Exponent, Inc. reported its financial results for the first quarter of fiscal year 2025, ended April 4, 2025. Total revenues and revenues before reimbursements were approximately flat at $145.5 million and $137.4 million, respectively, compared to $144.9 million and $137.2 million in the first quarter of 2024.
Net income decreased to $26.7 million, or $0.52 per diluted share, in Q1 2025, down from $30.1 million, or $0.59 per diluted share, in the same period of 2024. EBITDA also decreased to $37.5 million, or 27.3% of net revenues, compared to $40.1 million, or 29.2% in Q1 2024.
Despite these declines, results exceeded expectations, driven by dispute-related activities in chemicals, transportation, and utilities, offset by easing in consumer electronics. Exponent maintained its full-year 2025 guidance for low single-digit growth in revenues before reimbursements and an EBITDA margin of 26.5% to 27.0%, while anticipating headwinds in Q2 due to closing a year-over-year headcount gap.
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