Fulgent Genetics, Inc.
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 1, 2025
FLGT$23.74+27.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-02.
0000950170-25-062258
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0000950170-25-101105
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 66 previous paragraphs and 73 current paragraphs.
39 unchanged; 23 reworded; 10 added; 4 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Revenue increased by $19.8 million, or 15%, from $135.5 million in the six months ended June 30, 2024, to $155.3 million in the six months ended June 30, 2025. The increase in revenue between periods was driven by increases of $10.8 million in precision diagnostics, $6.9 million in anatomic pathology, and $4.1 million in BioPharma services, partially offset by a decrease of $2.0 million in COVID-19 testing.
Current report
Our consolidated cost of revenue increased by $2.8 million, or 6%, from $44.5 million in the three months ended June 30, 2024, to $47.4 million in the three months ended June 30, 2025. The increase was primarily due to increases of $1.9 million in personnel expenses, $0.7 million in reagent and supply costs, $0.6 million in consulting and outside labor costs, $0.5 million in depreciation expenses, and partially offset by decreases of $0.6 million in facility expenses, $0.2 million in shipping and handling expenses, and $0.1 million in software and software licensing.
Current report
Laboratory services
Current report
During the three and six months ended June 30, 2025, research and development expenses for our laboratory services segment remained largely in line with prior-year periods. This consistent spending supports advancing our core technology and expanding future testing services. Personnel costs, including bonuses and equity-based compensation, were the primary driver, totaling approximately $6.8 million and $6.4 million in the three months ended June 30, 2025, and 2024, respectively, and $13.1 million in each of the six months ended June 30, 2025, and 2024. Reagent and supply costs were $0.3 million for each of the three months ended June 30, 2025, and 2024 and $0.7 million for each of the six months ended June 30, 2025, and 2024. All other expense categories including facilities, depreciation, software and software licensing, are not individually significant and have remained stable. We expect research and development expenses for our laboratory services segment continue to remain consistent for the remainder of 2025.
Current report
Therapeutic Development
Current report
For the therapeutic development segment, the research and development expenses in the six months ended June 30, 2025, consisted of $5.7 million in CRO costs, $5.1 million in personnel costs, including equity-based compensation, and $0.3 million in depreciation expenses. In the six months ended June 30, 2024, these expenses comprised $5.6 million in CRO costs, $4.2 million of personnel expenses, including equity-based compensation, and $0.3 million in depreciation expenses.
Current report
Our consolidated selling and marketing expenses increased by $3.2 million, or 18%, from $17.6 million in the six months ended June 30, 2024, to $20.8 million in the six months ended June 30, 2025. The increase in consolidated selling and marketing expenses was due to increases of $1.3 million in personnel costs, $1.3 million in advertising and marketing expenses, $0.3 million in consulting and outside labor, and $0.2 million in software and software licensing.
Current report
Our consolidated general and administrative expenses increased by $8.9 million, or 21%, from $42.8 million in the six months ended June 30, 2024, to $51.7 million in the six months ended June 30, 2025. The increase in consolidated general and administrative expenses was due to increases of $8.8 million in provision for credit losses, $1.7 million in personnel costs, $0.7 million in software and software licensing fees, $0.7 million in consulting and outside labor costs, $0.6 million in insurance charges, $0.3 million in bank charges, $0.3 million in office expenses, and partially offset by decreases of $2.0 million in facility expenses, $1.3 million in depreciation expenses, $0.5 million in legal and professional fees, and $0.3 million in accounting expenses.
Current report
On July 4, 2025, President Trump signed into law the OBBBA. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation and domestic research cost expensing. ASC 740, “Income Taxes,” requires the effects of changes in tax laws to be recognized in the period in which the legislation is enacted.
Current report
As the enactment of the OBBBA occurred after the balance sheet date of June 30, 2025, the consolidated financial statements for the three and six months ended June 30, 2025, do not reflect any adjustments related to the OBBBA. We are still evaluating the full impact of the OBBBA. Any changes resulting from this evaluation will be reflected in the period in which the legislation was enacted.
Removed paragraphs (4)
Previous report
Changes in International Trade Policy
Previous report
The majority of our materials, equipment and reagents are sourced in the United States, or locally where our testing services are performed or processed. While we do not believe we have been materially affected by the recent tariffs or changes in U.S. trade policy, tariffs, quotas, trade agreements or other trade restrictions imposed by the U.S. or other governments could increase our costs and the costs of those in our supply chains who may then seek to pass all or a portion of those costs on to us. These increases in turn may adversely affect our margins and results of operations.
Previous report
For the laboratory services segment, the research and development expenses were mainly for advancing our technology and future testing and testing services and decreased between periods, as more research and development spending was focused on the therapeutic development segment.
Previous report
In three months ended March 31, 2025, the research and development expenses, for the laboratory services segment, primarily consisted of $6.3 million in personnel expenses, including bonuses and equity-based compensation, $0.4 million in reagent and supply costs, $0.1 million in facility expenses, and $0.1 million in depreciation expense. The three months ended March 31, 2024, expenses primarily consisted of $6.6 million in personnel expenses, including bonuses and equity-based compensation, $0.3 million in reagent and supply costs, $0.1 million in facility expenses, $0.1 million in depreciation expense, and $0.1 million in software and licensing fees.
Reworded paragraphs (23)
Previous wording
We are a technology-based company with a well-established laboratory services business and a therapeutic development business. Our laboratory services business includes technical laboratory services and testing services and professional interpretation of laboratory results by licensed physicians. Our therapeutic development business is focused on developing drug candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile, or PK profile, of new and existing cancer drugs.
Current wording
We are a technology-based company with a well-established laboratory services business and a therapeutic development business. Our laboratory services business includes technical laboratory services and testing services and professional interpretation of laboratory results by licensed physicians. Our therapeutic development business is focused on developing drug candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile of new and existing cancer drugs.
Previous wording
Our business and prospects are exposed to numerous risks and uncertainties, as described below and in our 2024 Annual Report. For more information, see “Item 1A. Risk Factors” in Part I of the 2024 Annual Report. In addition, our performance in any period is affected by a number of other factors. See the description of some of the material factors affecting our performance in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2024 Annual Report.
Current wording
Our business and prospects are exposed to numerous risks and uncertainties, as described below and in the 2024 Annual Report. For more information, see “Item 1A. Risk Factors” in Part I of the 2024 Annual Report and “Item 1A. Risk Factors” in Part II of our Quarterly Report for the quarter ended March 31, 2025, filed with the SEC on May 2, 2025, or our Q1 2025 Quarterly Report. In addition, our performance in any period is affected by a number of other factors. See the description of some of the material factors affecting our performance in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Business Risks and Uncertainties and Other Factors Affecting Our Performance” of the 2024 Annual Report and in “Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations- Factors Affecting Our Performance” in our Q1 2025 Quarterly Report. In particular and as previously mentioned, we continue to be subject to audits and investigations by government agencies, including audits from applicable tax authorities, and continue to navigate changes and the effects of recent international trade policies and tax legislation. The final results of these matters are uncertain and could materially affect our business and results of operations.
Previous wording
Revenue increased by $9.0 million, or 14%, from $64.5 million in the three months ended March 31, 2024, to $73.5 million in the three months ended March 31, 2025. The increase in revenue between periods was driven by increases of $6.7 million in precision diagnostics, $2.2 million in anatomic pathology, and $1.4 million in BioPharma services, partially offset by a decrease of $1.3 million in COVID-19 testing.
Current wording
Revenue increased by $10.8 million, or 15%, from $71.0 million in the three months ended June 30, 2024, to $81.8 million in the three months ended June 30, 2025. The increase in revenue between periods was driven by increases of $4.1 million in precision diagnostics, $4.7 million in anatomic pathology, and $2.6 million in BioPharma services, partially offset by a decrease of $0.7 million in COVID-19 testing.
Previous wording
The increase in precision diagnostics revenue was driven by growth in our reproductive health services and continued strength in legacy diagnostic offerings. Anatomic pathology services revenue increased primarily due to the absence of weather-related disruptions and client losses that had affected the prior year, in addition, the investment that we have made in digital pathology is starting to show return. BioPharma services revenue increased largely as a result of the timing of service projects, though this revenue is expected to remain variable due to the long sale cycles and fluctuations in project timing. Additionally, COVID-19 related revenue recognized in 2024 was due to variable consideration recognized for services completed in prior periods.
Current wording
The increase in precision diagnostics revenue was driven by growth in our reproductive health services and continued strength in legacy diagnostic offerings. Anatomic pathology services revenue increased primarily due to the absence of weather-related disruptions and client losses that had affected the prior year; in addition, the investment that we have made in digital pathology is starting to show return. BioPharma services revenue increased largely as a result of the timing of service projects, though this revenue is expected to remain variable due to the long sale cycles and fluctuations in project timing. Additionally, COVID-19 related revenue recognized in 2024 was due to variable consideration recognized for services completed in prior periods. We do not expect future material revenues from our COVID-19 testing services.
Previous wording
Our customer base includes insurance, institutional, and individual payors. In some periods, our revenue is concentrated on a smaller number of customers. For the laboratory services segment, aggregating customers that are under common control, one customer comprised $17.6 million, or 24%, of our revenue in the three months ended March 31, 2025, and $12.6 million, or 20%, of our revenue in the three months ended March 31, 2024. To reduce this revenue risk, we will focus on increasing the number of customers and thereby reducing the concentration.
Current wording
Our customer base includes insurance, institutional, and individual payors. In some periods, our revenue is concentrated on a smaller number of customers. For the laboratory services segment, aggregating customers that are under common control, one customer comprised $17.6 million, or 22%, of our revenue in the three months ended June 30, 2025, and contributed $35.2 million, or 23%, of total revenue in the six months ended June 30, 2025. The same customer contributed $16.9 million, or 24%, of our revenue in the three months ended June 30, 2024, and contributed $29.6 million, or 22%, of total revenue in the six months ended June 30, 2024. To reduce this revenue risk, we will focus on increasing the number of customers and thereby reducing the concentration.
Previous wording
Revenue from non-U.S. sources decreased by $1.0 million, or 15%, from $6.6 million in the three months ended March 31, 2024, to $5.6 million in the three months ended March 31, 2025. The decrease was primarily due to a one-time licensing arrangement recognized in the prior period that did not recur in the current period.
Current wording
Revenue from non-U.S. sources decreased by $1.2 million, or 18%, from $6.8 million in the three months ended June 30, 2024, to $5.6 million in the three months ended June 30, 2025. Revenue from non-U.S. sources decreased by $2.2 million, or 17%, from $13.5 million in the six months ended June 30, 2024, to $11.2 million in the six months ended June 30, 2025. The decrease was primarily due to a one-time licensing arrangement recognized in the prior period that did not recur in the current period. Additionally, the Company started to group revenue from Puerto Rico and the U.S. Virgin Islands as United States geographic revenue beginning in the third quarter of 2024. These revenues had historically been grouped as non-U.S.
Previous wording
Our consolidated cost of revenue increased by $2.7 million, or 7%, from $42.4 million in the three months ended March 31, 2024, to $45.1 million in the three months ended March 31, 2025. The increase was primarily due to increases of $1.1 million in personnel expenses due to increased headcount, $0.9 million in reagent and supply costs, $0.9 million in facility expenses, $0.4 million in software and software licensing, and partially offset by a decrease of $0.7 million in shipping and handling expenses.
Current wording
Our consolidated cost of revenue increased by $5.6 million, or 6%, from $86.9 million in the six months ended June 30, 2024, to $92.5 million in the six months ended June 30, 2025. The increase was primarily due to increases of $3.0 million in personnel costs due to increased headcount, $1.6 million in reagent and supply costs, $0.5 million in depreciation expenses, $0.4 million in office expenses, $0.4 million in consulting and outside labor costs, $0.3 million in facility expenses, $0.3 million in software and software licensing, and partially offset by a decrease of $1.0 million in shipping and handling expenses.
Previous wording
Our consolidated cost of revenues as a percentage of revenue decreased from 66% in the three months ended March 31, 2024, to 61% in the three months ended March 31, 2025. Our gross profit increased by $6.2 million, or 28%, from $22.1 million in the three months ended March 31, 2024, to $28.3 million in the three months ended March 31, 2025. Our gross profit as a percentage of revenue, or gross margin, increased from 34% in the three months ended March 31, 2024, to 39% in the three months ended March 31, 2025. This is driven by the increased revenue and efforts of optimizing cost structures.
Current wording
Our gross profit increased by $7.9 million, or 30%, from $26.5 million in the three months ended June 30, 2024, to $34.4 million in the three months ended June 30, 2025, and increased $14.2 million, or 29%, from $48.6 million in the six months ended June 30, 2024, to $62.8 million in the six months ended June 30, 2025. Our gross profit as a percentage of revenue, or gross margin, increased from 37% in the three months ended June 30, 2024, to 42% in the three months ended June 30, 2025, and 36% in the six months ended June 30, 2024, to 40% in the six months ended June 30, 2025. This is driven by the increased revenue and efforts of optimizing cost structures.
Previous wording
For the therapeutic development segment, the research and development expenses in three months ended March 31, 2025, included $2.6 million in CRO costs, $2.4 million in personnel costs, including equity-based compensation, and $0.2 million in depreciation expenses. In the three months ended March 31, 2024, these expenses comprised $2.3 million in CRO costs, $1.6 million of personnel expenses, including equity-based compensation, and $0.2 million in depreciation expenses.
Current wording
For the therapeutic development segment, the research and development expenses in the three months ended June 30, 2025, consisted of $3.1 million in contract research organizations, or CRO, costs, $2.6 million in personnel costs, including equity-based compensation, and $0.2 million in depreciation expenses. In the three months ended June 30, 2024, these expenses comprised $3.3 million in CRO costs, $2.6 million of personnel costs, including equity-based compensation, and $0.2 million in depreciation expenses.
Previous wording
Research and development expenses for the therapeutic development segment increased by $1.2 million, or 29%, from $4.1 million in the three months ended March 31, 2024, to $5.3 million in the three months ended March 31, 2025. The increase was primarily driven by increases of $0.9 million in personnel costs, including equity-based compensation expense, and $0.3 million in CRO costs. The overall increase was attributed to the advancement and continuation of the clinical study of FID-007, along with FID-022. In three months ended March 31, 2025, approximately $1.0 million was incurred for the preclinical development of FID-022, whereas related costs in the three months ended March 31, 2024, were minimal. Expenses for our therapeutic development segment will be influenced by our ability to progress our therapeutic candidates through development with the FDA, the timing of which can be uncertain and delayed due to a variety of factors beyond our control, including recently announced staff reductions at the FDA which may affect the FDA’s ability to provide any required approvals or review in a timely manner or in the timelines expected.
Current wording
Research and development expenses for the therapeutic development segment remained flat for each of the three months ended June 30, 2025, and 2024. Research and development expenses for the therapeutic development segment increased by $1.1 million, or 11%, from $10.3 million in the six months ended June 30, 2024, to $11.3 million in the six months ended June 30, 2025. The increase was primarily driven by increases of $0.9 million in personnel costs, including equity-based compensation expense, and $0.1 million in CRO costs. The overall increase was attributed to the advancement and continuation of the clinical study of FID-007, along with FID-022. In the three and six months ended June 30, 2025, approximately $0.6 million and $1.6 million, respectively, was incurred for the preclinical development of FID-022, whereas related costs in the three and six months ended June 30, 2024, were minimal. Expenses for our therapeutic development segment will be influenced by our ability to progress our therapeutic candidates through development with the Food and Drug Administration, or the FDA, the timing of which can be uncertain and delayed due to a variety of factors beyond our control, including recently announced staff reductions at the FDA which may affect the FDA’s ability to provide any required approvals or review in a timely manner or in the timelines expected.
Previous wording
Our consolidated selling and marketing expenses decreased by $0.5 million, or 6%, from $9.0 million in the three months ended March 31, 2024, to $8.5 million in the three months ended March 31, 2025. The decrease in consolidated selling and marketing expenses was due to decreases of $0.3 million in personnel expenses and $0.2 million in software licensing.
Current wording
Our consolidated selling and marketing expenses increased by $3.7 million, or 43%, from $8.6 million in the three months ended June 30, 2024, to $12.3 million in the three months ended June 30, 2025. The increase in consolidated selling and marketing expenses was due to increases of $1.6 million in personnel costs, $1.5 million in advertising and marketing expenses, $0.3 million in software and software licensing, and $0.2 million in consulting and outside labor.
Previous wording
Our consolidated general and administrative expenses increased by $3.8 million, or 18%, from $21.5 million in the three months ended March 31, 2024, to $25.3 million in the three months ended March 31, 2025. The increase in consolidated general and administrative expenses was due to increases of $4.6 million in provision for credit losses, $1.0 million in personnel costs, partially offset by decreases of $1.1 million in facility expenses and $0.8 million in depreciation expenses.
Current wording
Our consolidated general and administrative expenses increased by $5.1 million, or 24%, from $21.3 million in the three months ended June 30, 2024, to $26.4 million in the three months ended June 30, 2025. The increase in consolidated general and administrative expenses was due to increases of $4.3 million in provision for credit losses, $0.7 million in personnel costs, $0.5 million in software and software licensing fees, $0.5 million in consulting and outside labor costs, $0.4 million in insurance charges, and partially offset by decreases of $0.9 million in facility expenses and $0.5 million in depreciation expenses.
Previous wording
Other income, net, is primarily comprised of interest income, which was $8.0 million in the three months ended March 31, 2025, and $7.4 million in the three months ended March 31, 2024. This interest income included interest earned on marketable securities and realized gain or loss on sale of marketable securities. The change in interest income was primarily due to net loss realized from sale of marketable securities in prior year.
Current wording
Other income (expense) is primarily comprised of interest income, which was $8.1 million and $16.1 million in the three and six months ended June 30, 2025, respectively, $7.7 million and $15.1 million in the three and six months ended June 30, 2024, respectively. This interest income included interest earned on marketable securities and realized gain or loss on sale of marketable securities. The change in interest income was primarily due to net loss realized from sale of marketable securities in prior year. Other expenses primarily consisted of a one-time, non-cash impairment of a prior investment as discussed further in Note 4 of the financial statements included in this quarterly report.
Previous wording
Provision for (Benefit from) Income Taxes
Current wording
Benefit from Income Taxes
Previous wording
Provision for income taxes was $0.2 million for the three months ended March 31, 2025, compared with benefit from income taxes of $0.3 million for the three months ended March 31, 2024. The effective tax rate was (2%) the three months ended March 31, 2025, compared to 2% for the three months ended March 31, 2024. The change in the effective tax rate compared to prior period is due to the valuation allowance in the current period that precludes us from recognizing the benefit from our net operating losses.
Current wording
Benefit from income taxes was $2.3 million and $2.1 million for the three and six months ended June 30, 2025, respectively, compared with $2.1 million and $2.5 million for the three and six months ended June 30, 2024, respectively. The Company’s effective tax rate was 11% and 6% the three and six months ended June 30, 2025, respectively, compared to 19% and 10% for the three and six months ended June 30, 2024, respectively. The change in the effective tax rate compared to prior period is due to the valuation allowance that precludes us from recognizing the benefit from our net operating losses.
Previous wording
We had $814.6 million and $828.6 million in cash, cash equivalents, restricted cash, and marketable securities as of March 31, 2025, and December 31, 2024, respectively. Our marketable securities primarily consist of U.S. government and U.S. agency debt securities, U.S. treasury bills, corporate bonds, municipal bonds, and Yankee debt securities as of March 31, 2025, and December 31, 2024.
Current wording
We had $777.5 million and $828.6 million in cash, cash equivalents, restricted cash, and marketable securities as of June 30, 2025, and December 31, 2024, respectively. Our marketable securities primarily consist of U.S. government and U.S. agency debt securities, U.S. treasury bills, corporate bonds, municipal bonds, and Yankee debt securities as of June 30, 2025, and December 31, 2024.
Previous wording
Our main uses of cash are for capital expenditures, primarily in buildings, building improvements, and equipment, as well as for stock repurchases, supporting our operations, and to fund strategic acquisitions as we continue to invest in and seek to grow our business. Cash used to cover operating expenses is impacted by the timing of our expense payments, as reflected in the changes in our outstanding accounts payable and accrued expenses.
Current wording
Our main uses of cash are for capital expenditures, primarily in buildings, building improvements, and medical laboratory equipment, as well as for stock repurchases, supporting our operations, and to fund strategic acquisitions as we continue to invest in and seek to grow our business. Cash used to cover operating expenses is impacted by the timing of our expense payments, as reflected in the changes in our outstanding accounts payable and accrued expenses.
Previous wording
During the three months ended March 31, 2025, our operations used $4.4 million of cash, as compared to $7.3 million provided in the three months ended March 31, 2024. The decrease in cash from operating activities in the three months ended March 31, 2025, as compared with the corresponding period in 2024 was primarily due to the timing of cash receipts from customers and cash payments for operating expenses, including bonus expenses. We expect to incur more operating expenses and use more cash in operating activities in the coming quarters as a result of our planned and ongoing clinical trials for FID-007 and FID-022, and as we continue to invest resources to grow our laboratory services business.
Current wording
During the six months ended June 30, 2025, our operations used $34.6 million of cash, as compared to $11.6 million provided in the six months ended June 30, 2024. The decrease in cash from operating activities in the six months ended June 30, 2025, as compared with the corresponding period in 2024, was primarily due to the purchase of IRA tax credits of $33.8 million and timing of cash receipts from customers and cash payments for operating expenses. We expect to incur more operating expenses and use more cash in operating activities in the coming quarters as a result of our planned and ongoing clinical trials for FID-007 and FID-022, and as we continue to invest resources to grow our laboratory services business.
Previous wording
Cash provided by investing activities in the three months ended March 31, 2025, was $27.7 million, which primarily represents $32.4 million in the maturities of marketable securities, partially offset by $4.7 million related to the purchase of fixed assets consisting mainly of building improvement, medical laboratory equipment, and computer hardware.
Current wording
Cash provided by investing activities in the six months ended June 30, 2025 was $81.1 million, which primarily represents $92.7 million in the maturities of marketable securities, partially offset by $11.5 million related to the purchase of fixed assets consisting mainly of building improvement, medical laboratory equipment, and computer hardware.
Previous wording
Cash used in investing activities in the three months ended March 31, 2024, was $47.2 million, which primarily represents $195.7 million in purchase of marketable securities and $4.1 million related to the purchase of fixed assets consisting mainly of building improvement and medical laboratory equipment, partially offset by $95.5 million related to maturities of marketable securities and $56.9 million related to proceeds from the sale of marketable securities.
Current wording
Cash used in investing activities in the six months ended June 30, 2024, was $39.9 million, which primarily represents $258.8 million in purchase of marketable securities and $17.0 million related to the purchase of fixed assets, including real estate, partially offset by $160.1 million related to maturities of marketable securities and $75.6 million related to proceeds from the sale of marketable securities.
Previous wording
Cash used in financing activities in the three months ended March 31, 2025, was $11.2 million, which primarily related to $8.7 million used in the repurchase of common stock and $1.9 million used in common stock withholding for employee tax obligations.
Current wording
Cash used in financing activities in the six months ended June 30, 2025, was $13.8 million, which primarily related to $10.9 million used in the repurchase of common stock and $2.2 million used in common stock withholding for employee tax obligations.
Previous wording
Cash used in financing activities in the three months ended March 31, 2024, was $2.8 million, which primarily related to $1.7 million used in common stock withholding for employee tax obligations and $0.8 million used in the repayment of notes payable.
Current wording
Cash used in financing activities in the six months ended June 30, 2024, was $4.0 million, which primarily related to $2.2 million used in common stock withholding for employee tax obligations, $1.2 million used in the repayment of notes payable, and $0.2 million for repurchase of common stock.
Previous wording
During the three months ended March 31, 2025, we repurchased 0.5 million shares of our common stock at an aggregate cost of $7.9 million under the stock repurchase program. As of March 31, 2025, an additional $0.8 million was paid for 47,000 shares of our common stock, however the transaction was not settled until early April 2025. During the three months ended March 31, 2024, we repurchased 10,000 shares of our common stock at an aggregate cost of $0.2 million under the stock repurchase program. As of March 31, 2025, a total of approximately $141.8 million remained available for future repurchases of our common stock under our stock repurchase program.
Current wording
During the three and six months ended June 30, 2025, we repurchased 0.2 million and 0.6 million shares of our common stock, respectively, at an aggregate cost of $3.0 million and $10.9 million, respectively, under the stock repurchase program. During the three and six months ended June 30, 2024, we repurchased zero and 10,000 shares of our common stock, respectively, at an aggregate cost of zero and $0.2 million, respectively, under the stock repurchase program. As of June 30, 2025, a total of approximately $139.6 million remained available for future repurchases of our common stock under our stock repurchase program.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Our consolidated cost of revenues as a percentage of revenue decreased from 63% in the three months ended June 30, 2024, to 58% in the three months ended June 30, 2025. Our consolidated cost of revenues as a percentage of revenue decreased from 64% in the six months ended June 30, 2024, to 60% in the six months ended June 30, 2025.