Strong Revenue Growth (Q4 and Full Year)
Q4 revenue of $21.5M, up 20% year-over-year (from $17.9M). Full-year 2025 revenue of $86.1M, up 12.5% YoY and ahead of the company’s high-single-digit guidance.
Material Gross Margin Expansion
Q4 gross margin of 50.4% versus 41.2% a year ago (≈+920 basis points). Full-year gross margin expanded to 48.8% from 37.9% in 2024 (≈+1,086 basis points), exceeding the >47% target.
Substantial Profitability and EBITDA Improvement
Adjusted EBITDA in the period was $4.7M (adjusted EBITDA margin ~22% for the period), representing a ~78% YoY increase. Full-year adjusted EBITDA reached $17.6M (20.5% margin) versus $9.6M (12.5%) in 2024 (≈+83% YoY in dollars).
Significant Adjusted and GAAP EPS Gains
Quarter non-GAAP diluted adjusted EPS of $1.17 versus $0.61 in prior-year quarter (~+92% YoY). Full-year non-GAAP diluted adjusted EPS of $4.32 versus $1.84 in 2024 (~+135% YoY). Full-year GAAP net income of $13.5M (GAAP diluted EPS $3.44) versus $8.4M ($2.25) in 2024 (~+61% YoY in net income).
Record Cash and Strengthened Balance Sheet
Year-end cash of $22.8M, up from $7.1M at 12/31/2024 (+221%). Company is debt-free; working capital improved to $37.3M (from $23.0M, +62%); shareholders' equity increased to $44.7M (from $29.8M, +50%).
Product Adoption: BKR 9,000 Traction
BKR Series, particularly the BKR 9,000 multiband handheld, drove higher-margin sales and adoption: the company shipped 2.5x the number of BKR 9,000 radios in 2025 vs 2024, fueling favorable product mix and margin expansion.
Clear Forward Guidance and Strategic Roadmap
2026 guidance: revenue of at least $90M, full-year gross margin ≥50%, GAAP EPS $3.15, non-GAAP adjusted EPS $3.55. Company introduced Vision 2030 targets (revenue to $170M, gross margin to 60%, adjusted EBITDA margin 35%, triple EPS to $13, FCF > $55M) and roadmap including the BKR 9,500 mobile radio (on track for shipping in 2027).
Capital Allocation Discipline and Share Repurchases
Established a Rule 10b5-1 repurchase program; repurchased ~19,000 shares in the quarter. Management emphasizes reinvestment, M&A optionality and shareholder returns as priorities.