The quarter cleared the main revenue hurdle but missed on EPS. Published consensus was roughly $65.7 million of revenue and a $0.31–$0.34 adjusted loss per share; revenue came in at $67.5 million, while GAAP loss per share was $0.39.
| Metric | Q2 2026 | Q2 2025 | Market expectation / comparison |
|---|---|---|---|
| Revenue | $67.5M | $51.3M | Consensus ~$65.7M |
| Gross margin | 70.6% | 68.8% | Improved year over year |
| Loss from operations | $(4.3)M | $(14.1)M | Narrower loss |
| Net loss per share | $(0.39) | $(0.57) | Consensus roughly $(0.31)–$(0.34) |
| Adjusted EBITDA | $3.7M | $(8.5)M | Second consecutive positive quarter |
| Net cash used in operations, six months | $(20.9)M | $(39.5)M | Cash burn improved, but remained substantial |
| Cash and equivalents | $71.2M | $75.6M at Dec. 31, 2025 | Down $4.4M year to date |
| Note payable | $261.7M | $247.5M at Dec. 31, 2025 | Debt increased |
Underlying operating leverage was better than the headline loss suggests. Revenue grew 31.7% year over year, led in part by Motiva USA revenue rising to $24.7 million from $10.3 million, while gross margin expanded to 70.6% (Financial Highlights). Excluding $2.2 million of refinancing and restructuring charges, operating expenses rose only 2.0%, leaving the company with a much narrower operating loss of $4.3 million versus $14.1 million a year earlier (Financial Highlights; Reconciliation of EBITDA and Adjusted EBITDA).
The profitability milestone was real but not equivalent to cash profitability. Adjusted EBITDA reached $3.7 million versus negative $8.5 million last year, but the measure excludes stock compensation, foreign-currency effects, refinancing costs and restructuring charges (Reconciliation of EBITDA and Adjusted EBITDA). GAAP net loss was still $11.7 million, and six-month operating cash flow remained negative $20.9 million (Income Statement; Cash Flow statement).
The raised full-year revenue outlook is the clearest positive change versus the prior setup. Management said it was raising full-year revenue guidance, but this filing does not provide the new range, so the magnitude of the increase cannot be measured from the 8-K. The prior published range was $266.5 million–$268.5 million, versus consensus near $265.1 million, meaning the market already expected a relatively strong outlook before this release.
Net, this was modestly better than expected rather than a clean beat. Strong revenue, higher margins, positive adjusted EBITDA and raised guidance outweigh the EPS miss, but increased debt, $7.0 million of quarterly interest expense and continued cash consumption limit the quality of the improvement (Income Statement; Balance Sheet; Cash Flow statement).
Read the original 8-K on SEC EDGAR ↗