Richardson Electronics delivered a resilient QQ2 2025 performance, highlighted by a 12.1% year-over-year revenue increase to $49.5 million and meaningful gross margin expansion. Consolidated gross margin rose to 31.0% from 28.4% a year earlier, driven by stronger product mix across PMT and GES, offset partially by weaker Canvas margins. The company recorded an operating loss of $0.7 million but achieved EBITDA near breakeven, signaling improving operating leverage as the mix shifts toward higher-margin offerings. Net income declined to -$0.8 million (EPS -$0.048) on timing and mix, while free cash flow was robust at $4.95 million for the quarter and the company ended the period with $26.6 million of cash and no outstanding debt on its revolving line. Importantly, the backlog remained substantial at roughly $101 million, with ~80% expected to ship over the next 12 months, underscoring the visibility of near-term revenue flow and the potential for further margin expansion as PMT and GES scale.