Financial Performance - Revenue decreased by 2.3% from $189.8 million in Q2 2024 to $185.4 million in Q2 2025[29, 31] - Gross profit increased from $51.3 million in Q2 2024 to $53.9 million in Q2 2025, resulting in a gross margin increase of 200 bps[31, 33] - Adjusted EBITDA increased by 9.0% from $22.1 million in Q2 2024 to $24.1 million in Q2 2025[29, 31] - Adjusted EBITDA margin increased by 130 bps from 11.7% in Q2 2024 to 13.0% in Q2 2025[29, 31, 33] - Net income decreased from $6.4 million in Q2 2024 to $3.0 million in Q2 2025[31] Revenue by Industry - Oil & Gas revenue decreased by 5.9% from $109.3 million in Q2 2024 to $102.8 million in Q2 2025[29] - Aerospace & Defense revenue increased by 7.4% from $22.3 million in Q2 2024 to $24.0 million in Q2 2025[29] - Power Generation & Transmission revenue increased significantly by 30.6% from $9.0 million in Q2 2024 to $11.8 million in Q2 2025[29] Cash Flow and Debt - Net cash provided by operating activities decreased from $5.1 million in 2024 to -$3.5 million in 2025 for the six months ended June 30[34] - Free cash flow decreased from -$6.9 million in 2024 to -$16.2 million in 2025 for the six months ended June 30[35] - Total gross debt increased from $169.6 million in 2024 to $189.4 million in 2025[36] - Total net debt increased from $151.3 million in 2024 to $168.8 million in 2025[36]

Financial Performance - Q1 2025 revenue was $161.6 million, compared to $184.4 million in Q1 2024[34] - Gross profit for Q1 2025 was $40.9 million, with a gross margin of 25.3%[36] - Adjusted EBITDA for Q1 2025 was $12.0 million[36] - Net loss for Q1 2025 was $3.2 million, compared to a net income of $1.0 million in Q1 2024[36] - Net cash provided by operating activities was $5.6 million in Q1 2025[39] - Free cash flow was -$0.2 million in Q1 2025[39] Strategic Initiatives - MISTRAS officially launched the MISTRAS Data Solutions brand, consolidating data-centric services, software, and technologies[8] - The company is focusing on integrated solutions and leveraging data analytics and monitoring technologies[8] - MISTRAS is emphasizing technology-enabled asset integrity solutions[16] Market Segments - Oil & Gas revenue totaled $96.6 million in Q1 2025, with Upstream contributing $40.3 million (41.7%), Midstream $15.8 million (16.4%), and Downstream $40.5 million (41.9%)[14] - Aerospace & Defense revenue was $20.4 million in Q1 2025[34] - Industrials revenue was $18.6 million in Q1 2025[34]