Filing Flows › Orion Properties (ONL) › Q2 2025
Orion Properties (ONL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Orion Properties (ONL) reported revenue of $37.3M for the second quarter 2025 (Q2 2025), -7% from a year earlier and -2% from the quarter before. Operating margin was -48.1%, net loss $25.1M (67.3% of revenue).
Orion Properties, Q2 2025: revenue $37.3M (-7% year over year), operating margin -48.1%, net loss $25.1M, operating cash flow $11.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $37.3M | -2% | -7% |
| Operating profit | −$17.9M | — | — |
| Net earnings | −$25.1M | — | — |
| Operating cash flow | $11.6M | — | -32% |
| Free cash flow | $1.6M | — | -88% |
What changed
Revenue was $37.3M in Q2 2025, down 7% year over year and down 2% from the previous quarter. Rental Revenue was the largest line at 99% of revenue. Rental Revenue lost $2.8M year over year (down 7%), 100% of the total change.
Operating costs exceeded revenue by $17.9M, an operating margin of -48.1%. Total costs fell 15% while revenue fell 7%. The quarter ended with a net loss of $25.1M, wider than the previous quarter's $9.4M loss.
Operating cash flow was $11.6M (down 32% year over year). Non-cash charges added back $14.9M of depreciation and amortization and $822K of share-based compensation. Working capital and other items added $20.9M. Capital expenditures of $10.0M left free cash flow of $1.6M.
Questions
What was Orion Properties' revenue in the second quarter 2025?
Orion Properties (ONL) reported revenue of $37.3M for the second quarter 2025 (Q2 2025), -7% from a year earlier and -2% from the quarter before.
Was Orion Properties profitable in the second quarter 2025?
Operating loss was $17.9M (-48.1% of revenue) and net loss $25.1M.
Source: Orion Properties 10-Q on SEC EDGAR.