Filing Flows › VSE (VSEC) › Q1 2025
VSE (VSEC) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
VSE (VSEC) reported revenue of $256M for the first quarter 2025 (Q1 2025), +58% from a year earlier and -14% from the quarter before. Operating margin was 9.6%, net loss $9.0M (3.5% of revenue).
VSE, Q1 2025: revenue $256M (+58% year over year), operating margin 9.6%, net loss $9.0M, operating cash flow −$46.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $256M | -14% | +58% |
| Operating profit | $24.5M | — | — |
| Net earnings | −$9.0M | — | — |
| Operating cash flow | −$46.6M | — | — |
What changed
Revenue was $256.0M in Q1 2025, up 58% year over year and down 14% from the previous quarter. Products was the largest line at 63% of revenue. Products added $52.5M year over year (up 49%), 56% of the total change.
Operating profit was $24.5M, a 9.6% margin (down 0.1 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, below the 10% margin then. Total costs grew 58% against revenue growth of 58%. The fastest-growing cost line was Other operating costs (+59%). The quarter ended with a net loss of $9.0M, after a profit of $13.1M the previous quarter. Net interest and other expense of $30.9M was the main reason.
Operating cash flow was −$46.6M. Non-cash charges added back $9.9M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items used $51.1M. Capital expenditures of $2.9M exceeded it, leaving free cash flow of −$49.5M.
Questions
What was VSE's revenue in the first quarter 2025?
VSE (VSEC) reported revenue of $256M for the first quarter 2025 (Q1 2025), +58% from a year earlier and -14% from the quarter before.
Was VSE profitable in the first quarter 2025?
Operating profit was $24.5M (9.6% of revenue) and net loss $9.0M.
Source: VSE 10-Q on SEC EDGAR.