Financial PerformanceQ2 revenue was worse than expected, at $27.4M compared to the anticipated $31.2M, leading to a reduction in full-year revenue guidance from $145M-$153M to $110M.
Product RevenueQ2 results were disappointing as a 34.4% year-over-year decline in product revenue overshadowed the 21.5% increase in service revenue.
Revenue GuidanceThe company slashed its 2024 revenue guidance to approximately $110M, reflecting a 16% year-over-year decline, which contrasts sharply with the previous growth outlook of 12-18%.