Revenue Growth
Revenue grew by 7%, approximately $14 million year-over-year, with strong performance particularly in the inspection and heat treating, and mechanical services segments.
Improved Gross Margin and EBITDA
Gross margin increased by 8.4%, and adjusted EBITDA rose by 28.6% to the highest level for a third quarter since 2016.
International Operations Success
International operations, including Canada, saw an 8.9% growth, with multiple quarters of growth in Canadian operations.
Cost Discipline and Margin Expansion
Adjusted selling, general, and administrative expenses decreased to 20.8% of consolidated revenue, down from 21.7% in 2024.
Strategic Partnership and Financial Flexibility
Completed a $75 million private placement of preferred stock with Stellix Capital Management, enhancing financial flexibility and strengthening the balance sheet.
Debt Refinancing and Interest Rate Reduction
Successfully refinanced to lower the blended interest rate by over 100 basis points and extended term loan maturities to 2030.
Liquidity Improvement
Liquidity increased to $57.1 million with unrestricted cash and undrawn availability under various credit facilities.