Record-Breaking Revenue and Growth
Q1 2025 revenue totaled $9.3 million, marking a 61% year-over-year increase compared to $5.8 million for the same period in 2024. This growth exceeded the top end of the previous guidance of 45% to 55%.
Improved Gross Margins
Gross margin as a percentage of revenue improved to 79% for Q1 2025, up from 72.6% for the same period last year, representing an increase of over 640 basis points.
Increase in System Placements
Placing 98 new Altamist systems in Q1 represented a 28% increase from system sales of 43 in Q1 of last year.
Strong Inventory Position
The company built up inventory on both Ultramist systems and longer lead-time components to enable rapid production ramp-up if needed, achieving a comfortable inventory level.
Positive Adjusted EBITDA
Adjusted EBITDA for Q1 2025 was positive at $2.3 million, compared to $59,000 from the same period last year, an improvement of $2.4 million year-over-year.