my now results Thank second our good quarter for be for covering XXXX that the reflect results you, note Please full comments the our evening, outlook outlook. financial I and Shai, non-GAAP everyone. and will of year. and the
reconciliations for compared in $XX.X to $XX.X reference, to assist non-GAAP Revenue was our to issued our XXXX. with earlier this Investor and million my second our For press release includes to commentary. website million quarter afternoon the GAAP of your Relations earnings posted QX
revenue high was margins by and interest with lower was margin system tough product mix. Our XX.X%, This the expansion efficiencies Gross the up driven market quarter largely was performance conditions from second X.X% to which operational by continues rates. be XXXX. by driven revenue, of quarter impacted for
million expenses second Operating $XX.X $XX.X efforts reduce and XXXX, result XXXX. in quarter cash expenses This a our of is operating of second were utilization. of optimize the the to quarter down in our ongoing from improvement million
highlighted, $XX approximately million annualized to reduce is XXXX. previously an initiated approximately in reduction initiative run we to $XX cost rate As annual OpEx expected million that we our
QX to reduction by cost We XXXX. year of expect realized XXXX the program entirely savings completed end almost the begin to with in be the
to location terminate I also reached note Watertown, covering want agreement previous we headquarters an that agreement lease Massachusetts. our in in to QX, the
As lease one-time a rent to we million in XXXX, a termination, amount of and the and approximately $X.XX we consideration of million to save cumulative payment $XXX,XXX for approximately the expect avoiding $X.X beyond. of made additional XXXX landlord, in
for loss million the an from loss XXXX. million the an $XX quarter $XX.X million operating from was was second of XXXX. of in million, a improvement improvement in of QX Net XXXX $XX.X $XX.X the quarter Our in second quarter loss
average shares XXX.X Second was per million. our outstanding for on share loss quarter the based quarter weighted $X.XX of
XXXX. was XX% from X months the activities operating of which in first in XXXX used cash the X net of months of approximately first million, $XX.X is Our improvement an
XXXX a expansion, our of capital gross revenues, improve cash cost utilized and to expect in working efficiencies. saving We as result higher throughout operations initiatives margin
of including Our cash QX. million from down cash million the $XX.X end end equivalents, and from were the at restricted $XX.X cash, QX, of
$XX.X million $XX.X includes period appeal and cash judgment plus of liabilities with to lawsuit $X.X restricted Our Composite the damages, of process. associated cover the duration interest million the in of million monetary Continuous and expected for the certain the prejudgment
verdict remain pursue these overturn continue all Composite seeking as cash to options to restricted including in funds available respect and will to through the we measure, process. the expect appeal We with the Continuous explore
the also claims for to XXXX. after XX, sold and the asserted United certain sales for of Following States Continuous in December manufactured Composites royalty or payments post-trial products verdict, motions,
second anticipate XXXX. the occur claims We ruling the royalty on during of a post-drive half to
We filing payments be XX-Q June the to range and months the $X.X $X the period to for for million Continuous million today XXXX, filed to the XXXX. related website. Composite's As ended in on the contingency X in available we Relations of estimated XX, royalty note SEC ended XX, Investor claimed our our with loss June
a guidance, to standards In better recorded believe range within accrual any amount no QX the and because applicable this low X, be end we was estimated accounting than with other estimate no we was accordance for this range that and amount. of
our estimates. liability time These to available in reassess available the based developments estimates us matter assessment related there additional future of this on were are the may potential at revise becomes information information may to and case, we or the as
we In post-trial remedy each payment and in are XXXX. States and/or the our royalties after expect machine event court's the for assessment manufactured Continuous are payments fee to a Composites, XX, reinforcement fixed includes carbon fiber United be claims the sold of technology. royalty That December successful royalty awarded,
awarded near in which point as in in a expect if royalty are XX-Q our XXXX, impact of a for In X our which would June well, filing to be There Form reduction Relations payments XX, margins. Investor to period result the on gross discussed available is percentage website. we X term, our may the ended additional copy
and with Continuous to the case post-trial discussed the disagree As previously, the we strongly continue claims. associated verdict royalty in Composite
law leading us firm options. defend through process all against to royalty available the other a to and explore claims have support We the continue and engaged appeal post-trial
mitigate obligation more ongoing XX We of by are also exploring measures States. to awarded an our manufacturing if sites impact royalty the such United of operations the the court, as of to payment outside help
guidance result any post-trial At Now receive its guidance. this Composites moving reflect our to additional as does not relief, may a Continuous our claims. time, of on
XXXX be acknowledges in $XX $XX in and not account We anticipate Continuous headwinds macroeconomic to persistent Our than does for anticipated. million developments future include Composite's fiscal more million, ongoing which adjustments revenues the previously to year quarters litigation. guidance between
see growth revenues of we in to However, FXXX. expect driven return particularly year-over-year digits double-digit sales second and half, grow by quarter-over-quarter QX the the products, in continue low to new single
share. That we for over half, to the questions... for range gross range $XX.X in be be year, first expected XX% to loss expect to concludes previous a remarks open operating our now upper $X.XX is loss to today. to $X.XX of Given XX% in million the per resulting non-GAAP range our the in call per the guidance. share in prepared strong the the of non-GAAP margins Please of execution $XX million Non-GAAP
