International Strength and ISA Broaden the Revenue Base, Clusters on Track
9.5% consensus beat. Revenue grew 87% y/y to $49.8M, with organic growth of 33% ex-ISA. Acquiring ISA contributed $14.4M, while the legacy business absorbed a $3.2M headwind from USG shutdown delays.
International take off. Revenue more than doubled y/y to $21M, entirely organic and now represents ~40% of total revenue. Management expects the mix to move toward a more balanced ~50/50 US-international split over time, highlighting Europe and Asia as an increasingly important growth and diversification driver.
Profits ahead. Q2 AEBITDA was $7.0M (14% margin) vs. $7.8M a year ago, as the ISA acquisition and public-company transition costs drove opex ~2x higher. We model $32M AEBITDA in 2026, rising to $55M in 2027 as integration benefits build and cost leverage improves.
