The clean benchmark was the company’s own Q2 guide, not a dependable consensus. Liftoff guided to $217M-$222M of revenue and $124M-$128M of Adjusted EBITDA; available public estimate pages were inconsistent, so a precise analyst-consensus beat or miss is not defensible.
| Metric | Q2 FY26 | Q2 FY26 guide | Q2 FY25 | Read |
|---|---|---|---|---|
| Revenue | $219.5M | $217M-$222M | $162.1M | In range; +35% year over year |
| Adjusted EBITDA | $132.3M | $124M-$128M | $85.2M | Above the high end; +55% year over year |
| Adjusted EBITDA margin | 60% | 57%-58% | 53% | 2 points sequentially, 8 points year over year |
| Net income | $(4.2)M | — | $(23.8)M | Still a GAAP loss |
Revenue delivered what was already expected. Q2 revenue of $219.5M sat almost exactly in the middle of the company’s range, so the headline 35% growth rate is not itself a surprise relative to the standing benchmark (Income Statement; Financial Highlights).
Profitability was the incremental upside. Adjusted EBITDA reached $132.3M, $4.3M above the top of the Q2 guide, while margin expanded to 60% from 58% in Q1 and 53% a year earlier. That indicates operating costs grew more slowly than revenue and is the clearest reason the filing grades as a Beat (Adjusted EBITDA reconciliation; Financial Highlights).
Cash generation and deleveraging strengthen the result. Twelve-month free cash flow was $184.5M versus $76.4M a year earlier, while long-term debt fell to $1.39B from $1.80B at year-end and cash rose to $305.4M from $133.3M (Free Cash Flow table; Balance Sheet; Cash Flow statement). The balance sheet remains highly leveraged, but the direction is materially better.
The result is a narrow beat rather than a broad reset. Full-year guidance of $870M-$880M revenue and $510M-$518M Adjusted EBITDA was presented without an increase, so the filing improves confidence in execution and margin delivery but does not raise the growth outlook (Full-Year Guidance).
Read the original 8-K on SEC EDGAR ↗