Consistent Financial Performance
Delivered a 20% year-over-year increase in consolidated adjusted EBITDA, surpassing the projected 16% increase, marking eight straight quarters of meeting or exceeding EBITDA guidance.
Revenue and Operating Income Growth
Consolidated revenue increased by 4% to $698 million, and operating income rose by 31% to $79.2 million in the second quarter of 2025.
Aerospace and Defense Technologies Success
ADTech operating income increased by 125% to $16.3 million, with revenue up by 13%. The segment benefited from recent contract awards.
Free Cash Flow Generation
Generated $77.2 million of cash in operating activities, with a resulting free cash flow of $46.9 million after capital expenditures.
Strong ROV Revenue
Achieved an average ROV revenue per day of $11,265, indicating pricing improvements and strong demand.
Manufactured Products Performance
Operating income increased by 31%, with a 4% revenue growth and operating income margin expanding by 262 basis points.
Future Growth Prospects
Strong outlook for ROV utilization, ADTech, and Manufactured Products for the remainder of 2025 and beyond, driven by new contracts and market opportunities.