Double-Digit Revenue Growth
First quarter revenue increased by 23.6% to $42.1 million, up from $34.1 million in the same period last year.
Gross Margin Expansion
Gross profit increased from 40.9% to $10 million, with the gross margin expanding by 290 basis points to 23.6% compared to 20.7% in the first quarter of 2024.
Adjusted EBITDA Increase
Adjusted EBITDA increased by 56.2% to $5.7 million, translating to an adjusted EBITDA margin of 13.6%, a notable improvement from 10.8% in the same period last year.
Backlog Growth
Backlog and long-term agreements rose to $439 million, providing strong visibility and a runway for continued growth.
Significant Growth in Landing Gear and APU Segments
Landing gear revenue increased by 127% to $3.3 million, and APU segment revenue increased by 34% to $12.3 million.