Ubiquiti Inc. reported robust financial results for the third quarter of fiscal 2025, signaling continued growth in its operations. For the quarter ending March 31, 2025, the company achieved revenues of $664.2 million, a sequential increase of 10.7% from $599.9 million in the prior quarter and a year-over-year increase of 34.7% from $493.0 million in the same period last year.

The company posted a GAAP diluted earnings per share (EPS) of $2.98, up from $2.26 in the previous quarter and $1.26 in the prior year’s third quarter. The non-GAAP diluted EPS stood at $3.00, compared to $2.28 in the previous quarter and $1.28 in last year’s third quarter. GAAP net income totaled $180.4 million, reflecting a significant increase of 136.5% from $76.3 million in the prior year. Similarly, non-GAAP net income increased to $181.8 million, up 134.5% from $77.6 million year over year.

Gross profit for the third quarter was $295.9 million, resulting in a gross margin of 44.5%, which represents an increase from 41.2% in the prior quarter and 35.3% in the same quarter last year. The improvement in gross margin is attributed to a favorable product mix and controlled operating expenses.

Operating expenses for the third quarter reached $69.0 million, up slightly from $68.4 million in the prior quarter and rising from $62.9 million year over year. Research and development (R&D) expenses were reported at $44.3 million, an increase from $40.0 million in the prior quarter and $42.5 million in the same quarter last year. Sales, general, and administrative (SG&A) expenses decreased to $24.8 million from $28.5 million in the previous quarter but increased from $20.4 million compared to the prior year.

Interest expense and other net totaled $5.4 million, down from $11.4 million in the prior quarter and $18.9 million year on year. The decrease in interest expense reflects lower borrowings and favorable foreign exchange movements.

Ubiquiti’s revenue from its Enterprise Technology products reached $585.7 million, a significant rise from $518.2 million in the previous quarter and $414.3 million in the same quarter of the previous year. Revenue from Service Provider Technology was $78.4 million, down from $81.7 million in the prior quarter and essentially flat compared to $78.7 million in the same quarter last year.

Geographically, revenue from North America was $322.7 million, up from $242.5 million year over year, while Europe, the Middle East, and Africa contributed $282.1 million, also up from $200.7 million from the previous year. In contrast, revenue from Asia Pacific and South America showed minor increases and declines, respectively, compared to the prior year.

The board of directors declared a cash dividend of $0.60 per share, which will be paid on May 27, 2025, to shareholders of record by May 19, 2025.