Financial Data and Key Metrics Changes - Total revenue for Q2 2025 grew to $71.3 million, an increase of $3.4 million or approximately 5% year over year [6][22] - Adjusted EBITDA rose by $5.3 million to reach $16.7 million, representing a 46% increase compared to the prior year [6][25] - Free cash flow was positive at $1.6 million, marking the third consecutive quarter of positive cash flow [7][26] Business Line Data and Key Metrics Changes - IoT connectivity revenue increased by 1% to $56.1 million due to a growing number of connections [22] - IoT solutions revenue surged by 25% to $15.2 million, driven by strong sales of connectivity-enabling hardware and services [22] - Total connections reached 20.1 million, an increase of 1.5 million year over year [23] Market Data and Key Metrics Changes - The total pipeline of opportunities grew to $84.6 million, indicating strong future growth potential [15] - The company converted $10.2 million of that pipeline into closed one estimated annual recurring revenue (EARR) [15] Company Strategy and Development Direction - The company is focused on a five-pillar value creation plan aimed at building a world-class company [8][12] - Emphasis on product innovation, particularly with super SIM offerings and AI initiatives to enhance customer experience and operational efficiency [10][12] - The company aims to achieve a connection milestone of over 21 million by the end of 2025 [43] Management's Comments on Operating Environment and Future Outlook - The macroeconomic landscape is complex, with global economic uncertainty and new tariffs impacting some customers, but the company's business model remains resilient [30] - The IoT market is expected to grow significantly, with independent analysts forecasting CAGRs ranging from 9% to over 10.5% [30] - The company reiterates its 2025 guidance, expecting revenue between $288 million and $298 million and adjusted EBITDA between $62 million and $67 million [32] Other Important Information - The company has made strategic investments in its workforce to build a culture of excellence and innovation [12][31] - Cash and restricted cash as of June 30, 2025, was $21.3 million, down from $22.6 million a year prior [27] Q&A Session Summary Question: Are clients potentially pushing back projects into 2026 due to tariffs? - Management indicated that demand from customers remains strong, with no projects currently being canceled or delayed [36][39] Question: What critical milestones are being worked on in 2025 for stronger growth into 2026? - Key priorities include pipeline growth, increasing closed one EARR, and completing significant tech-related projects in the second half of the year [41][43]