Reports Q2 revenue $47.9M vs. $37.51M last year. “For the three months ended July 31, 2025, net sales were $47.9 million, an increase of $10.4 million, or 27.7%, compared to $37.5 million in the prior-year quarter. Growth was driven by higher sales volumes in both the Middle East and North America. Gross profit was $14.4 million, up $0.9 million from $13.5 million last year, reflecting higher activity levels. General and administrative expenses increased to $10.0 million from $6.0 million, primarily due to higher payroll and professional fees. This includes a one-time $2.1 million charge related to accelerated executive compensation following the departure of the previous CEO. The Company also incurred additional costs in the quarter for setting up a manufacturing facility in Qatar on the back of securing more than $5 million in new awards, which will be executed before the end of this year. The Company’s effective tax rate was 54%, compared to 23% in the prior-year quarter, reflecting the impact of the one-time compensation charge and jurisdictional income mix. As a result, net income attributable to common stock was $0.9 million, compared to $3.3 million in the second quarter of fiscal 2024,” noted president and CEO Saleh Sagr.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.