Q G
4 X D U W H U
( D U Q L Q J V
6 X S S O H P H Q W D
Non-GAAP Diluted EPS*
($)
0.24
0.20
+20.0%
2Q24
2Q25
Net Cash Provided by
Operating Activities ($M)
24.9
36.4
+46.2%
2Q24
2Q25
Revenue
($M)
145.9
135.2
+ 7.9%
2Q24
2Q25
Q 2 2 0 2 5 Y E A R - O V E R - Y E A R
Second Quarter Results above expectations
Revenue exceeded the high end of our guided range.
Non-GAAP Diluted EPS was above the mid-point of our guided range.
Cash from operating activities exceeded the high end of the guided range.
Financial measures depicted on this slide (other than net cash provided by operating activities) are for continuing operations. Net Cash Provided by Operating Activities includes $8 million related to Consumer MEMS Microphones supplier and TSA obligations.
* For this Non-GAAP financial measure see the Appendix for GAAP to Non-GAAP reconciliation
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Q 2 2 0 2 5 S E G M E N T P E R F O R M A N C E
MedTech & Specialty Audio
Revenue grew year over year on higher demand in specialty audio.
Adjusted EBITDA margins were down 240 bps year over year driven by unfavorable product mix.
As expected, adjusted EBITDA margins improved sequentially by 280 bps driven by mix improvements and higher capacity utilization.
Full year adjusted EBITDA margins are expected to be in the low 40% range for 2025.
.
* For this Non-GAAP financial measure see the Appendix for GAAP to Non-GAAP reconciliation 4
Revenue
($M)
67.4
61.1
+10.3%
2Q24
2Q25
Adjusted EBITDA Margin*
(%)
44.4
42.0
-240
bps
2Q24
2Q25
Q 2 2 0 2 5 S E G M E N T P E R F O R M A N C E
Precision Devices
Revenue was up year over year with strong demand and design wins across all our end markets; Medtech, Defense, and Industrial.
Adjusted EBITDA margins were up year over year driven by higher production volumes resulting in increased factory capacity utilization in legacy Precision Devices partially offset by higher scrap cost and factory inefficiencies as we ramp Specialty Film product lines.
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* For this Non-GAAP financial measure see the Appendix for GAAP to Non-GAAP reconciliation
Revenue
($M)
74.1
78.5
+5.9%
2Q24
2Q25
Adjusted EBITDA Margin*
(%)
20.8
19.4
+140
bps
2Q24
2Q25
O U T L O O K
Q3 2025 Guidance
GAAP Adjustments Non-GAAP
Revenues from continuing operations $144 to $154 million $- $144 to $154 million
Diluted earnings per share from continuing operations
$0.18 to $0.22 $0.11 $0.29 to $0.33
Net cash provided by operating activities $20 to $30 million $- $20 to $30 million
Q3 2025 GAAP results are expected to include approximately $0.06 per share in stock-based compensation,
$0.04 per share in amortization of intangibles, and $0.01 in production transfer costs.
.
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