Mayville Engineering Company reported second-quarter 2025 net sales of $132.3 million, a 19.1% decrease year-over-year, primarily due to lower customer demand and channel inventory destocking across most key end markets. The company recorded a GAAP net loss of $1.1 million, or ($0.05) per diluted share, compared to a net income of $3.8 million in the prior-year period.
Adjusted EBITDA for Q2 2025 was $13.7 million, or 10.3% of net sales, reflecting the impact of reduced customer demand, though it showed sequential improvement from Q1 2025. MEC generated $12.5 million in free cash flow during the quarter and repaid $8.7 million of debt, with pro forma net leverage increasing to approximately 3.1x post-Accu-Fab acquisition.
The company updated its full-year 2025 guidance, reducing net sales to $528 million-$562 million and Adjusted EBITDA to $49 million-$55 million, reflecting persistent softness in legacy end markets and Accu-Fab's contribution. MEC also withdrew its previously issued 2026 financial targets due to macroeconomic uncertainty and reduced demand projections, though it maintains a long-term ambition of $1 billion in revenue and 15%+ Adjusted EBITDA margins.
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