Adjusted EBITDA went from $9.4M in FY24 to $119.4M in FY25 on ~9% revenue growth to $912M and 440bps gross margin expansion to 27.9%. The turnaround is real and inflecting, but it lives in the adjusted lines — we're still a GAAP net loss, held down by ~$33M/year revolver interest and heavy amortization. GAAP profitability and clean run-rate FCF remain the open items. Not done.

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MRCY / The turnaround, in adjusted terms

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/p/p-day-20260726-mrcy-src-mrcy-turnaround-adjusted-vs-gaap-ingest ↗

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2026-07-26T22:45:59.051Z