Core Insights - LSI Industries' shares increased by over 14% following the announcement of its fiscal 2026 second-quarter results [1] Sales Performance - LSI's net sales for the quarter ended December 31 were $147 million, reflecting a decline of less than 1% year over year, attributed to the normalization of event-driven grocery sales [3] - The lighting business was a significant growth driver, with sales increasing by 15% [3] Profitability and Cash Flow - Adjusted net income rose slightly to $8.4 million, or $0.26 per share, surpassing Wall Street's expectations of $0.22 per share [4] - The company generated $23.3 million in free cash flow, which was used to pay down debt and strengthen the balance sheet [5] - Management plans to utilize strong cash generation for organic growth investments and potential acquisitions [5] Future Outlook - The company anticipates continued year-over-year revenue growth in the lighting segment and a resumption of growth in the display solutions segment as it enters the second half of fiscal 2026 [5]

Financial Performance - LSI Industries' Q4FY25 sales increased by 20% year-over-year, reaching $155.1 million compared to $129.0 million in Q4FY24 [14, 22] - Organic sales grew by 11%, driven by improved demand across key vertical markets [12, 14, 21] - Adjusted EBITDA increased by 21% compared to the prior year, leading to a margin improvement of 250 basis points from Q3FY25 [15, 21] - Net income adjusted reached $10.6 million in Q4FY25, compared to $8.3 million in Q4FY24 [23] - For the full year FY25, total net sales reached $573.4 million, compared to $469.6 million in FY24 [22] Segment Performance - Display Solutions sales increased by 29%, with 10% organic sales growth, driven by Refueling / C-Store (+23%) and Grocery (+31%) [29] - Lighting revenues increased by 12% due to improved project order rates, with a 20% growth in backlog exiting the year [17] Balance Sheet and Cash Flow - The company generated free cash flow of $8.5 million in Q4FY25, with a trailing twelve-month (TTM) free cash flow of $34.7 million [50, 52] - Net debt stood at $45.1 million through Q4FY25, with a net leverage ratio of 0.8x [50, 55, 56]

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Financial Performance - Total net sales increased by 22% from $1082 million in Q3FY24 to $1325 million in Q3FY25[13, 21] - Display Solutions segment sales increased by 70% from $433 million in Q3FY24 to $735 million in Q3FY25, including 15% organic sales growth[26, 27] - Lighting segment sales decreased from $649 million in Q3FY24 to $590 million in Q3FY25[35] - Adjusted EBITDA increased modestly from $112 million in Q3FY24 to $113 million in Q3FY25[14, 23] - Lighting segment adjusted gross margin increased from 332% in Q3FY24 to 346% in Q3FY25[34, 37] Business Highlights - Display Solutions experienced significant growth in Refueling/C-Store (over 60%) and Grocery (over 20%) verticals[13, 26] - Lighting experienced an 18% backlog growth due to increased project order activity, with a book-to-bill ratio of 113x[16, 20] - The company acquired Canada's Best Holding to expand geographic reach and vertical market focus[18, 26] Balance Sheet and Cash Flow - Free cash flow was $47 million in Q3FY25, with a trailing twelve-month (TTM) free cash flow of $35 million[42, 44] - Net debt was $511 million in Q3FY25, with a net leverage ratio of 10x[42, 48]