Shares tumbled 14.5% as investors reacted negatively to cautious third-quarter guidance that signaled deceleration after a strong second quarter, alongside continued investment-driven margin pressure and a shift toward more conservative outlook commentary.

• Q2 revenue reached $676 million, exceeding the high end of company guidance, driven by 14 new system deployments and 24% year-over-year growth in systems revenue to $634 million.
• Adjusted EBITDA of $78 million more than doubled year-over-year, supported by gross margin expansion from project execution efficiencies and scale.
• Software revenue surged 93% year-over-year to $13 million, although $1 million of this was a non-recurring adjustment; excluding this, software still grew above 75%.
• Operating expenses increased sequentially to $144 million GAAP ($88 million adjusted) reflecting higher investment in growth initiatives.
• Third-quarter guidance projects $700-$720 million in revenue and $80-$85 million adjusted EBITDA, implying sequential deceleration which appeared cautious to investors given the prior momentum.