Sequential Revenue Growth
Despite a 16% year-over-year revenue decline, the company achieved 8% sequential revenue growth when excluding the impact of the software divestiture.
MedTech Segment Growth
The MedTech business grew by 13% year-over-year and 16% sequentially, reaching over $80 million in annual revenue.
Aerospace and Defense Momentum
Aerospace and Defense revenues nearly doubled year-over-year and grew over 50% sequentially, contributing significantly to the Industrial Solutions segment.
Significant Cost Reductions
Operating expenses were reduced by 27% year-over-year and 24% sequentially, with a plan to achieve over $85 million in annualized savings by mid-2026.
Positive Financial Adjustments
Adjusted EBITDA improved by $8 million year-over-year and $19 million sequentially, with a reported GAAP net income of $104 million for the quarter.