Mayville Engineering Company reported first-quarter 2025 net sales of $135.6 million, a 15.9% decrease year-over-year, primarily due to lower customer demand and channel inventory de-stocking. Despite this, the company achieved 12% sequential sales growth and a 140 basis-point sequential improvement in Adjusted EBITDA margin.
Net income for the quarter was $20 thousand, or $0.00 per diluted share, compared to $3.2 million, or $0.16 per diluted share, in the prior-year period. Adjusted EBITDA was $12.2 million, or 9.0% of net sales, reflecting the impact of lower demand partially offset by cost rationalization initiatives.
MEC maintained its full-year 2025 guidance for net sales between $560 million and $590 million, Adjusted EBITDA between $60 million and $66 million, and free cash flow between $43 million and $50 million. The company is on track to secure $100 million in new project awards this year and generated $5.4 million in free cash flow during the quarter.
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