From GlobeNewswire: 2024-05-24 07:26:00

Syntec Optics Holdings, Inc. reported strong financial results for the fourth quarter and full year of 2023, as well as the first quarter of 2024. The company saw an increase in net sales, adjusted EBITDA, and earnings per share in 2023. However, in the first quarter of 2024, net sales decreased due to delays in orders. Syntec Optics launched multiple new products in different markets throughout 2023 and 2024.

One of Syntec Optics’ highlights was entering the Communications end market with space optics for Low Earth Orbit Satellites, generating $5.3 million in revenue in 2023. The company also launched new products in defense, biomedical optics, and telecommunications, showcasing its commitment to innovation and growth. Operational challenges were overcome by leveraging a robust platform for existing markets and capabilities.

Despite lower net sales in the first quarter of 2024, with net sales declining from $6.9 million in Q1 2023 to $6.3 million in Q1 2024, Syntec Optics remains financially flexible. The company recorded a negative adjusted EBITDA of $0.7 million due to trade show and audit expenses. Syntec Optics ended Q1 2024 with $1.7 million in cash and retains access to lines of credit for financial stability.

Syntec Optics continues to focus on product launches and production ramp-up. The company successfully introduced new products, achieved higher production levels in space optics, and increased revenue in the Communications end market. Despite challenges in the first quarter of 2024, Syntec Optics remains committed to innovation, growth, and maintaining financial flexibility for sustainable operations.



Read more at GlobeNewswire:: Syntec Optics Holdings, Inc. (Nasdaq: OPTX) Reports Fourth