LSI Industries delivered a solid start to fiscal 2025, posting revenue of $138.1 million for Q1 and adjusted EBITDA above $13 million, supported by strong project activity across multiple verticals and the first full quarter of EMI contributions. The Display Solutions segment drove outsized growth (+43% total sales in the quarter, aided by EMI) and exited the quarter with a measurably higher backlog, while EMI integration progressed at an accelerated pace. Management highlighted a durable, vertically oriented business model with cross-selling opportunities and ongoing capacity expansion to meet demand, particularly in C-store displays and grocery-related programs. However, the company also signaled continued project-timing volatility in large lighting projects and ongoing regulatory and policy headwinds in the grocery sector, which could influence cadence into 2025. The balance sheet remains healthy, with net debt under ~1x EBITDA and robust operating cash flow, supporting potential bolt-on acquisitions and continued investments in growth initiatives.