative impact of approximately **160 to 185 basis points** from the addition of Newport[4](index=4&type=chunk) [Financial Statements](index=4&type=section&id=Financial_Statements) Vishay's Q2 2025 financial statements show sequential revenue growth but year-over-year declines in profitability, with a net loss for the first six months and reduced operating cash flow [Summary of Operations (Income Statement)](index=4&type=section&id=Summary_of_Operations_(Income_Statement)) The income statement shows a sequential increase in revenue and gross profit for Q2 2025 compared to Q1 2025, but a decline compared to Q2 2024, with the first six months of 2025 reflecting slightly down revenues year-over-year and significant decreases in operating income and net earnings [Quarterly Results](index=4&type=section&id=Quarterly_Results) In Q2 2025, net revenues were $762.3 million, up from $715.2 million in Q1 2025 but down from $741.2 million in Q2 2024, with gross margin improving sequentially to 19.5% but remaining lower than the prior-year quarter, and net earnings attributable to Vishay stockholders significantly dropping to $2.0 million, or $0.01 per diluted share Quarterly Summary of Operations (in thousands, except per share amounts) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net revenues | $762,250 | $715,236 | $741,239 | | Gross profit | $148,683 | $135,554 | $162,870 | | Gross margin | 19.5% | 19.0% | 22.0% | | Operating income | $22,118 | $815 | $37,917 | | Net earnings (Vishay stockholders) | $2,004 | $(4,092) | $23,533 | | Diluted EPS | $0.01 | $(0.03) | $0.17 | [Six-Month Results](index=5&type=section&id=Six-Month_Results) For the first six months of 2025, net revenues were $1.477 billion, a slight decrease from $1.488 billion in the same period of 2024, with gross margin contracting to 19.2% from 22.4%, and the company recording a net loss attributable to stockholders of $2.1 million, or $(0.02) per share, compared to net earnings of $54.5 million, or $0.39 per share, in the first half of 2024 Six-Month Summary of Operations (in thousands, except per share amounts) | Metric | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | Net revenues | $1,477,486 | $1,487,518 | | Gross profit | $284,237 | $333,277 | | Gross margin | 19.2% | 22.4% | | Operating income | $22,933 | $80,588 | | Net (loss) earnings (Vishay stockholders) | $(2,088) | $54,457 | | Diluted (loss) EPS | $(0.02) | $0.39 | [Consolidated Condensed Balance Sheets](index=6&type=section&id=Consolidated_Condensed_Balance_Sheets) As of June 28, 2025, Vishay's total assets stood at $4.22 billion, up from $4.11 billion at the end of 2024, primarily driven by higher inventories and property, plant, and equipment, while cash and cash equivalents decreased, total liabilities rose slightly to $2.13 billion, and total equity increased to $2.09 billion Key Balance Sheet Items (in thousands) | Account | June 28, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $473,860 | $590,286 | | Total inventories | $754,866 | $689,381 | | Total current assets | $1,912,082 | $1,915,507 | | Total assets | $4,221,655 | $4,110,696 | | **Liabilities & Equity** | | | | Total current liabilities | $707,294 | $708,348 | | Long-term debt | $914,504 | $905,019 | | Total liabilities | $2,126,664 | $2,081,734 | | Total equity | $2,094,991 | $2,028,962 | [Consolidated Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated_Condensed_Statements_of_Cash_Flows) For the first six months of 2025, net cash provided by operating activities was $7.3 million, a sharp decline from $55.5 million in the prior-year period, with investing activities using $115.4 million primarily for capital expenditures, and financing activities using $26.4 million mainly for dividends and stock repurchases, resulting in a net decrease in cash and cash equivalents of $116.4 million, ending the period with $473.9 million Six-Month Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $7,307 | $55,481 | | Net cash used in investing activities | $(115,415) | $(295,316) | | Net cash used in financing activities | $(26,447) | $(56,670) | | Net decrease in cash and cash equivalents | $(116,426) | $(299,988) | | Cash and cash equivalents at end of period | $473,860 | $672,731 | [Non-GAAP Financial Measures Reconciliation](index=9&type=section&id=Non-GAAP_Financial_Measures_Reconciliation) The company provides reconciliations for adjusted EPS, free cash, and adjusted EBITDA, revealing a Q2 2025 adjusted loss per share and negative free cash flow [Reconciliation of Adjusted Earnings Per Share](index=9&type=section&id=Reconciliation_of_Adjusted_Earnings_Per_Share) The company provides a reconciliation from GAAP to adjusted earnings per share (EPS), showing that for Q2 2025, GAAP net earnings of $2.0 million were adjusted for a favorable contingency resolution of $11.3 million, resulting in an adjusted net loss of $9.3 million, or an adjusted loss per diluted share of $(0.07), compared to a GAAP EPS of $0.01 Q2 2025 GAAP vs. Adjusted EPS Reconciliation | Metric | Value (in thousands, except per share) | | :--- | :--- | | GAAP net earnings (Vishay stockholders) | $2,004 | | Favorable resolution of contingency | $(11,293) | | Adjusted net loss | $(9,289) | | **Adjusted loss per diluted share** | **$(0.07)** | [Reconciliation of Free Cash](index=10&type=section&id=Reconciliation_of_Free_Cash) Free cash, a non-GAAP measure, was negative for Q2 2025 at $(73.2) million, calculated from net cash used in operating activities of $(8.8) million, less capital expenditures of $64.6 million, plus proceeds from asset sales, resulting in a significant increase in cash usage for the first six months of 2025 at $(118.4) million compared to $(58.9) million in the same period of 2024 Free Cash Calculation (in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(8,791) | $16,098 | $(24,730) | | Less: Capital expenditures | $(64,598) | $(61,569) | $(62,564) | | **Free cash** | **$(73,174)** | **$(45,192)** | **$(86,780)** | [Reconciliation of EBITDA and Adjusted EBITDA](index=11&type=section&id=Reconciliation_of_EBITDA_and_Adjusted_EBITDA) For Q2 2025, EBITDA was $74.8 million, and after adjusting for a favorable contingency resolution of $11.3 million, the Adjusted EBITDA was $63.5 million, resulting in an Adjusted EBITDA margin of 8.3%, which is an improvement from 7.6% in Q1 2025 but a decline from 11.9% in Q2 2024 EBITDA and Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net earnings (loss) | $2,004 | $(4,092) | $23,880 | | EBITDA | $74,812 | $54,458 | $88,415 | | **Adjusted EBITDA** | **$63,519** | **$54,458** | **$88,415** | | **Adjusted EBITDA margin** | **8.3%** | **7.6%** | **11.9%** |