Company: MRCY
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001049521-25-000009
Chunk: 61

Company: MERCURY SYSTEMS INC
Filing Date: 2025-02-04
Form: 10-Q
Item: Item 1
Chunk 61
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 December 27, 2024 compared to the second quarter ended December 29, 2023 

The following table sets forth, for the second quarter ended indicated, financial data from the Consolidated Statements of Operations and Comprehensive Loss:(In thousands)December 27, 2024As a % ofTotal NetRevenueDecember 29, 2023As a % ofTotal NetRevenueNet revenues$223,125 100.0 %$197,463 100.0 %Cost of revenues162,299 72.7 165,943 84.0 Gross margin60,826 27.3 31,520 16.0 Operating expenses:Selling, general and administrative40,501 18.2 44,470 22.5 Research and development21,368 9.6 28,476 14.4 Amortization of intangible assets11,154 5.0 12,270 6.3 Restructuring and other charges40 — 2 — Acquisition costs and other related expenses178 0.1 231 0.1 Total operating expenses73,241 32.9 85,449 43.3 Loss from operations(12,415)(5.6)(53,929)(27.3)Interest income406 0.2 29 — Interest expense(8,430)(3.8)(8,674)(4.4)Other expense, net(3,865)(1.7)(1,148)(0.5)Loss before income tax benefit(24,304)(10.9)(63,722)(32.3)Income tax benefit(6,725)(3.0)(18,141)(9.2)Net Loss$(17,579)(7.9)%$(45,581)(23.1)%

REVENUES

Total revenues increased $25.7 million, or 13.0%, to $223.1 million during the second quarter ended December 27, 2024, as compared to $197.5 million during the second quarter ended December 29, 2023. Revenues increased year over year as we pivoted our resources in fiscal 2024 to executing on our program base, including progress toward full rate production of our common processing architecture. Point in time revenue and over time revenue represented 55% and 45% of total