Exceeded Financial Targets
Revenue was $93.5 million, above the midpoint of the guidance range. Non-GAAP gross margin expanded over 600 basis points year over year to 57.4%, and non-GAAP operating expenses were below the targeted range.
Record-High EBITDA and Cash Flow
Adjusted EBITDA was $16.7 million or 17.9% of sales, the highest single quarter in over a decade. Operating cash flow was $17.3 million, marking the fifth straight quarter of cash flow generation.
Successful Product Launches
Launched new products including FARO Arm Quantum X, Focus Premium Laser Scanner, and ORBIS Premium Mobile Scanner. Additionally, the FARO LEAP ST handheld scanner was introduced, marking entry into a new market segment.
Significant Partnerships
Signed multiyear partnership agreements with Topcon and a leading metrology company, expected to add over 200 new channel partners and 1,000 sellers of FARO technologies, tripling the sales force.
Improved Long-term Financial Goals
Updated long-term goals with higher gross margin targets and increased EBITDA and free cash flow aspirations due to operational improvements.