Cash and cash equivalents stood at $2.2 million with $22.5 million in restricted cash as of June 30, 2025.
Cost of sales increased to $13.1 million in Q2 2025 from $7.3 million in Q2 2024, driven by higher sales volume and increased inventory reserves.
Interim funding of approximately $25 million from Motiv's controlling investor provided liquidity and debt repayment capability.
Net loss for the first half of 2025 improved to $35.4 million from $55.5 million in 2024, with operational net loss improving from $44.2 million to $27.3 million.
Q2 2025 sales net of returns and allowances were $5.7 million, a $4.8 million increase year-over-year.
Q2 2025 truck shipments reached a record 32 units, up from 1 in Q2 2024, driven by strong demand for the W56 step vans.
R&D expenses declined to $1.2 million in Q2 2025 from $2 million in Q2 2024 due to lower headcount and completion of key programs.
SG&A expenses decreased by $6.3 million year-over-year to $5.8 million in Q2 2025, reflecting lower employee compensation and other cost reductions.
Adjusted EBITDA rose 23.2% to $103.3 million, exceeding analyst estimates by $21 million, supported by employee retention credits and operational improvements.
CoreCivic reported a 9.8% increase in total revenue for Q2 2025 compared to Q2 2024, driven by higher federal and state detention populations and increased per diem rates.
GAAP EPS was $0.35, with adjusted EPS at $0.36, up 80% year-over-year, and normalized FFO per share increased 40.5% to $0.59.
Operating margin improved to 26.2% from 23.7% in the prior year quarter, with a 90 basis point increase excluding employee retention credits.
The company repurchased 2 million shares in Q2 at a cost of $43.2 million, totaling 3.9 million shares repurchased year-to-date for $81 million.
AAON Coil Products sales grew 86.4%, driven by a large liquid cooling project, but AAON branded products declined due to ERP disruptions.
AAON Oklahoma segment sales declined 18% with a 970 basis point gross margin contraction, impacted by supply chain disruptions and ERP-related coil shortages.
BasX segment sales grew 20.4% with a slight gross margin contraction of 60 basis points, reflecting operational improvements.
Cash and equivalents totaled $1.3 million with debt at $317.3 million and a leverage ratio of 1.4; capital expenditures increased 18.7% to $89.6 million year-to-date.
Gross margin contracted by 950 basis points to 26.6%, primarily due to lower production volumes and inefficiencies related to the ERP implementation.
Net sales declined 0.6% year-over-year to $311.6 million, driven by a 20.9% decline in AAON branded sales nearly offset by a 90% increase in BasX branded sales.
Non-GAAP adjusted EBITDA was 14.9%, down 1,120 basis points, and non-GAAP adjusted EPS was $0.22, down 64.5% year-over-year.
Dafinchi