Twin Disc reported QQ2 2025 revenue of $89.9 million, up 23.2% year over year, supported by a $10 million incremental benefit from the Casa acquisition and solid organic demand. On an organic basis (ex acquisitions and FX), revenue rose ~10.1%, underscoring healthy end markets and geographic expansion, particularly in Europe and North America driven by VET and Casa. Net income attributable to Twin Disc was $0.9 million ($0.07 per diluted share), reflecting margin pressure from inventory rationalization and a larger interest/pension amortization burden. Gross margin declined to 24.1% from 28.3% a year earlier, driven by a $1.6 million Casa-related inventory write-down, a $0.3 million purchase accounting amortization, and less favorable product mix. EBITDA rose to $6.3 million (+13.5% YoY), aided by strong operating cash flow of $4.3 million and ongoing integration benefits, but the margin headwinds persisted. Management emphasized disciplined inventory management, cost optimization, and a continued focus on higher-margin, high-value solutions as the path to margin expansion in the medium term. The six-month backlog was noted as lower sequentially and YoY due to higher shipments, with FX contributing $11.5 million to order variance versus the prior year. The company continues to pursue strategic acquisitions to broaden its engineering capabilities and market reach, while prioritizing electrification and hybrid propulsion developments (notably VET). Overall, Twin Disc appears well-positioned for sustainable growth through a diversified product mix and an expanding footprint, albeit with near-term profitability pressure from integration-related actions and mix shift.