Revenue

+26% YoY to $28 million

Revenue growth was driven by higher sales of REV7 sensors and increased adoption in the robotics and smart infrastructure verticals, outpacing the previous period’s performance. This indicates strong market demand compared to Q3 2023 where baseline figures were lower. " " "

Gross Margin

GAAP improved from 14% to 38%, non-GAAP reached 45%

The improvement in gross margins is attributed to a more favorable product mix, higher overall revenues, and reduced inventory charge costs. This contrasts with Q3 2023, where the lower revenue and cost structure led to a significantly reduced margin. " "

Operating Expenses

Down 1% YoY at $38 million, but up 11% sequentially

Operating expenses saw a modest YoY decline due to efficient cost control measures, although there was an 11% sequential increase mainly driven by higher litigation expenses. This indicates that while baseline expense levels were maintained or improved from the previous year, recent challenges have temporarily increased costs. "

Debt Repayment

Full repayment of revolving credit line

The full repayment of the revolving credit line using $44 million in cash improved the balance sheet by reducing annual interest expenses by approximately $3 million. This financial maneuver contrasts with previous periods where outstanding debt had a cost burden, paving the way for a healthier forward-looking financial profile. "