Gross Margin Expansion
Gross margin expanded significantly by 650 basis points to 47% compared to 40% in the same quarter last year, reflecting improved product mix and margin expansion.
Operating Profit and Adjusted EBITDA Improvement
A significant decline in SG&A costs resulted in meaningful improvements in operating profits and a 61% increase in adjusted EBITDA, reaching $13.6 million compared to $8.5 million in the same period last year.
SG&A Cost Reduction
Both variable and fixed SG&A costs declined significantly, achieving 50% of the top of the expected annualized savings range in just one quarter.
Improved Net Debt to Adjusted EBITDA Ratio
Despite the challenging environment, the net debt to adjusted EBITDA ratio improved to 6.8x.