Record Defense Revenue
Defense revenue represented more than 63% of total sales in the quarter, up from 49% in the same quarter a year ago, with defense product sales growing over 50% year over year.
Significant Growth in A&D Segment
Aerospace and defense revenue was $32.7 million in the quarter, up 50.4% year over year and 8.6% sequentially.
Improved Gross Margin
Total gross margin in the first quarter was 26.7%, compared to 16.8% in the first quarter of 2024. The improvement was due to higher product volumes, favorable mix, and duty reclaim.
Positive Adjusted EBITDA
Adjusted EBITDA for the first quarter was $116,000 compared to a loss of $4.9 million in the first quarter of 2024.
Strong Financial Position
Ended the first quarter with total cash, cash equivalents, restricted cash, and investments of $117 million.