Sequential Revenue Growth
Despite a 4% year-over-year decline, revenue from continuing operations grew 8% sequentially, driven by strong demand for FTIR devices and significant sales to the U.S. Coast Guard.
Recurring Revenue Increase
Recurring revenue represented 36% of total revenue and grew 10% over the prior year period, indicating a more stable and predictable revenue stream.
Adjusted EBITDA Improvement
The adjusted EBITDA loss was reduced by 53% quarter over quarter, marking the lowest adjusted EBITDA loss in the company's history, and showing progress towards profitability.
Gross Margin Improvement
Gross margin increased quarter over quarter, reaching 58% on an adjusted basis, reflecting benefits of facility consolidation and operational scale-up.
Strong Cash Position
The company ended the quarter with $112.1 million in cash and marketable securities with no debt, providing a strong financial position.