secwatch.observer — SEC 8-K summary
======================================

Issuer:     Vestis Corp (VSTS)
CIK:        0001967649
Form:       8-K
Filed at:   2025-05-06T23:59:59+00:00
Accession:  0001967649-25-000029
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Vestis Q2 revenue $665M (-6% YoY), net loss $28M; credit covenant relaxed to 5.25x; new CEO Jim Barber
--------------------------------------------------------------------------------

- Revenue $665.2M, operating loss $8.6M, net loss $27.8M ($0.21 diluted loss).
- Adjusted EBITDA $47.6M (incl. $15M bad debt); ex-bad debt $62.6M vs $87.2M prior year.
- Credit amendment raises net leverage covenant to 5.25x through Q2 2026; restricts dividends and buybacks.
- Jim Barber appointed President & CEO effective June 2, 2025; Phillip Holloman returns to Chairman.
- Q3 revenue guidance $674-682M; Adjusted EBITDA at least $63M. No FY 2025 guidance given.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1967649/000196764925000029/0001967649-25-000029-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1967649/000196764925000029/vsts-20250501.htm
  HTML page:      https://secwatch.observer/filing/0001967649-25-000029

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer