The quarter beat the published bar on both revenue and EPS. Total revenue reached $49.8 million, about 10% above the published consensus of roughly $45.34 million, while reported common-stock EPS was a $0.07 loss versus an expected loss of approximately $0.12.
| Metric | Q2 2026 | Q2 2025 / expectation | Read |
|---|---|---|---|
| Total revenue | $49.8M (Income Statement) | $26.6M prior year; ~$45.34M consensus | Beat |
| Revenue growth | 87% year over year (Income Statement) | — | Strong reported growth |
| Net loss attributable to common shareholders | $(4.4)M (Income Statement) | $0.1M prior year | Weaker year over year |
| Basic EPS | $(0.07) (Income Statement) | $0.02 prior year; ~$0.12 loss consensus | Beat consensus |
| Adjusted EBITDA | $7.0M (Adjusted EBITDA reconciliation) | $7.8M prior year | Down year over year |
| Operating cash flow | $11.6M (Cash Flow reconciliation) | $4.6M prior year | Improved |
| Free cash flow | $5.4M (Free Cash Flow reconciliation) | $(1.3)M prior year | Improved |
The revenue beat did not translate into better underlying operating profitability. Operating expenses rose to $61.4 million from $25.8 million, turning operating income of $0.8 million into an $11.5 million operating loss. Adjusted EBITDA also declined to $7.0 million from $7.8 million, despite the company excluding IPO costs, stock compensation, acquisition costs, fair-value changes, and debt-extinguishment costs. (Income Statement) (Adjusted EBITDA reconciliation)
Cash generation was the quarter’s strongest quality signal. Operating cash flow reached $11.6 million and free cash flow turned positive at $5.4 million, helped partly by a $10.5 million increase in contract liabilities and other working-capital movements. That is a meaningful improvement from the prior-year period, but it does not erase the gap between positive cash flow and a still-deepening GAAP operating loss. (Cash Flow statement) (Free Cash Flow reconciliation)
The balance sheet is materially stronger, but mostly because of the IPO rather than operations. Cash rose to $503.4 million after $478.4 million of IPO proceeds, while $49.5 million of term loans were repaid and preferred stock converted into common equity. The new $125 million revolving facility adds liquidity flexibility, but the share count expanded from 4.2 million at year-end to 98.0 million, making the stronger equity position partly a financing-and-dilution event rather than a profitability milestone. (Balance Sheet) (Cash Flow statement) (Financial Highlights)
Net read: a narrow earnings beat, tempered by cost pressure. The market received better-than-expected revenue, EPS, and free cash flow, but the widening operating loss and lower adjusted EBITDA keep this from being a clean fundamental acceleration. The filing modestly improves the near-term result versus expectations while leaving the profitability question unresolved.
Read the original 8-K on SEC EDGAR ↗