Record Q1 Revenue Growth
Fiscal '25 Q1 revenues increased 23% year-over-year to a record $344 million, driven by a 36% increase in the Security division.
Strong Security Division Performance
Q1 Security division revenues were up 36% year-over-year, with significant contracts, including a $500 million contract with Mexico's defense agency and a $200 million contract with another international customer.
Solid Backlog and Pipeline
The company ended Q1 with a backlog of approximately $1.8 billion and a robust pipeline of opportunities, providing good visibility for future growth.
Successful Financing and Share Repurchase
Completed a convertible net financing in July, raising $350 million, which reduced borrowing costs and was immediately accretive. Approximately 531,000 shares of common stock were repurchased.
Optoelectronics Division Growth
Optoelectronics division reported revenues of $98 million, a new first quarter record, with notable strength in the flex circuits product line.