Ionik (INIK) Q2 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of $53.5 million, up 20% year-over-year and 28% sequentially, driven by recent acquisitions.

• Adjusted EBITDA reached a record $9.3 million, up 58% year-over-year and 47% sequentially.

• Adjusted Free Cash Flow was $7.3 million, with a conversion rate of 79%.

• Net loss after tax from continuing operations was $2.8 million, compared to net income of $0.1 million in the prior year.

Financial highlights

• Gross profit increased 28% to $21.4 million, with gross margin improving to 40% from 37% year-over-year.

• Cash balance at quarter-end was $5.1 million, with no draw on a $10 million revolving facility.

• Total undiscounted debt decreased by $5 million to $117.5 million, mainly due to principal payments on senior debt.

Outlook and guidance

• Management remains confident in the platform and team, expecting to achieve objectives in the second half of the year.

• Current capital position is considered sufficient to execute business and operational strategies.