$NOVT

GSI GROUP INC

CIK:0001076930|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2026	Jun. 27, 2025	Jul. 03, 2026	Jun. 27, 2025
Income Statement [Abstract]
Revenue	$ 265,807	$ 241,049	$ 523,514	$ 474,415
Cost of revenue	144,892	134,303	289,021	263,315
Gross profit	120,915	106,746	234,493	211,100
Operating expenses:
Research and development and engineering	23,968	25,289	47,219	48,527
Selling, general and administrative	59,972	47,103	114,381	92,699
Amortization of purchased intangible assets	6,415	6,871	12,189	12,425
Restructuring, acquisition, and related costs	12,499	12,572	15,104	10,117
Total operating expenses	102,854	91,835	188,893	163,768
Operating income	18,061	14,911	45,600	47,332
Interest income (expense), net	(1,106)	(5,815)	(2,949)	(11,459)
Foreign exchange transaction gains (losses), net	(801)	(2,744)	(70)	(3,112)
Other income (expense), net	(256)	(563)	(329)	(554)
Income before income taxes	15,898	5,789	42,252	32,207
Income tax provision	3,357	1,292	8,612	6,502
Net income	$ 12,541	$ 4,497	$ 33,640	$ 25,705
Earnings per common share (Note 5):
Basic	$ 0.31	$ 0.12	$ 0.83	$ 0.71
Diluted	$ 0.3	$ 0.12	$ 0.82	$ 0.71
Weighted average common shares outstanding—basic	41,009	36,022	40,714	36,023
Weighted average common shares outstanding—diluted	41,164	36,076	40,882	36,103

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands, € in Millions	6 Months Ended
	Jul. 03, 2026 USD ($)	Jun. 27, 2025 USD ($)
Cash flows from operating activities:
Net income	$ 33,640	$ 25,705
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,808	29,144
Provision for inventory excess and obsolescence	1,674	1,690
Share-based compensation	19,632	14,598
Deferred income taxes	(5,472)	(5,174)
Write-off of unamortized deferred financing costs		426
Loss (gain) on disposal of fixed assets	(188)	(4,089)
Other	2,283	651
Changes in assets and liabilities which (used)/provided cash, excluding effects from business acquisitions:
Accounts receivable	4,246	(2,251)
Inventories	(7,437)	(14,257)
Prepaid income taxes, income taxes receivable, prepaid expenses and other current assets	(4,456)	3,104
Accounts payable, income taxes payable, accrued expenses and other current liabilities	35,260	(3,479)
Other non-current assets and liabilities	8,550	688
Net cash provided by operating activities	116,540	46,756
Cash flows from investing activities:
Cash paid for business acquisitions, net of working capital adjustments		(63,173)
Purchases of property, plant and equipment	(11,605)	(7,672)
Proceeds from sale of property, plant and equipment	345	5,537
Net cash used in investing activities	(11,260)	(65,308)
Cash flows from financing activities:
Borrowings under revolving credit facilities		72,805
Repayments of debt	(18,757)	(41,017)
Proceeds from issuance of shares in private placement, net of issuance costs	288,454
Payments of debt issuance costs	(2,280)	(3,391)
Payments of issuance costs related to tangible equity units	(1,293)
Payments of withholding taxes from share-based awards	(12,402)	(7,187)
Repurchases of common shares	(18,638)	(6,157)
Other financing activities	(215)	(2,952)
Net cash provided by financing activities	230,476	12,101
Effect of exchange rates on cash and cash equivalents	2,023	2,374
Increase (decrease) in cash and cash equivalents	337,779	(4,077)
Cash and cash equivalents, beginning of the period	380,871	113,989
Cash and cash equivalents, end of the period	718,650	109,912
Supplemental disclosure of cash flow information:
Cash paid for interest	7,383	12,090
Cash paid for income taxes	10,225	15,090
Income tax refunds received	501	$ 299
Keonn Technologies, S.L
Cash flows from financing activities:
Payments of contingent consideration related to acquisitions	$ (4,393)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 03, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 718,650	$ 380,871
Accounts receivable, net of allowance of $1,976 and $1,341, respectively	178,748	184,880
Inventories	192,709	188,284
Prepaid income taxes and income taxes receivable	12,797	9,382
Prepaid expenses and other current assets	20,633	19,184
Total current assets	1,123,537	782,601
Property, plant and equipment, net	119,999	118,491
Operating lease assets	46,531	41,697
Deferred tax assets	31,724	27,381
Other assets	15,578	8,812
Intangible assets, net	159,831	180,776
Goodwill	642,365	647,348
Total assets	2,139,565	1,807,106
Current liabilities
Current portion of long-term debt	41,499	38,291
Accounts payable	97,480	94,865
Income taxes payable	11,822	5,856
Current portion of operating lease liabilities	9,876	9,857
Accrued expenses and other current liabilities	85,205	63,498
Total current liabilities	245,882	212,367
Long-term debt	188,157	212,538
Operating lease liabilities	43,286	38,873
Deferred tax liabilities	16,607	18,092
Income taxes payable	4,688	3,963
Other liabilities	24,487	6,986
Total liabilities	523,107	492,819
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred shares, no par value; Authorized shares: 7,000; No shares issued and outstanding
Common shares, no par value; Authorized shares: unlimited; Issued and outstanding: 37,816 and 35,671, respectively	423,856	423,856
Additional paid-in capital	848,434	572,057
Retained earnings	355,018	321,378
Accumulated other comprehensive loss	(10,850)	(3,004)
Total stockholders' equity	1,616,458	1,314,287
Total liabilities and stockholders’ equity	$ 2,139,565	$ 1,807,106