Syntec Optics (Nasdaq: OPTX) reports Q3 2024 net sales increase by 12.3%.

From GlobeNewswire: 2024-11-14 16:37:00

Syntec Optics (Nasdaq: OPTX) reported a 12.3% increase in net sales to $7.86 million for Q3 2024, with sales from products rising by 17.2% to $7.33 million. Adjusted EBITDA decreased to $1.10 million, and earnings per share dropped to $0.00. The company focused on production for space optics for LEO satellites and increased data center connectivity products for AI deployment. Despite lower revenues than projected, sequential growth was evident. Looking ahead, Syntec Optics anticipates revenue in Q4 2024 to be in the range of $7.4 – $9.0 million, with strong growth expected in the communications, medical, and defense industries.

In Q3 2024, Syntec Optics’ net sales increased by 12.3% compared to the previous quarter, reaching $7.86 million. The company also reported a decrease in adjusted EBITDA to $1.10 million. While the net income for the quarter was negative at $0.01 million, Syntec Optics expects positive net income in Q4 2024. The company ended the quarter with an unused $3.9 million line of credit, an unused $4.8 million equipment line of credit, and a paydown of 3.3% principal on other commercial bank lines.

Syntec Optics continues to focus on technological leadership and innovation, delivering advanced optical solutions for biomedical imaging and complex optical systems for night vision. The company’s products cater to the growing demands of various industries, including space optics for LEO satellites, data center connectivity for AI deployment, and biomedical equipment optics. Adjusted EBITDA for Q3 2024 was $1.10 million, reflecting the company’s ongoing commitment to growth and development.



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