Core Insights - Iridex Corporation reported a revenue of $13.6 million for Q2 2025, marking a 7% year-over-year growth and a 14% sequential growth compared to Q1 2025 [4][10] - The company achieved its third consecutive quarter of positive non-GAAP adjusted EBITDA, with an adjusted EBITDA of $21 thousand, an improvement of $1.7 million from a loss of $1.7 million in Q2 2024 [6][10] - Operating expenses were reduced by 28% year-over-year, totaling $5.6 million in Q2 2025, down from $7.8 million in Q2 2024 [6][10] Financial Performance - Revenue growth was primarily driven by increased sales of Pascal systems and medical and surgical retina systems, despite a decrease in surgical retina probe sales [4] - Gross profit for Q2 2025 was $4.7 million, representing a gross margin of 34.5%, down from $5.1 million and a 40.7% gross margin in Q2 2024 [5] - The net loss for Q2 2025 was $1.0 million, or $0.06 per share, compared to a net loss of $2.7 million, or $0.16 per share, in the same period of the prior year [6][10] Product Performance - Revenue from the Cyclo G6 product family was $3.3 million, remaining essentially flat year-over-year, with 13,100 probes sold compared to 15,100 in the prior year quarter [4][10] - Retina product revenue reached $8.0 million, reflecting a 10% year-over-year growth and a 21% sequential growth compared to Q1 2025 [10] Cash Position - As of June 28, 2025, cash and cash equivalents were $6.8 million, a decrease of $0.4 million during the quarter [7][10] Future Outlook - The company aims to achieve cash flow breakeven and positive adjusted EBITDA in 2025, with revenue generation expected to be consistent with 2024 [8]

Core Insights - Byrna Technologies Inc. reported a record revenue of $28.5 million for Q2 2025, representing a 41% year-over-year growth from $20.3 million in Q2 2024, driven by the launch of the Compact Launcher (CL) and a 106% increase in dealer sales due to a partnership with Sportsman's Warehouse [1][3][9] Financial Performance - Net revenue for Q2 2025 was $28.5 million, up from $20.3 million in Q2 2024, marking a 41% increase [3] - Gross profit increased to $17.6 million, maintaining a gross margin of 62%, compared to $12.6 million in Q2 2024 [4] - Operating expenses rose to $14.2 million from $10.6 million in Q2 2024, primarily due to higher selling expenses and marketing costs [5] - Net income for Q2 2025 was $2.4 million, an increase from $2.1 million in Q2 2024 [5] - Adjusted EBITDA for Q2 2025 was $4.3 million, compared to $2.8 million in Q2 2024 [6] Cash and Inventory Management - Cash, cash equivalents, and marketable securities totaled $13.0 million as of May 31, 2025, down from $25.7 million at November 30, 2024, due to increased inventory ahead of the CL release [7] - Inventory at May 31, 2025, was $32.3 million, up from $20.0 million at November 30, 2024 [7] Operational Highlights - The launch of the Byrna CL in May contributed significantly to revenue growth, with expectations for it to become a larger part of the sales mix [8][14] - Dealer sales increased by 106% in Q2 2025, supported by the partnership with Sportsman's Warehouse, with plans to expand store-within-a-store locations [9][10] - Company-owned retail locations averaged $69,000 in sales during May, with the Scottsdale location performing exceptionally well shortly after opening [11] Marketing and Brand Expansion - The company has diversified its marketing strategy, including the addition of celebrity influencer Tucker Carlson to enhance brand awareness [12] - Integration of AI tools into content production is expected to improve marketing reach and efficiency [12] Production Adjustments - Production has been adjusted to align with current demand following the CL launch, with a steady output of 15,000 units per month [13]

Financial Data and Key Metrics Changes - Revenue for Q1 fiscal 2026 was $98 million, within guidance range [6][22] - Non-GAAP gross margin increased to 31%, up 1 percentage point sequentially and 7 percentage points year on year [7][24] - Non-GAAP adjusted EBITDA loss was $23 million, compared to a loss of $17 million in the prior quarter and a loss of $36 million in the same quarter last year [26] Business Line Data and Key Metrics Changes - Network charging systems revenue was $52 million, accounting for 53% of total revenue, nearly flat sequentially but down 20% year on year [22][24] - Subscription revenue was $38 million, representing 39% of total revenue, flat sequentially and up 14% year on year [22][24] - Other revenue was $8 million, down 31% sequentially and down 8% year on year [22][24] Market Data and Key Metrics Changes - North America accounted for 85% of revenue, while Europe made up 15%, with European revenue impacted by weakness in Germany [24] - EV sales in North America were up 16% year on year for Q1, while Europe saw a 22% increase in EV sales year on year [12][13] Company Strategy and Development Direction - The company is focused on delivering innovation and driving growth, with a new partnership with Eaton aimed at providing integrated EV charging and power management solutions [16][18] - The new AC hardware architecture is expected to enhance market share and improve margins, with production starting in July [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic conditions and tariff uncertainties are causing some customers to be conservative with spending [31][32] - The company expects revenue growth from the new AC hardware and the partnership with Eaton, with a cautious guidance for Q2 revenue between $90 million and $100 million [29] Other Important Information - The company ended the quarter with $196 million in cash and has access to a $150 million revolving credit facility [27][28] - Inventory balance increased to $212 million, but a gradual reduction is anticipated throughout the year [26][27] Q&A Session Summary Question: Can you discuss the pipeline of activity regarding the Eaton partnership and return to growth? - Management acknowledged various factors affecting growth, including macroeconomic conditions and tariffs, but expressed optimism about the Eaton partnership driving incremental growth [31][32] Question: Can Eaton assist in international expansion beyond Europe? - Management confirmed that while the focus is currently on North America and Europe, there is potential for expansion into new geographies with Eaton's capabilities [33][35] Question: What is the expected cadence for inventory reduction? - Management indicated a gradual reduction in inventory is expected, with more significant reductions anticipated in the second half of the year as revenue grows [36][38]

Core Insights - Broadwind reported a net loss of $0.4 million, or $0.02 per diluted share, in Q1 2025, a decline from a net income of $1.5 million, or $0.07 per diluted share, in Q1 2024 [3] - Total revenue for Q1 2025 was $36.8 million, down 2.1% year-over-year, primarily due to lower sales in mining, oil & gas, and natural gas turbine markets, partially offset by increased sales in the wind market [4][8] - Adjusted EBITDA for Q1 2025 was $2.4 million, representing 6.4% of total revenue, compared to $4.2 million in the prior year [3][8] Financial Performance - Revenue in the Heavy Fabrications segment increased by 14.7% to $25.2 million, driven by demand for wind repowering adapters [11] - The Gearing segment saw a revenue decline of 28.4% to $6.0 million, primarily due to lower demand in mining and oil & gas markets [13] - The Industrial Solutions segment's revenue decreased by 29.3% to $5.6 million, attributed to lower shipments for natural gas turbine content [15] Orders and Backlog - Total orders increased by 5% year-over-year to $30.5 million, with significant demand for repowering adapters and natural gas turbine content [5][8] - The Industrial Solutions segment achieved record levels in both orders and backlog for the second consecutive quarter [5] - The consolidated backlog decreased sequentially to $117.0 million as of March 31, 2025 [5] Management Commentary - The CEO noted that customer activity is strengthening, with orders increasing 5% year-over-year, and emphasized the company's focus on diversification in growing markets like power generation and infrastructure [7] - The company expects steady improvements in order activity across diverse end-markets for the remainder of the year [7] - Investments in machining capabilities and quality certifications are seen as providing a competitive advantage in the power generation market [7] Segment Results - Heavy Fabrications segment reported operating income of $2.2 million, up from $2.0 million in the prior year [11] - Gearing segment reported an operating loss of $0.9 million, compared to an operating income of $0.03 million in the prior year [13] - Industrial Solutions segment reported operating income of $0.3 million, down from $1.8 million in the prior year [15] Financial Guidance - Broadwind reiterated its financial guidance for full-year 2025, projecting total revenue between $140 million and $160 million and adjusted EBITDA between $13 million and $15 million [17]