Strong Performance in Parts and Services
The parts and services business posted a 31% increase in revenues compared to the second quarter of 2024, driven by the need for power from AI-driven data centers and increased baseload generation.
Adjusted EBITDA Exceeds Expectations
Adjusted EBITDA, including Diamond Power, was $21.6 million for the second quarter, which was over 70% greater than Street expectations.
Debt Reduction and Improved Financial Position
Completed the sale of Diamond Power International for $177 million, leading to a reduction in outstanding debt and alleviating concerns about the company's ability to continue as a going concern.
Significant Backlog Increase
Backlog at the end of the second quarter was $418.1 million, a 49% increase compared to the same period in 2024.
Positive Steps in Restructuring
Entered into a private bond exchange, reducing annual interest expense by over $1 million and extending debt maturity to 2030.