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Mayville Engineering Company (MEC) investor relations material
Mayville Engineering Company Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales declined 19.1% year-over-year to $132.3M in Q2 2025, driven by soft demand, inventory destocking, and regulatory uncertainty, partially offset by new projects and military demand.
Adjusted EBITDA was $13.7M (10.3% margin), down from $19.6M (12.0%) year-over-year, but margin improved sequentially due to cost actions and lean initiatives.
Net loss for Q2 2025 was $1.1M, compared to net income of $3.8M in Q2 2024, reflecting lower sales and higher non-recurring costs.
Completed the Accu-Fab acquisition for $140.5M after quarter-end, expanding into critical power and data center markets and supporting diversification.
Announced a restructuring plan to consolidate facilities, expecting $5M–$7M in costs and $2M in annual fixed cost savings.
Financial highlights
Q2 2025 net sales: $132.3M, down 19.1% year-over-year; six-month net sales: $267.9M, down 17.5%.
Q2 2025 manufacturing margin: $13.6M (10.3%), down from $22.3M (13.6%) prior year.
Adjusted EBITDA: $13.7M (10.3% margin), down from $19.6M (12.0%) year-over-year.
Free cash flow for Q2 2025 was $12.5M, down from $19.2M prior year; H1 2025 free cash flow was $17.9M.
Adjusted diluted EPS for Q2 2025 was $0.10, down from $0.26 in Q2 2024.
Outlook and guidance
2025 net sales guidance: $528M–$562M; adjusted EBITDA: $49M–$60M; free cash flow: $25M–$31M, including $5M–$6M in non-recurring costs.
2025 capex projected at $13M–$17M, focused on automation and high-return projects.
2026 financial targets withdrawn due to macro uncertainty; long-term ambition for $1B revenue and >15% adjusted EBITDA margin reaffirmed.
Ongoing demand softness expected in legacy end-markets through 2H25; military and new markets expected to offset some declines.
Company expects to remain in compliance with covenants and maintain sufficient liquidity.
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