Shares fell 5.3% after the quarter as investors reacted negatively to persistent part shortages delaying revenue recognition and the cautious tone around supply chain constraints, which cast doubt on near-term growth despite positive margin trends.
- Reported revenue of $295 million, up 15% sequentially, but some expected revenue was pushed into the following week due to isolated part shortages.
- Gross margin improved by 130 basis points to 14.1%, exceeding guidance, driven by product mix and footprint realignment.
- EPS more than doubled from Q1, reaching $0.34, the highest quarterly earnings in three years.
- Management highlighted resolved supply issues but still emphasized ongoing investments to mitigate supply chain pain points, keeping some caution in outlook.
- Company capacity stands at $500 million quarterly revenue currently, with plans to expand to over $3 billion annually through targeted investments in proprietary components.
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